年内券商IPO承销收入超105亿元

Core Viewpoint - The A-share IPO fundraising scale has increased significantly this year, leading to a rise in underwriting and sponsorship income for securities firms, which has exceeded 10.5 billion yuan. However, issues have arisen within the industry, necessitating enhanced internal controls and improved professional quality in investment banking operations [1][2]. Group 1: IPO Market Performance - A total of 140 companies have completed A-share IPOs this year, raising 220.205 billion yuan, representing a year-on-year increase of 36% [2]. - Since May, there has been a significant decline in IPO fundraising, with only 20.637 billion yuan raised, a month-on-month decrease of 69% [2]. - The underwriting and sponsorship income for 44 securities firms has reached 10.524 billion yuan, showing a slight year-on-year increase [2]. - The highest income from underwriting and sponsorship comes from the Sci-Tech Innovation Board and the Growth Enterprise Market, totaling 4.656 billion yuan and 4.438 billion yuan, respectively, accounting for 86.41% of total income [2]. Group 2: Underwriting Approval Rates - This year, 22 securities firms achieved a 100% approval rate for their underwriting projects, including both leading and smaller firms [3]. - Conversely, five firms reported a zero approval rate, with some projects being rejected or withdrawn [3]. - The overall approval rate for IPO applications stands at 87.27%, with 192 out of 220 companies approved [2][3]. Group 3: Regulatory Environment and Internal Controls - The China Securities Regulatory Commission (CSRC) has issued guidelines to strengthen internal controls within investment banking, highlighting five scenarios that require inspection [3][5]. - The number of licensed sponsors has increased significantly from 3,810 in December 2019 to 7,499 currently, following regulatory changes [4]. - Despite the increase in licensed sponsors, issues have emerged, with 228 sponsors facing penalties for various violations [4]. Group 4: Enhancements in Due Diligence Standards - The CSRC has revised the "Due Diligence Guidelines for Sponsors" and the "Guidelines for Work Papers in Securities Issuance and Listing Sponsorship" to improve the quality of due diligence and standardize practices [5]. - The revisions emphasize the role of sponsors in investment value assessment and introduce new requirements for work papers [5].