The "gatekeeper" of the capital market has a high standard
2022-12-22
For the first time, the evaluation results of investment banking business quality of securities firms were released. Recently, China Securities Association released the announcement on the evaluation results of investment banking business quality of securities companies in 2022. Among them, 12 securities companies were rated Class A, 50 securities companies were rated Class B, and 15 securities companies were rated Class C. Experts said that an open evaluation of the quality of investment banking business of securities firms would help to improve the incentive and restraint mechanism of the securities industry, promote securities companies to return to their positions and fulfill their responsibilities, further establish and improve the concept, organization and ability matching the registration system, effectively improve the quality of investment banking business, and better serve the development of the real economy. From "comparing quantity" to "comparing quality", on December 2, the China Securities Association issued the Measures for Evaluating the Quality of Investment Banking Business of Securities Companies (for Trial Implementation), which clarified the evaluation methods and procedures for the quality, internal control, business management and other contents of investment banking business, and established an evaluation system for the quality of investment banking business, It also said that the evaluation results would be disclosed to the public as a reference for professional reputation accumulation of practicing institutions and the implementation of differentiation measures by regulatory authorities. One week later, on December 9, China Securities Association released the evaluation results of investment banking business quality of securities companies in 2022. According to China Securities Association, the evaluation period is from January 1, 2021 to December 31, 2021. The evaluation object is 77 sponsor institutions that completed the project during the evaluation period. The evaluation project covers all the first and refinancing projects of the main board, the GEM and the science and technology innovation board, totaling 1349. The final evaluation results show that 12 companies were rated Class A, 50 companies were rated Class B, and 15 companies were rated Class C. Among them, 12 Class A securities firms are Shenwan Hongyuan Underwriting Sponsor, Guoyuan Securities, CITIC Securities, Huatai United, CICC, Industrial Securities, Zhongyuan Securities, Changjiang Securities Underwriting Sponsor, Zhongtai Securities, Anson Securities, Minmetals Securities and Guojin Securities. Class A securities companies are dominated by head securities companies. Taking Shenwan Hongyuan as the representative, Shenwan Hongyuan said that the company continued to strengthen the strategic layout of investment banking business, strengthen internal and external business collaboration, constantly improve the business service mechanisms of the main board, GEM, science and technology innovation board, Beijiao Stock Exchange and the New Third Board, and formed an enterprise life cycle service system covering listing, supervision, issuance, research, investment and market making. Some small and medium-sized securities companies with "thin body and excellent quality" also joined in. For example, Guoyuan Securities said that over the years, the company has always put the quality of investment banking projects at the top of its list, fulfilled its sponsorship responsibilities with due diligence, and checked from the source to truly combine the "guarantee" and "recommendation" of projects. Zhongtai Securities said that, based on its functional positioning of serving the real economy, the company continued to improve its professionalism. Investment banking, research and other fields were among the forefront of the industry. Solid steps were taken in the transformation of wealth management. Asset management, funds, futures and other businesses grew rapidly, which continued to inject new momentum into the high-quality development of enterprises. It is worth mentioning that a number of leading securities companies, including China Merchants Securities, CSCI, Guotai Jun'an, Galaxy Securities, Guangfa Securities, have not been rated as Class A, but only Class B, indicating that the evaluation focus is on "quality" rather than "quantity". "Compared with the bond rating results previously issued by the China Securities Association, it can be seen that the rating has little to do with the asset size and number of projects." AVIC Securities
Edit：wangwenting Responsible editor：xiaomai
Source：people.cn
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