CDR rules or greater changes in regulation, delineation of brokers preferred top ten + class a

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 CDR rules or greater changes in regulation, delineation of brokers preferred top ten + class a


According to Wind data, the top ten underwriters in 2017 are CITIC Securities, CITIC Securities, China Merchants Securities, China Merchants Securities, Guotai Junan Securities, China Gold Corporation, de Bang securities, Haitong Securities, Everbright Securities, Huatai joint securities and Guangfa Securities. Among them, debbond securities rated BB in 2017, and all other brokerages were class a securities dealers. Huatai combined with its parent company Huatai Securities merger evaluation, and Huatai Securities last years main underwriting ranking is not high, ranked sixteenth. However, there are also non A-class brokerages outside the top ten participating in the CDR issue. According to the reporter, Alibaba issued CDR sponsor agency is CITIC Securities, CICC as a joint sponsor organizations involved; millet CDR, NetEase CDR sponsor agency is also CITIC Securities; Baidu issued CDR sponsor agency for Huatai Securities; Jingdong issued CDR agency for China Securities, CITIC investment. Tencent listed on the Hong Kong stock market will not consider issuing CDR for the time being. However, a investment bank close to the supervision told reporters whether there is a list of qualified securities companies is not very significant now, the early issue of the CDR project is very few, and the selection of the sponsor of a number of projects has regulatory coordination. A brokerage investment bank executive evaluation this way, in the pilot stage, regulators hope to find some CDR business to understand the securities business to do. In addition, the economic observer has learned from a person to know that the detailed detailed rules for CDR are still in discussion. From the situation that has already been understood, there are more changes in the current detailed version of the detailed edition and the first dry opinion on the launch of stocks or depository certificates in innovative enterprises. One of them is that the demand for profit is tightening. The previous several opinions, the people said, allowed the listing of pilot innovation companies identified by the China Securities Regulatory Commission to be listed in China. Everything is still unknown. The enterprises that issue CDR also play a game with regulation, and hope that the final rules will be more attractive to them. Undoubtedly, for investment bankers, the IPO market in Hongkong is more attractive this year in the case of a sudden drop in A share. The A share market is also facing fierce competition from HKEx in attracting innovative enterprises. The recent revision of the Listing Rules of HKEx is also very strong. Among them, new and innovative industry issuers, which are not yet profitable, unpaid biotech issuers and different voting rights structures, are listed on the motherboard after making additional disclosures and making safeguards. The HKEx also proposed to revise the existing listing rules of overseas companies and set up a new second listing channel to attract new and innovative industry issuers listed on the New York stock exchange, NASDAQ or the London Stock Exchange to go to Hong Kong for second listing. The same as the second listed place, the A share conditions must be attractive enough, the above investment bankers say, from the recent discussions, the CDR issue may not be as fast as expected. In addition, a brokerage investment bank involved in the CDR business told the economic observer that CDR has been issued to a number of eligible pilot companies, focusing on new energy, TMT, biological medicine and other fields, and supervision is given to the list to see which conditions can be made to do CDR. Although the rules have not yet come out, they are already preparing for it. Source: Economic Observer Web Editor: Hou Wei Cheng _NT4124 Undoubtedly, for investment bankers, the IPO market in Hongkong is more attractive this year in the case of a sudden drop in A share. The A share market is also facing fierce competition from HKEx in attracting innovative enterprises. The recent revision of the Listing Rules of HKEx is also very strong. Among them, new and innovative industry issuers, which are not yet profitable, unpaid biotech issuers and different voting rights structures, are listed on the motherboard after making additional disclosures and making safeguards. The HKEx also proposed to revise the existing listing rules of overseas companies and set up a new second listing channel to attract new and innovative industry issuers listed on the New York stock exchange, NASDAQ or the London Stock Exchange to go to Hong Kong for second listing. The same as the second listed place, the A share conditions must be attractive enough, the above investment bankers say, from the recent discussions, the CDR issue may not be as fast as expected. In addition, a brokerage investment bank involved in the CDR business told the economic observer that CDR has been issued to a number of eligible pilot companies, focusing on new energy, TMT, biological medicine and other fields, and supervision is given to the list to see which conditions can be made to do CDR. Although the rules have not yet come out, they are already preparing for it.