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Gem Registration IPO Reform Tracking: Intensive Audit Rhythm Continues, Background Technology System Is About To Be Ready

2020/7/21 14:04:00 4

Gem Registration SystemIPOReformTrackingAuditRhythmBackgroundTechnologySystem

The pilot registration system reform of gem is being carried out in full swing.

On the evening of April, 20 companies were approved by the gem.

Tianjin Jieqiang Power Equipment Co., Ltd., Shenzhen oulutong Electronics Co., Ltd., Jiangsu Haichen Logistics Co., Ltd., and Nanjing University environmental planning and Design Institute Co., Ltd. are the fifth batch of "lucky ones" after the GEM Listing Committee started the audit work.

Prior to this, 16 enterprises had been reviewed by the Audit Center last week, including 14 initial projects and 2 convertible bond financing projects, setting the highest number of enterprises in a week in recent years. This week (July 20-24), another 17 enterprises will attend the meeting, including the initial applications of 12 enterprises and convertible bond financing applications of 5 listed companies.

"The main reason is that the Securities Regulatory Commission has already examined almost the same, and the gem has not been on the board for two months, so intensive meetings have been held." On July 20, Wang Jiyue, a senior investment banker, pointed out in an interview with a reporter from the 21st century economic report.

It is worth mentioning that on the other side of the high-intensity audit rhythm, the relevant technical systems for the gem reform and pilot registration system will be ready and officially launched.

Our reporter learned that on July 25, the Shenzhen Stock Exchange will jointly conduct the online customs clearance and online issuance business clearance test of China Securities Clearing and China securities financial organization technology. After the completion of the test, the gem reform and pilot registration system will be officially launched.

Review of 12 IPO Enterprises

The number of enterprises applying for registration system on GEM is growing.

As of July, the total number of initial public offerings (IPOs) submitted by 29 enterprises had reached the fastest speed by July. If the CSRC refuses to register, it will make a decision within 20 working days. It takes about 14 working days to register.

"The current progress of gem is in line with expectations, and it is expected to open before and after August 20." Wang Jiyue said.

In the face of the enthusiasm of enterprises, the audit pace of Shenzhen stock exchange is not bad. According to public information, in addition to the three enterprises listed on the meeting on July 20, the GEM Listing Committee will also review the initial application of four enterprises on July 22 and 23.

The 12 enterprises listed on the SFC this week are all from 10 industries of the CSRC, including transportation, environmental protection, software, textile, chemical industry, computer, metal products, pharmaceutical manufacturing, instrument and instrument manufacturing, and special equipment manufacturing. Among them, the number of enterprises in the special equipment manufacturing industry is the largest, with 3 enterprises in total going to the SFC this week.

The 12 enterprises plan to raise no more than 7.711 billion yuan in total, of which the largest one is robust medical. The company plans to issue no more than 60 million shares on the gem, with an estimated capital raising of 1.426 billion yuan. The sponsor is CICC.

According to the public information, steady medical was established on August 24, 2000. Its main business includes medical dressings, consumer goods for healthy living and cotton Spunlaced non-woven fabrics. It has two brands of "winner robust medical" and "procotton cotton era". Among them, the healthy living consumer goods represented by the cotton era include pure cotton soft towel, cotton surface sanitary napkin, pure cotton wet towel and other non-woven products, baby and children's clothing, adult clothing and other textile categories, which are the main revenue source of the company.

According to the prospectus, from 2017 to 2019, the revenue of robust medical was 3.498 billion yuan, 3.839 billion yuan and 4.575 billion yuan respectively, and the net profit attributable to the parent company was 427 million yuan, 425 million yuan and 546 million yuan respectively. Among them, the revenue of health consumer goods accounted for 62.37%, 62.93% and 67.18% respectively, showing an upward trend.

As early as March 2016, robust health care submitted materials to Shenzhen stock exchange for listing on the gem. However, at the meeting in October 2017, due to problems in standardized operation and internal control, robust medical received the attention of the IEC and failed to pass the examination by the IEC.

This time, there are still many doubts about the market's soundness. On May 26, 2020, the website of Shaanxi Provincial Food and Drug Administration issued the "Shaanxi medical device quality announcement", which announced three batches of products that did not meet the requirements of the standard. Among them, the medical nursing masks produced by robust medical (Huanggang) Co., Ltd., a wholly-owned subsidiary of robust medical, were listed, which showed that they were unqualified. The main problem of disqualification was the mask belt. According to the requirements of Shaanxi Provincial Drug Administration, the relevant medical device disposal departments have done the supervision.

In addition to robust medical, Jinchun shares also broke through the IPO barrier for many times at the meeting this week. From December 2015 to June 2017, Jinchun shares was listed on the new third board for a short time, and then started the long road of A-share IPO. As early as July 2017, Jinchun shares disclosed its IPO prospectus and intended to apply for listing on the gem. In July 2018, Jinchun shares will officially become the only company that has been rejected on that day.

According to the public information, Jinchun is a nonwovens manufacturer, mainly engaged in the R & D, production and sales of nonwovens, providing professional and quality nonwovens products for downstream end customers. Its main products are Spunlaced, hot air and filament microfiber nonwovens. From 2017 to 2019, the operating revenue of Jinchun shares was 600 million yuan, 864 million yuan and 838 million yuan respectively, and the net profits were 61 million yuan, 73 million yuan and 89 million yuan respectively.

The company is applying for the IPO and raising 800 million yuan.

On the whole, the profitability of the enterprises at the meeting this week is relatively good. In 2019, the average revenue scale is 1.072 billion yuan, and the average net profit scale is 135 million yuan. In recent three years, the enterprises have maintained a stable growth rate of performance. Among them, Jieqiang power, the enterprise with the smallest revenue, also achieved a revenue of 246 million yuan in 2019 and maintained a high gross profit margin, with a profit of 94.6824 million yuan in 2019.

Mengtai shares has the smallest net profit scale, with revenue of 316 million yuan, 340 million yuan and 379 million yuan in 2017, 2018 and 2019 respectively; the corresponding net profits in the same period are 51.493 million yuan, 58.7496 million yuan and 68.7984 million yuan respectively. The IPO of Mengtai shares is planned to issue no more than 24 million shares and raise 389 million yuan of capital. The sponsor is Guojin securities.

From the regional perspective, the enterprises at the meeting this week mainly come from six provinces and cities. Among them, the Yangtze River Delta and the Pearl River Delta, where private economy is the most active, are still the main force of IPO reserve projects. There are three enterprises in Zhejiang Province, Jiangsu Province and Guangdong Province respectively, and the remaining three enterprises are from Tibet Autonomous Region, Tianjin city and Anhui Province.

From the perspective of sponsor institutions, the 12 enterprises that attended the meeting this week were sponsored by 8 sponsor institutions. Among the 12 enterprises that were sponsored by Dongfang securities, a total of 3 enterprises attended the meeting this week, 2 enterprises of CICC and Guojin securities respectively attended the meeting, and the remaining 5 enterprises were respectively the projects of China Securities construction investment, Minsheng securities, Huatai united, Haitong Securities and Everbright Securities.

The technical system is about to be ready

With the intensive audit work, the back office infrastructure must also keep up.

The reporter of 21st century economic report learned that up to now, Shenzhen Stock Exchange has been working hard to promote technical preparation work, and has cooperated with China Clearing House and China securities financial organization to carry out gem reform and pilot the whole network test of registration system related technical systems.

From July 4 to 5, the Shenzhen Stock Exchange organized the first full network test. All 106 securities companies with the qualification of Shenzhen stock market brokerage business all arrived. Nearly 80% of fund companies and more than 90% of custody banks also participated in the test. Securities Dealers disclosed that the test results on the same day showed that the trading, quotation, settlement, account, refinancing, appropriateness management and other technical systems of the tested units were normal as a whole.

From July 11 to 12, Shenzhen Stock Exchange once again organized the whole network test, mainly simulating the start-up of online issuance business and trading business under the gem reform and pilot registration system.

Last Saturday, July 18, the Shenzhen Stock Exchange, together with China Securities Clearing and China Securities Finance, organized the third network wide test.

The 21st century economic news reporter learned from the participating investment banks that the main content of this test is to simulate the trading and settlement of Shenzhen stock exchange system and settlement system in two business days (i.e. simulated t day July 18, 2020, t + 1 day, July 19, 2020), Hong Kong Stock Exchange Securities simulated half day market trading and one settlement day settlement (i.e. simulated t day July 18, 2020), unified account platform Report the account related information of opening gem trading authority in one business day (i.e. simulated t day, July 18, 2020).

The focus of the test is to simulate the start-up of online issuance business and trading business in the gem reform and pilot registration system. Through the simulation of the entrusted declaration, transaction return, market acceptance, clearing and settlement, investor suitability management, market-oriented refinancing and other business processing processes of gem stock and depository receipt trading and non trading business, the technology of market participants is tested The correctness of the system.

It is worth mentioning that on July 20, the official website of the Shenzhen Stock Exchange announced again the notice of the customs clearance test on July 25, 2020 on the gem reform and pilot registration system related technical systems and online distribution business (hereinafter referred to as the notice).

According to the notice, the Shenzhen Stock Exchange, together with China Securities Clearing and China Securities Finance, is scheduled to organize the technology online customs clearance and online issuance business clearance test on July 25, 2020. All Shenzhen participants must participate in the test. This test mainly simulates the first day scene of the gem reform and pilot registration system related technology system going online.

After the pilot registration system of the 21st century has been officially launched, the reporter will learn about the relevant technology test of the gem. Starting from July 27, 2020, the online issuance business of registered stocks and depository receipts on GEM can be started, and the online issuance and listing business of individual stocks of approved GEM stocks can be continued. However, the specific date of business startup shall be subject to the relevant announcement.

However, the business related to the optimization of transactions and refinancing (including after hours pricing transactions) under the gem reform and pilot registration system will not be started for the time being, and the start date of the business will be notified separately.

 

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