Sponsor + Direct Cast birth you have my style bundle

Connaught August 11, another "Sponsor + Direct investment" mode of the company Guangdong Jialong Food Co., Ltd. (hereinafter referred to as the Jialong shares).　　Data show that the company by the National Letter Securities Sponsorship Underwriting, its wholly-owned subsidiary of the state letter Hongsheng shares 5 million shares. "Up to now, there is no ' sponsor + Direct cast ' mode of the proposed listed companies will be."　　"On 11th, a private-equity person in Shanghai told reporters that while these projects may not necessarily imply a grey insider," suspicious, some projects do make people suspicious. "　　As of May this year, a total of 8 brokerages participated directly in 55 project investment, of which 10 investment projects were successfully listed or will be (see this newspaper August 11 "direct vote three-load report card: 55 seed Results 10").　　However, in the past 10 projects, 8 from the brokerage direct investment into the market period of less than August, of which the shortest only 5 months.　　Except for the Hao Hua Energy project invested by Jinshi, none of the others are gem companies, and in the 55 projects that have been invested, the investment in private enterprises, especially the target of the gem, is the majority.　　Although the relevant provisions do not limit the direct investment companies can only invest in gem companies, and investment bank than retail investors more clearly understand the high risk of gem, why has always advertised value investment, steady income institutions invariably look to the gem company?　　To uncover the "Sponsor + Direct investment" model of the gray area and investigate its root cause, perhaps from the focus of these investments-entrepreneurial companies to talk about the characteristics. Why the majority of the choice of gem "We are not bad for their investment in the money, and the company is good in all respects, but there is no way, who call us a small company?"　　"11th, Beijing also zhuang an electronic equipment manufacturing High-tech Industry Company's Strategic investment Department director Huang told reporters that his company a year ago also began to enter the gem into the listing, but so far, have not chosen to the appropriate investment bank. "We talked several times, small investment banks are not strong enough, we do not trust, and the big investment banks are staring at big projects, underwriting our small companies, the cost of time and energy as much, and the risk of greater commitment, and secondly because of the size of the issue, the underwriting income is relatively small, so has been distressed.　　Mr Huang told reporters frankly. "To ask the big investment banks to do the project, we have to show some sincerity." Most of these big investment banks have direct investment companies, and once a temporary stake is offered, we naturally accept it. "In terms of underwriting fees, the underwriting of small companies such as the gem has not been too lucrative, as in the case of fees used to underwrite board companies."　　"11th, the head of a Shenzhen securities investment banking Department, said that its brokerage firm has not yet received direct investment licensing license. "Many brokerages do these gem projects, in addition to take the guaranteed income plus over the Commission, often some private transactions, sponsors, such as PE corruption is extreme, and have direct access to the securities brokers can circumvent the policy to gain additional benefits."　　The investment bankers said. The data show that 2009 years of opening the first month of enterprise board opening, the first batch of enterprises submitted to the gem issued a total of 155 companies, the formal acceptance of the 149 enterprises total fund-raising amount of only 33.605 billion yuan, the average of each gem company raised only 225 million yuan.　　According to the relevant regulations, the investment bank collects the underwriting fee the standard is: the underwriter collects the underwriting commission for the underwriting stock amount 1.5%-3%, the Commission is to carry out the total sale stock 0.5%-1.5%. In accordance with the above provisions, the investment bank in each gem company's stock underwriting costs on average only 3.37 million-6.75 million yuan.　　and underwriting motherboard Company's income at tens of millions of yuan, in contrast, undoubtedly let many big investment banks down-hearted. "It is important to know that the choice of investment banking is crucial for the IPO of the gem." "The head of the investment banking Department told reporters that the big investment banks in addition to the experience to the listed companies to avoid many possible risks, the key is that it has a lot of contacts, including with various agencies and related departments, can be unblocked, and these are precisely the lack of gem companies."　　It is so, even if the company is going to be listed on the gem, do not want too much to introduce war, but eventually will passively accept the "Sponsor + direct vote" model.　　It is not difficult to understand the answer to the investment goal of a brokerage firm choosing Gem.　　First of all, the high risk of gem is bound to bring high returns, in fact, the first batch of GEM listed company asset quality is relatively good.　　Second, the entry threshold of the gem is lower, the choice of direct investment brokerage is larger, many projects are the company's initiative to seek sponsorship, can give the most favorable investment conditions for brokers. The adoption of the "Sponsor + direct vote" model, but also to enable brokers to clearly understand the project operation process, choose the most appropriate opportunity to participate.　　Therefore, has listed or will be the brokerage direct investment projects, more than 80% are emergency shares, the time cost is greatly shortened, brokerage direct investment bargaining power greatly enhanced.　　and the participation of their own sponsorship projects, once the successful listing, in addition to the underwriting costs, there are considerable investment income to cover the losses of the underwriting small shares.　　Finally, the gem of the original stock lock period of only one year, so that liquidity greatly enhanced.　　In the case of direct investment by securities companies, the above three aspects make them relatively low risk, and can gain double income, why not vote? "Our investment banking and direct investment business are completely unrelated to the two lines, and our business unit has a strict separation wall."　　11th, for the "Sponsor + Direct investment" business may have a gray deal, a successful investment in a number of listed companies directly in charge of securities brokers said. But another investment manager in charge of the operation of a specific investment project has inadvertently denied it to reporters. We'll start to focus on investing in our own investment banking projects, because if we vote on our own sponsorship, a big part of the credit will be credited to the investment banking Department, In this project, the investment sector will receive far less bonuses than stand-alone projects. "Since investment banks are completely unrelated to the two-line sector, they invest in parent companiesWhat is the difference in treatment when underwriting projects?　　Bundle of interests in fact, not all securities companies are the initiative to invest in their own sponsorship of the project, a part of the project is related to the proposed use of "Sponsor + Direct investment" mode. "If a company's quality is not so excellent, and there is a certain risk, the company often hope that the sponsors do their best to help them take some risk or dredge up some relationships." At this point, companies tend to use a number of ways to bundle interest with investment banks. Obviously, when the investment bank is in line with the company's interests, it will naturally carry out the relevant operation as far as possible. "11th, the head of a beijing-based brokerage investment bank said frankly," in the investment banking circle, Mutual Introduction Project exchange of interests and binding, is an open secret.　　"In the interest bundle after the investment bank, intermediary identity may be difficult".　　According to people familiar with the matter, Gem first listed in a company, "Sponsor + Direct Investment" project is a typical "interest bundle."　　According to press survey, October 30, 2009, the Gem company listed after the rising stock prices so that the original shareholders profit more than 15 times times.　　Among them, two of the shareholders on the eve of the listing, respectively, from their own "dinner plate" to the generosity of a few "delicacies" to share the people.　　The company's prospectus shows that March 28, 2009, the Securities and Futures Commission officially issued the initial public offering of shares and on the Gem listing management interim measures, the first three days, ready to report the issuance of the application of the company carried out a suspicious equity transfer. A natural person shareholder with a shareholding of more than 5 million shares and a company executive, each to a brokerage direct investment company transfer more than 700,000 shares.　　Seven months later, the company's first day of market share price is 10 times times higher than the transfer price. In this case, the prospectus shows that the reason for the transfer of shares by the natural and corporate executives is "out of their own financial arrangements".　　The first sponsor representative of the company's IPO project explained that two of the natural-person shareholders sold their shares for reasons of listing risk.　　However, both of these explanations are difficult to draw. Given the financial arrangements, why are natural shareholders with more than 5 million shares of the company only transferring more than 700,000 shares?　　The transfers are only a fraction of the total amount of their investment. If shareholders take into account the risk, do not executives are optimistic about their company's listing prospects? And another natural person shareholders to avoid risk, why transfer a mere more than 700,000 shares?　　The risk of the remaining 4.85 million shares can be ignored?　　In fact, the transferee of the two natural persons who transfer the shares is the direct investment company of the company's IPO sponsoring agency.　　At present, the company's equity value is close to 70 million yuan, and its cost is only more than 7 million yuan.　　The above-mentioned transfer of shares of natural persons shareholders to this reporter, frankly, the reason for direct transfer to the brokerage part, the purpose is to share with the securities broker. "At the beginning of the listed companies and shareholders did not expect to be so soon, before many people are not optimistic, looking for a lot of investment banks are unwilling to take this project, and finally, the natural person shareholders through a number of relations to find nowIn the sponsor side, in order to let them go all out, so take the interest bundle mode, Xu shares, then there is a temporary listing of the strange transfer.　　"According to the relevant people briefed reporters.　　The prospectus shows that the sum of accounts receivable and other receivables increased from more than 80 million to nearly 260 million in 2007-2009.　　It is noteworthy that its 2009 operating income of only 520 million yuan, that is to say 2009 receivables accounted for the current year's operating income of 50%, and its net profit of less than 56 million yuan in the same year.　　Admittedly, not all of the "Sponsor + Direct cast" model has a gray area, but "big Woods, what birds have". Suspicious, is the "Sponsor + Direct cast" model really can not clear from the Qing? What is the nature of the questioning that has now been debated, how to avoid repeating a pattern that was popular and then halted ten years ago?