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 \".
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.
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.