Last May, the underwriting income of brokerage firm rose significantly in 20%

The IPO has ushered in a bumper harvest for the brokerage's investment banking business.　　Wind statistics show that this January-May, 55 brokerages share 345 billion stock underwriting big cakes. Among them, 152 new shares issued underwriting amount of up to 190.7 billion yuan, the additional underwriting amount is 116.5 billion yuan, the allotment underwriting amount is 37.8 billion yuan.　　In the most lucrative IPO business, this year, the securities brokerage in the previous May, the annual underwriting income of 6.57 billion yuan, than 2009 year also higher than 24%.　　IPO underwriting business pattern changed statistics show that in the first 5 months of this year, a total of 44 brokerages held 152 new shares underwriting and sponsorship work, a big profit of 6.57 billion underwriting and sponsorship fees, far higher than last year's IPO underwriting total revenue of 5.3 billion yuan. The first 5 months of this year, from the underwriting scale, underwriting the large market shares Huatai Securities Haitong Securities ranked first, underwriting the amount of 19.5 billion yuan; Ping An securities ranked second, underwriting amount of 17.2 billion yuan, China Merchants Securities ranked third, underwriting amount of 15 billion yuan.　　The top 10 in the underwriting amount are CICC, Citic Securities, BOC International, Hongyuan Securities, National Gold securities, Shun Shin Securities and CIC Securities. However, from the number of underwriters and underwriting income, the SME Board "sponsorship King" Ping An securities advantage is obvious, ranked first. This January-May, Ping An securities underwriting and sponsorship of the new shares up to 19, harvest underwriting and sponsorship fee of 952 million yuan, than last year's annual underwriting income of 30%. The underwriting of 15 new shares of China Merchants Securities made 633 million yuan, ranked second. Guo Xin Securities Underwriting 13 new shares, harvest underwriting and sponsorship fee of 445 million yuan, ranked third.　　The top 10 members of the underwriting income are CICC, Huatai Union Securities, National Gold securities, Hongyuan Securities, Haitong Securities, Shun Securities and CIC Securities. Comparing the past two years of the investment banking "report card", it is not difficult to find, brokerage IPO underwriting business of the seating quietly changed.　　In the past, CICC, Citic Securities and Ping An securities often live in the top three of the income list, this year, the number of small and medium-sized plate of new stock issued by the gold, Citic two large market shares issue "specialist" ranking rapid decline, and previously focused on small and medium enterprises issued ping An securities, investment securities and credit Securities ranked front.　　The average underwriting rate has risen markedly. Statistics also show that the underwriting rate for new offerings has risen markedly as the issuance of P/E ratios has climbed. 2009, 111 new shares raised a total of 202.197 billion yuan, underwriting fees amounted to 5.315 billion yuan, the average underwriting rate of 2.6%.　　In the first 5 months of this year, 152 new shares were raised for 190.694 billion yuan, the underwriting fee was 6.569 billion yuan, and the average underwriting rate rose to 3.4%. Analysts pointed out that the reason for such a situation, mainly with the issue of new shares this year is the SME board and the Gem company, the SME board and gem underwriting rates are usually higher than the main board of the underwriting rate of new shares. For example, the average issue rate for 45 gem IPOs this year is 5.93%, much higher than that of the main board of the Shanghai IPO 2.33% Distribution rate. "Since this year, the SME board and the gem issued a high price-earnings ratio, issuers in the payment of underwriting time is generally more generous, so the underwriting rate has risen markedly." "Shenzhen, a senior sponsor representative explained that the regulatory layer on the securities brokerage charges are not mandatory, mainly depends on the listed companies and securities themselves bargaining power." However, he also made it clear that the continued high price/earnings ratio is unsustainable and that underwriting rates for future SME boards and gem companies may be reduced. (Reporter Qianjie)