國金證券慌了，4天連撤3個IPO

來源 | 深藍财經

撰文 | 吳瑞馨

撤回IPO申請并不稀奇，但“4天連撤3個IPO”，卻并不常見。

近期，國金證券保薦的晶華電子撤回IPO申請，短短4天時間，這已經是國金證券撤回的第3起保薦的IPO項目。如此短期高頻的撤回，也引起市場的廣泛關注。

值得注意的是，2023年，國金證券IPO終止項目達到11個，其中上交所5個、深交所6個。2022年以來，國金證券保薦上市的新股中，4隻新股在上市首日破發。珠城科技上市首日破發超18%，遠航精密、柏星龍、唯科科技在首日破發超6%。

國金證券，究竟是咋了？

1

4天連撤3個IPO，國金證券在慌什麼？

3月12日，深交所披露了國金證券保薦的晶華電子撤回上市的申請。如果隻是一家公司，可能還不能引起市場的關注，但如果是3家，結果就不同了。

事實上，從3月9日 ~12日，短短 4 天内，國金證券已經連續撤回 3 家企業的 IPO 申請，分别為億聯無限、晶華電子、裡伍銅業。其中，億聯無限、晶華電子從創業闆撤回，裡伍銅業從深主機闆撤回。

短短4天連撤3個IPO申請，這也讓外界對國金證券的保薦品質産生懷疑。

就近期撤回的三家IPO來說，确實存在不少問題：

億聯無限，

近8年來未取得新發明專利，卻打算将1.19 億元募集資金用于研發中心建設項目，而且還在流動性較為緊張時堅持進行分紅，引起監管關注。

晶華電子，則在

賬面 1.1 億元貨币資金的情況下，還通過募資補充流動資金 1 億元，且也因大額分紅等問題受到監管層的關注。在首輪問詢結束後匆匆撤回IPO申請；

裡伍銅業，

長達8個月對首輪問詢“已讀不回”，然後選擇撤回申請。

時間線稍稍拉長到一月，國金證券保薦的南麟電子也在監管問詢其業績真實性和可持續性後，也撤回了上市申請。也就是說，今年以來，國金證券共保薦 11 家，共撤回 4 項 IPO 項目，撤否率達 36.36%。其中，億聯無限、晶華電子、南麟電子，均屬技術硬體與裝置行業。

而在2023年，國金證券IPO終止項目達到11個，其中2家被否，9家主動撤回，撤否率達到 17.46%。無獨有偶，這些終止IPO項目也存在着大大小小的問題。有項目被質疑“帶病闖關”，有項目财務造假陷入輿論漩渦，也反映出執業品質存在的問題。

此外，國金證券近幾年保薦成功上市的股票，在資本市場上的表現也讓人一言難盡。

Wind資料顯示，2021年以來，國金證券保薦上市的新股主要有45隻（包括聯席保薦），其中4隻新股在上市首日破發，均發生在2022年。珠城科技上市首日破發超18%，遠航精密、柏星龍、唯科科技在首日破發超6%。

值得注意的是，去年年底，國金證券此前保薦的羅普特，被廈門證監局一紙處罰書揭露出連續三年财務造假，時間貫穿了IPO全程，拿下7000萬保薦費，卻全然“未察覺”财務造假的國金證券，也是以深陷輿論的漩渦。

但對外界對于國金證券保薦執業品質的質疑，國金證券卻對媒體表示：“IPO 項目撤回原因複雜多樣，不應将項目撤否簡單等同于保薦執業品質問題。”

盡管國金證券對外界質疑其保薦執業品質問題予以否認，但這并沒有打消外界對國金證券的質疑。而在中證協釋出的 2023 年證券公司投行業務品質評價裡，國金證券在内的等8 家券商的評級，從 2022 年的A類下降為 B 類。

2

投行、經紀業務承壓

除了評級下降、被質疑保薦執業品質之外，國金證券的投行、經紀等多項業務也正面臨挑戰。

國金證券整體上雖然并不是頭部券商，但其投行業務在行業中卻是金字塔頂端的，其 IPO 承銷數量可以跻身券商投行前十，2023 全年以 12 家排名第 8。

2020-2022 年，國金證券投行業務的營收分别為 17.02 億元、18.1 億元、16.66 億元，營收占比分别為，29.69%、25.4%、27.48%；利潤分别為 5.86 億元、4.66 億元、4.09 億元。

但在2023 年，全面注冊制下，IPO成本驟降，國金證券的投行業務也突遭“變臉”。2023 年上半年，其投行業務收入 5.49 億元，同比下降 15.09%；利潤 0.59 億元，同比下降 63.12 億元；營收占比降到 20% 以下，為 16.5%。

不僅如此，國金證券營收主要來源的經紀業務，也在市場影響下降。據《中國基金報》報道，2023年上半年資本市場股基交易量同比下降，傭金等相關經紀業務受拖累，疊加券商金融産品代銷壓力增大，導緻行業經紀業務整體下滑明顯。在此環境下，國金證券2023年上半年經紀業務收入 11.12 億元，同比下降 3.02%；利潤 8.12 億元，同比下降 1.16%。

投行、經紀兩大業務承壓，也讓國金證券的現金流顯現出壓力。财報顯示，2023年上半年，國金證券的經營現金流為 -10.76 億元，同比減少 122.56 億元；當年前三季度，經營現金流則為 -68.66 億元，同比減少 111.85 億元。

而今年，有“券商屠夫”之稱的新任證監會主席吳清上任後，多次強調“ 嚴把入口，企業 IPO 上市絕不能以‘圈錢’為目的，更不允許造假、欺詐上市 ”，這無疑是給券商們一記“當頭棒喝”。

截至 3 月 19 日，今年以來滬深北交易所已經有 73 家拟上市企業主動 " 撤單 "，有保薦人的首發項目主動撤回已達到 9 家。

業内人士認為，近期IPO排隊企業批量撤回，主要是監管層對全流程監管執法的重視程度持續提升，部分“帶病闖關”的企業及其保薦券商“望而卻步”。

在此背景下，保薦執業品質頻頻被質疑，投行、經紀業務承壓的國金證券，可謂是壓力山大啊。

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#07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--appmsgExtra-BG: #121212}}@media screen and (min-width:1024px){body:not(.pages_skin_pc)body:not(.pages_skin_pc){background:var(--weui-BG-2)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root[data-weui-mode=care]:not([data-weui-theme=light]),body:not(.pages_skin_pc) body[data-weui-mode=care]:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .85);--weui-FG-HALF: rgba(255, 255, 255, .65);--weui-FG-1: rgba(255, 255, 255, .55);--weui-FG-2: rgba(255, 255, 255, .35);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) 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59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--discussInput-BG: rgba(255, 255, 255, .03)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--nickName-FG: #959595}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 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