Shenzhen Stock exchange of small and medium-sized Enterprises project Sponsorship Paving gem

The reform of the sponsor system has been brewing for a long time, the reporter learned that the latest information shows that the revised "Securities issuance and listing recommendation system interim measures" has been basically formed, including the sponsorship rules of the gem is included, no longer a separate dispatch, the appropriate time will be announced.

At the beginning of this year, the Shenzhen stock company has a sponsor of the 66 sponsoring agencies to investigate, one of the important one is the SME Project Sponsor survey investigation, for the revision of the sponsorship system provides detailed data and realistic basis.

The report shows that 58 enterprises with SME sponsorship projects have a total of 765 small and medium-sized Enterprises Reserve resources, the overall number of reserve resources is relatively sufficient. But at the same time, sponsor organization's sponsor quality needs to improve.

Four sponsors "unbalanced"

The authoritative figures obtained by the reporter show that the sponsor system has been implemented for more than three years and the sponsor talent team has begun to take shape. As of the end of January this year, the sponsor organization reached 67, the sponsor representative has registered 980 people, 2007 examination through 265 people, has passed the examination has not registered 545 people.

Among them, 58 have the SME Sponsor Project organization, the sponsor representative person unceasingly increases. Shenzhen's research results showed that 58 of the investment bankers of the sponsor organizations amounted to 4170 people, among them, the sponsor representative 824 people, accounted for 19.76%, the prospective sponsor representative 256 people, accounted for 6.14%, other staff 3090 people, accounting for 74.1%.

It can be seen that the number of sponsors in the investment bank is 4 times times the number of sponsor representatives, along with the prospective sponsor representatives are registered as the sponsor representative, the investment Bank of the sponsoring agencies will be in a virtuous cycle of training.

In fact, the present sponsor representative and the quasi sponsor representative person in the organization distribution extremely uneven. Among them, the sponsor representative number of the top 20 sponsor organizations focused on the sponsor representative 553 people, the prospective sponsor representative 171 people, both accounted for 67% of the total.

At the same time, the distribution of sponsor business in the organization also presents a certain concentration of characteristics. During the year from December 1, 2006 to December 1, 2007, the SFC issued a total of 194 rounds of the Commission to review 350 items of various financing items (excluding 4 suspension votes and 7 cancellation items).

The 350 projects were sponsored by 56 sponsoring agencies, and 10 sponsoring agencies had no projects in a year, accounting for 15.2% of all 66 sponsoring agencies. In the 56 institutions participating in the project, the sponsor project is equal to or less than 3 of 23, accounting for 34.8% of the total number of sponsors, the first 5 is the National Letter of Securities (30), GF Securities (25), Ping An securities (23), Http://www.aliyun.com/zixun /aggregation/29321.html "> Citic Securities (20), Haitong Securities (18), a total of 116 items, accounting for the total number of 33.1%.

Overall, the first 10 sponsor agencies to take a total of 178 projects, accounting for 50.9% of the total (co-sponsored only counted as the first sponsor of the organization, the same below).

In addition, the sponsor organization participates in the SME project to present the obvious centralism and the regional characteristic. For three years, there are still 10 organizations that have not participated in the SME sponsorship work, accounting for 37% of the total. In contrast, the former 10 securities dealers 107, accounting for the total of 53.5%, the first 20 securities companies total Sponsorship items 154, accounting for the total of 77%.

This means that the SME Board project sponsorship is mainly concentrated in the hands of 20 sponsoring agencies. At the same time, the first 10 of the securities dealers in the headquarters in Shenzhen, Guangzhou, the sponsor agencies have 5, especially the top three of the National Letter of Securities (24), Ping An securities (19) and GF Securities (14), are the Pearl River Delta region Securities companies.

The results of the survey show that the project reserve of the sponsor institution is more abundant, but there is a problem of uneven distribution of regional and institutional. 58 Sponsor organizations have set up a small and medium-sized Enterprises Reserve Resources Project total of 765, the overall number of reserve resources is more adequate, this part of the resources will be the SME board and the upcoming gem to provide enterprise resources support.

Throughout these small and medium-sized Enterprises reserve resources, the region distribution is very uneven, the largest number of Guangdong, Zhejiang, Jiangsu, Beijing and Shandong Five provinces and cities, project projects accounted for about 60% of the country. The above 20 sponsor organizations reserve items accounted for more than 80%.

The results also show that some of the traditional large sponsor organizations have a relatively small number of small and medium-sized reserve resources, compared with the number of sponsors represent a very mismatched.

"The sponsor has appeared the obvious differentiation--the sponsor organization participates in the SME board degree uneven, the quality of the sponsor is unbalanced, the national project distribution is unbalanced, and the investment force of each link of the sponsor is unbalanced-all kinds of resources are concentrating to some brokerages, the differentiated competition will be the strategy adopted by most brokerages after the launch of the gem. A person close to management said.

Sponsor quality to be improved

In view of the above, in the case of last year, the performance of the sponsor and sponsor representatives and the requirements of the regulatory agencies and the market still exist a certain gap, some of the sponsoring agencies in the sponsorship process there are not diligent due diligence, professional services are not in place.

"Some of the major sponsorship agencies to use their own advantages in the project contract stage, not too much consideration of project personnel, sponsor representatives and the time to declare reasonable arrangements, do not do due diligence in advance, light judgment, blind to undertake the project, after the follow-up and no tracking, due diligence and counseling to keep up." "These people said that such a long time can not find the problem, or found that the problem is not seriously resolved, or can not be resolved, resulting in delays in the report of the project, and some of the project to meet the requirements of the Declaration, but the sponsor representative can not arrange, and can not be declared, and finally Therefore, he believes that the overall efficiency of the market of the sponsoring agencies needs to be improved.

At the same time, there are a few small and medium-sized company's governance structure has the big flaw, higher operating risk, the market soon after a sharp decline in performance, but the company prospectus does not fully reveal the company's governance structure is not perfect, accounting policy is not stable, the market uncertainty and other major risks, these reflect the individual sponsor professional enough, The kernel mechanism of the sponsor is not perfect.

For example, "Some companies listed in the year when the performance of a sharp decline, in fact, the risk before the listing has appeared, but the sponsor did not require listed companies to timely risk prompt." The sponsor's IPO quality should be further improved. ”

Of course, there are also some of the recommended corporate issuance conditions are still immature, and even some obviously do not meet the issue of listing conditions. For example, some enterprises have changed in actual control during the reporting period. Or the shareholding of the controlling shareholder has the significant uncertainty; some companies still take part of the system reform, the company and the controlling shareholder have serious competition, independence there are major deficiencies; Some of the reported projects have significant uncertainties, such as the use of fund-raising investment projects and the introduction of foreign investors have not been approved by the relevant departments.

At the same time, some of the issuance of materials information is not complete disclosure. For example, the prospectus does not disclose the history of the company, the main shareholders, the disclosure of the subsidiary, the incomplete disclosure of the process, or the lack of necessary information in the same industry when disclosing the status of the trade.

Even some of the sponsors of the declaration of material production also appeared common sense error, or the existence of errors, and the fact that the situation, seriously affect the company's issue of listing work, the whole market has a negative impact.

"has appeared because the sponsor submitted the purchase price error, resulting in the issuer during the purchase period to stop the purchase, causing significant impact." There are some project sponsors even the company has not been to perform the most basic duties. These people said that this kind of sponsor is obviously not paying attention to the issue of listing work, not very good performance of the issue of underwriting and listing recommended liability.

There are also sponsor agencies in the declaration process failed to communicate with the regulatory agencies in time, reporting major issues, affecting the audit quality and efficiency. For example, some companies have a major security incidents, major lawsuits and major equity changes, the information has even been published in the newspapers, the sponsor representatives also failed to communicate in time, or published concluding observations vague.

In addition, the sponsor "to issue sponsorship, light continuous supervision" phenomenon is still more obvious.

In accordance with the relevant provisions, for the major issues require the sponsor to issue verification advice, but the sponsor of the listed companies in the audit of major matters often "heavy written verification, light on-site investigation", often according to the listed companies to review the documents issued after the comments, and no pro-supervision site for verification. Even in the on-site investigation, there are not sufficient investigation time, the content of the investigation is not comprehensive, the investigation process is not meticulous and so on, failed to find, report, prevent, and correct the irregular behavior of the SME.

It is understood that in the actual operation process, many sponsor representatives of the continuous supervision of the relevant rules are far less proficient in the issue of listing related rules, it is difficult to grasp the problems of listed companies, or even misleading the listed companies. There has been a company sponsor representative because of not familiar with the external guarantee, the use of funds and other related rules, listed companies to their advice, to carry out the wrong guidance, leading to the listed company irregularities.

"Management reform and improve the sponsorship system, will strengthen the sponsor and sponsor representatives of the supervision and management, clear in the ' counseling, due diligence, material production, sponsorship and underwriting ' the whole process of the sponsorship requirements and responsibilities, thus improving the quality of the sponsorship work." said the person.