Medical Caster(Centre Control) Medical Caster(Centre Control) Medical Caster(Centre Control) Ningbo Mywin Caster Co., Ltd. , https://www.mywin-caster.com
Since the beginning of this year, IPOs have been rejected almost every week, and the IPO rate has dropped to a new low. According to statistics, in 2016, a total of 18 IPOs were rejected. However, from the beginning of 2017 to the present, in just over 4 months, 22 IPO companies have been rejected. According to the data, as of May 12, 2017, 244 initial enterprises were approved, 178 were approved, 22 were rejected, and 44 were actively withdrawn. The approval rate was about 72.95%, and the rate of failure was passed (including termination of review and rejection). It is 27.05%.
It can be seen that as the IPO issuance speeds up, the regulatory level to strictly control the audit quality of the proposed IPO companies has also been established.
The CSRC has clearly stated that during the issuance review process, it will focus on whether there are problems such as “declaration of illness†in the trial enterprise, strengthen the strength of the nuclear work, strictly review and strictly control, and resolutely fail to meet the conditions for issuance. Enterprises are blocked from the door of the IPO.
Therefore, there have been three major changes in this year's IPO review: review speed, detailed inquiry, and reduced attendance.
It is worth noting that in the review process of the audit committee, in addition to the increase in the number of inquiries, it is more important than before whether the company regulates its operations, whether the risks are fully disclosed, whether the pre-disclosure materials are detailed, and the authenticity of profitability. problem. For example, in the companies that have been rejected by China National Petroleum Corporation, West Point Pharmaceuticals, and Kelon Energy, most of the major issues raised by the Audit Committee are incomplete and need to be further supplemented. This is also in line with the CSRC's regulatory philosophy centered on information disclosure. Enterprises applying for IPO should fully disclose the important information investors use to make investment decisions, improve the quality of information disclosure, and ensure that information is true, accurate and complete. Reasonable market pricing.
In addition, in order to improve the quality of audits of the proposed IPO companies, the CSRC will also exert its support in other aspects. First, the China Securities Regulatory Commission issued the "Regulations on Strengthening the Performance of Auditing Staff for Auditing and Exemption (Revised in 2017)" and "Regulations on Strengthening the Management of the Performance of the Auditing Committee (Revised in 2017); Conduct on-site inspections of IPO enterprises, urge issuers to improve the quality of information disclosure, strictly control the entry of capital markets, and investigate and punish violations of IPOs.
The author believes that strict policy and strict trial, the policy of "one internal and one foreign" in two directions not only has the strict control of IPO, but also gives market confidence and improves the quality of new shares. At present, this effect has already appeared. Statistics show that in the first quarter of 2017, the performance of the newly listed 182 companies was generally better than the average of all A-share companies.
IPO audit is now three major new changes: "with disease declaration" can not escape the eye
The IPO audit has a strict signal. The data shows that the number of unfinished companies that have been closed since 2017 has been nearly 30%. The author believes that under the guidance of legal supervision, strict supervision and comprehensive supervision in the capital market, it is a normalization to strictly control the quality of IPOs.
The IPO review has a strict signal. The data shows that the number of unfinished companies that have been closed since 2017 has been nearly 30%. The author believes that under the guidance of legal supervision, strict supervision and comprehensive supervision in the capital market, it is a normalization to strictly control the quality of the audit of the proposed IPO enterprise, and the “declaration of illness†will eventually escape the “eye of the courtâ€.