590 companies lined up for IPO and plan to raise more than 500 billion yuan in small and medium-sized private enterprises
Moderator Yang Meng: On June 1, the Central Bank, China Securities Regulatory Commission, Banking and Insurance Regulatory Commission and other eight departments jointly issued the "Guiding Opinions on Further Strengthening the Financial Services of Small and Medium-sized Enterprises", from the implementation of credit support policies for the resumption of production of small and medium-sized enterprises and the development of business The Bank's small and medium-sized enterprises' financial service capacity improvement project, optimizing the local financing environment, and strengthening organizational implementation have proposed 30 policy measures. Today, the newspaper asked experts and scholars to interpret some of these policies.
Reporter Wu Xiaolu
On June 1, the "Guiding Opinions on Further Strengthening Financial Services for Small, Medium, and Micro Enterprises" jointly issued by the eight departments of the Central Bank and the China Securities Regulatory Commission proposed supporting high-quality small and medium-sized enterprises to be listed or listed for financing. Support qualified SMEs in listing and financing on the Main Board, Science and Technology Board, SME Board, and GEM, and accelerate the reform of the GEM and pilot registration system.
"Securities Daily" reporter learned from the website of the China Securities Regulatory Commission and the official website of the Shanghai Stock Exchange that as of June 2, there were a total of 590 companies lining up on the Main Board, SME Board, ChiNext and Science and Technology Board IPOs, and about eight became private enterprises. The reporter sorted out the data from FH, iFinD, and eliminated the companies without data. Among them, 550 companies planned to raise 497.7 billion yuan, with an average of about 900 million yuan each; and 590 companies in line will raise more than 500 billion yuan.
According to iFinD statistics of Flush Huan, as of June 2, there were 3852 listed companies in the A-share market, with private companies accounting for 63.81%, and most of the privately-listed companies were SMEs. In terms of sectors, private enterprises accounted for a relatively high proportion of ChiNext, Science and Technology Innovation and SME Boards, 88%, 79% and 77%, respectively, while main board private enterprises accounted for 44%.
Hua Lei United Securities Executive Committee Zhang Lei told the "Securities Daily" reporter that from the perspective of the current A-share listed companies, companies in all sectors have obvious characteristics. Most of the listed companies on the main board are large mature companies with large assets and revenue scale and more stable profitability. The companies listed on the SME board are mainly small and medium-sized companies with stable profitability and stable development. The Science and Technology Board is different from the traditional sector. It provides more convenient listing channels for small and medium-sized science and technology companies whose profits and scale are in the initial stage, and supports enterprises with strong R&D capabilities and science and technology attributes. After the reform, the GEM is a support Innovating and creating enterprises, encouraging the integration of new and old industries, and reflecting the differentiated development with the Science and Technology Innovation Board.
From the perspective of the “reserve army”, the reporter sorted out according to the FH data from FH, and among the above 590 companies queuing for IPO, the largest number of companies applying for GEM were 199, and there were 166 companies applying for science and technology board, main board and small and medium board respectively, and 153 companies. And 72 homes.
From the perspective of profitability, the sector selected by the proposed IPO company is also in line with the current situation of A shares. After excluding companies that have not updated their financial data for 2019, among the companies queuing up for IPO, the average net profit of the companies that applied for the main board last year was 1.146 billion yuan, and that of the small and medium-sized board, GEM and science and technology board were 767 million, 114 million and 77 million respectively. yuan.
Zhang Lei told reporters that the main board and the small and medium-sized board have not yet implemented a registration system, and they have higher requirements for corporate profitability. They focus on the review of the company's continued profitability and operating standards, and do not allow unprofitable companies to be listed. Compared with small and medium-sized board companies, the threshold for the size of the main board is higher. The implementation of the registration system on the Science and Technology Board and the Growth Enterprise Board is more inclusive, allowing those who are not yet profitable to adopt voting rights differential arrangements and the listing of red-chip companies. They focus on information disclosure and do not make substantial judgments on companies. Compared with the GEM, the Science and Technology Board supports strategic emerging industries and has higher requirements on the industry.
Regarding the Science and Technology Board and the Growth Enterprise Market, Wang Chenguang, Managing Director of the Pacific Securities Investment Banking Department, told reporters that the registration system will be implemented after the reform of the Growth Enterprise Market, mainly to serve growth-oriented innovative entrepreneurial enterprises, support the deep integration of traditional industries and the "four new", financial The indicators are relatively loose. For general enterprises, three sets of standards can be met: the first set of indicators requires a cumulative net profit of more than 50 million yuan in 2 years, which is relatively low; the second set of indicators requires a market value of not less than 1 billion yuan. The net profit in the latest year is positive and the operating income is not less than 100 million yuan, which is not too high; the third set of indicators requires that the estimated market value is not less than 5 billion yuan, and the operating income in the most recent year is not less than 300 million yuan. For general SMEs, listing on GEM is relatively easy.
"Science and Technology Board has several sets of listing standards, but it has the highest technological content requirements, so the positioning is still relatively high. The small and medium board has not yet implemented a registration system. Generally speaking, the requirements are industry leaders, and the second financial indicators are not as good as entrepreneurship. The board is flexible." Wang Chenguang said.
According to the planned IPO companies that have disclosed the financial data for 2019, the companies that applied for listing on the main board last year had a net profit of more than 60 million yuan, and the companies that applied for listing on the SME board had a net profit of more than 50 million yuan. For companies applying for GEM, the net profit last year was more than 15 million yuan, and the cumulative net profit in the past two years has exceeded 50 million yuan. The Science and Technology Board has appeared 13 companies that have reported losses for the past two years.
Choosing a market that suits oneself, companies can achieve more efficient and convenient listing financing. Zhang Lei said that SMEs choose to go public, depending on the industry and their own attributes. "If the industry of the company itself meets the requirements of the science and technology board, and the enterprise has strong research and development capabilities and science and technology attributes, it is suitable to choose the science and technology board to be listed. If the industry of the enterprise is a combination of new and old industries, and not The traditional industries in the negative list are suitable for the GEM registration system, because compared with the main board and the SME board, the GEM registration system has a lower profit threshold, the valuation level under the registration system is more market-oriented, and the review speed will be faster. If it belongs to traditional industries such as agriculture, forestry, animal husbandry and fishery, ferrous metals, agricultural and sideline food processing, and the scale of profitability is stable, it is suitable to choose small and medium-sized boards." (Securities Daily)