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After the listing of the Chinese fintech company Ant Group suddenly ceased in November of last year, the listing of middle technology companies also declined sharply. The photo shows the Ant Group headquarters in Hangzhou, Zhejiang Province on October 29 last year. Photo = Reuters News 1
Number of companies discontinued listing in the star market, cumulative scale since the launch of the star market in 2019 /Photo = East Money, FT
Chinese authorities’ measures to suspend listing of Ant Group are putting cold water on IPOs of mid-technology companies.
The Financial Times (FT) reported on the 3rd (hereinafter local time) that the number of companies reached an all-time high while canceling plans to list on the Shanghai Star Market.
Shanghai Star Market was launched in July 2019 with the goal of creating the New York NASDAQ market in China.
According to the data released by the Star Mayor, 76 companies stopped the IPO application process during the month of March alone. It is the largest ever. Compared to a month ago, it exploded more than two times.
The number of companies whose listing process on Star Market has been suspended exceeds 180.
Listing withdrawal began to increase sharply in December of last year.
It is the trigger that China suddenly blocked the listing of Ant Group, a fintech company under Alibaba, which was expected to become the largest IPO in history.
From then on, China began reinforcing regulations on capital markets, and after that, the standards for listing have been greatly strengthened.
The number of companies discontinued from listing, which was only 12 in November of last year, has since soared.
Compared to the sharp increase in global IPOs as the stock market surged after the pandemic blockade of the novel coronavirus infection last year (Corona 19), the decline is more pronounced.
After Chinese President Xi Jinping supported Star Market, the policy of the Chinese authorities to make it easier to list through a’registration system’ rather than a’permission system’ has been reverted to the previous one with the cessation of the Ant Group listing.
Prior to Ant Group, companies wishing to be listed on the star market could quickly list them by submitting the necessary financial documents to the China Securities Commission (CSRC).
Independent analyst Fraser Haw said: “The star market really meant a step forward for reform, but what’s happening now doesn’t mean that by all means.”
Hei said that China’s financial markets have become increasingly open and market-oriented, but feared that China is reversing this trend with the cessation of the listing of Ant.
Unlike before, it is known that the standards demanded by Chinese regulators from companies preparing for listing have become strict.
According to CSRC sources, the CSRC strategy’advanced 3 steps and then retreated 2 steps’. Accordingly, the slowdown in IPOs in the star market is expected to continue until the end of this year.
As the listing process becomes more demanding, the number of companies waiting to be listed is increasing rapidly.
According to East Money Information, a market information provider, the number of Chinese companies waiting to be listed is close to 2,300.
If the IPO proceeds at the pace of last year, it will take four years for all of these companies to be listed.
As companies’ IPOs ceased, the Chinese authorities’ goal of developing the capital market in China became inevitable.
In particular, in December last year, when the US passed a bill that allowed Chinese companies that do not apply US accounting standards to delist from the US stock market, the need to develop the regional capital market became urgent. The chances of becoming this have increased.
Reporter Song Kyung-jae at [email protected]
※ Copyright holder ⓒ Financial News, unauthorized reproduction-redistribution prohibited
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