Brokers Change The Current Millions Of "Separation Fees" New Third Board Selection Layer Enterprises Into "Rocking Qian Shu"

The new three board market has never been a strange thing for brokerages. There are nearly 10000 enterprises, 100 brokerages, enterprises and intermediaries.

According to the data of Orient wealth choice, as of May 14th, more than 330 companies and the original brokerages have lifted the continuing supervision agreement and changed the hosting broker.

Judging from the reasons for "breaking up" in previous years, the reasons for listed company to change its sponsor include the cost standard of continuous supervision, and the cooperation between the two sides during the continuous supervision.

But this year, there are many reasons why companies and brokerages break up. This is the selection layer.

With the acceleration of the reform of the selection layer, the market is expected to become more clear, and the interests of the selected enterprises are also increasing. Therefore, in the process of changing the brokerage business, the securities company demanded the "breakup fee".

The breakup fee rose.

More than 50 new three Board companies have changed their hosting partners because they are ready to issue publicly and enter the selection layer.

Close to the national share transfer system analysis, more than 50 companies later looking for the majority of brokers are large and medium-sized brokerages.

Among them, Shen Wan Hongyuan and CITIC have the largest number of projects to undertake, and it is proposed that the public offering enterprises should release the supervision agreement with the former host brokerages through the marketization way, and separately employ the securities companies with strong sponsorship ability as sponsors, which is of great significance for ensuring the quality of the new three board sponsors and the healthy operation of the market.

In addition, it is worth noting that, like the gem and Chuang Chuang, the resources of the selected enterprises are also gathered to the large and medium-sized brokerages.

In the above listed company, which intends to issue publicly and change the hosting broker, the securities companies are all large and medium-sized brokerages. Among them, Shen Wan Hongyuan and CITIC voted the largest number of projects.

However, reporters learned that with the advance of the selection layer and the huge benefits brought by the selection layer to the securities dealers, the market also appeared to host the broker to change the demand for the breakup fee.

According to the requirements of the national stock transfer system, that is, the sponsor system of the selected layer stipulates that the sponsor broker must be a sponsor broker. If the sponsor does not have the qualification of the sponsor, the sponsor company of the sponsor shall carry out the sponsor business. A securities company that provides sponsor services for the issuer and hosts continuous supervision services for securities companies should have control relationship for the same organization.

As a result, there is a situation that the brokers who have insufficient capacity to host brokerages turn to the securities firms who have the ability to sponsor underwriting to do the selected projects.

It is worth noting that the situation of breakup is not only in the case of small brokerages turning to big brokerages. "In fact, some companies are anxious to push ahead with the selection layer. However, for its host securities companies, such companies are generally of low quality and less charges, and are not active in promoting the selection layer. Therefore, this situation needs to be sought by a willing broker. In this case, it is possible to find some more active medium sized brokerages."

In these cases, there is a situation where a broker asks for a breakup fee. Now the selection is expected to be clear, and the public offering of the company will be profitable anyway.

In fact, the breakup fee has always been in the new three board market, but the previous change of the broker is the replacement of continuous supervision. The so-called breakup fee is also the hard money to compensate supervision, which usually ranges from tens to tens of thousands. But now the new three board selection fee is often millions of dollars.

      People in the new three board business line of a medium-sized brokerage firm in Beijing revealed to reporters: "there are not many brokerages who ask for a break-up fee directly, and more requests for joint sponsorship, so that they can get a share. If the joint sponsorship fails to speak, they will talk about the breakup fee directly, because the sponsor and the sponsor must be the same. In order to quickly promote the selection of enterprises, they must also be forced to do so. Compromise.

Another brokerage company in Shanghai told reporters: "there are also cases in which a subsequent brokerage company has temporarily collected a portion of the sponsorship fee, so that enterprises can first meet the requirements of the previous broker, and then make up all the expenses after the issue is completed."

Selective layer charge

With the continuous advance of the selection layer, the stock price of the related enterprises has been rising well, and the three board market has been thoroughly activated. Under such circumstances, the core of the breakup of the securities companies to the enterprises is not to be difficult for enterprises. Instead, they do not want to have no system to make the system dividends that are not up to the selection level.

For all brokerages, what are the benefits of selected projects?

Prior to the selection of the floor policy, the economic news reporter conducted a round of research in twenty-first Century. At that time, the mode of charging the brokerage fees was estimated. The investment cost of the investment bank was between 200-500 and the underwriting rate was about 8%. At the same time, if the enterprise financing scale is relatively low, the fixed fee will be set.

Today, with the arrival of a number of heavy policies, the expectations of the selection tier are also more sure.

Reporters learned that a broker has adopted a pricing method, such as a regional brokerage company in eastern China. At present, several new three board projects have adopted the price of packaging one time charge, that is, regardless of the future financing and issuance of enterprises, the total cost of sponsorship and underwriting is 15 million.

But most of the merchants still take the mode of charging and keeping the bottom. The new three board listed companies, Cui Yanjun, the founder of the north and South world secretaries and the director of the Dong family, said: "at present, the broker has a minimum charge of 6 million, 8 million and 10 million of the broker's fees, and the current mainstream brokerage fees remain at 6%-10%."

Whether packaged or guaranteed, we can see that the new three board market has some particularity compared with the A share market. This is the possibility that the issuing scale is smaller or the new three board enterprises exist their own failure. In this case, brokers are unwilling to work or lose money, so the mode of bottom fee charging naturally becomes popular.

As more and more companies enter the preparatory stage of selection, brokerage fees are becoming increasingly clear. However, journalists have also learned from insiders that in order to grab the selected items, some brokerages are willing to start price wars. This behavior is also considered by many brokers to disrupt the market.

"At present, a broker will ask about 5% of the underwriting rate. If the underwriting rate is so small, the profit margin of the broker will be very small. Now the selected items are scarce resources for the small and medium brokerages, and they will compete fiercely, but this low price competition strategy is easy to lose money in the new three boards." Hushang securities brokers think.