Every reporter: Xu Shuai Every editor: Zhang Haini
In the first quarter of this year, A-share IPOs showed new characteristics: first, the number of IPO listings and fundraising decreased sharply year-on-year, and the number of newly listed companies decreased by more than half year-on-year; second, Yichang became the "dark horse" of the IPO regional list in the first quarter of this year.
Chengdu and Xi'an each contributed 1 listed company, but the overall quality is small and high - the new listed company has a high "science content". Senior investment bankers said that due to some new characteristics of IPOs in the first quarter of this year, IPO regional "dark horses" like Yichang have their particularity and chance.
In the first quarter, the number of IPOs and the amount of funds raised decreased sharply year-on-year
According to Wind data, in the first quarter of this year, a total of 30 A-share companies were listed on IPO, raising a total of 23.6 billion yuan, with an average of 790 million yuan each. As of March 31, the total market value of newly listed IPO companies was 187.1 billion yuan.
Whether it is the number of listings, the amount of funds raised, or the market capitalization, the IPO data in the first quarter of this year is far lower than the same period last year. In the first quarter of last year, 68 companies completed A-share IPOs, raising a total of 65.1 billion yuan. Since 2022, the number of IPOs and funds raised in the first quarter have declined for two consecutive years.
In January and February this year, 14 and 6 companies completed listings respectively, and in March, the data was 10.
According to the list in the first quarter of this year, Shanghai, Beijing, Guangzhou, Suzhou and Yichang led the way, adding 3, 2, 2, 2 and 2 new A-share companies respectively.
The number of IPOs, the amount of funds raised, and the market value of IPOs in Shanghai all topped the list in the first quarter of this year.
The three new companies in Shanghai are Longcheer Technology (603341. SH, share price 41.03 yuan, market value 19.083 billion yuan), Shanghai Hejing (688584. SH, share price of 16.31 yuan, market value of 10.798 billion yuan) and Bolong Technology (603325.SH, stock price of 70.01 yuan, market value of 4.668 billion yuan), 2 are listed on the main board and 1 is listed on the Science and Technology Innovation Board.
Longcheer Technology has a high market attention, and Xiaomi and its affiliates are its main customers. Lei Jun is an indirect shareholder of Longcheer Technology. Shanghai Hejing mainly makes analog chips, and one of its shareholders is BYD (002594. SZ, share price 210.13 yuan, market value 611.718 billion yuan).
The reporter of "Daily Economic News" noticed that in the first quarter of this year, Guangzhou added two new A-share IPO companies - Yongxing Co., Ltd. (601033. SH, share price of 15.32 yuan, market value of 13.788 billion yuan) and Bawei shares (837023.BJ, stock price of 10.75 yuan, market value of 909 million yuan), a total of 2.48 billion yuan raised.
Yongxing Co., Ltd. has been focusing on the waste-to-energy business and gradually expanding the biomass treatment business. Yongxing said in the prospectus that it is an environmental protection enterprise invested by Guangzhou Environmental Investment Group, which is controlled by the Guangzhou Municipal Government, and is the only investment and operation entity of the waste-to-energy project in Guangzhou.
Suzhou once again demonstrated to the outside world the ability of the industrial chain to spill over. Xidian New Energy (603312. SH, share price of 31.29 yuan, market value of 5.056 billion yuan) is one of the main suppliers of CATL battery connection systems. Photovoltaic energy storage and new energy batteries have formed part of Suzhou's new energy industry chain.
Yichang "out of the circle"
The biggest "dark horse" in the first quarter of this year is Yichang City, Hubei Province, with a total of 2 companies listed, the same as Beijing, Guangzhou and Suzhou.
Gobiga (835438. BJ, share price of 16.87 yuan, market value of 2.332 billion yuan), Kangnong Seed Industry (837403. BJ, share price of 13.82 yuan, market value of 754 million yuan) coincidentally chose to be listed on the Beijing Stock Exchange.
Gebijia is in Huawei's industrial chain, and its main major customer is Chongqing Xinjing, a cover glass supplier for Huawei mobile phones, and the revenue from this customer accounts for 61.12% of the operating income in 2023. Chongqing Xinjing's products are used in Huawei's high-end flagship models P50 series, Mate50 series and MateX series. Huawei's mobile phone shipments grew rapidly in the second half of last year, and Gobiga also ushered in a period of rapid growth in performance.
The listing of Kangnong Seed Industry has achieved a breakthrough of "zero" listing of Hubei seed enterprises. Despite being an agricultural stock, the seed field in which Kangnong Seeds operates can be called the "chip" of the agricultural field. Corn and soybean are the most important biological breeding seed products, accounting for more than 80% of the total, and Kangnong Seed Industry is engaged in the corn field.
With the listing of Gebijia and Kangnong Seeds, the number of A-share listed companies in Yichang has increased by 2.
So, what did Yichang do right?
Strong policy support is an important factor in the acceleration of Yichang's IPO.
As early as 2022, Yichang issued the "Action Plan for Promoting the Multiplication of Enterprises Listed during the 14th Five-Year Plan Period". According to the plan, by the end of 2025, the number and market value of listed companies in Yichang will be doubled, with more than 13 new A-share and overseas listed companies, bringing the total number to 26, and the market value of listed companies will exceed 200 billion yuan.
In the initial cultivation, Yichang will be in line with the national industrial policy, the main business is prominent, the core competitiveness is strong, the profitability is good, the development potential is better, and there is a good foundation for listing, into the listed reserve enterprise resource pool. By 2025, there will be more than 150 listed reserve enterprises in Yichang.
Then, Yichang will focus on cultivating enterprises with key core technologies, outstanding scientific and technological innovation capabilities, and stable business models, and promote their listing.
In the process of encouraging enterprises to go public, Yichang City took out real money. Enterprises registered in Yichang urban area will be rewarded with 2 million yuan by the municipal finance if they are successfully listed on the "New Third Board"; 1 million yuan will be rewarded by the municipal finance for those who transfer from the basic layer of the "New Third Board" to the innovation layer, and 5 million yuan will be given by the municipal finance for those who are successfully listed on the Beijing Stock Exchange. For enterprises registered in counties and cities and meet the above incentive conditions, 50% of the above corresponding standards will be rewarded by the municipal finance. The above-mentioned reward funds can be cashed out to the legal representative or senior management team of the enterprise according to a certain percentage.
The IPO enterprises in these cities have a high "science content".
Although the number of new IPOs in some cities in the first quarter of this year was not as high as that of Shanghai, Beijing, Guangzhou, Suzhou and Yichang, the "science content" of their IPO companies is very high. For example, Chengdu's new Chengdu Huawei (688709. SH, share price 19.95 yuan, market value 12.705 billion yuan), Xi'an's new Nova Nebula (301589.SZ, stock price 430.29 yuan, market value 22.1 billion yuan).
As a small giant of special integrated circuits and one of the few enterprises in China that can undertake both digital and analog integrated circuit national major projects, the listing of Chengdu Huawei has attracted much attention. In the field of digital integrated circuits, some of Chengdu Huawei's products rank among the top in China. Behind it are many shareholders such as China Zhenhua, Huada Semiconductor, Chengdu Venture Capital, China Power Financial Investment, and Sichuan State Investment Corporation.
Chengdu Huawei is located in Chengdu High-tech Zone, which is inseparable from the excellent local business environment. In the process of Chengdu Huawei's listing, Chengdu High-tech Zone has provided all-round help and support to enterprises in terms of capital, policies, and talents, effectively boosting the development of enterprises.
Chengdu High-tech Zone Tianfu 5th Street European Center Image source: Visual China-VCG211335539006
The reporter learned that the high-tech zone has built a full life cycle investment fund operation system of "angel-venture capital-production investment-mergers and acquisitions", and the investment direction covers the three leading industries of electronic information, biomedicine and digital economy in Chengdu High-tech Zone, accurately matching the full-cycle financing needs of large, medium and small enterprises, and supporting and leading the high-quality development of the industry. At present, there are more than 800 projects recommended by various funds, more than 200 projects have been promoted through in-depth negotiations, 46 projects have been actually registered and landed, and the total investment of the landing projects is expected to exceed 38 billion yuan within 5 years.
Nova Nebula is on the hot search in the capital market not because of its attributes, but because it plans to pay large dividends after listing. In mid-April, Nova Nebula threw out a plan of 97 yuan (tax included) for every 10 shares to 8 shares, and it is expected to pay a total cash dividend of nearly 500 million yuan (tax included).
Xi'an High-tech Zone (Nova Nebula is registered here) Image source: Visual China-VCG211355820027
Wang Huaitao, a lawyer at Shanghai Xingu Law Firm, said that A-shares have shifted from focusing on the size of the stock market to focusing on the quality of stock market development and supporting the development of the real economy, and capital investment in the real economy (industrial endowment of small cities) has also contributed to the growth of their IPO numbers.
(Tang Hui also contributed to this article)
National Business Daily