Under the GEM registration system, the issuance rhythm remained stable, and the investment and financing functions were further strengthened. This year, 1- 10 * * 123 GEM companies completed listing, with the financing amount of15.2 billion yuan. Among them, in June 5438+ 10, * * there were 7 GEM companies listed, with a financing amount of 6.3 billion yuan; The median price-earnings ratio of seven companies is 39 times, with an average of 38 times.
Generally speaking, the audit and issuance of Shenzhen Stock Exchange this year has been carried out in an orderly manner, but cases of veto and termination have also occurred from time to time. During the period of 1- 10, Growth Enterprise Market * * * accepted 207 IPO applications, and the number of IPOs accepted by 10 in that month dropped sharply, only 1 family. The number of IPOs approved was 177, 33 were refinanced, 2 were transferred to the board, and 5 were major asset restructuring; Rejected the first round15; Seven startups applied to cancel the review. In terms of termination cases, 1- 10 terminated the initial review of 129 companies.
1- 10: 207 IPOs were accepted, with the highest concentration in June.
During the period of 1- 10 this year, GEM * * * accepted 207 IPO applications, and the number of IPOs accepted in the month of 10 decreased significantly, only 1 IPO enterprises were accepted. Wang, a senior investment banker, said: "This is normal. The second half of each year is the low point of IPO acceptance, and it is too late for enterprises to declare with semi-annual report data at 10. "
Generally speaking, June and 65438+February are intensive periods for IPO acceptance, and this year's situation is no exception. In June, it reached the acceptance peak since the beginning of the year, with 44 IPO acceptance enterprises/KLOC-0. Some brokerage investment bankers explained that the main reason for the company's "stepping on the spot" declaration in June was based on the validity period of the financial report of the prospectus. "Corporate IPOs are generally declared with annual report data, and the validity period is after June 30, and the semi-annual report data is declared in June+February, 5438. The same is true. "
In terms of refinancing acceptance, on June 5438+0- 10, GEM * * accepted 60 refinancing applications, and on June 5438+00, it accepted 20 refinancing applications, an increase of about 43% from the previous month. On the whole, the number of refinancing recipients on GEM has shown a roller coaster trend since this year. In August, the number of refinancing recipients reached the peak of the whole year, reaching 34. The annual low acceptance period is 5 in February and 5 in May. In terms of major asset restructuring, on June 5438+0- 10, the Shenzhen Stock Exchange * * * accepted the application for 10, and there was no increase on June 5438+00.
On the whole, the audit and issuance work of Shenzhen Stock Exchange this year has been carried out in an orderly manner, and cases of veto and termination have also occurred from time to time. 1- 10 was approved by Shenzhen Stock Exchange 177 times of initial stock issuance, 33 times of refinancing, 2 times of board transfer and 5 times of major asset restructuring; Rejected the first round15; Seven start-up companies applied to cancel the audit. Among them, 9 initial issues, 1 refinancing, 2 major asset restructurings approved in June, 438+0.
In terms of termination cases, from June 1 to June 10, 129 companies terminated, 14 companies refinanced, and 3 companies underwent major restructuring. Among them, 5 companies terminated the preliminary examination on June 5438+ 10, 1 major asset restructuring.
In terms of registration, during the period of 1- 10, the Shenzhen Stock Exchange reported 37 initial registrations, 5 refinancing 105 and 7 major asset reorganizations. 65,438+026 companies registered, 95 companies refinanced, and 5 companies restructured their assets; Agreed to transfer the two companies to the market.
Among them, on June 5438+ 10, Shenzhen Stock Exchange reported that 13 companies were registered and initiated, 5 companies were refinanced and 3 companies were reorganized. There were 4 initial registrations, 6 refinancing, and major asset restructuring 1.
The municipal party Committee's inquiry about GEM mainly focuses on six kinds of matters.
Recently, Shenzhen Stock Exchange sorted out the general situation of the initial projects audited by Shanghai Municipal Committee from 2002/KLOC-0 to September 2022, and the main concerns of inquiries. On the overall situation of preliminary examination, the Shanghai Municipal Committee held 1 10 meeting and reviewed 285 preliminary examination projects (including transfer boards). Judging from the number of inquiries, the Shanghai Municipal Party Committee and Municipal Government inquired about a single project on average.
From the main categories of concern, it mainly includes six categories: financial data and internal control system, industry and business model, legal compliance, actual controller identification and equity, technology and GEM positioning, and risk disclosure.
In the on-site inquiry, "financial data and internal control" and "industry and business model" accounted for the highest proportion, both accounting for 3 1.30%, but decreased by 7.07 and 0.84 percentage points respectively. The proportion of other four types of concerns has increased, among which the proportion of "technology and GEM positioning" has increased the most, indicating that the Shanghai Municipal Committee is more concerned about whether the issuer meets GEM positioning, technology and intellectual property rights.
The year-on-year change trend of the matters implemented after the meeting is consistent with the on-site inquiry. The proportion of "financial data and internal control" and "industry and business model" decreased, while the proportion of the other four categories increased. Among them, "risk disclosure and others" replaced "financial data and internal control" as the highest execution item, accounting for 29.30%, up by 2.2 1 percentage point, indicating that the Shanghai Municipal Committee paid more attention to the adequacy of issuer's risk disclosure.
In addition, from the on-site inquiry of the Shanghai Municipal Committee and the detailed concerns implemented after the meeting, it mainly includes business development, customer situation, stability of control rights, operational compliance and so on.
An Tian Lixin's IPO was terminated because of its growth and positioning.
Recently, the website of Shenzhen Stock Exchange issued a decision on terminating An Tian Lixin IPO and listing on GEM. The growth of the company and the positioning of the Growth Enterprise Market are the key issues in the inquiry of Shenzhen Stock Exchange. In this issue of Audit Dynamics, the Shenzhen Stock Exchange gave a detailed explanation on the rejection case.
165438+1October 3, after deliberation at the meeting of the Municipal Committee of the Growth Enterprise Market, the Shenzhen Stock Exchange held that An Tian Lixin did not meet the requirements of initial public offering or information disclosure, and its main business was professional technical services such as bidding agency, project cost consultation and architectural design, which belonged to professional technical services.
The listing audit center focused on the growth of the company and the positioning of the Growth Enterprise Market in the audit inquiry:
First, compared with the same industry, the issuer's business scale is small, the national market share of its main business is low, and the competition in the province lags behind the leaders in sub-sectors; The slowdown in the growth rate of social fixed assets investment has a certain impact on the issuer market, and whether the issuer has growth.
Second, the issuer has no invention patent and does not belong to a high-tech enterprise. During the reporting period, R&D investment was small, and R&D and professional and technical personnel were few. Whether the issuer's core technology is advanced, whether the related business is innovative, and whether it is in line with the positioning of the Growth Enterprise Market as an innovative and entrepreneurial enterprise.
The Shanghai Municipal Committee held that the issuer failed to fully explain that it met the characteristics of "three innovations and four innovations" and the positioning requirements of the Growth Enterprise Market for growth-oriented innovative and entrepreneurial enterprises, and did not meet the provisions of Article 3 of the Administrative Measures for the Registration of Initial Public Offerings of the Growth Enterprise Market (Trial) and Article 3 of the Audit Rules for the Issuance and Listing of Growth Enterprise Market Shares of Shenzhen Stock Exchange.