The Commission intends to control A unit funds expansion of rhythm gradually loose surface

The Commission issued an Audit Committee (hereinafter referred to as "the Committee") on 19 may audit three enterprise financing, two Lutai textile and so passed, another (guoguang electric) has not been passed. The industry agreed that approval will continue to become more stringent, largely regulated layer on market effects of expansion and rhythm, to ensure market supply and demand balance of funds.

(Http://) SFC website open data show that from 1 April to 19 October, published the CRIC held 27 times the Tribunal will total audit project 47, which does not pass the item 11, reject rate 23.40%. Of these, one in IPO audits/3 is not that far exceeded last year's total of 15.54% rejection rate.

The three main reasons to reject

29 April, the ICRC issued a public notice, Dalian Watson computer technology co., Ltd. (hereinafter referred to as "Dalian Watson") of the first listing application is not approved, but the same day the Zunyi titanium industry has had a successful IPO.

Informed sources, the revaluation of the renminbi and speed up the background.

Dalian huaxin declared first draft prospectuses, the company nearly three years from the Japan market income operating income of more than 75%, and Japan market is also the focus of its future development is expected over the next few years, the market share of outsourcing software development services company operating income will continue to maintain a larger proportion.

At the same time, the company's customers are mainly NEC, NTT DATA, Hitachi, Nippon Steel SOL, General Electric, and other enterprises, for nearly three years, the company's former top customer accounted for sales of company revenue respectively 57. 55.03%, 19% and 52. 94%, a risk of more concentrated.

Analysts noted that for this type of software outsourcing company, the appreciation of the renminbi in accelerating the risks considerably. Because outsourcing company and Japan and the United States customer check-in are long-term contracts, the majority of the yen and u.s. dollar denominated, both packages our main costs (labor cost expenditure) but the appreciation of the Renminbi by constantly.

CICC Chief Economist jiming HA may 9 this year, the dollar had planned to depreciation of 10%.

These analysts said: "sales revenue of foreign currency devaluation, the main cost of local currency appreciation in the short term not optimistic about the prospects of the company. ”

A bit closer to the CRIC's sources, the current lack of a glance over the good enterprise. Essence securities investment banking division of research data show that the proposed financing application but have not been around 60% in the enterprise, are threatened by three factors.

The primary reason is to raise funds for investment. Shenzhen jindalai environmental protection co., Ltd. IPO has not been due primarily to its fund-raising 1.2 billion used to supplement the project alternate operational funds have not been recognised supervision. Secondly, the issue of the independence of the company, if excessive reliance on the relevant shareholder or a single market but also on the foregoing, the company that is supporting Dalian Watson. The third is from enterprise reporting of financial data. The second group (deyang) heavy equipment co., Ltd of the first draft of the Declaration of the prospectus, the company's net profit from 138 million in 2005 to 2007 rocketed 3.7 billion. The industry says that if the company on this interpretation is not sufficient, and cannot be expected that the sustainability of growth, and the company has not had a lot to do.

The sponsor should:

The convergence of the "approval, or, more strictly, it is not difficult to see is to regulate the layer to control the pace of expansion. "Guangfa securities certain analysts believe.

In fact, 4 month ago, the two big disk unit — lanyan coal, double group — the first episode has been issued by the Audit Committee, the two companies intend to raise 40000 million shares, respectively, and 30000 million shares.

Double Group Board Office sources, this has not been granted should not be company qualification, but the recent market conditions, regulatory layer for the market share of the audit are very strict.

While refinancing not early adopted guomai technology stakeholders have also said that the biggest mistake is that they choose the wrong time.

To this end, China Merchants securities analyst King-chi Bell stated that in the short term is to monitor the level of overall regulation expansion pace, this market was worried about the expansion are also related, and policy can be seen on the surface, security companies IPO, red chips return and other related policies are deferred.

These securities are also widely distributed, on the current stock market, macroeconomic policies will be the national monetary policy further tight may, micro-market capacity face size reduction of African, multiple causes the trend of the stock market, the market is not objective reasons also affects the approval level.

However, many domestic investment banks have said that after the drawing on the experience will be ready to submit it again.

Tokai Corporation General Manager of Guangzhou Investment Bank, said its huyanping investment banking sector has not been carried out research of the enterprise, and guard the quality aspects.

A member of the investment banking sector said that at present, the vast majority of SME managers are private entrepreneurs, mostly unfamiliar to the securities markets, tend to matter; while regulators tend to stand in the whole industry of macroeconomic perspective up considerations. In this case, is prone to listed companies and executives on the Audit Committee members question was asked.

Therefore, essence securities investment banking division general manager Li Jie also said, would strengthen over prior executives training, at the same time as the recommendation items check, check, make it more closely.