Since the beginning of this year, the IPOs of listed companies in the New Third Board have been preparing for the decline in IPO. According to the Eastern Fortune Choice data, 70 listed companies announced their acceptance of listing counseling in the first three quarters, compared with 337 in the same period of 2017, down 80% year-on-year. It is worth noting that five listed companies have had “three types of shareholders†to attend the meeting.
IPO review is becoming stricter
Judging from the number of listed companies receiving listing counseling, listed companies have been preparing for IPO fever this year, and the changes have been obvious since February. In January, 19 listed companies announced that they would receive listing counseling. In February, the number of companies that received listing counseling fell to six; in March, there were eight, and no more than 10 each month.
Zhou Yunnan, founder of Beijing Nanshan Investment, pointed out that IPOs will be more difficult this year. In late February, the China Securities Regulatory Commission clearly pointed out that the IPO was not allowed to borrow backdoors within three years and was mainly checked during mergers and acquisitions; in late March, the market circulated the latest IPO window guidance standard, and the net profit after deducting the last three years was not less than 100 million yuan. The main board of the year was not less than 80 million yuan, and the small and medium-sized board was not less than 50 million yuan that year. "This is actually a reminder to the IPO companies of the New Third Board."
The GSI Hengsheng New Third Board research team pointed out that the overall IPO review is stricter. The rate of meeting in the first nine months of 2018 is 52.69%, which is much lower than the overall meeting rate of 76.31% in 2017, and it continues to decline before September 2018. .
Judging from the situation of the company, 36 new three board companies will meet in the first three quarters. Among them, 18 were approved, 17 were rejected, and 1 was suspended. From an industry perspective, there are more companies in the biomedical, communications, high-end manufacturing industries.
For the IPO review focus, Zhu Haibin, chief analyst of Essence Securities New Third Board, pointed out that the relevant audit questions raised by the audit committee meeting on the IPO meeting company involved financial aspects, product and business aspects, compliance issues, etc. IPO provides a reference. The main financial problems of the company in the recent past include: a slight decline in operating income, a comparison between the same industry, the higher gross profit margin of listed companies, and the inconsistent trend of operating income and net profit. Product and business issues include large recurring connected purchases and associated sales by issuers and related parties, as well as Other non-recurring connected transactions. In terms of compliance, there is a non-supplier and no-purchase lending activity.
5 companies with “three types of shareholders†have a meeting
On September 27th, the new three-board company Ningbo Water Meter successfully held 8 “three types of shareholdersâ€. Ningbo Water Meter announced its entry into the listing counseling on September 29, 2016, and the IPO application was accepted in June 2017. It has been 476 days since it was accepted.
According to the data, Ningbo Water Meter is mainly engaged in the research, development, production and sales of mechanical water meters and smart water meters. The IPO company plans to raise 664 million yuan for an annual output of 4.05 million smart water meter expansion projects, technology research and development center construction projects, marketing and service network construction projects, information construction projects and supplementary liquidity.
This is the fifth new board company that has successfully met with “three types of shareholders†after Wencan, Hairong Cold Chain, Core Energy Technology and Jiechang.
It is worth noting that on October 10, two other companies will bring "three types of shareholders" to the meeting, namely Tyson Garden and Youyou Food. Among them, Tyson Garden will be suspended on September 4th. The company has 7 “three types of shareholdersâ€, with a total shareholding ratio of 2.08%. There are 193 shareholders in Youyou Food, including 29 “three types of shareholdersâ€, with a total holding of 1.284 million shares, accounting for 0.57%.
Insiders pointed out that the role of "three types of shareholders" as an IPO "blocker" has gradually weakened.
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