Since 2024, the IPO market has been cancelled continuously, and on March 2, the IPO of Dongguan Sisi Technology Co., Ltd. *** hereinafter referred to as "Sisi Technology") GEM is also in a state of termination. It is worth mentioning that according to the official website of the Shenzhen Stock Exchange, the IPO of Sisuo Technology was accepted on December 28, 2023, entered the state of inquiry on January 22 this year, and submitted an application for cancellation on January 26, which also means that Sisuo Technology will be withdrawn on the fourth day after receiving the inquiry, and the IPO queue will be withdrawn before one month. In addition, according to the statistics of the reporter of Beijing Business Daily, since the beginning of the year, the number of IPOs terminated in the Shanghai and Shenzhen North markets has been 20, 19 and 20 respectively, and the total has reached 59.
Thinking about the "lightning" of technology to cancel orders.
After queuing for less than a month, the technology IPO of thinking about it "retreated".
On March 2, the official website of the Shenzhen Stock Exchange showed that the IPO of Thinking Technology was in a state of termination, and the company failed. The company's products can be widely used in automotive, consumer electronics, industrial control and new energy industries, and are mainly used in automotive lights, household appliances, power motors, energy storage batteries and photovoltaic fields.
Behind the IPO, the company's operating income and net profit are in a state of growth, and the company's operating income in 2020, 2022 and the first half of 2023 will be about 19.2 billion yuan, 23.8 billion yuan, 3100 million yuan, 1$5.5 billion; The corresponding attributable net profit was about 4427710,000 yuan, 4553280,000 yuan, 7588750,000 yuan, 328180,000 yuan.
According to the prospectus, in this IPO, Si Si Technology originally planned to raise 4600 million yuan, respectively, was invested in the high-end connector intelligent manufacturing project, the R&D center construction project, and the replenishment of working capital. However, with the termination of the company's IPO, the vision of thinking about technology fundraising also came to naught.
It should be pointed out that Sisi Technology submitted an application for IPO withdrawal to the Shenzhen Stock Exchange as early as January 26 this year, and the company's IPO prospectus was only accepted on December 28, 2023.
In addition, it is worth noting that Thinking Technology entered the state of inquiry on January 22 this year, when the company received the first round of inquiries, and the company withdrew the order on the fourth day after being inquired. In response to the detailed reasons for the company's order withdrawal, a reporter from Beijing Business Daily called the Thinking Technology Department for an interview, but no one answered.
During the year, 59 IPOs were terminated.
Since 2024, the IPO market has been continuously cancelled, and 59 IPOs have been terminated so far.
Specifically, in addition to thinking about technology, only in March this year, there have been two companies called Times Decoration and Kunlun Unicom to cancel orders, and they were originally planned to hit the first main board and the main board of the Shanghai Stock Exchange respectively.
According to the statistics of a reporter from Beijing Business Daily, since 2024, 18 IPOs such as Xinyan Industry, Baitu Co., Ltd., and Valin Electronics have been cancelled, and the registration of Fapon Biotech's IPO has been terminated, with a total of 19 IPOs terminated.
From the perspective of the plate, among the above 19 companies, only 3 of the Times Decoration, Jingxun Optoelectronics, and Guorong Co., Ltd. plan to land on the main board; The remaining 16 companies were originally planned to be listed on the GEM.
In terms of the Shanghai Stock Exchange, since the beginning of this year, the IPOs of 20 companies, including Auscom, Huali Biotechnology, Mao Geping, Ark Baifa, and Hanyu Medical, have been terminated, of which 12 originally planned to land on the main board market and 8 planned to land on the Science and Technology Innovation Board.
In terms of the Beijing Stock Exchange, since the beginning of this year, a total of 20 companies, including Sixun Software, Jianlu Shares, Kai'an New Materials, Xinbo Power, and Kangya Pharmaceutical, have withdrawn their issuance applications. According to statistics, a total of 59 IPOs were terminated in the Shanghai and Shenzhen North markets during the year, of which 20, 16, 15 and 8 cancelled orders on the Beijing Stock Exchange, ChiNext Board, Main Board and Science and Technology Innovation Board respectively.
Judging from the amount of funds originally planned to be raised, Aosikang is the highest, and the company plans to raise 3 billion yuan; There are also companies that plan to raise more than 1 billion yuan, such as Fapon Biotech, Ark Baifa, Adopt a Cow, Hanyu Medical, Lingong Heavy Machinery, Yinghu Machinery and other companies.
According to the statistics of Flush iFinD, the above-mentioned 59 companies are registered in Zhejiang Province, Tianjin City, Sichuan Province, Shanghai City, Guangdong Province, Anhui Province, Beijing City, Henan Province, etc., of which Guangdong Province has the largest number, with 11 companies such as Bona Precision, Han's Packaging and Testing, Sixun Software, Chengjie Intelligence, and Huaxida.
Who was still "scared away" by the inquiry
Among the 59 companies that withdrew orders, many companies were "scared away" by the inquiries, and the company's IPO chose to cancel the orders before replying to a round of inquiries.
Taking Jingshi Measurement and Control as an example, the company's GEM IPO was accepted on June 29, 2023, and entered the state of inquiry on July 22 of that year, and the Shenzhen Stock Exchange issued a round of review inquiry letter to the company, but the company failed to reply to the first round of inquiries, and the IPO was cancelled in February this year.
The company's main board IPO was accepted on September 28, 2023, and entered the status of inquired on November 1 of that year, but it also failed to respond to a round of inquiries, and the company's IPO was terminated on January 29 this year.
Bu Naxin, vice president of the Science and Technology Industry Investment Branch of the China International Association for the Promotion of Science and Technology and executive director of the strategic investment think tank, told the Beijing Business Daily reporter that the strict review of the regulator can also be seen from the recent IPO market, and some companies trying to try their luck in A-shares will cancel orders one after another, and it is expected that there will be a wave of cancellations in the follow-up IPO market.
The China Securities Regulatory Commission also recently issued a document saying that it adheres to the investor-oriented, strictly reviews the companies to be listed, severely punishes the behavior of violating laws and regulations and infringing on the interests of investors, and uses the deterrent power of supervision to make enterprises dare not "break through with illness", and improve the quality of listed companies from the source. After a company goes public, financial authenticity is still the top priority in daily supervision. We will comprehensively use various methods such as regular reporting and supervision, on-site inspections, etc., to screen high-risk and suspicious companies in a circular manner, and if financial fraud or fraudulent issuance is discovered, it will be investigated and dealt with in accordance with the law, and if the circumstances are serious, it will be transferred to the public security organs for criminal responsibility. Whether it is a company under review to be listed, or an enterprise that has already been listed, no matter when it is listed, it must be subject to the continuous and strict supervision of the CSRC.
PwC China Technology Industry Leader Ni Jingan said that as China's economic development gradually enters a new stage and faces the new situation at home and abroad, the regulator will guide the allocation of capital market resources to major strategies, key areas and weak links in the future. "It is expected that IPOs in 2024 will tend to support scientific and technological innovation, advanced manufacturing, green development and small and medium-sized enterprises-related fields, especially in supporting small and medium-sized enterprise IPOs, and the Beijing Stock Exchange will usher in a window period of rapid development in 2024. Ni Jingan said.
Beijing Business Daily reporter Ma Changchang.