Less Than 80%&Nbsp; This Year's IPO Rate Has Reached A New Low Of Four Years.

Core tip: this year, the IPO audit work ended. Statistics show that the IPO pass rate is slightly higher than 3/4 this year, the first time it has dropped to below 80% since 2008.

With the successful application of the 3 initial public offerings (IPO) in December 28th, the IPO audit ended this year. Statistics show that the IPO pass rate is slightly higher than 3/4 this year, the first time it has dropped to below 80% since 2008.

IPO rate is less than 80%.

WIND data show that this year, the SFC has examined 345 single IPO applications, 265 of which have been audited by the issuance examination committee, accounting for 76.81%, 72 of which are "broken down", accounting for 20.87%, and 8 enterprises belong to other cases, such as abolition of audit or no vote, accounting for 2.32%.

Comparison IPO About 3/4 passing rate, the adoption rate of this year's merger and reorganization is obviously higher, reaching 93.1%, the application rate of the additional issuance is 93.75%, and the application rate of the rights issue and convertible bond is 100%.

This year, the IPO application rate of 76.81% passed a new low since 2008. In 2008 -2010, the rate of IPO meeting rate remained above 80%: in 2010, 345 of the 418 IPO enterprises passed the examination, and the passing rate was 82.54%.

The pass rate in 2009 was 84.92%. In the same year, there were 199 enterprises meeting, of which 169 enterprises were over; in 2008, the pass rate was 82.76%, and 96 of the 116 enterprises were examined by the trial committee.

In quarterly terms, the pass rate for each quarter is 80% or below, and the first quarter and the two quarter are 79.71% and 76.84% respectively. The pass rate in the three quarter was 80%, and 64 of the 80 top companies were successful. The fourth quarter dropped to 72.28%, the lowest in the whole year.

　 5 brokerages were denied the rate of 100%

According to the recommendation agencies, IPO has been involved in 36 brokerages this year. Among them, the largest number of households were Guoxin Securities, reaching 7, and their sponsorship of Millennium Star Jewelry, Wenzhou Rui Ming industry, Anhui Guang Xin agricultural chemicals, Fujian nunzi, Shenzhen Air China information technology industry, Shanghai Feng Ke biotechnology and Sheng Rui transmission were not approved for the first time; Huatai United Securities was not covered by 6 projects, sponsored by Shanghai Dragon Charm advertising, today's international logistics technology, ladies house, Shandong Jin Chong, Dandong Xintai electric, Xuchang Hengyuan hair products are not.

However, the rate of Guoxin Securities is much less than that of Huatai Securities. According to WIND statistics, 31 IPO projects were approved by Guoxin Securities, 7 were jointly owned by China and Thailand, and the abolition of the audit and non voting items were abolished by 17.95% and 46.15% respectively.

If there is a negative rate, a total of 5 brokerages will be denied 100%. Fortune's CLSA, Soochow securities and Wei Shen securities sponsor an enterprise, and the results have not been approved by the trial committee. Jin Yuan Securities and debbond securities sponsor two enterprises, and the result is whether IPO applications have been approved.

　 Four factors of "IPO"

Judging from the IPO audit in recent months, regulators have tighten the issue and emphasize the company's texture. Recently, the SFC has published a number of reasons for the IPO of some companies. The industry believes that this played a good warning role, making securities companies more cautious when declaring projects.

The director of the relevant departments of the SFC indicated that most of the four enterprises had one or more of the following problems:

One is the problem of independence, including internal independence and external independence. Internal independence is mainly related to related transactions and inter industry competition, and external independence means that it does not rely heavily on single suppliers or customers.

The two is normative issues, including corporate governance and internal control standards. Some companies have been hit by "red lights" for various illegal activities, such as taxes, environmental protection, safety production and so on. They are heavily punished by relevant departments. Some companies fail to pass the audit because of the internal control is not standardized, such as weak accounting foundation.

The three is growth. The main reason for the application of IPO is whether growth is lacking.

The four is innovation. The gem is now positioned as "Innovation Board", so it is particularly demanding for innovation, and even become the "first element" of successful listing.

For example, since this year clothing Enterprise IPO collective frustration has become a significant phenomenon. According to statistics, A shares this year market A total of 13 garment enterprises met on IPO, and 7 of the successful entries were about 53.85%. In the "no approval" feedback document disclosed by the SFC, the 5 companies of Lady house, Fujian, Vigna S, Li Di Rui and Shandong Shu Lang can gather the common answers of IPO in garment enterprises.

The real reason for the fact that IPO has been criticized for its popularity over LV is the capacity digestion problem. Fujian's Nash, Vigna S and Shandong Shu Lang investment projects all include store expansion plans. Because the shops need a certain period from opening up to profitability, the Commission has doubts about the continuous profitability of the 3 companies after the massive expansion.

The export-oriented Li Rui is not the same. During the reporting period, the proportion of sales of Japanese single pill to Marubeni rose from 9.56% in 2008 to 63.79% in 2010. The gross profit margin and sales net interest rate of the company's main business are significantly higher than those of the same industry. The issuance examination committee thinks that the prospectus is not sufficient to explain the rationality.