Cross-border dark War: Snatch 50 million-80 million small and medium-sized enterprises

Zhu Yimin Shenzhen reported half of the fire, half of the sea.　　It is a true portrayal of the situation of the deep Shanghai market expansion. As of August 23, the 2011 Shenzhen SME Board, the GEM has 179 IPO companies listed, SSE only 29, more than two Cities IPO company listed number of different numbers, the stock exchange of a-share IPO, issue, allotment of the total amount of funds collected for the first time beyond the SSE,　　The total amount of funds raised by Shenzhen stock market was 325.86 billion yuan, more than 110.6 billion yuan, more than 51.4%, which made the SSE feel the pressure from the Shenzhen. Recently, headquartered in Shanghai, the head of a well-known domestic brokerage to our correspondent said, "with the domestic large-scale, super large state-owned enterprises to the end of the IPO, the pace of expansion of the Shanghai A-share is slowing, the scale of the stock market, the exchange of investment activity will be affected by this." Since 2010, the competition for IPO resources between the two major exchanges in Shenzhen and Shanghai has obviously intensified from the policy system to the market.　　"This year, the Shanghai municipal government, SSE on the introduction of China's international Board of the conditions ripe for a wave of high waves, the move by the industry as a desire to influence the decision makers to push international board to win more IPO company resources of the public opinion offensive, and even the sound of the international board market is expected to　　However, recently, reporters from close to the regulatory level to understand that for a variety of reasons, the international board may not be successfully launched in the near future.　　As a result of the policy system arrangement, Shenzhen 2001-2003 for three consecutive years of IPO financing, affected by this, the original competitive strength and SSE no Shenzhen, for a long time was marginalized.　　The industry to infer that the Shanghai Stock Exchange to promote the establishment of the international market, the reason for the large-scale state-owned enterprises in the process of restructuring the listing, the original positioning in the market of blue-chip main board of the SSE, may be due to the future of the listed company resources depletion was marginalized.　　However, the international board market is only a distant water, in order to ease the relative weakness of the market position, the SSE began to change the IPO financing positioning, marketing medium or even smaller share capital enterprises. Cross-border dark war "before, in addition to large state-owned enterprises, local enterprises, the majority of SMEs IPO market choice, and the Chu Franco sector as obvious as the hard boundary rules, but to 2010 years, with the Shenzhen-Shanghai exchange on the listed companies to compete for resources of the conflict, Management formed an unwritten rule: IPO financing equity in more than 100 million shares, in principle, listed in the Shanghai Stock Exchange, IPO financing equity in the following 50 million shares, in principle, in Shenzhen SME Board, GEM listing, and financing shares in 50 million-80 million shares of the proposed listed companies, then the relevant companies to choose from.　　"The investment Bank of a Beijing brokerage headquarters people told reporters that this is the current plan to choose the exchange of listed companies rules of the game." November 2010, the original choice in the SSE board listed Shanxi Securities (002500.SZ), in the first IPO will be selected after the Shenzhen SME market, IPO financing equity of 399.8 million shares, the actual raiseCapital of 3.12 billion yuan.　　Shanxi Securities Why can be listed in Shenzhen SME, the industry's unanimous explanation for Shanxi Securities in the SME listing for a special case.　　Perhaps it is the Shanxi securities landing plates eye-catching, so that management for the two major exchanges made the above IPO company resources competition rules of the game. In September 2010, the Shanghai general manager said in an interview with the media, "from the service of traditional economy to the transformation of new economic services, from the service of the super large enterprises to the service of medium-sized Enterprises, this is a necessity." In fact, the SSE has been adjusting itself according to different clients, different periods have different priorities, each year, according to the actual situation of the development of an annual scheduling plan. Only the strategy of adapting to the national economy can make the exchange better serve the national economy.　　"At present, the SSE has been like Shenzhen in all the central cities in the country to send representatives, with the local government's financial office, the regulatory Department in close cooperation, efforts to foster the development of financing shares in the scale of more than 50 million shares of IPOs listed companies resources." People familiar with the matter said that the SSE in the Yangtze River Delta region, the most influential, one is close proximity to the geopolitical advantages, easy to communicate after listing, the second is through the local regulatory departments to infiltrate their own impact on the listed companies.　　Some IPOs are not very large listed companies, and encourage them to make the IPO financing as far as possible bigger.　　Shanghai Short Board According to the industry, due to the late transformation of services to medium-sized Enterprises, although the SSE has embarked on the national construction of small and medium-sized Enterprises IPO service Training Network, but the coverage scale and service depth and Shenzhen compared with a certain gap. However, the latter advantage of service training network is not the most prominent short board for the IPO company's resources.　　The differences in valuation level of IPO pricing in Shenzhen and Shanghai, and the differences of corporate culture among two exchanges, are the problems that the SSE needs to face. A professional investor in Shenzhen said to reporters, "a company IPO, in Shenzhen SME distribution market surplus more than a large section of the Shanghai motherboard, if you are the boss of the enterprise, you will choose which markets listed?"　　"The high valuation issue pricing has a strong appeal to the majority of small and medium-sized private enterprises from the perspective of pricing level gap in IPO financing market." In addition to the market valuation level difference in the listed companies to choose the listing has a significant impact, the investment bankers of the securities companies have a big say in the choice of the listed market, and the basis of which the investment bankers choose on which Exchange to list is that, in the case that two exchanges can be listed as the choice place, which Exchange Enterprise standardize the service,　　Suggest where the relevant companies are listed. A representative of a securities company in Shanghai told reporters, "Before 2000, there is a clear gap between the services of SSE and Shenzhen, but the service attitude has improved markedly in recent years." "But more investment banking insiders believe that, compared with Shenzhen, the SSE to guide listed companies to standardize the specific business guidelines are very few, and the former there is a big gap."