In July, a total of 53 Chinese companies successfully IPOs in A-shares, Hong Kong stocks and US stocks, raising a total of 59.9 billion yuan.
Editor’s note: This article is from WeChat public account “Beyond J Curve” (ID: Beyondthejcurve), author CVSource hits the data.
“Extend your reading with data”, this issue exceeds the J curve to bring the July 2019 IPO Market Report. This month, a total of 53 Chinese companies have successfully IPOs in A-shares, Hong Kong stocks and US stocks, raising a total of 59.9 billion yuan. Among them, This month, the mainland has become the largest market for IPO fundraising in the global capital market, and this is mainly due to the amount of funds raised by 25 companies listed in the board of science and technology as high as 37.018 billion yuan, close This month, 66% of the global IPO fundraising scale. See below for more details:
Directory
01Chinese IPO Market Analysis
In July 2019, there were a total of 53 Chinese companies in the A-share, Hong Kong stocks and US stocks successfully IPO, raising a total of 59.9 billion yuan; this month’s IPO fundraising scale TOP5 enterprises in turn No., Betta, Jinshang Bank, Qiqi Technology, Zhongliang Holding; IPO concentrated industry for manufacturing; IPO concentrated areas for Beijing, Shanghai, Guangdong. (See Figure 1)
Figure 12019 IPO Tree Map
2019In July of the same year, the global market IPO fundraising scale was slightly higher during the same period, the A-share IPO increased significantly, the Hong Kong stock IPO was still not active enough, and the US stock IPO fluctuated significantly.
(1): Global market IPO fundraising is slightly higher than the same period
In July 2019, the IPO performance of Chinese companies in the global capital market was still good. The number of IPOs nearly doubled, up 2.57% over the same period; the IPO scale increased by 75.66% from the previous month and increased by 2.57% over the same period. (See Figure 2)
1. A-share market
This month, the mainland has become the largest market for IPO fundraising in the global capital market, which is mainly due to the amount of funds raised by 25 companies listed in the board of science and technology as high as 37.018 billion yuan, close to 66 this year’s global IPO fundraising scale. %.
2. Hong Kong stock market
The number of IPOs of Chinese companies in Hong Kong decreased by 23.53% this month, and the scale of fundraising decreased by 52.15%, and market activity decreased.
3. US stock market
This month, a total of three Chinese companies were listed on the NASDAQ market in the United States. They are the live game giant betta, Wanda Sports, the leader of the national sports competition, and the Blue Hat Interactive, which combines the original design of toys and games.
Graph of the IPO size and quantity of Chinese companies in the global market from July 20 to July 2019.
(2) The IPO of the A-share market has increased significantly
In July 2019, A total of 37 Chinese companies in the Shanghai and Shenzhen IPOs increased by 2.7 times; the total amount of funds raised was 44.6 billion yuan, an increase of 3.25 times. This month, the mainland became the largest market for IPO fundraising in the global capital market, close to 80% of the global IPO fundraising scale this month. This is mainly due to the amount of funds raised by 25 companies listed on the board of science and technology in the month of 37.018 billion yuan. (See Figure 3)
Since 2019, the overall performance of the A-share IPO market has been relatively stable. This month, the board opened the market, which greatly improved the activity of the A-share IPO market. In addition to the first batch of 25 scientific and technological enterprises that have been listed, this month, the China Securities Regulatory Commission agreed to Shanghai Baichu Electronic Technology Co., Ltd. and Jingchen Semiconductor (Shanghai) Co., Ltd.Shenzhen Microchip Biotechnology Co., Ltd. completed the IPO registration of the Science and Technology Board and will publish the prospectus documents one after another.
Chart scale and number of Chinese IPOs in the A-share market from July to September 2019.
(3) The IPO of the Hong Kong stock market is still not active enough
In July 2019, a total of 13 Chinese companies in Hong Kong IPO, a decrease of 23.53% from the previous month; the amount of funds raised was 10.4 billion yuan, a decrease of 53.15% from the previous month and a decrease of 74.26% over the same period. In summary, the Hong Kong market is still not active enough since Q4 2018. (See Figure 4)
On the 18th of this month, Jinshang Bank (02558.HK) successfully completed the IPO on the main board of the Hong Kong Stock Exchange and became the first listed bank in Shanxi Province. The amount of funds raised was 2.892 billion yuan, which was ranked in the Hong Kong stock market this month. The top of the list of capital.
Graph of the IPO size and quantity of Chinese companies in the Hong Kong stock market from July to April 2019.
(4) Most of the IPO projects of Hong Kong stocks are mainland enterprises
In July 2019, there were 14 cases of Chinese companies listed in Hong Kong stocks, only one was a transfer case, and the other 13 were all IPO cases. According to the IPO fundraising scale, the mainland Chinese IPOs dominated this month, and 8 mainland Chinese companies accounted for 90% of the total IPO fundraising in the Hong Kong stock market. (See Figure 5, Figure 6)
Chart Hong Kong stock IPO scale structure in July 52019
Chart July 2002 Hong Kong stock company structure
(5) The IPO of the US stock market fluctuated significantly
In July 2019, A total of three Chinese companies in the US capital market IPO, raising a total of 4.9 billion yuan, a 2.5-fold increase from the previous month, a 61.72% decrease over the same period. Since July 18, the number of IPOs and fundraising in the US stock market has been fluctuating widely. (See Figure 7, Table 1)
On the 26th of this month, the Internet financial services platform, the Prosperity Group, formally submitted a prospectus application to the US Securities and Exchange Commission under the code “JFG”.
Chart 7218 July-2019 July US stock market IPO size and quantity
Forms IPO list of Chinese companies in the US market in July 12019
02Analysis of Chinese enterprise IPO industry, geography and trading segments
In July 2019, the IPO of manufacturing stocks took the lead, and the Beijing area became the most attractive area for IPOs this month. The number of IPOs in the science and technology sector doubled, and the industry and regional distribution were concentrated.
(1) Manufacturing stock IPOs topped the list
In July 2019, manufacturing companies had 24 successful IPOs, making them the industry with the largest number of IPOs. From the perspective of fundraising scale, the amount of funds raised by manufacturing companies’ IPOs reached 30.481 billion yuan, accounting for 51% of the total fundraising in various industries. It is worth noting that the top 16 of the manufacturing fundraising scale this month came from the science and technology board. Listed company. (See Figure 8, Figure 9)
Chart 82019 China IPO scale industry distribution in July
Chart Industry Distribution of IPOs in China in July,92019
(2) The most popular IPO in Beijing area
The following picture shows the distribution of IPOs and fundraising scales of Chinese enterprises in July 2019 and the detailed IPOs and scales of enterprises in various regions of China. (See Figure 10, Table 2)
Graphic distribution of IPOs and fundraising scales of Chinese enterprises in July 102019
Forms of the number of IPOs and fundraising scales of Chinese enterprises in July 22019
(3) The number of IPOs in the board of the board is double-leading
In July 2019, IPO companies were mainly concentrated in the Mainland, with five from Hong Kong and Macao and the remaining 48 from the Mainland. Among them, Shandong Exchange Co., Ltd. listed 25 companies, raising funds amounted to 37.018 billion yuan, close to 66% of the global IPO fundraising scale this month, the number and scale double won; 13 Chinese companies this month Listed on the Main Board of the Hong Kong Stock Exchange, it raised 10.397 billion yuan; 7 listed on the Main Board of the Shanghai Stock Exchange, raising funds of 4.92 billion yuan; only one listing on the Shenzhen Stock Exchange, raising funds of 619 million yuan; listing on the GEM of the Shenzhen Stock Exchange 4 Home, raising funds of 2.034 billion yuan; 2 US Nasdaq global select markets, raising funds of 4.866 billion yuan; the United StatesThere is only one Nasdaq capital market with a fundraising amount of RMB 55 million. (See Figure 11)
Chart ID of the IPO of the Chinese enterprise in July 112019 (left) and the size of the fundraising (right) trading plate
Note: SSE refers to the main board of the Shanghai Stock Exchange; SZSE refers to the SME board of the Shenzhen Stock Exchange; SSE STAR MKT refers to the board of the Shanghai Stock Exchange; ChiNext refers to the GEM of the Shenzhen Stock Exchange; HKEx refers to the main board of the Hong Kong Stock Exchange; NGSM refers to the NASDAQ exchange worldwide. Featured Market; NCM refers to the NASDAQ Exchange Capital Market.
(4) The IPO industry and regional distribution of the science and technology board are more concentrated
On July 22, 2019, The first batch of 25 companies were listed on the Shanghai Stock Exchange, and 13 of them raised more than 1 billion yuan. The amount of China Tongda raised was 10.53 billion yuan. This month, the board of directors has raised the scale of the fundraising giant. The distribution of the 25 first batch of Kechuang board enterprises is mainly concentrated in Beijing, Shanghai and Jiangsu; the industry distribution is mainly concentrated in the manufacturing industry. (See Form 3)
Form 32019 List of companies listed on the board of science in July
03Key Cases of IPOs in Chinese Enterprises
In July 2019, the top five IPO projects were all raised more than 2 billion yuan, accounting for 33% of the overall fundraising in July, and the average financing amount of the remaining IPO projects was bipolar. The situation of differentiation. This month, the new stocks focus on the three squirrels, fighting fish, China Tonghao, Wanda Sports.
(1) TOP5 IPO fundraising scale of Chinese enterprises
The following table shows the TOP5 of the IPO fundraising scale of the Chinese enterprises in July 2019.
(2) Focus on new shares
1. Three squirrels
(1) Release Overview:
On July 12, 2019, three squirrels (300783.SZ) were listed on the GEM of the Shenzhen Stock Exchange. This time, 41 million shares were issued, accounting for 10% of the total issued share capital. The issue price was 14.68 yuan per share. The post-earnings ratio is 22.99. The total amount of funds raised during the issuance is 601.88 million yuan, and the net proceeds are 544,762,400 yuan.
(2)Company Profile:
Three squirrels, Inc., headquartered in Wuhu, Anhui, is the first company in China to be positioned as a pure Internet food brand. It is also the largest food e-commerce company in China, with nuts, dried fruits, tea and other forest foods. A modern, new enterprise that develops, distributes and sells B2C brands.
(3) History financing
Three squirrels have received multiple rounds of investment from IDG Capital, Today Capital, and Fengrui Capital.
(4) Institutional IPO Book Exit
Three squirrels This IPO, IDG capital before the exit of the equity value of 146,177.568 million yuan, today’s capital before the exit of the equity value of 98,508,672 yuan, Fengrui Capital before the exit equity value of 283,256,528 yuan.
(5)Evaluation
The three squirrels have been linked to the company’s capital market, which further enhances their brand awareness. At the same time, the market will put forward higher requirements for the product quality and production and sales of the three squirrels. The squirrel develops to high quality.
2.Betta fish
(1) Release Overview
On July 17, 2019, Douyu (DOYU.NASDAQ) was listed on the NASDAQ Global Select Market, and this time it issued 637,371,100 ADS (equivalent to 6,673,181 shares of Class A common stock), including 4,492.4730 million ADS new shares and 2,246.23.8 million ADS shareholders’ shares for sale, the issue price is 115 US dollars per share, the total amount of funds raised is 5,166,343,395 US dollars, and the net proceeds are 509,573,829 US dollars.
(2)Company Profile
Wuhan Betta Network Technology Co., Ltd. is headquartered in Wuhan, Hubei Province. Its Betta Live is a game live broadcast platform and a live broadcast sharing website. At present, the game is mainly broadcast, covering a variety of live content such as sports, variety, entertainment.
(3) History financing
Betta fish has been invested by institutions such as Tencent, Sequoia Capital China, CMB International, and Nanshan Capital.
(4) Institutional Fund IPO Book Exit
Betta fish this IPO, the value of the equity before Tencent’s exit was US$138,783,196, and the value of Sequoia Capital’s equity before the withdrawal was US$338,181,800.
(5)Evaluation
Bettafish has enhanced its brand awareness in domestic and foreign markets through this listing, and is more conducive to cooperation with internationally renowned game platforms, thereby attracting more high-quality investors in exchange for more investment funds, flows and customers.
3.China Express
(1) Release Overview
On July 22, 2019, China Tonghao (688009.SH) was listed on the board of the Shanghai Stock Exchange. The issue was 180 million shares, the issue price was 5.85 yuan per share, and the post-release price-to-earnings ratio was 18.8. The total amount of funds was RMB 1,053,000, and the net proceeds were RMB 1,035,434,400.
(2)Company Profile
China Railway Communication Signal Co., Ltd. is headquartered in Beijing. It is a large-scale central enterprise directly supervised by the State-owned Assets Supervision and Administration Commission of the State Council. It is a high-tech industrial group featuring rail transit control technology and the world’s largest rail transit control system. Business.
(3) History financing
China Tonghao has been invested by Chengtong Holdings, China Guoxin, Zhongjin Jiacheng and other institutions. In August 2015, China Tonghao was listed on the Main Board of the Hong Kong Stock Exchange, raising HK$11.0.25 billion, which was the fourth Hong Kong stock in the same year. Big IPO.
(4) Institutional Fund IPO Book Exit
China Tonghao IPO, the equity value of Chengtong Holdings before the exit was 371,151,710 yuan, the value of the equity before the withdrawal of China Guoxin was 371,151,710 yuan, and the value of the equity before the withdrawal of Zhongjin Jiacheng was 152,509,500 yuan.
(5)Evaluation
China Tonghao became the first big company to land on the board of science through this listing.The central enterprises and A+H shares of the science and technology listed companies, outstanding comprehensive scientific and technological innovation strength has achieved the market competitive advantage of China’s number, this listing further enhances the company’s influence in the global market.
4. Wanda Sports
(1) Release Overview
On July 26, 2019, Wanda Sports (WSG.NASDAQ) was listed on the NASDAQ Global Select Market in the United States, and this time it issued 23.8 million ADSs (equivalent to 35.7 million Class A common shares), accounting for 17.41% of the total share capital after the issuance, the issue price was 5.33 US dollars per share, the total amount of funds raised was 190.4 million US dollars, and the net proceeds were 181.456 million US dollars.
(2)Company Profile
Wanda Sports Co., Ltd. is a sports integrated service provider. The main business is sports events, athletes brokerage, event marketing, event broadcast and other services. At the same time, it also operates more than 20 sports such as ice and snow, football and triathlon, and provides users with services such as ice, snow, football and other sports broadcasts and marketing.
(3) History financing
Wanda Sports has been invested by Wanda Group and IDG Capital.
(4) Institutional Fund IPO Book Exit
Wanda Sports This IPO, Wanda Group’s pre-existing equity value was 783,337,878 US dollars, IDG capital before the exit equity value was 4,935,790,200 US dollars.
(5)Evaluation
Wanda Sports is an innovative business model. By combining sports and capital markets, it can drive the rapid landing of sports events and make the sports industry chain play a greater synergy.
04Policy Hotspot Review
On July 5, the Shanghai Stock Exchange announced that the opening time of the Kechuang board was July 22.
On July 22nd, the first batch of company listing ceremony of Science and Technology Board was held at the Shanghai Stock Exchange. China’s capital market has opened a new chapter of epoch.
On July 23, the China Securities Regulatory Commission officially announced the “2019 Update] Co., Ltd. overseas public offering of shares and listing (including additional issuance) review concerns, due to H-share IPO and additional issuance should obtain China The Securities Regulatory Commission approves that when the CSRC approves, it will focus on whether the reporting enterprise meets its published review.The nuclear concerns focus on the items listed in the main points, and the issuer’s Chinese lawyers are required to issue special legal opinions on the points of review. Therefore, for the Chinese companies that intend to H-share IPOs or additional issuance, the promulgation of this “new review focus point” will be particularly important.
On July 30, the Political Bureau of the Central Committee of the Communist Party of China held a meeting to point out that the science and technology board should stick to its position, implement the registration system with information disclosure as the core, and improve the quality of listed companies. Compared with the previous meeting, this statement on the science and technology board has added a statement of insisting on positioning and improving the quality of listed companies.
On July 30, the website of the Shanghai Municipal People’s Government showed that the municipal government has recently issued the “Several Opinions on Promoting the Sustainable, Healthy and High-Quality Development of Shanghai Venture Capital”, and proposed to strengthen the market sectors such as venture capital and science and technology. Linkage to establish a link between Unicom’s technology innovation projects, various funds, and market segments such as Science and Technology.
On July 31, the Shenzhen Stock Exchange officially announced that the “003000-004999” securities code range has been activated in the SME board, and the relevant units have already prepared the relevant work. On the same day, China General Nuclear Power Co., Ltd. announced the letter of intent for the initial public offering of shares (A shares), and the letter of intent disclosed its stock code was 003816.