According to the preparatory work before the IPO, the above-mentioned four enterprises should submit the issuance and underwriting plan to the Shenzhen Stock Exchange. If the Shenzhen Stock Exchange has no objection within 5 working days after receiving it, the project team can start the issuance work.
At the same time, online distribution system testing is advancing simultaneously. On the 25th, the Shenzhen Stock Exchange, China Securities Clearing, China Securities Financial Organization Technology online clearance and online issuance business clearance test, mainly simulate the gem reform and pilot registration system related technology system launched after the first day of online issuance of registered stocks on GEM.
What are the highlights of the four enterprises?
More than a month after the implementation of the gem registration system, the first batch of IPO approval documents were released on July 24. The four enterprises are Fengshang culture, Kangtai medicine, Meichang new materials and Blue Shield optoelectronics. From the perspective of the sponsor, there are two projects of CSCI, one of Shenwan Hongyuan underwriting sponsor and one of Hualong securities.
According to the public information, the four enterprises were all projects under review by the CSRC. Among them, Fengshang culture and Kangtai medicine were accepted by China Securities Regulatory Commission as early as June 2018, which has been two years. Meichang new materials was accepted by China Securities Regulatory Commission in December 2018, and Blue Shield optoelectronics began queuing up in April 2019.
This year, the registration system of gem was implemented, and most of the projects under examination on GEM were transferred to Shenzhen Stock Exchange. Fengshang culture is one of the first batch of enterprises under examination accepted by Shenzhen Stock Exchange.
Judging from the audit rhythm of Shenzhen Stock Exchange, each enterprise has different progress speed. Fengshang culture has experienced 21 natural days from acceptance to the meeting, and Meichang new material IPO also took 21 days.
Kangtai medical from the acceptance to the meeting time is relatively short, only 11 natural days. It takes 15 days from acceptance to meeting.
In the registration process of the CSRC, it took 7-8 natural days for the four enterprises to submit the registration to take effect.
The main business of Blue Shield optoelectronics is manufacturing of high-end analytical measuring instruments, software development, system integration and engineering, operation and maintenance services, data services and the production of military radar components. Products and services are mainly used in environmental monitoring, traffic management, meteorological observation and military radar and other fields. The clients are mainly government departments, enterprises, scientific research units and troops of national environmental monitoring, public security, transportation, meteorology, etc.
According to the financial data, the net profit attributable to the owners of the parent company after deducting the non recurring profit and loss in 2017-2019 is 41.6256 million yuan, 74.8162 million yuan and 126 million yuan respectively.
Kangtai medical is a high-tech enterprise engaged in the development, production and sales of medical diagnosis and monitoring equipment. Products cover blood oxygen, ECG, ultrasound, monitoring, blood pressure and other categories.
According to the financial data, the non net profit of Kangtai medical from 2017 to 2019 is 69.406 million yuan, 58.654 million yuan and 68.3308 million yuan respectively.
Meichang new material is mainly engaged in the R & D, production and sales of electroplating diamond line. From 2017 to 2019, the deduction of non net profit is 673 million yuan, 1.021 billion yuan and 380 million yuan respectively. It can be seen that the performance in 2019 will decline significantly. The company explains that the average sales price of diamond wire products in 2019 is 47.48% lower than that in 2018, which makes the companys sales revenue and gross profit decrease significantly.
The issue and underwriting link will start soon
Shenzhen Stock Exchange said on the 24th that it would organize issuers and underwriters to publish IPO documents one after another from next week, do a solid and orderly job in the related work of issuance and underwriting of gem enterprises under the registration system, promote the formation of a fair, reasonable and effective issuance pricing mechanism, effectively maintain the safe and stable operation of the market, guarantee the gem reform and the smooth implementation of the pilot registration system.
As for when the first batch of companies will be listed, industry insiders have analyzed to reporters that it will take at least three weeks for IPO issuance and underwriting. According to the calculation in turn, it is expected that the first batch of enterprises will be listed in late August.
Customs clearance test of online distribution business on May 25
This test mainly simulates the first day of the start-up of the online issuance business of the registered stocks on the gem after the reform of the gem and the pilot registration system related technical systems are launched. The key test contents are to submit relevant information of the account for opening the gem trading authority to the unified account platform of China Securities Clearing, as well as the online issuance and purchase of registered stocks on the growth enterprise market and the management of investors trading authority, online issuance and purchase, spot centralized bidding trading, online voting, refinancing securities lending, securities lending, securities lending and securities lending. Shenzhen stock exchange requires that all market participants should submit the test feedback form before 17:00 on the 25th.
Shenzhen Stock Exchange proposed that the technical systems related to the production arrangement of market participants should be officially launched after the completion of the customs clearance test on July 25. On the premise of ensuring the safe operation of the technical system and business operation, they can arrange the gem reform and other technical systems related to the pilot registration system to go online according to their actual situation.
Starting from July 27, the online issuance of registered stocks and depository receipts on the gem can be started, and the online issuance and listing business of individual stocks of approved GEM stocks can be continued. The specific date of business startup shall be subject to the relevant announcement.
This article is from Guo Chenqi, editor in charge of securities companies in China_ NBJ9931