□ Our reporter Li Jianfeng
In 2006, the market raised funds rapidly. Although new share issuance has only resumed since May, 141 companies have raised funds, including convertible bonds and private placement, with a total amount of 284.666 billion yuan, more than 80% higher than the historical peak in 2000. Among them, there were 70 IPOs with an amount of 164.256 billion yuan. With the addition of additional public offerings, rights issues, separable bonds and convertible bonds, there were 90 public offerings with a raised amount of 190.828 billion yuan. On average, there are 18 companies every month, with a circulation of 35.583 billion yuan.
At the same time, investment banking innovations are emerging in endlessly, and private placement and separable bonds have become new financing channels. In 2006, the number of private placement companies reached 51, raising 93.839 billion yuan, accounting for 36.2% of the total number and 33.0% of the total amount of funds raised, and quickly exceeded the rights issue and public placement as the main means of refinancing for listed companies. In addition, four companies issued separable bonds and raised 9.9 billion yuan.
In 2006, super large cap stocks represented by ICBC, Guoshou, and BOC rushed to land on the A-share market, and five projects with a fund-raising amount of more than 10 billion yuan reached five, with a total fund-raising amount of 120.296 billion yuan, accounting for 73.2% of the total fund-raising amount. The issuing pace of small and medium-sized enterprises has also accelerated significantly. Last year, there were 57 issuers with the issuing scale below 500 million yuan, accounting for 81.4% of the total number of IPOs, but the total amount of funds raised was only 15.291 billion yuan, accounting for 9.3% of the total amount of funds raised.
Corresponding to the issuance scale, the securities companies that have obtained underwriting shares at present also show an obvious polarization trend. Traditional advantageous brokers such as CICC, Galaxy and CITIC have maintained their advantages in large cap stock underwriting and financial stock underwriting, and monopolized the issuance of large orders such as ICBC, BOC and Guoshou. In terms of underwriting volume, they ranked the top three with 25.9%, 19.1% and 18.6% respectively. In the ranking of the number of underwriters, Guoxin, Haitong and Ping An all ranked first with 7. They formed their own underwriting strategies for small and medium-sized projects by virtue of market-oriented operation competitive power And become the forefront of the industry by virtue of its quantitative advantages.
Liang Jing, a senior analyst of Guotai Junan, said that from the perspective of the development trend of the industry, the investment banking business has evolved into the competition of comprehensive resources such as capital, talent, brand and research. Securities companies represented by CICC and CITIC have gained the first mover advantage in the field of large investment banks. With the intensification of market competition, their leading advantage is expected to be further consolidated and strengthened. Other securities companies must clarify their own competitive strategies and establish competitive advantages in some market segments as soon as possible in order to have a foothold in the future investment banking business.
Ranking of the top 20 underwriting amount in 2006 (unit: 100 million yuan)
Ranking Company Name Underwriting Amount Underwriters Shares Ranking Company Name Underwriting Amount Underwriters Shares
1 CICC 468.033.0825.87% 11 Capital Securities 18.93 1 1.05%
2 Galaxy Securities 345.726.6719.11% 12 China Merchants Securities 17.50 3 0.97%
3 citic securities 336.944.9218.62% 13 Hualong Securities 10.11 2 0.56%
4 Guotai Jun'an 210.352.5811.63% 14 Industrial Securities 9.26 3 0.51%
5 Shenyin Wanguo 148.721.758.22% 15 Hongyuan Securities 7.89 3 0.44%
6 GF Securities 35.04 6 1.94% 16 CITIC Wantong 7.29 2 0.40%
7 Guosen Securities 33.44 7 1.85% 17 Southwest Securities 7.20 1 0.40%
8 BOC International 33.40 1 1.85% 18 First Venture 7.07 2 0.39%
9 Haitong Securities 30.63 7 1.69% 19 Huatai Securities 6.50 2 0.36%
10 Ping An Securities 21.01 7 1.16% 20 Hengtai Securities 5.52 2 0.31%
Data source: WIND, Guotai Jun'an Securities Research Institute. The number of joint lead underwriters=1/number of lead underwriters
Sina statement: The content of this article is purely the author's personal view, only for investors' reference, and does not constitute investment advice. Investors operate accordingly at their own risk.
