Following the CSRC's decision in August last year to "tighten the pace of IPOs in stages", the pace of A-share IPOs seems to have dropped another "gear" since the beginning of this year. In terms of the first meeting, there has been no corporate meeting since February 8 this year, and no company has been scheduled to attend the meeting this week. This has not been the case in recent years.
In terms of IPO acceptance, no corporate IPO has been accepted by the Shanghai and Shenzhen Stock Exchanges this year, and the Beijing Stock Exchange, which was originally pinned on the market's hopes, only had one company's IPO accepted on January 8. In the new share subscription link, you can also feel the "chill".
Last week, no companies were scheduled to start the meeting, and no companies were scheduled to start the meeting this week. If you look at it for a long time, the last time A-shares have arranged for a company's initial public offering meeting was on February 7 this year.
According to the statistics of the reporter of "Daily Economic News", in addition to the long holiday factor, the last time there was no arrangement for the first meeting of enterprises in a single week can be traced back to the second week of February 2023 (that is, February 6 to 12, 2023). The fact that no company has been scheduled to make a debut for two consecutive weeks has not occurred since at least 2021.
Not only is the initial meeting, but the IPO acceptance is even more "deserted". The reporter found that since the beginning of this year, no corporate IPO has been accepted on the Shanghai and Shenzhen Stock Exchanges, and only one company IPO has been accepted on the Beijing Stock Exchange, that is, Dongang Technology was accepted by the IPO on January 8.
In comparison, from January 1 to February 26, 2023 in the same period last year, a total of more than 30 A-share IPOs were accepted, and the "temperature difference" was obvious.
In the process of new stock listing, after Longcheer Technology (SH603341) from the main board of the Shanghai Stock Exchange was arranged to subscribe last week, there was no new share subscription in the A** market this week.
While the pace of IPOs has slowed, IPO terminations have continued. According to the reporter's statistics, since the beginning of this year, 48 companies have voluntarily withdrawn their IPOs. Last week, Senda Electric and Boling Electric withdrew their listing applications.
This week coincides with the second half of the year when the China Securities Regulatory Commission (CSRC) proposed on August 27, 2023 to "reasonably grasp the rhythm of IPO and refinancing" and "tighten the pace of IPO in stages". During this time period, the pace of A-share IPOs has indeed slowed down.
After Wu Qing assumed the post of chairman of the CSRC on February 7, the CSRC held more than 10 forums from February 18 to 19. According to the "China Securities Regulatory Commission Held a Series of Symposiums to Listen to Opinions and Suggestions" released on the official website of the China Securities Regulatory Commission on February 19, at the symposium, the participants put forward suggestions to strictly control IPO access. In fact, "strictly controlling IPO access" is not a call to suspend IPOs, but discussions about whether to suspend IPOs have appeared recently.
For the recent IPO acceptance, meeting, new share subscription and other links again obviously "stepped on the brakes", an unnamed sponsor representative told the "Daily Economic News" reporter through WeChat on February 26: on the one hand, the IPO declarations from January to February every year are relatively few, and the base date is around September 30 This time period is more declarations; On the other hand, after Wu Qing assumed the post of chairman of the new China Securities Regulatory Commission, his recent work may be mainly in meetings.
It is worth mentioning that there was a view in the market that in the case of the obvious tightening of IPOs on the Shanghai and Shenzhen Stock Exchanges, the Beijing Stock Exchange will become a more accessible channel for IPOs, and more IPO companies may go to the Beijing Stock Exchange. However, since the beginning of this year, the IPO acceptance situation of the Beijing Stock Exchange has also been "cold". The above-mentioned sponsor representative told reporters that he felt that the general expectations of all parties for the A-share IPO were currently decreasing, and it is estimated that the IPO of the Beijing Stock Exchange will also be tightened.
National Business Daily.