2 through 6 will line up brokerage IPO process expected to accelerate

  March 13, Nanjing Securities IPO application will be successful too, which is following the February 6 Hualin Securities will be successful too, this year's second succeeded broker will。 In early 2018, Huaxi Securities has been successfully listed, to become the first 30 listed brokerage, Hualin Securities and Nanjing Securities is expected to become the first 31 and 32 listed brokerage, A-share listing broker Army to continue expansion。
  It is worth noting that three new board Nanjing Securities is the first brokerage IPO success, the impact of a third of its shares listed on the bumpy road can be described as。
Tianfeng Securities analyst Lu Yunting said, experience shows Nanjing Securities, the brokerage public markets need not be done overnight, can apply for IPO by listing three new board, will increase the possibility of。
In addition, the listing broker with particular emphasis on small and medium sized financial condition, business profitability and healthy development of the business model。 With the normalization of the IPO, regulators for the fast-paced review of the listing broker, you can see some of the open door of the brokerage IPO。   According to the National SME share transfer system information disclosure, listed brokerage three new board as well as 6, respectively States Securities, Xiangcai Securities, the securities of open source, Hualong Securities, Donghai Securities and Nexis Securities。 Among them, Xiangcai Securities and Hualong Securities has committed itself is preparing for A-share listing, the two brokers have been in the market counseling period, Hualong Securities on January 23 declared fit to market needs it intends to delist。
  Wind data show that as of now, waiting IPO of brokerage as well as 6, CSC, Tianfeng Securities, approval status and the League of Nations Securities Great Wall Securities are updated disclosed in advance, Hongta Securities and review status in Thailand has been in the securities feedback phase, in addition to eight securities firms in counseling accepting registration status, CSC, and Thailand and the Securities days the wind securities flurry。   Leading brokerage obvious advantages Overall, the past few years had a higher rate will apply for the IPO brokerage, since 2016, there will be on the 8 brokerage IPO application, it would go up to 100%。 "Brokerage industry based on natural advantages of listing requirements of the Audit Committee of better understanding, the preparatory work and materials submitted by the preparatory work more fully, making the brokerage IPO application by the higher rate。 "Ou Wen Chuan Yang Securities analyst, said Choi。
  Lu Yunting that, from this point of view, brokerage IPO audit is also more efficient, on the one hand, regulators for securities listed on a more positive attitude。
For listed securities as well as leading broker has the strength to take to encourage attitude is conducive to the healthy development of the capital market。 On the other hand, from the texture of the listing broker and queuing own point of view, we have sustainable and stable profitability and growth, thereby increasing the probability that I would go brokerage。
Meanwhile, the brokerage is a cyclical industry, since 2018, along with continued positive signals supervisory release, brokerage index has increased, healthy development of the industry will also help broker had。   "The current situation queuing brokerage IPO showed the characteristic polarization of the listing process has。 "Lu Yunting said leading brokerage business stronger, and already has good visibility and credibility, deep background of the shareholders, but also among the best in the profitability。 For example CSC such brokerage in A-share listed conducive to the development of capital markets, is expected to be supported by regulators。   Public markets is relatively small brokerage tortuous。
In Lu Yunting view, this is mainly due to small brokerage background of the shareholders of complex, multi-shadowed stocks。
For example, the shadow of the Great Wall Securities stocks most concentrated。 In as many as 23 seats shareholders standings, there are four listed companies figure。 Second, the small brokerage in spite of high growth, but a little lacking in capital strength and profitability, and the company's more aggressive style, the risk is relatively high。
  "I would go situation this year, considering the sponsor and broker performance, and may CSC Securities days the wind will be more forward progress。 "Yang Ou Wen predicted that CSC should the successful return of A shares, will be the first 11 A + H shares brokerage, help match and consolidate its position in the industry。
Other days the wind, such as securities, and Thailand Securities, Hongta Securities and other brokerages as a place, in favor of issuing and listing business expansion in the current complex and stringent regulatory conditions, and boost the industry influence。   The valuation of brokerage sector is expected to increase since mid-2017 with the intensification of competition in the industry, the emergence of brokerage performance differentiation, Hengqiang situation, making the securities company by expanding the scale to keep the status of the industry and seek further development, focus on performance in the last two in brokerage frequent replenishment, and on accelerating the listing process。
  For reasons of brokerage IPO rush, Lu Yunting said that in the context of strict supervision, supplemented net capital to meet the liquidity requirements of regulatory indicators, thereby expanding the business scale and increase revenue, will become the only way of business development broker。
Due to the homogenization of competition is more intense brokers, brokers need to expand the capital, such as the development of credit business and self-employed business in this category for larger capital requirements of the business, gain competitive advantage。 In addition, under the 2017 annual interest rate upward trend, bond financing costs continued to rise in 2018 if this trend continues, securities companies turn to equity financing will increase the probability of。   "From a valuation point of view, after the listing broker's valuation will increase PB。 "Lu Yunting said that due to the large IPO financing, will help improve the capital, thereby contributing to increased broker valuation。
  Soochow Securities analyst Ding Wentao said that on the whole, the current valuation of brokerage sector at historic lows since the second half of 2016, the securities industry regulatory tightening, suppress innovation is one of the core elements of the continued repression broker valuation, but this year the policy environment has been significantly improved margins。
  Zheng blown sand Merchants Securities believes that the current valuation of brokerage sector and industry trend away from the thriving, did not respond fundamentals expected upward。
But long-term perspective, accompanied by the securities industry to grow and develop the capital market is no doubt that the leading brokerage industry concentration to enhance the benefit。 In the short term, the GEM to start trading elevate mood, boost confidence leading brokerage annual results, expected marginal clear policy and inclusion MSCI will effectively enhance the catalytic valuation。