The familiar routine is back! Marco Polo has continuously paid dividends of more than 800 million yuan, and then wants to go public and raise 3.1 billion yuan to build a ceramic tile production line. Building a tile production line? What do these mean?
Everyone should know by now. After a few months of suspension, the IPO suddenly restarted again, and the first to be reviewed was Marco Polo, a ceramic tile manufacturer deeply tied to real estate. What signal does this send?
Yesterday, the Shenzhen Stock Exchange officially released the announcement of the 9th review meeting in 2024. According to the announcement, the Listing Review Committee of the Shenzhen Stock Exchange is scheduled to hold the 9th review meeting of the Listing Review Committee in 2024 on May 16, 2024, that is, next Thursday. There is only one issuer for this review, which is the initial listing review of Marco Polo Holding Co., Ltd.
To be honest, when I saw the announcement of the Shenzhen Stock Exchange, I didn't feel good. Why?
First, it means that IPOs after a few months of suspension are about to restart. Finally, the stock index recovered a little. The IPO is about to be renewed, and it seems that some people are still impatient. But in this way, the pressure on A-shares next Monday may be a little bigger. Therefore, the performance of A-shares next Monday is extremely crucial.
If it can hold up, it proves that the current market can tolerate refinancing. If the market can't withstand it, it proves that the current window may not be the time to open an IPO. Of course, for a normal stock market, financing and investment should go hand in hand. IPO financing is an indispensable part of the healthy and benign development of the capital market. However, all this should be based on strict supervision, strict reward and punishment measures, strict protection of small and medium-sized investors, and there must be a good atmosphere of retreat.
At present, although the A-share market has been promoted by the new director of the China Securities Regulatory Commission after a series of measures, the overall improvement has been improved, especially the introduction of the new nine articles has laid the tone for the future development of China's capital market and strict supervision. However, if we rush to open the floodgates and release water, a framework that may have been built with great difficulty can be easily washed away.
Moreover, another bad phenomenon in the current market is that many A-share companies have begun to reduce their holdings one after another, that is, they are going to sell companies again. The familiar operation is coming back again. Therefore, in the context of many people who believe that A-shares have entered a technical bull market, the management has begun to open the floodgates, and there is still a lot of pressure. But fortunately, the management is still very cautious, and there is only one meeting this time. This proves that there are still concerns and reservations about the current ecology of A-shares. It's also a good thing. This is one of them.
Second, the ticket for the initial listing review turned out to be Marco Polo, who was deeply tied to real estate. This is really unexpected. After a few months of suspension, the first company to be listed on the stock market turned out to be not a high-tech enterprise, but a ceramic tile manufacturer representing a backward or even sunset industry. It's a bit hard to accept.
As we all know, China's property market is still in a period of deep adjustment, and it can still be said that the situation is precarious. As a ceramic tile manufacturer, Marco Polo is highly tied to real estate. The future of business and real estate is a cold one. Moreover, ceramic tile production is a typical low-end manufacturing industry, and it is a bit unbelievable that such a company is the first to open the gate for the first time after a few months of suspension.
And this time, according to Marco Polo's prospectus, Marco Polo will raise 3.1 billion yuan to build a production line in the context of a dividend of 5 billion in 2022 and a dividend of 320 million in 2023. Is this a familiar routine for A-shares in the early stage? Therefore, it is really disappointing that the first company to be reviewed at the meeting for this restart of IPO is Marco Polo!