This year's bank A-share IPO "breaking zero" is still in sight, 17 companies are waiting for "entry"
Our reporter Lu Dong
The A-share IPOs of banks in the past two years have a huge contrast: from the intensive listing of 8 banks in 2019, to 2020, the A-share listing of banks has been “no revenue”.
After a window period of more than ten months, with the recent completion of the subscription of new shares by Xiamen Bank, the bank’s A-share listing will finally break the zero record this year.
Wen Bin, chief researcher of Minsheng Bank, said in an interview with a reporter from the Securities Daily that no bank had achieved an IPO before this year, which may have been affected by stricter regulations on governance reviews.
In addition, changes in bank profitability and asset quality have also affected the speed at which banks go public.
At the same time, with the increase in the scope and strength of banks issuing perpetual bonds and secondary capital bonds, this will ease the pressure on banks to replenish capital to a certain extent.
On Tuesday, Xiamen Bank began to subscribe for new A-shares, and it will soon become the first A-share listed bank during the year.
Public information shows that Xiamen Bank publicly issued 264 million A shares at a price of RMB 6.71 per share. After deducting the issuance costs, all the proceeds from the issuance will be used to replenish the bank’s capital and improve the bank’s capital adequacy level. .
After the successful listing of Xiamen Bank, it not only made it the first A-share listed bank during the year, but also increased the number of A-share listed banks to 37.
Professor He Yanlin of the School of Finance of the University of International Business and Economics said in an interview with a reporter from the Securities Daily that it is still difficult to supplement the capital of small and medium-sized banks, but such banks play a great role in serving the real economy in my country.
The realization of an A-share IPO is undoubtedly an important means of capital replenishment. While replenishing bank capital, it can also improve the ability of small and medium-sized banks to resist risks.
"The previous stagnation of bank A-share IPOs was mainly due to the epidemic and the impact of bank stocks falling below their net worth."
Although the listing of A shares this year has been slow, and no new listed banks have been created for a long time, the number of banks sprinting for A-share IPOs is still increasing, and banks continue to join the waiting list during the year: including Guangzhou Bank and Chongqing Three Gorges Bank A-share listing materials Received one after another.
According to the data of the initial application companies disclosed by the China Securities Regulatory Commission, in addition to the Chongqing Bank that has passed the issuance review, there are still 17 banks in the list of banks waiting to be listed, most of which are The review status is "Pre-disclosure update".
Although the number of banks that have landed on the capital market this year has fallen sharply compared with last year, under the background that the regulatory authorities strongly support banks' multi-channel capital replenishment, commercial banks have increasingly diversified the use of "blood-enrichment" tools.
As an exogenous capital supplement, in addition to raising funds through IPOs, banks such as perpetual bonds, secondary capital bonds, preferred stocks, etc. have also become capital supplement tools frequently used by banks in recent years.
Although the number of banks going public this year is small, they are speeding up capital replenishment through other channels to improve their anti-risk capabilities.
As the current hot commercial bank capital replenishment tool, the number of banks that issue perpetual bonds for capital replenishment has continued to grow since the beginning of this year.
According to statistics, in the first three quarters of this year, the scale of perpetual bonds issued by banks has exceeded 460 billion yuan, exceeding the 455 billion yuan in the same period last year.
In addition, the number of perpetual bonds issued has also increased significantly. At present, 27 banks have issued 30 perpetual bonds, which is three times that of the same period last year. Last year, only 16 perpetual bonds were issued.
At the same time, the number of perpetual bonds issued by small and medium-sized banks, including city commercial banks and rural commercial banks, has continued to increase. Among the 27 banks that issued perpetual bonds in the first three quarters of this year, except for 7 large state-owned banks and joint-stock banks, The remaining 20 are all local small and medium banks, with the latter accounting for more than 70%.
In addition, various banks have issued 54 Tier 2 capital bonds during the year, with a total issuance of RMB 527.58 billion.