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Total IPO Financing In The First Three Quarters Was About 230 Billion &Nbsp, Down 40% From The Same Period Last Year.

2011/9/27 13:48:00 28

This year,

New shares

The issue is generally maintained at a relatively fast pace, and expansion has become one of the negative factors in the market.

However, according to the latest statistics, in 2011 1-9, the total IPO financing in Shanghai and Shenzhen two cities totaled 230 billion 536 million yuan, down 40% compared with the same period last year.

On the 27 day, China hydropower, Zhongwei electronics and joint construction were launched online.

So far, the Shanghai and Shenzhen two cities jointly issued 227 new shares in the first three quarters, 31 fewer than last year.

These include 111 GEM companies, 84 small and medium-sized board companies, and 32 main board companies.

Compared with last year, the number of gem and motherboard companies increased in new listed companies, while the number of new stocks in small and medium sized boards decreased significantly.

Data show that last year's issue of gem only 86, the motherboard was 18, while the small and medium-sized board had 154.

From the scale of financing, 1-9 months, the Shanghai and Shenzhen two cities total

Raise

The fund was 230 billion 536 million yuan, down 40% from 384 billion 931 million yuan a year ago.

Among them, the total amount of gem financing is 68 billion 96 million yuan, which is basically the same as that of 68 billion 428 million yuan in the same period last year. The total financing of small and medium-sized board is 79 billion 536 million yuan, which is 48% lower than that of the same period last year. The total amount of financing for the main board is 82 billion 904 million yuan, which is 49% lower than that of 163 billion 920 million yuan last year.

The obvious decline of financing scale comes from several reasons.

First, big

disc

Although the number of shares issued has not declined, the real big volume of the "10 billion" large cap stocks has been greatly reduced.

By the end of September, the number of companies raising more than 10 billion this year is only one of China's hydropower plants, and is expected to raise 14 billion 400 million yuan.

Last year, Agricultural Bank of China (2.48,0.00,0.00%), Everbright Bank (3.00,0.01,0.33%) (micro-blog), Huatai Securities (10.06,0.21,2.13%), China's first (3.90, -0.03, -0.76%) and China West Power (5.00,0.04,0.81%) raised more than 10 billion, of which only one Agricultural Bank amounted to 68 billion 500 million yuan.

Although the average price earnings ratio of the motherboard shares has increased from 33.33 times last year to 38.54 times this year, the average financing scale of the motherboard companies this year is 2 billion 591 million yuan, far below the average financing amount of 9 billion 107 million yuan last year.

Second, the earnings per share of small cap stocks declined significantly.

Data show that since 2011, the average price earnings ratio of small and medium-sized board shares has been 45.02 times, while the average price earnings ratio of small and medium board in the first three quarters of 2010 was 52.76 times; on GEM, the average price earnings ratio in the first three quarters was 52.98 times, a decrease of 21% over 66.87 times last year.

This is also the reason why the number of GEM has increased substantially this year, but the total scale of financing remains in place.

Looking forward to the future IPO, Zhang Xiang, an analyst at the capital securities, believes that most of the mature companies in the major industries have already been listed. Most of the companies that have not yet listed need to complete the restructuring and so on. Therefore, the number of large cap stocks will decrease in the coming period.

Relatively speaking, small and medium sized boards and gem have more resources in listing, and national policies also support their development, so the number of publisher will not drop.

However, influenced by the market trend, the enthusiasm of the fund for the small cap stocks has obviously cooled, and the over raising phenomenon has been alleviated.

On the issue of rhythm, because the issuer has the right to issue the right time independently, more companies may choose to postpone the issue at a low market level.