IPO受理量激增！投行业务火了

Core Insights - The A-share IPO market has experienced a significant surge in acceptance volume, with a year-on-year increase of over 400% from January to October, highlighting a recovery in investment banking activities [1][2] - The Beijing Stock Exchange (BSE) has emerged as a primary platform for new listings, with 122 new acceptances, while the Sci-Tech Innovation Board has introduced its first batch of growth companies, indicating effective institutional innovation [2][4] IPO Acceptance Volume - In the first ten months of this year, 195 companies were accepted for IPOs, compared to only 35 in the same period last year, marking a substantial increase [2] - The surge in IPO acceptance is attributed to a combination of policy, economic, market, and regulatory factors, reflecting structural policy guidance and dynamic changes in enterprise and market demand [2] Investment Banking Adjustments - Investment banks are actively restructuring and optimizing processes, with a focus on enhancing international business efforts and increasing project reserves [2] - Companies like Guojin Securities have reported a noticeable increase in project initiation numbers and client confidence, particularly in sectors aligned with new productive forces [2] North Exchange and Sci-Tech Innovation Board - The BSE has accelerated its IPO review process, with a faster approval timeline of approximately 40 days, which is half that of the Shanghai and Shenzhen exchanges [4] - The introduction of the "Sci-Tech Growth Layer" on the Sci-Tech Innovation Board aims to support unprofitable technology companies, enhancing market structure and liquidity [5] Challenges and Opportunities - The launch of the Sci-Tech Growth Layer represents a dual exploration of institutional innovation and risk balance, broadening financing channels for unprofitable tech firms while increasing the complexity of valuation and liquidity risks [6] - Investment banks face heightened demands for professional capabilities and risk management due to stricter disclosure requirements and the challenges of pricing unprofitable enterprises [6]