36 days, which is the time Foxconn Industrial Internet Co., Ltd. from the IPO to the trial will be formally took time.
According to a recent disclosure by China Securities Regulatory Commission, Foxconn will be unveiled at the IPO on March 8. It is noteworthy that Foxconn is not only the starting company to be reviewed by the issuance examination committee this week, The timing is entirely different on Thursday, from the usual Tuesday, Wednesday and Friday.
The industry believes that the reasons for the holding of a haircut this week, the approximate rate coincides with the timing of the "two sessions" coincide, but Foxconn's "Rival", on the other side reflects the IPO's 'special' However, in the 21st century, the Capital Research Institute found that during the "two sessions" of the previous two years, the CSRC held a number of regular hair review sessions.
In the meantime, with the recent market rumors that regulators will open up special channels such as biotech, cloud computing and other industries 'unicorn' businesses to list their A-shares and stack up the current Foxconn 'running' IPO experience, similar cases are expected In the future continued to appear.
Queuing time to create the shortest record
February 1 to declare IPO materials, February 9 disclosure prospectus and feedback, February 22 prospectus pre-disclosure update, March 8 will ...
For Foxconn, a company with nearly 270,000 employees, every step of a company IPO will set a new record for A-shares. In terms of queuing time, 36 days is not only far below the average queuing time of previous startups, It is also far below the 194 days of PharmTech (300725.SZ), which had the shortest queuing time last year.
21st Century Capital Institute believes that Foxconn IPO queuing time is short, naturally can not do without their own development and regulatory support for these two reasons.
Foxconn, which used to be called a 'foundry' in the past, seems to have escaped its title now, and according to its prospectus disclosure, the company currently operates in a number of areas including communications networking equipment, cloud services equipment, precision tools and industrial robotics design and manufacturing .
In the past three years from 2014 to 2017, Foxconn revenue reached 272.8 billion yuan, 272.7 billion yuan and 355.5 billion yuan, respectively. Net profit attributable to shareholders of the parent company also reached 14.35 billion yuan, 14.36 billion yuan and 15.86 billion yuan. Meanwhile, Foxconn net operating cash flow during the same period were 8.57 billion yuan, 20.96 billion yuan, 8.51 billion yuan, the performance of the current A shares in the body at least in the top 15.
In the IPO, an intermediary team composed of CICC, Beijing King & Wood Law Firm and PricewaterhouseCoopers Zhong Tian CPA Co., Ltd. was also considered as the 'Gold Team' to ensure the entire process was foolproof. And although Foxconn did not Disclosure of the number of shares to be issued and the amount of fund-raising, but revealed from its prospectus that the funds required for the eight projects to be built up to 27,253,000,000 yuan, may be seen that the amount of IPO fund-raising may be as high as billions of giant.
In addition to its own 'efforts', regulatory factors have also become another element of Foxconn IPO is expected to set a record.As a representative of emerging industries, both from the queuing time is short, or declare the listing material when the main body of the establishment of dissatisfaction Three years, all show the uniqueness of this Foxconn IPO.
In fact, when the China Securities Regulatory Commission disclosed on March 4 that Foxconn will hold its meeting on March 8, it is the first time for the CSRC to disclose the relevant review report on a rest day.
'(This week) only one company will attend the meeting. The reason may be more likely because of the 'two sessions'. However, the judging sessions for the past two years have been held as usual. This year's situation is really unclear. 'March On the 5th, a mid-sized brokerage firm in Shenzhen said: 'At the same time, Foxconn will hold its meeting on March 8 and is also the third anniversary of the company's establishment. It is a relatively ambiguous time point.'
According to Foxconn prospectus shows that the company's main business was established in March 6, 2015, February 1 to declare the IPO material from the continued operation of its full three years less than 34 days.
However, although the outside world thinks that the success of Foxconn's IPO is a "sticking point," 21st Century Capital Institute believes that in March 8th the haircut, the company still needs to be done, including how to solve the same industry competition, the same supplier and customer segments There is even no explanation of the actual controller and other issues.
With sample meaning
Whether it is from the official only the position, or rumors and speculation among the many, Foxconn IPO is destined to become a historical A-share event.
Although the government has not made it clear yet, the short lead time of Foxconn's IPO actually sends out a clear signal that regulators welcome similar companies to list their A-shares and build a so-called A-share new economy and new blue chip. Mentioned above, a securities investment bank in Shenzhen, said.
Before the Lunar New Year, the CSRC pointed out in the relevant work briefings that it should 'reform the issuance and listing system' and 'increase its support for the new mode of new technology and new industries (' Sioxin '). "The SSE and the Shenzhen Stock Exchange Recently, the responsible officials also said that they will actively embrace the new economy and welcome the relevant enterprises to go public.
'We will open these arms to welcome these enterprises, and for the Shenzhen Stock Exchange, we will surely build the Shenzhen Stock Exchange into the home of China's new economy.' 'Wang Jianjun, NPC deputy and president of the Shenzhen Stock Exchange, said on March 2.
In recent days, with the rapid progress of Foxconn IPO, the market is also widely rumored similar 'Unicorn' companies will get a special channel for listing in A shares. According to 21st Century Capital Institute learned that although there is no conclusion on the industry involved, but the regulatory The strata are indeed considering adopting policy changes to focus on attracting a large number of high-tech enterprises that have market competitiveness and at the same time complement the real economy to list their A shares.
'I personally think that unicorns listing A-shares through special channels depends not only on their own valuation and performance, but also on whether they will have a positive effect on the entire national security and macro-economy. In fact, the three hundred and sixty (601360.SH) backdoor listing, to some extent is also a manifestation of this special channel. "Shen Wan Hongyuan, a strategist said.
Wang Hanfeng, a strategist at CICC, said that the emergence of China's so-called 'unicorns' enterprises also benefited in part from the background of the new-to-old transformation of the macroeconomic structure. At the same time, some high-quality unicorn enterprises A-share listing will not only effectively promote the development of the Shanghai and Shenzhen stock markets, reduce barriers to financing the competitive "four new" enterprises, but also promote the economic and structural changes in the market and the exchange of old and new in the market faster.
'Foxconn definitely has a sample meaning, but it should also be noted that under the current legal and regulatory system, the 'four new' companies are still unrealistic in wanting large quantities of A shares to be accessed, and they also have some obstacles that cannot be resolved temporarily, including Some Internet companies have problems with VIE architecture, profitability and performance sustainability issues.'
However, this does not affect the attitude of similar companies to return to A-shares at an early date. In the current “two sessions”, Li Yanhong, Ding Lei, and Wang Xiaochuan, who are members of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), have stated that their respective companies would like to return to A if the policy allows it. Stock expectations.