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券商IPO業務入賬110億中信奪冠但54家券商顆粒無收
2020-01-05 22:58  www.lianbaiwei.cn

  喜慶的市場,券商也獲利頗豐,不僅是經紀業務,投行IPO業務量也有明顯增加,據Choice顯示,A股2019年IPO企業為206家,較2018年增加100家,募資規模達到億元,這一數字已經創下自2011年以來募資金額的新紀錄。券商也分得不小的蛋糕,不過,排名前十的券商包攬了這一收入總額的%,更有54家(約半數)券商IPO業務“顆粒無收”。

In the festive market, brokerages also made a profit, not just in brokerages, but in investment banking IPOs, with 206 IPOs in A-shares in 2019, up 100 from 2018, raising $100 million, a figure that has hit a new record since 2011, according to Choice. The top 10 firms, however, took in% of the total revenue and 54(about half) of the IPO business were \"grainless \".

  未來,不論是科創板還是創業板的注冊制,都將加大擴容力度,資深投行人士王驥躍向《華夏時報》記者表示,這將對券商的銷售、保薦業務能力要求大幅提高。之前可能只是應付監管審核,注冊制后要更加注重對產業、行業以及企業自身經營的理解。

In the future, both the gem and gem registration system, will increase expansion efforts, senior investment banker wang jiyue told the huaxia times reporter, this will be the brokerage sales, sponsor business capacity requirements for a substantial increase. Previously, it may have only been subject to regulatory scrutiny, with the registration system paying more attention to the understanding of industry, industry and business itself.

  據Choice數據顯示,2019年A股100億級以上的IPO有4家,其中以億元的募資額傲居榜首,、和緊隨其后。伴隨著不久前發布招股書,2020年A股開年將迎來巨無霸IPO。

There were four IPOs with A-shares above 10 billion in 2019, of which four were proud to have raised $100 million, and followed, according to Choice data. With a recent prospectus, A-shares will have a Big Mac IPO in 2020.

  毋庸置疑,券商的承銷保薦收入也自然不菲。據Choice顯示,2019年52家券商IPO承銷保薦收入合計達億元,較2018年翻倍。其中,排名前十的券商包攬了這一收入總額的%。以億元的雙位數收入位居第一,中金公司、分別以億元、億元排名第二、第三,另有、、、、、、安信證券入榜前十。

There is no doubt that the underwriting sponsor of the brokerage revenue is also natural. In 2019,52 brokerage IPO underwriters received a total of $100 million, doubling from 2018, according to Choice. Among them, the top 10 brokerages took in% of the total revenue. With a double-digit income of 100 million yuan, CICC ranked second and third respectively with 100 million yuan and third respectively.

  而2018年,上億的承銷商有16家,總共122宗業務量,業績總額僅億元。中金公司僅有8個IPO項目上市,共獲得億元承銷保薦收入,位居第一,第二名由9個IPO項目的華泰聯合占據,該項業務收入為億元,中信證券雖有11個IPO項目,但承銷保薦收入僅為億元,位居第三。

And in 2018, hundreds of millions of underwriters have 16, a total of 122 business volume, the total performance of only 100 million yuan. CICC has only eight IPOs listed, with a total of 100 million yuan of underwriting sponsor income, the first, and the second by the nine IPO projects of Huatai joint occupation of the business income of 100 million yuan, Citic Securities has 11 IPO projects, but the underwriting of the sponsor income of only 100 million yuan, ranked third.

  有人歡喜有人愁。截至2019年末,國內有106家券商,但僅有不到半數的券商(52家)分得了承銷保薦這塊蛋糕,即54家券商IPO業務掛零單,這意味著承銷保薦業務的分化越發明顯。

Some are glad and others are sad. By the end of 2019, there were 106 brokerages in the country, but fewer than half (52) had been given the cake of underwriting the sponsor, or 54 brokerage IPOs, which means the division of underwriting the sponsor business is more pronounced.

  王驥躍對《華夏時報》記者表示,券商IPO業務的分化主要來自四個原因,首先,分化是大趨勢,強者恒強,項目在向頭部集中;其次,IPO承銷保薦有較強的周期性,一個項目從接手到發行,平均年限要在2年以上,所以對于成長型的券商來說,就會有大小年的差異;第三,再融資影響比較大,2019年再融資完成家數對總承銷保薦額度影響較大,有些券商重點在再融資方面;第四,從市場份額來看,已經完成的是一部分,還有在審項目和輔導期項目,綜合起來更能準確反映一家券商的承銷保薦能力尤其是IPO能力。

Wang jiyue told the chinese times that the division of the brokerage ipo business mainly comes from four reasons: first, the differentiation is the big trend, strong and strong, the project is concentrated on the head; second, the ipo underwriting sponsor has a strong periodicity, a project from taking over to issuing, the average life is more than two years, so for the growth-type brokerage, there will be a difference in size for the year; third, the refinancing impact is relatively large, the number of refinancing completed in 2019 has a greater impact on the total number of sponsors, some of the key underwriters in the refinancing; fourth, from the market share, has been completed part, but also in the review of the project and guidance project, comprehensive can more accurately reflect the ability of a brokerage ipo, especially the ability to sponsor ipo.

  2019年是科創板的元年,科創板的開通是我國資本市場的頭等大事,科創板企業IPO也成為券商業績增長的重要推力。據統計,自7月開板以來,科創板共有70只新股發行,實際募資總額為人民幣億元,占A股市場IPO募資總額約三分之一。

2019 is the first year of kechuang board, the opening of kechuang board is the top priority of the capital market in our country, and the ipo of kechuang board enterprise has also become an important thrust of the growth of brokerage performance. According to statistics, since the opening of the board in July, the company has issued 70 new shares, raising an actual total of 100 million yuan, accounting for about a third of the total IPO raised in the A-share market.

  據Choice顯示,2019年共有36家券商參與科創板公司上市承銷保薦工作。就數量而言,中信建投拔得頭籌,年內共獨自完成8家公司承銷保薦工作,并與其他券商聯合承擔了2家公司的承銷保薦工作,國信證券、中信證券緊隨其后,均獨自承擔6家公司的承銷保薦工作,并分別與其他券商聯合承擔了1家、3家公司的承銷保薦工作。

A total of 36 brokerages were involved in the underwriting of the listing of Cochon Board in 2019, according to Choice. In terms of volume, CITIC took the lead, completing the underwriting work of eight companies alone during the year, and jointly undertaking the underwriting work of two companies with other brokerages. Guoxin Securities and CITIC Securities all assumed the underwriting work of six companies on their own, and jointly undertook the underwriting work of one or three companies with other brokerages.

  從收入來看,36家券商年內獲得的科創板承銷保薦收入合計億元。從單家情況看,剔除未顯示聯合主承銷分配比例的公司后,中信建投承銷保薦收入居第一,共入賬億元;中信證券緊隨其后,剔除未顯示聯合主承銷分配比例的公司后共收入億元。中金公司、國信證券、華泰聯合、廣發證券來自科創板公司上市承銷保薦收入均超過2億元。

From the income point of view,36 securities companies in the year to get a total of 100 million board underwriting sponsor income. From a single case, after excluding the companies that did not show the proportion of joint principal underwriting distribution, CITIC's investment underwriting sponsor income ranked first, with a total of 100 million yuan recorded; CITIC Securities followed closely, excluding the companies that did not show the proportion of joint principal underwriting distribution, the total income of 100 million yuan. CICC, Guoxin Securities, Huatai United, Guangfa Securities from Kechuang Board listed underwriting sponsor income of more than 200 million yuan.

  事實上,科創板的注冊制允許紅籌及同股不同權企業上市,允許上市公司分拆子公司上市,甚至允許未盈利的企業上市。這些都是此前A股IPO市場沒法想象的。

In fact, the company's registration system allows red chips and companies with different rights to list, allowing listed companies to split subsidiaries and even allow unprofitable companies to list. These were previously unimaginable in the A-share IPO market.

  2019年11月30日,深交所副總經理王紅在第15屆中國(深圳)國際期貨大會上表示,深交所要抓住改革機遇,首先要加快推進創業板改革并試點注冊制,促進資本市場和創新企業的深度融合。

On november 30,2019, hong wang, deputy general manager of sse, told the 15th china (shenzhen) international futures conference that sse wants to seize the reform opportunities, first of all, to speed up the gem reform and pilot registration system to promote the deep integration of capital markets and innovative enterprises.

  研究總監付立春在接受《華夏時報》記者采訪時表示,科創板注冊制下的IPO常態化,給券商的投行業務帶來了更大的市場與機會,券商的分化會越來越明顯,集中度也將進一步提升。此外,市場化的交易還帶動了券商經紀業務的增長。

In an interview with the chinese times, research director fu lichun said that the ipo normalization under the hong kong board registration system has brought greater market and opportunities for the investment banking business of securities firms, and the division of securities firms will become more obvious and the concentration will be further enhanced. In addition, market-oriented trading also led to the growth of brokerage business.

  “新修訂的證券法中,科創板和創業板注冊制下將會加大擴容力度,券商會有更多IPO輔導的機會,但肩負責任的風險會更大。要獲得更大的市場份額、賺取更多的利潤,券商需要付出更多的成本,在IPO保薦承銷中付出的精力也會更大。”武漢科技大學金融證券研究所所長董登新向《華夏時報》記者如是強調。

In “'s newly revised securities law, there will be more expansion under the gem and gem registration system, and brokers will have more ipo coaching opportunities, but the risk of taking responsibility will be greater. To get a bigger market share and make more profits, brokerages will have to pay more, and they'll have to pay more for IPO-sponsored underwriting. Dong Dengxin, director of the Institute of Financial Securities Research at Wuhan University of Science and Technology, stressed this to reporters in the Huaxia Times.