0.77％的赞助率引起了公众的愤怒，主角是顶级经纪人！ 投资银行价格战背后的秘密是什么？ _东方财富网

原标题：不谈武术吗？ 0.77％的赞助率“激起了公众的愤怒”，主角实际上是顶级经纪人！ 再次的投资银行价格战背后的秘诀是什么？

概要

[077%sponsorshiprateprovokespublicangertheprotagonistisactuallythetopbrokerage!What’sthesecretbehindtheinvestmentbankpricewar?】RecentlyChinaSecuritiesCoLtdreceivedindustryattentionforsponsoringandunderwritingtheenergyprojectofChinaSouthernPowerGridOnJanuary19ChinaSouthernPowerGrid(003035SZ)themainbodyofintegratedenergybusinessunderChinaSouthernPowerGridcompleteditslistingonthesmallandmedium-sizedboardwithatotalinitialfundraisingof1061billionyuananincreaseof9143%withinfourtradingdaysofthelistingInthepasttwodaysChinaSecuritiesSecuritiesthesponsoroftheprojecthasfallenintoawhirlpoolofpublicopinionBecausethesponsorshipandunderwritingfeesitchargesaremuchlowerthantheindustryaveragesomeinvestmentbankershavepointedlypointedoutthatthebrokeragefirm”doesnotspeakmilitaryethics”?!(BrokerChina)

recently,China SecuritiesSecurities underwriting due to sponsorshipSouth Grid EnergyThe project has received industry attention.

On January 19, the implementation entity of integrated energy business under China Southern Power GridSouth Grid Energy(003035.SZ) completed the listing on the small and medium-sized board, with a total initial fundraising of 1.061 billion yuan, and the increase in the range of four trading days reached 91.43%.In the past two days, the sponsor of the projectChina SecuritiesSecurities are caught in a whirlpool of public opinion, because the sponsorship and underwriting fees they charge are much lower than the industry average.Brokerage“Don’t talk about martial ethics”? !

　　“price“War” has always been a major pain point in the investment banking industry. Supervision has “three orders and five applications” for this, through the introduction of internal control guidelines, administrative supervision measures, andSelf-disciplineInvestigations and many other measures to reverse the industry trend.But justSouth Grid EnergyAs far as the project itself is concerned, the low sponsorship and underwriting costs may have deep hidden meanings.

　　Charges falling to the “floor price”

　　Nanwang Energy landed on the small and medium board on the 19th of this month, raising a total of 1.061 billion yuan. Public information shows thatChina SecuritiesThe sponsorship and underwriting fee charged by securities is 8.15 million, with a rate of 0.77%.

Some investment bankers pointed out that this sponsorship underwriting fee rate is only one-tenth of the average sponsorship and underwriting fee rate since January 21, 2020, and it is even more blunt that this is “no military virtue.”

At what level is the sponsorship underwriting rate of 0.77% in the industry?Brokerage China reporterstatisticsNew listings of A shares since 2019the companyIPO funds and sponsorship underwriting fees, 619 listed companies (excludingDongbei Group、China Merchants Nanyou、Sinotrans)’S average initial sponsorship underwriting rate is 4.49%.

Among these 619 projects, 5 projects have a sponsored underwriting rate of less than 1%, and the China Southern Power Grid energy project ranks third from the bottom.

HaveInvestment BankingThe relevant person in charge of the top brokerage firm told the Brokerage China reporter that the IPO sponsorship underwriting fee is directly related to the scale of fundraising, and you cannot simply look at the ratio. Generally speaking, the larger the fundraising scale, the lower the sponsorship and underwriting fee rate, but absolutely The value is not low. “One billion IPO projects are medium-sized projects, and sponsor underwriting fees are generally between 40 and 50 million. (China SecuritiesThe fee is indeed lower than the general industry level. “

Brokerage China reporters further sorted out that since 2019, 200 IPO projects with initial funds raised between 700 million yuan and 1.5 billion yuan, the average sponsor underwriting rate is 6.43%. Judging from the sponsor underwriting rate, China Southern Power’s charges are indeed low.

　　What’s the secret behind it?

Brokerage China reporters learned from many sources,China SecuritiesIt is not “active” to “grab” the sponsorship of Nannet Energy’s IPO project at a low pricejobs, But “passively” obtained the sponsorship of the project.

China Southern Power Grid is a subsidiary of China Southern Power GridserviceeconomicsocietyA scientifically developed green platform, China Southern Power Grid holds 40% of its shares. The company is mainly engaged in energy-saving services, new energy, distributed energy and comprehensive energy utilization, as well as electric vehicles,Internet++ Energy services and other businesses.

A person familiar with the matter told the brokerage China reporter that China Southern Power had conducted an IPO in 2018.Open tender, Including several brokerage firms such as China Securities Investment Co., Ltd. participated in bidding sponsorships,GF SecuritiesWin the bid。

This fact is corroborated by the report on August 29, 2019, when it was reported that “the integrated energyLimited companyThe preliminary work of preparation for listing has been started, and the listed brokerage firm is determinedGF Securities, The consulting service agency of the listing cited war is Beijing ZhideshenginvestmentConsultants Ltd. “

　　However, on September 27, 2019, the Guangdong Securities Regulatory Bureau announced the filing information for the initial public offering of CSG Energy.China Securities。

Guangdong Securities Regulatory Bureau published the guidance summary of China Southern Power Grid on July 17, 2020report, The summary report shows that China Securities Co., Ltd. has carried out a five-month counseling work for China Southern Power, which will be completed in February 2020.

On October 10 last year, China Southern Power’s public IPOProspectusIn China, China Securities Co., Ltd. served as the sponsor (lead underwriter),GF SecuritiesActing as a joint lead underwriter.

But on December 30 last yearProspectusin,Sponsor, The lead underwriter is solely China Securities.

There are different opinions on what happened behind the change of the sponsor, but it is basically certain that a major requirement of China Southern Power for the new sponsor is to continue the previous sponsor underwriting rate.

The reporter learned that after the completion of the IPO project, CITIC Construction Securities received 8.15 million yuan in underwriting sponsorship fees.GF SecuritiesThe winning bid price at that time was slightly higher.

　　The “war” of bidding

As the above-mentioned brokerage investment bankers said, the sponsorship and underwriting fee for a 1 billion medium-sized project is about 40-50 million, but the person also said that the environment in this situation is that “investment banks negotiate to promote cooperation without external forces.”

　　For many high-quality issuance projects, the “general charging standard” is often difficult to apply. For example, in addition to the China Southern Power Grid energy project, among the five projects with the lowest sponsored underwriting rates in the past two years, several projects raised more than tens of billions of funds, but the sponsored underwriting rate was less than 1%.

“If the issuer is a state-owned enterprise or a central enterprise, and the sponsor is determined through bidding, the competition will be very fierce. If investment banks want to win such projects, they will use low quotes to gain an advantage.” The person in charge of the investment bank said, this In this case (state-owned enterprise bidding), in addition to the investment bank’s ownBrandIn addition, price is the most important winning factor.

It is understood that some brokersstrategyConsidering factors such as nature, the bids for all state-owned enterprise projects are lower. “For example, although the scale of the China Southern Power IPO project is not large, the investment bank has formed it through this project.Strategic cooperation, China Southern Power Grid can participate in subsequent capital operations. “Some investment bankers said.

China Securities Construction Investment Securities took over the China Southern Power Grid energy project, it is likely to be fancy is the strategic cooperation with China Southern Power Grid, but also optimistic about the development prospects of Southern Power Grid.

(Source: Brokerage China)

(Editor in charge: DF380)