The IPO meeting rate of a shares in the first 11 months was 95.45percent, and the fund raised exceeded 420 billion yuan, a new high in nearly 10 years! It is expected to remain active next year

category:Finance
 The IPO meeting rate of a shares in the first 11 months was 95.45percent, and the fund raised exceeded 420 billion yuan, a new high in nearly 10 years! It is expected to remain active next year


Data source: wind

From the opening of the science and technology innovation board in 2019 to the launch of new third board, gem reform and pilot registration system this year, the pace of deep reform of capital market continues to accelerate, and A-share ushers in the new year of IPO.

Wind data shows that in the past November, a total of 21 IPO companies (according to the statistics of listing date, the same below) raised 28.668 billion yuan. There were 4 272-422 billion yuan of IPO funds in total.

Data source: wind

Since the beginning of this year, more than one stock listed on the first day of performance eye-catching.

Data source: wind (2020 present)

The passing rate was 95.45%

Thanks to the further expansion of the pilot registration system, the pace of IPO audit has been significantly accelerated this year. According to wind data, from January to November, the SFC reviewed a total of 594 IPO projects, of which 567 were successfully approved. The IPO passing rate was 95.45%, significantly higher than that of 88.49% in the same period of 2019.

Data source: wind

The pace of the expansion of new shares in the A-share market is stable, which is also an important embodiment of the market inclusiveness brought about by the registration system reform. At present, Chinas economic transformation and industrial upgrading need A-share market, especially the science and technology innovation board and the growth enterprise market, to play a leading role. Dong Dengxin, director of the Institute of Finance and securities of Wuhan University of science and technology, points out that while the registration system emphasizes inclusiveness, the system design also forces the standardization of the preliminary work procedures. Information disclosure and other work are stricter and more practical. Under the premise of strict quality control, the IPO pass rate is correspondingly increased.

IPO underwriting returns well

IPO is issued normally, and the underwriting returns of securities companies are rich.

From January to November this year, the underwriting income of the main underwriters of CITIC Securities, China Securities construction investment, Haitong Securities, CICC, Huatai United Securities and Guotai Junan all exceeded 1 billion yuan.

Underwriting revenue ranking of lead underwriters

Data source: wind

Head securities companies have obvious competitive advantages. As the lead underwriters, the initial raised funds of 8 securities companies, including China Securities construction investment, Haitong Securities, CICC securities, CITIC Securities, Guotai Junan, Huatai United Securities, Guojin securities and China Merchants Securities, all of which have raised more than 10 billion yuan.

Ranking of underwriting amount of lead underwriters

Data source: wind

Building a new ecology of balanced investment and financing

Industry insiders pointed out that with the steady progress of the pilot registration system, the IPO and refinancing market is expected to continue to be active in 2021.

It is estimated that the market financing demand in 2021 is still strong, which is expected to reach 1600 billion yuan. Chen Xianshun, chief strategic analyst of Guotai Junan Securities, said that it is expected that the IPO Financing scale in 2020 will reach about 480 billion yuan. With the promotion of the registration system in 2021, the pace of IPO normalization is expected to continue. Under the benchmark situation, the financing scale is expected to be equivalent to that in 2020, reaching about 500 billion yuan. On the other hand, Chinas capital market has entered the era of rights and interests. Residents, institutions and foreign investors will continue to increase the proportion of equity assets. The allocation of residents, institutions and foreign capital is an important driving force in the era of Chinese rights and interests. With the maturity of a shares, the trend of capital inflow into a shares continues. Wang Delun, chief strategic analyst of Societe Generale Securities, pointed out that since the financial supply side reform, the yield of broad-spectrum financial products has declined, and funds have the effect of making money, attracting basic people to enter the market; in the era of low interest rates, all kinds of long-term money will gradually increase equity assets to obtain income; under the background of economic growth, interest margin and institutional advantages, the RMB exchange rate has entered the medium and long-term appreciation channel, and in the future In a few years, trillions of foreign capital is expected to flow into a shares. Editor: Ya Wenhui source: China Securities Journal Author: Min Xiuli editor in charge: Zhong Qiming_ NF5619

It is estimated that the market financing demand in 2021 is still strong, which is expected to reach 1600 billion yuan. Chen Xianshun, chief strategic analyst of Guotai Junan Securities, said that it is expected that the IPO Financing scale in 2020 will reach about 480 billion yuan. With the promotion of the registration system in 2021, the pace of IPO normalization is expected to continue. Under the benchmark situation, the financing scale is expected to be equivalent to that in 2020, reaching about 500 billion yuan.

On the other hand, Chinas capital market has entered the era of rights and interests. Residents, institutions and foreign investors will continue to increase the proportion of equity assets.

The allocation of residents, institutions and foreign capital is an important driving force in the era of Chinese rights and interests. With the maturity of a shares, the trend of capital inflow into a shares continues. Wang Delun, chief strategic analyst of Societe Generale Securities, pointed out that since the financial supply side reform, the yield of broad-spectrum financial products has declined, and funds have the effect of making money, attracting basic people to enter the market; in the era of low interest rates, all kinds of long-term money will gradually increase equity assets to obtain income; under the background of economic growth, interest margin and institutional advantages, the RMB exchange rate has entered the medium and long-term appreciation channel, and in the future In a few years, trillions of foreign capital is expected to flow into a shares.

Editor: Ya Wenhui