国金证券慌了,4天连撤3个IPO

Source | Deep Blue Finance

Written by | Wu Ruixin

It is not uncommon to withdraw IPO applications, but it is not common to "withdraw three IPOs in four days".

Recently, Jinghua Electronics, sponsored by Guojin Securities, withdrew its IPO application, and in just 4 days, this is the third IPO project sponsored by Guojin Securities. Such a short-term high-frequency withdrawal has also attracted widespread attention from the market.

It is worth noting that in 2023, there will be 11 IPO termination projects of Guojin Securities, including 5 on the Shanghai Stock Exchange and 6 on the Shenzhen Stock Exchange. Since 2022, among the new shares sponsored by Sinolink Securities, 4 new shares have broken on the first day of listing. Zhucheng Technology broke more than 18% on the first day of listing, and Yuanhang Precision, Baixinglong, and Weike Technology broke more than 6% on the first day.

Guojin Securities, what's wrong?

1

Withdrawing 3 IPOs in 4 days, what is Guojin Securities panicking?

On March 12, the Shenzhen Stock Exchange disclosed that Jinghua Electronics, sponsored by Guojin Securities, withdrew its application for listing. If it is just one company, it may not be able to attract the attention of the market, but if it is 3, the result will be different.

In fact, from March 9th ~ 12th, in just 4 days, Guojin Securities has successively withdrawn the IPO applications of 3 companies, namely Yealink Unlimited, Jinghua Electronics, and Liwu Copper. Among them, Yealink Unlimited and Jinghua Electronics withdrew from the GEM, and Liwu Copper withdrew from the Shenzhen Main Board.

In just 4 days, three IPO applications were withdrawn in a row, which also made the outside world doubt the sponsorship quality of Guojin Securities.

In the case of the three IPOs that have been withdrawn recently, there are indeed a number of problems:

Yealink Unlimited,

In the past 8 years, it has not obtained new invention patents, but intends to use 119 million yuan of raised funds for the construction project of the R&D center, and insists on dividends when liquidity is relatively tight, which has attracted regulatory attention.

Jinghua Electronics, on the other hand

In the case of 110 million yuan of monetary funds on the book, it also supplemented the liquidity of 100 million yuan through fundraising, and also attracted the attention of the regulator due to large dividends and other issues. hastily withdrawing an IPO application after the conclusion of the first round of inquiries;

Liwu Copper,

Up to 8 months to "read and not reply" to the first round of inquiries, and then choose to withdraw the application.

The timeline was slightly extended to January, and Nanlin Electronics, sponsored by Guojin Securities, also withdrew its listing application after regulatory inquiries about the authenticity and sustainability of its performance. In other words, since the beginning of this year, Guojin Securities has sponsored a total of 11 companies and withdrawn a total of 4 IPO projects, with a withdrawal rate of 36.36%. Among them, Yealink Infinity, Jinghua Electronics, and Nanlin Electronics all belong to the technology hardware and equipment industry.

In 2023, the number of IPO termination projects of Guojin Securities will reach 11, of which 2 will be rejected and 9 will be withdrawn voluntarily, with a withdrawal rate of 17.46%. Coincidentally, there are also major and minor problems with these terminated IPO projects. Some projects have been questioned about "breaking through with illness", and some projects have been caught in the whirlpool of public opinion due to financial fraud, which also reflects the problems in the quality of practice.

In addition, the performance of the stocks sponsored by Guojin Securities in the capital market in recent years is also difficult to describe.

Wind data shows that since 2021, there have been 45 new shares sponsored by Guojin Securities (including joint sponsors), of which 4 new shares broke on the first day of listing, all of which occurred in 2022. Zhucheng Technology broke more than 18% on the first day of listing, and Yuanhang Precision, Baixinglong, and Weike Technology broke more than 6% on the first day.

It is worth noting that at the end of last year, Luoput, which was previously sponsored by Guojin Securities, was exposed by the Xiamen Securities Regulatory Bureau for financial fraud for three consecutive years, which ran through the whole process of IPO, and won 70 million sponsorship fees, but Guojin Securities, which was completely "unaware" of financial fraud, was also caught in the whirlpool of public opinion.

However, in response to the outside world's doubts about the quality of Guojin Securities' sponsorship practice, Guojin Securities told the media: "The reasons for the withdrawal of IPO projects are complex and diverse, and the withdrawal of projects should not be simply equated with the quality of sponsorship practice." ”

Although Guojin Securities denied that the outside world questioned the quality of its sponsorship practice, this did not dispel the doubts of the outside world about Guojin Securities. In the 2023 quality evaluation of investment banking business of securities companies released by the China Securities Association, the ratings of 8 securities firms, including Guojin Securities, have been downgraded from Class A to Class B in 2022.

2

Investment banking and brokerage businesses are under pressure

In addition to the downgrade of the rating and the questioning of the quality of sponsorship practice, Guojin Securities' investment banking, brokerage and other businesses are also facing challenges.

Although Guojin Securities is not a leading brokerage as a whole, its investment banking business is at the top of the pyramid in the industry, and its IPO underwriting number can rank among the top 10 brokerage investment banks, ranking 8th with 12 in 2023.

From 2020 to 2022, the revenue of Guojin Securities' investment banking business will be 1.702 billion yuan, 1.81 billion yuan and 1.666 billion yuan respectively, accounting for 29.69%, 25.4% and 27.48% of the revenue respectively, and the profit will be 586 million yuan, 466 million yuan and 409 million yuan respectively.

However, in 2023, under the full registration system, the cost of IPO will plummet, and the investment banking business of Guojin Securities will also suddenly "change face". In the first half of 2023, its investment banking business revenue was 549 million yuan, down 15.09% year-on-year, profit was 59 million yuan, down 6.312 billion yuan year-on-year, and the proportion of revenue fell below 20%, or 16.5%.

Not only that, the brokerage business, which is the main source of revenue of Guojin Securities, has also declined in the market. According to the "China Fund News", in the first half of 2023, the stock-based trading volume of the capital market will decline year-on-year, commissions and other related brokerage businesses will be dragged down, and the pressure on the consignment of financial products of brokerages will increase, resulting in a significant decline in the overall brokerage business of the industry. In this environment, the brokerage business income of Guojin Securities in the first half of 2023 was 1.112 billion yuan, a year-on-year decrease of 3.02%, and the profit was 812 million yuan, a year-on-year decrease of 1.16%.

The two major businesses of investment banking and brokerage are under pressure, which also puts pressure on the cash flow of Guojin Securities. According to the financial report, in the first half of 2023, the operating cash flow of Guojin Securities was -1.076 billion yuan, a year-on-year decrease of 12.256 billion yuan, and in the first three quarters of the year, the operating cash flow was -6.866 billion yuan, a year-on-year decrease of 11.185 billion yuan.

This year, after Wu Qing, the new chairman of the China Securities Regulatory Commission, known as the "butcher of brokers", took office, he repeatedly emphasized that "strictly control the entrance, and the IPO listing of enterprises must not be for the purpose of 'collecting money', let alone falsifying and fraudulent listings", which is undoubtedly a "slap in the face" for brokers.

As of March 19, since the beginning of this year, 73 companies to be listed on the Shanghai and Shenzhen North Stock Exchanges have voluntarily "cancelled orders", and 9 sponsors have voluntarily withdrawn their initial offerings.

Industry insiders believe that the recent batch withdrawal of IPO queuing companies is mainly due to the continuous increase in the attention of the regulator to the whole process of supervision and law enforcement, and some companies and their sponsoring brokerages are "discouraged".

In this context, the quality of sponsorship practice has been frequently questioned, and the investment banking and brokerage business are under pressure.

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