Gem rate is much higher than the SME board

Sponsor number of the first five brokerages, ping an securities sponsorship rate of the highest Kuanzhiyong this year as at August 26, China Securities Regulatory Commission to review the IPO company 223, of which "release" 174, through the rate of 78.03%.　　In addition, 42 companies were not approved, the rate was 18.67%, and 7 companies were cancelled for various reasons. According to the "First financial daily" reporter statistics, this year, from the month to see, the rate of the lowest is February, the rate is only 50%; from the angle of the securities companies, the number of IPO sponsorship items in the top five securities, Ping an security to 92.86% of the rate of the lead.　　And the SME IPO rate is significantly lower than the gem. "Black" February this year in late April, a succession of 7 SME board IPOs were issued by the committee members "shot", so, for a while "black April" said.　　However, according to statistics, April is not the year the company will be the highest rate of the month, February is the lowest rate of the month. In February this year, a total of 8 IPO companies will be, of which 3 were no, 1 canceled audit, over the rate of 50%. By contrast, in January this year, a total of 21 companies, only 2 companies were not, and another 1 temporarily cancelled the audit, the rate of up to 85.71%. The monthly rate above 80% is also March (82.5%), July (83.67%), August (82.35%).　　In addition, in addition to February, the rate of the remaining months of the year will be over 76%. The motherboard rate is highest by type.　　This year a total of 28 companies to apply for landing SSE motherboard market, only Foshan gas, the traffic force is not, in addition to the Guangdong electronic cancellation audit, the rate of 89.29%. Unexpectedly, from the first 8 months of this year's data, Gem IPO enterprise rate is far higher than the SME board. The first 8 months a total of 100 SME board enterprises will be parish, but there are 27 are no, 3 cancellation audit, the rate is only 70%.　　GEM has 96 companies will be audited, only 13 were not, and another 3 canceled audit, the rate reached 83.34%. Many investment bankers say it is hard to understand. Huatai Securities, a sponsor representative said: "Logically speaking, gem Enterprises, although the threshold of lower profits, but for enterprises in the innovation, profitability and other aspects of the continued growth of more stringent requirements." In addition, GEM enterprise profit scale and asset scale are generally smaller than small and medium-sized enterprises, the ability to resist risk is relatively weaker. Therefore, in the audit of Enterprise Board enterprises, the Board of Business boards and committees also need to consider the stability of enterprise development.　　Therefore, the possible explanation is that in late April, the wave of SME enterprises will be greatly reduced this year to the whole of the SME company's rate. Brokerage Gap in the first 8 months of this year, the number of sponsors listed in the top five of the securities companies in turn for Ping An security, state securities, Merchants Securities, GF Securities and Haitong Securities. Ping An securities for 28 single (all IPO items, 26 approved), ranked in the second national Letter Securities 20, the third merchants Securities have 15 single, Haitong Securities and GF Securities have 13 single and 7 orders respectively.　　Among them, ping an securities to 92.86% of the rate is far ahead of the other four securities companies, and the national Letter of Securities, investment securities, GF Securities, the rate of 80%, Haitong Securities is only 76.92% (Haitong Securities 13 single items including a single merger and reorganization project, such as the simple IPO rate will be slightly lower). In the rate of outstanding performance of the brokerage and Citic Investment securities. Citic Investment in the first 8 months of this year completed a total of 8 single investment banking projects, including 7 single IPO projects and Shenzhen Airport convertible Bond project, all over.　　In addition, Wanguo is also 8 single item will, but the project gold content is slightly deficient, Wanguo 8 single project only one single IPO project, 6 is only mergers and acquisitions reorganization, also has the national electric power the convertible bond project. In the rate of poor performance of the securities brokerage, including Huatai United, Bohai Securities, Treasury securities, Western Securities. Huatai has a total of 6 single IPOs this year, but there are 3 of them, and the rate is only 50%.　　Bohai Securities, Treasury securities, Western Securities and other three brokerages, this year each has 3 single IPO items, but only one project will be, the rate of only 33.33%. There are also some securities investment bank project completion quality worse. Jin Yuan Securities, Germany state securities, National Gold securities in the first 8 months each have 2 single IPO items, but all the fold, the first 8 months dozen a "big duck egg."