11! Under the comprehensive registration system, the first batch of main board IPOs passed the meeting, all of which are translation companies

　　The Paper reporter Sun Yan

　　The IPO applications of the first batch of 5 main board companies in Shanghai Stock Exchange and the first batch of 6 translation companies in Shenzhen Stock Exchange were approved by the Listing Committee meeting.

　　On March 13, the Shanghai Stock Exchange disclosed the results of the 7th, 8th, 9th, 10th, and 11th listing review committee review meetings in 2023. Zhongzhong Technology (Tianjin) Co., Ltd. ("Zhongzhong Technology"), CITIC Metal Co., Ltd. (referred to as "CITIC Metal"), Jiangsu Changqingshu New Material Technology Co., Ltd. (referred to as "Changqing Technology"), Jiangxi Provincial Salt Industry Group Co., Ltd. All 5 listed companies of the company (referred to as "Parkson") have passed the meeting.

　　Also on March 13, the Shenzhen Stock Exchange disclosed the results of the 8th and 9th listing review committee review meetings in 2023. Nanchang Mining Machinery Group Co., Ltd. Huawei Technology"), Shenzhen Zhongdian Port Technology Co., Ltd. (hereinafter referred to as "Zhongdian Port"), Chongqing Dengkang Oral Care Products Co., Ltd. All 6 listed companies, namely "Haisan Pharmaceutical" for short) and Shaanxi Energy Investment Co., Ltd.

　　It is worth noting that the 5 companies on the Shanghai stock market and the 6 companies on the Shenzhen stock market are all IPO translation companies on the main board, and they are also the first batch of companies that have passed the main board since the implementation of the comprehensive registration system.

　　5 companies in Shanghai stock market and 6 companies in Shenzhen stock market made their debut

　　Judging from the issuance review process, the five companies planning to list on the main board of the Shanghai Stock Exchange completed the translation from the China Securities Regulatory Commission to the Shanghai Stock Exchange on February 20, and then were inquired by the exchange from March 1 to March 2. There will be a meeting on the 13th.

The six companies planning to list on the main board of the Shenzhen Stock Exchange all completed the translation from the China Securities Regulatory Commission to the Shenzhen Stock Exchange on February 20, and held a meeting on March 13.

　　In terms of the Shanghai stock market, Zhongzhong Science and Technology, CITIC Metal, Changqing Technology, Jiangyan Group, and Baicheng Co., Ltd. belong to the special equipment manufacturing industry, the wholesale industry, the chemical raw material and chemical product manufacturing industry, the chemical raw material and chemical product manufacturing industry, and the China Securities Regulatory Commission. The construction and installation industry plans to raise 1.254 billion yuan, 4 billion yuan, 850 million yuan, 950 million yuan, and 470 million yuan respectively, with a total fundraising of 7.249 billion yuan.

　　In terms of Shenzhen Stock Exchange, Nankuang Group, Huawei Technology, Zhongdian Port, Dengkang Dental, Haisen Pharmaceutical, and Shanneng are under the special equipment manufacturing industry, general equipment manufacturing industry, wholesale industry, chemical raw materials and chemical products of the China Securities Regulatory Commission. The manufacturing industry, pharmaceutical manufacturing industry, and electricity and heat production and supply industries plan to raise 1.154 billion yuan, 430 million yuan, 1.5 billion yuan, 660 million yuan, 600 million yuan, and 6 billion yuan respectively, for a total of 10.344 billion yuan.

　　It can be seen that among the first batch of companies passing the meeting, 7 are from the manufacturing industry, including 3 chemical raw material and chemical product manufacturing companies, 2 special equipment manufacturing companies, 1 pharmaceutical manufacturing company, and 1 general equipment manufacturing company enterprise.

　　Judging from the main questions asked at the on-site review meeting of the Listing Review Committee, the Shanghai Stock Exchange mainly focused on whether the issuer is large in scale, representative of the industry, whether it meets the positioning requirements of the main board, and whether its business model is mature; the Shenzhen Stock Exchange mainly asked Issues such as main business income and gross profit margin, operating income, false capital contribution and financial irregularities, distribution model and sales expenses, supplier rebates, provision for inventory depreciation, production safety, and procurement were clarified.

　　In terms of matters that need to be further implemented, the Shanghai Stock Exchange requires PBB to combine the project materials and subcontracting costs in the main business cost during the reporting period with the project materials and subcontracting procurement status in the procurement process to explain the rationality of the relevant differences and the confirmation of the project performance progress. accuracy.

The Shenzhen Stock Exchange requires Nankuang Group to explain and disclose the provision for bad debts, the formation of false claims and the process of making up, whether there is extracorporeal circulation of funds or situations involving commercial bribery, etc.

　　Accelerated implementation of comprehensive registration system

　　On February 17, the China Securities Regulatory Commission issued the relevant system rules for the full implementation of the stock issuance registration system, which will come into effect on the date of announcement.

　　On February 20, the first working day after the implementation of the comprehensive registration system rules and regulations, the projects under review on the main board of the China Securities Regulatory Commission were officially transferred to the exchange.

　　From March 4, the Shanghai and Shenzhen Stock Exchanges began to accept applications from newly declared companies on the main board.

As of March 4, the latest progress of the issuance and listing review project published on the official website of the Shanghai and Shenzhen Stock Exchanges shows that 261 main board companies under review have accepted their IPO applications.

　　On March 13, the first batch of 11 companies passed the meeting of the Listing Committee, and the next step is to submit for registration.

　　On March 14, the Shanghai Stock Exchange will also review the two main board IPOs of Wanfeng and Hengshang; the Shenzhen Stock Exchange will review the three main board IPOs of Evergreen Technology, Xiangteng New Materials, and Sanlian Forging on the same day.

If these five companies successfully pass the meeting, the first batch of listed companies on the main board under the comprehensive registration system is expected to be born from the aforementioned 16 companies.

　　Industry insiders pointed out that among the first batch of main board registration-based IPO companies, there may be companies that start their offerings in late March at the earliest, and it is expected that the first batch of registration-based companies may be officially listed on the main board in early April at the earliest.

　　The Dongguan Securities Research Report pointed out that the registration system only retains the necessary qualifications and compliance conditions for companies to publicly issue stocks, and converts the substantive thresholds under the approval system into information disclosure requirements as much as possible. Inclusive issuance and listing conditions have significantly improved the efficiency, transparency and predictability of review and registration.

The improvement of the listing efficiency of enterprises will effectively boost the enthusiasm of enterprises for listing and financing, and drive the expansion of the capital market.

　　Considering that the listing efficiency of enterprises will be greatly improved after the main board implements the registration system, Kaiyuan Securities predicts that in 2023, the main board will issue 100-140 new shares.