Statistics show that from 2006 to 2008, there were 154 small and medium-sized listed companies. Except for Liang Hai and Huarui Cast Steel, the total listing expenses of other 152 companies are 2.478 billion yuan. On average, each company has to pay16.3 million yuan, and sponsors charge underwriting fees and sponsorship fees 17.88. A brokerage sponsor of United Securities calculated a brokerage cost account. In general, if the project is held for one year, the sponsor's expenses (including signing fees, continuous supervision fees, etc. ) is about 6.5438+0.5 million yuan, the travel expenses of project team members are about 6.5438+0.5 million yuan, the salary of project personnel (including the salary of sponsor representative) is about 2 million yuan, as well as taxes and comprehensive expenses. The cost of doing a project is about 5-6 million yuan, but if a project can produce results in two years, the cost is 6.5438+0.4 million yuan, and the brokerage firm is estimated not to make money. For some brokers, GEM is like a chicken rib, and the investment energy and income do not match, but for some brokers who are good at small and medium-sized board projects, it may be a good opportunity. In the era of meager profit, investment banks have not yet landed on the GEM, and the dispute over listing fees has become fierce. Wang Shufu, president of Shenzhen Maishanlong Information Technology Co., Ltd., a company to be listed, said that there is a financing problem for listed companies on the GEM, because the financing amount of listed companies on the GEM is small, the financial strength of enterprises is weak, and the total financing amount of enterprises is limited, but they have to pay the same fees as small and medium-sized boards. According to the above data, among 152 enterprises, only 36 enterprises have sponsorship underwriting fees less than100000 yuan. Among these 36 enterprises, the good news bird (002 154) of Guoyuan Securities has the lowest underwriting fee. SZ), only 4.5 million. The listing expenses of Baoxin Bird totaled 7.48 million yuan, 24 million shares were issued, and the net funds raised were 290 million yuan, which means that the company's issuance expenses per share were about 0.3 1 yuan. The underwriting expenses of the remaining 1 16 enterprises are all higher than100000 yuan, mainly between100000 yuan and 20 million yuan. Of these 1 16 enterprises, Bank of Ningbo (stock market) (002 142. SZ) Sponsored and underwritten Goldman Sachs Gaohua, reaching104.5 million yuan. Bank of Ningbo issued 450 million shares, raising a net capital of 4,026.96 million yuan, with a total listing cost of 6,543.8+0.65,438+0.304 million yuan, and the issuance cost per share was about 0.25 yuan. On June 65438+ 10/day, 2005, the Notice of the CSRC on Further Improving the Implementation of the Interim Measures for the Sponsoring System of Securities Issuance and Listing showed that from June 65438+1 0/day, 2005, before the sponsor representative issued the securities, China This shows that a sponsor representative can only have one project at the meeting, so the sponsor representative is "frozen" from project submission to issuance and cannot sign other projects. Some investment bankers said that there are as many as 400 projects in the current IPO suspension. According to the requirement that a project needs two sponsor representatives, about 800 sponsor representatives are in the freezing period and cannot sign other projects, thus forming the scarcity and high salary of sponsor representatives and the high cost of brokers. "I heard that some sponsors said that the GEM could receive 4.5 million yuan." A brokerage investment banker in Guangzhou said helplessly: "The sponsor institution can be said to be unprofitable for such a charging standard. For large institutions such as CICC and CITIC, the GEM IPO is like a chicken rib. " In this regard, the person in charge of the investment banking department of a securities firm in Shenzhen said frankly: "For CICC and CITIC (securities firms), it is of little significance to invest too much energy in GEM. It would be better to invest directly in GEM. Like underwriting business, direct investment is also a strong business, and only a few brokers may become winners. " In 2008, CITIC Securities began to try small and medium-sized board business. According to the data from WIND, in 2008, CITIC Securities underwritten four small and medium-sized board projects, with a total underwriting sponsorship fee of 97 1.8 million yuan. However, the business structure of CICC investment bank is relatively simple, and it still maintains the consistent contracting of large-scale projects. Liang Jing, a researcher at Guotai Junan, also said that the GEM is expected to be clear, and CITIC, which has strong direct investment ability, will also benefit from the listing of the invested enterprises. Whose chance? GEM is getting closer and closer, but it is a big cake for brokers such as Guosen Securities (stock market), Ping An Securities and Guangfa Securities (stock market) who are good at dancing in small and medium-sized boards. According to the above data, Guosen Securities ranked first with 265,438+0 sponsored underwriting enterprises, with a total income of 357.83 million yuan and an average income of 654.38+0703 million yuan per order, which was higher than the industry average of 6.5438+065.438+074 million yuan. Ping An Securities, ranked second, sponsored and underwritten 18 companies, with a total income of 268.59 million yuan, and Guangfa Securities, ranked third, sponsored and underwritten 13 small and medium-sized listed companies. Except Liang Hai, the total income of other 65,438+02 companies is 65,438+072,665,438+million yuan. Haitong Securities and Everbright Securities ranked fourth and fifth with 8 sponsors and 7 sponsors respectively. During the period of 2006-2008, the total income of small and medium-sized board underwriting and sponsorship of five securities firms has reached10.38 million yuan, accounting for about 42% of the total underwriting amount, becoming the winner of most of the income. Liang Jing, a researcher at Guotai Junan, pointed out that although it is difficult to determine the launch time of GEM, the system design of GEM is gradually becoming clear, which will help securities companies to carry out GEM business and clarify profit expectations. According to her prediction, the underwriting income of GEM will be about 400-600 million yuan in 2009, and will increase to1.50-200 million yuan in 20 10. People from the investment banking department of Guosen Securities also revealed that "there are about 40 mature GEM projects at present." . According to its introduction, Guoxin Securities Investment Bank Headquarters has 17 investment banking departments, and each department has at least two quite mature projects, with an annual net profit growth of over 30%, and many projects even meet the listing standards of the SME (stock market) board. According to investment bankers, there are more than 100 mature GEM projects, among which Guo Xin, Guangfa and Ping An rank among the top three small and medium-sized enterprises. Among them, there are about 40 in Guo Xin, 30 in Guangfa and 30 in Ping 'an. As of May 14, information from the website of CSRC shows that Guo Xin Securities currently has 9 sponsors, 60 GF Securities and 52 Ping An Securities. "Although the detailed rules of the sponsorship system of the GEM have not yet been promulgated, the number of sponsors has become the guarantee for how many GEM projects brokers can attend." A person from Guo Xin Securities Investment Bank thinks.