Top Securities Companies Gather In A-Share Market
CICC's A-share IPO is advancing rapidly.
After updating the prospectus on September 1, CICC will be listed on the meeting on September 17.
If it is successfully listed this year, CICC is expected to become the 14th "a + H" listed securities company after Guolian securities, and the domestic top brokers will finally gather in a shares.
It is worth noting that according to the announcement of the Shanghai Stock Exchange, ant group will also be subject to the deliberation of the municipal Party Committee on the science and technology innovation board on September 18. According to the previous IPO progress, the two "giant" projects may land in a shares at the same time, and there will be a 100 billion scale financing dish coming.
IPO lightning pushes huge amount of financing
On September 1, the pre disclosure was updated, and the meeting was held on September 17. CICC's A-share IPO was promoted rapidly.
On February 28, 2020, CICC's "official announcement" plans to apply for A-share issuance and listing on the Shanghai Stock Exchange. As the last leading securities company not listed in A-share market, its IPO immediately attracted market attention.
On May 15, CICC disclosed its prospectus and planned to issue no more than 459 million A-shares.
According to the prospectus, CICC's earnings per share in 2019 is 0.99 yuan / share. According to the current ceiling P / E ratio of 23 times that of the A-share main board, the highest issue price of CICC can reach 22.77 yuan / share.
If this price is estimated, the initial fund-raising scale of CICC will reach 10.451 billion yuan.
On July 20, when the market trading was hot, the voice of bull market was getting stronger, and securities companies' shares were sought after. CICC announced in H shares that it planned to modify the A-share issuance plan, and the number of shares issued was changed from 459 million to 1438 million, accounting for 24.77% of the total share capital from 9.5%.
"In the first half of 2020, CICC's various businesses continue to maintain a stable and balanced development, with strong demand for capital. The expected scale of raised funds under the original A-share IPO scheme has been unable to fully meet the urgent needs of the company's business development for capital. The adjustment of the A-share issuance plan is to grasp the industry development opportunities, meet the needs of the group's rapid business development and better serve customers. " CICC responded at that time.
However, judging from the updated version of the pre disclosure of the prospectus on September 1, CICC's IPO volume is still 459 million shares, which has been reduced to the previous version of the scheme.
"May be to limit the size of issuance, pressure line hair, do not want to become a precedent to increase the proportion of issuance and increase the scale of financing." There are senior investment banks to the 21st century economic reporter analysis.
In addition, he said, there may also be market factors. The previous increase in the issuance ratio was just when the stock of securities companies rose, and then it was reversed. If the issue price was not so high, the significance of increasing the issuance ratio would be limited.
What are the reasons for the callback of the issue quantity, and will it be adjusted in the future?
In this regard, the relevant person in charge of CICC told the reporter of the 21st century economic report on September 2 that "the specific number of issues in the issuance plan shall be subject to the pre disclosure of this prospectus."
On September 18, the IPO of "ant group" will be reviewed by the Municipal Committee of science and technology.
The company plans to invest 48 billion yuan in the global science and Technology (IPO) and promote the sustainable development of science and technology group and digital innovation board.
However, the 21st century economic reporter learned that the number of fund-raising is only indicative. As ants have not yet determined the scale of the valuation, this figure does not represent the final size of the fund raised.
The superposition of the two major projects will bring about 100 billion yuan of financing, which also makes some market participants worry about the possible pressure at that time.
"According to the amount of ant group's fund-raising disclosed by the market, the total fund-raising of a + H shares may be as high as US $30 billion. Such a large amount of fund-raising will not only bring certain blood sucking effect to the market, but also bring certain negative impact on the psychological effect of investors, and increase investors' risk aversion mood." Gong Xiaolin, executive chairman and Secretary General of Zhejiang Province M & a federation, told reporters.
21st century economic reporter noted that the listing of ant group's science and technology innovation board was also sponsored by CICC and China Securities Construction Investment Corporation. CICC's strong investment banking business is expected to get a huge income.
Urgent need to supplement capital
As China's first Sino foreign joint venture investment bank, investment bank has always been a strong point of CICC. The background of internationalization also gives it the first chance when the registration system is coming.
According to the prospectus, as of December 31, 2019, among the top ten overseas IPO projects of Chinese companies, CICC acted as the sponsor and / or joint global coordinator, including ICBC, Alibaba, ABC, CCB, postal savings bank, China Tower, Unicom and Xiaomi listed on the Hong Kong stock exchange, with a total amount of capital raised ranging from US $5.5 billion to US $16 billion between.
Under the pilot registration system of the science and technology innovation board, CICC has taken the lead in completing multiple innovation pilot projects. For example, in 2020, Zejing biology was listed on the science and technology innovation board, becoming the first enterprise applicable to the fifth set of listing standards, and CICC acted as its exclusive sponsor and lead underwriter; in 2020, youkedeke was listed on the board, becoming the first enterprise with special voting rights in a shares, and CICC acted as the exclusive sponsor and lead underwriter; in 2020, China Resources Micro Technology Innovation Board was listed, becoming the first enterprise with special voting rights CICC is the first A-share listed company with red chip structure. CICC acts as the exclusive sponsor and lead underwriter.
In addition, financial technology is also the focus of CICC in recent years.
In September 2017, CICC introduced Tencent to become the third largest shareholder and strategic investor. Subsequently, two public offering products of CICC fund were launched on Tencent wealth management link. In 2019, the company plans to provide 51% of the difference between CICC and Tencent through the establishment of a joint venture company, such as Sinochem and Tencent, in order to provide more convenient management solutions to the company through the establishment of a joint venture company, such as CICC and Tencent. In addition, CICC also takes advantage of CICC's private equity investment fund management platform to carry out strategic investment and strategic cooperation with financial technology enterprises.
However, as the last leading securities company of A-share listing, CICC has a large gap with other leading securities companies in capital for a long time.
"After deducting the issuance expenses, the raised funds of this A-share IPO will be used to increase the company's capital, supplement the company's working capital, and support the company's domestic and overseas business development. At the same time, the company will make use of the raised funds to further strengthen its investment in financial technology, internationalization and other strategic fields, and timely grasp the opportunities of strategic merger and acquisition. " CICC said.
"The IPO of A-share will help CICC make full use of the financing function and pricing mechanism of the domestic capital market, and further improve its profitability in self-supporting and asset management business." Chen hancong, executive director of baishaquan M & A Financial Research Institute, pointed out to the reporter of 21st century economic report.
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