Following the resumption of A-share IPO acceptance,the number of newly accepted companies has increased rapidly.In just ten days,30 companies planning to go public have seen their status change to "accepted."

Data shows that from June 20th to June 30th,the three major exchanges in Shanghai,Shenzhen,and Beijing collectively accepted 30 new companies,with one each in Shanghai and Shenzhen,and 28 in the Beijing Stock Exchange.Overall,due to the phased tightening of the IPO pace in the first half of the year,the three major exchanges accepted a total of 32 listings in the first six months of this year,a significant decrease compared to 590 during the same period in 2023.

Currently,the A-share IPO acceptance has "broken the ice," and the first batch of companies accepted under the new "Nine National Measures" will be reviewed according to the new IPO regulations.How are the "qualities" of these 30 newly accepted companies?With the new IPO regulations raising the bar for listing,can we observe this change from the newly accepted companies?

According to a review by the reporter using Wind data,most of the above 30 companies are in the manufacturing industry,with some in the high-end equipment sector.Among the new companies accepted by the Beijing Stock Exchange,50% are specialized,refined,and innovative "little giant" companies.In terms of performance,the Shanghai and Shenzhen exchanges each have one newly accepted company,among which China Uranium Industry Co.,Ltd.(hereinafter referred to as "China Uranium"),aiming for the Shenzhen main board,had a revenue of 14.801 billion yuan in 2023.

It is worth mentioning that the Beijing Stock Exchange has recently seen a small upsurge in new acceptances.The official website shows that from June 21st to June 28th,the exchange accepted the listing applications of 28 companies,with the highest number of new acceptances in a single day reaching seven.Industry insiders believe this is influenced by multiple factors such as the validity period of financial reports and the positioning of the sector.

"Considering the requirements for the reporting base date and the validity period of financial reports,some companies planning to go public need to submit their applications by the end of June this year," said Cui Yanjun,an industry insider of the New Third Board,to the reporter.Other analysts say that the Beijing Stock Exchange is facing small and medium-sized enterprises,with small financing scales and a small expected impact on the secondary market,but a significant positive effect on small and medium-sized enterprises."After the resumption of new acceptances,there may be a priority to 'support and release small enterprises.'"

The number of new acceptances at the Beijing Stock Exchange has surged dramatically this year.Both the Shanghai and Shenzhen exchanges had "zero acceptance" in their respective sectors,with only the Beijing Stock Exchange accepting the listing applications of two companies in the first quarter.It was not until June 20th that the Shanghai and Shenzhen exchanges newly accepted the IPO applications of Taijin New Energy and China Uranium,with both companies aiming for the Shanghai STAR Market and the Shenzhen main board,respectively.

Subsequently,the Beijing Stock Exchange also added the listing applications of three companies the next day,namely Jinhua New Materials,Chuangzheng Electric,and Aomisen.Thus,the IPO new acceptance across the three major exchanges has fully restarted.

Recently,the acceleration of new acceptances at the Beijing Stock Exchange has been significant,creating a small upsurge in new acceptances.From June 24th to 28th alone,the Beijing Stock Exchange accepted the listing applications of 25 companies,including Youli Intelligence and Jingchuang Electric.Among them,the number of acceptances on the 26th to 28th was six,six,and seven,respectively.Overall,the Beijing Stock Exchange (BSE) had a cumulative acceptance of 30 listing applications in the first half of this year,compared to 166 applications in the same period of 2023.In terms of the overall market,the Shanghai and Shenzhen stock exchanges,along with the BSE,cumulatively accepted 32 listing applications in the first half of this year.This is a significant decrease compared to the combined 590 applications accepted by the three major exchanges in the first half of 2023.

The rapid growth in newly accepted applications at the BSE is believed by industry insiders to be influenced by multiple factors,including the validity period of financial reports,the positioning of the board,and the nature of the enterprises.

Zhou Yunnan,the founder of Beijing Nanshan Investment,told reporters that the recent resumption of the BSE's acceptance of applications indicates that the listing review process at the BSE is returning to normal.The core reason for the surge in concentrated acceptance is the validity period of the annual reports of the applying companies.

According to relevant regulations,if a company planning to go public uses December 31,2023,as the base date for submitting materials,it must submit the application before June 30,2024,otherwise,it will need to supplement with the latest period data.

Some also believe that after the resumption of IPO acceptance,the BSE's leading acceptance speed is related to the nature of the board.

"The BSE currently has only over 200 listed companies,with smaller market values,better growth potential,and not too much baggage,allowing them to move forward lightly.This is also the main reason why the Shanghai and Shenzhen exchanges each accepted one application in the first half of the year,while the BSE accepted 30," said Zhu Weiyi,General Manager of Power Capital.

According to Wind,among the 28 newly accepted companies,Jinhua New Materials and Zhigao Machinery plan to raise funds of 768 million yuan and 536 million yuan,respectively,while the rest of the companies have fundraising scales of less than 500 million yuan.

The listing threshold is gradually increasing.

The batch of newly accepted companies at the end of June is also the first batch of IPOs accepted after the new "Nine National Articles." The market is highly concerned about whether the IPO threshold has been comprehensively raised under the new "Nine National Articles," and whether this change can be observed from the situation of the newly accepted batch of companies.

Some industry insiders previously told reporters that the current number of newly accepted applications is relatively small,making it difficult to observe common characteristics.Looking at the performance over the past three years,the two companies newly accepted by the Shanghai and Shenzhen stock exchanges for IPO,Xi'an Taijin New Energy Technology Co.,Ltd.,which applied for the STAR Market,had revenues of 519 million yuan,1.005 billion yuan,and 1.669 billion yuan for the years 2021 to 2023,respectively,with net profits attributable to the parent company of 54.982.8 million yuan,98.293.6 million yuan,and 155 million yuan,respectively.

China Uranium Industry,which applied for the main board of the Shenzhen Stock Exchange,had audited operating revenues of 8.906 billion yuan,10.535 billion yuan,and 14.801 billion yuan for the years 2021 to 2023 (reporting period); the lower of the net profits attributable to the parent company before and after deducting non-recurring gains and losses were 759 million yuan,1.26 billion yuan,and 1.302 billion yuan,respectively.

Regarding the Beijing Stock Exchange,according to data from Kaiyuan Securities,the 28 companies newly accepted in June 2023 had an average and median revenue of 578 million yuan and 409 million yuan,respectively,with an average and median net profit attributable to the parent company of 65.51 million yuan and 53.65 million yuan,respectively.Among them,50% of the companies are specialized and innovative "little giant" companies,and four companies had a net profit attributable to the parent company exceeding 100 million yuan in 2023.

Additionally,upon review by the reporter,among the 28 newly accepted companies by the Beijing Stock Exchange,Jinhua New Materials had a revenue of 1.115 billion yuan and a net profit of 173 million yuan last year.Among the other companies,in terms of revenue,both Nengzhiguang and Youli Intelligence had revenues of over 500 million yuan last year; in terms of net profit,both Dongshi Environment and Youli Intelligence had net profits close to 80 million yuan last year,while Jingchuang Electric and Nengzhiguang had net profits of around 50 million yuan.

In April of this year,the Shanghai Stock Exchange and Shenzhen Stock Exchange each issued relevant policies,adjusting the listing thresholds for the main board,STAR Market,and ChiNext.

So,looking at the new batch of accepted companies,is the listing threshold of the Beijing Stock Exchange also increasing?

"The listing threshold of the Beijing Stock Exchange has been gradually increasing," said Cui Yanjun.With the increase in the listing thresholds of the Shanghai and Shenzhen stock exchanges,some companies have "switched" to the Beijing Stock Exchange,which has driven the improvement of the listing standards for companies on the Beijing Stock Exchange.

Zhou Yunnan believes that "it's not that the threshold has been raised actively,it's that the applying companies have raised it themselves," he explained,some companies with eye-catching performance have raised the listing threshold of the Beijing Stock Exchange.

"Listing is also equivalent to selective admission,companies with better performance and higher quality fundamentals are naturally more popular,and the threshold has gradually been 'rolled' up," said Zhou Yunnan.

In addition,upon review by the reporter,some of the newly accepted companies by the Beijing Stock Exchange this time have come from the Shanghai and Shenzhen markets.Two years ago,Aomaisen,which withdrew its application from the Growth Enterprise Market (GEM),is now aiming for the Beijing Stock Exchange (BSE).The company's listing application was accepted on June 21st,with Cinda Securities acting as the sponsoring underwriter.

As early as 2021,Aomaisen attempted to go public on the A-share market,planning to list on the Shenzhen Stock Exchange's GEM.However,in July of the following year,Aomaisen proactively terminated its Initial Public Offering (IPO).

Dingjia Precision is in a similar situation.After withdrawing its IPO application from the Shenzhen Main Board last year,the company turned to seek listing on the BSE.

In March of last year,Dingjia Precision's listing application was accepted by the Shenzhen Stock Exchange.Only half a year later,in September of the same year,the company withdrew its application documents.On June 28th of this year,the company's listing application was accepted by the BSE,with Ping An Securities serving as the sponsoring underwriter.