對標IPO，哪些農機企業(yè)能做大做強（中英雙語）

說說IPO的前世今生

Talk about the past life of the IPO

市場經濟是競賽中贏者通吃，輸者死亡的殘酷拼搏場。作為企業(yè)，要么做大做強，要么成為別人的盤中餐。這里沒有折衷，從來不相信眼淚。資本在這場博弈中，成也蕭何，敗也蕭何。當你志得意滿時，它會錦上添花，讓你處在燈火斕姍中。當你落寞敗北時，它會落井下石，讓你更難堪，狠不得有個地縫鉆下去。曾幾何時，歐洲國家創(chuàng)造性地摧生了IPO，鑄就了歐洲國家一大批發(fā)達的經濟體；IPO不失時機的作了回“接生婆”，大批跨國企業(yè)因此如雨后春筍，一路攻城略地，風彌全球。

30年前，我國陸續(xù)發(fā)生了三件奠基性大事：

struggle in the competition. As an enterprise, either become bigger and stronger, or become someone else's food. There is no compromise here, never believe in tears. Capital in this game, into also xiao, defeat also xiao. When you are satisfied, it will be the icing on the cake, let you in the bright lights. When you are lonely defeat, it will be down stone, let you more embarrassed, ruthless can not have a seam to drill down. Once upon a time, European countries creatively destroyed IPO, created a large number of developed European economies; IPO lost no time to the "midwife", a large number of multinationalenterprises, the world. Thirty years ago, three groundbreaking events took place in China:

一是確立了我國經濟體制改革的總目標是建立社會主義市場經濟體制。其意義在于把經濟發(fā)展的主動權交給了市場經濟主體，從而迸發(fā)出經濟發(fā)展的“井噴效應”。

First, the overall goal of China's economic system reform is to establish a socialist market economic system. Its significance lies in giving the initiative of economic development to the main body of market economy, thus bursting out the "blowout effect" of economic development.

二是重回WTO，我國成長為“世界工廠”。世界面對中國的經濟蘺芭墻被“規(guī)則”性拆除，外貿成為拉動經濟的“三駕馬車”之一。短短20余年，我國就成為世界第二大經濟體。

The second is to return to the WTO, China grew into the "factory of the world". The world's economic wall facing China has been removed by "rules", and foreign trade has become one of the "troika" to drive the economy. In just over 20 years, China has become the world's second largest economy.

三是引入IPO機制。通過這一機制，把社會閑散資金集腋成裘，為企業(yè)缺乏發(fā)展資金解難。出資者和企業(yè)各得其所。

Third, the introduction of the IPO mechanism. Through this mechanism, the social idle funds set into a mickle, for the lack of development funds to solve the problem. The investor and the enterprise are their place.

什么是IPO

what is IPO

IPO是Initial Public Offering的英語縮寫。意即企業(yè)或公司首次公開募股。公司通過公開募股的方式上市，獲得穩(wěn)定的發(fā)展資金。認購者則從股票增殖中獲得出資收益。如果公司經營不善，股票持有人則承擔與持股相等的損失（有限責任）。證監(jiān)機構對首次公開募股者負監(jiān)督管理責任，以確保盈利前景好近幾年財務無虧損的公司有資格公開上市募股。

The IPO is short in English for Initial Public Offering. It means an initial public offering of a company or a company. The company went public through a public offering to obtain stable development funds. Subscribers get the investment income from the stock proliferation. If the company is not well managed, the stock holder will bear the loss equal to the holding (limited liability). CSRC institutions are responsible for the supervision and management of ipo issuers to ensure that companies with good earnings prospects and no financial losses in recent yearsare eligible for public listing.

上市前，在詢價機制下，新股發(fā)行價格并不事先確定，而在固定價格方式下，主承銷商根據(jù)估值結果及對投資者需求的預計，直接確定一個發(fā)行價格。固定價格方式相對較為簡單，但效率較低。過去中國一直采用固定價格發(fā)行方式，2004年12月7日證監(jiān)會推出了新股詢價機制，邁出了市場化的關鍵一步。發(fā)行方式確定以后，進入了正式發(fā)行階段，此時如果有效認購數(shù)量超過了擬發(fā)行數(shù)量，即為超額認購，超額認購倍數(shù)越高，說明投資者的需求越為強烈。

in advance, but under the fixed price, the lead underwriter directly determines an issue price according to the valuation results and the expectation of investors' demand. Fixed price mode is relatively simple, but the efficiency is low. In the past, China has been using the fixed price issuance method. On December 7,2004, the CSRC launched the inquiry mechanism of new shares, which is a key step in marketization. After the issuance method is determined, it has entered the formal issuance stage. At this time, if the effective subscription quantity exceeds the proposed issuance quantity, it is oversubscribed. The higher theoversubscription multiple, the stronger the demand of investors is.

在超額認購的情況下，主承銷商可能會擁有分配股份的權利，即配售權，也可能沒有，依照交易所規(guī)則而定。通過行使配售權，發(fā)行人可以達到理想的股東結構。在中國，主承銷商不具備配售股份的權利，必須按照認購比例配售。

In the event of an oversubscription, the lead underwriter may have the right to distribute the shares, the allotment right, and may or may not be so, in accordance with the exchange rules of the Exchange. By exercising the allotment right, the issuer can achieve an ideal shareholder structure. In China, the lead underwriter does not have the right to place the shares and must place them in proportion to the subscription.

當出現(xiàn)超額認購時，主承銷商還可以使用"超額配售選擇權"(又稱"綠鞋")增加發(fā)行數(shù)量。"超額配售選擇權"是指發(fā)行人賦予主承銷商的一項選擇權，獲此授權的主承銷商可以在股票上市后的一定期限內按同一發(fā)行價格超額發(fā)售一定比例的股份，在此期間內，如果市價低于發(fā)行價，主承銷商直接從市場購入這部分股票分配給提出申購的投資者，如果市價高于發(fā)行價，則直接由發(fā)行人增發(fā)。這樣可以在股票上市后一定期間內保持股價的相對穩(wěn)定，同時有利于承銷商抵御發(fā)行風險，每有分析行情線。

When oversubscription occurs, the lead underwriter can also use the "overallotment option" (also known as "green shoes") to increase the number of issues."Over-allotment option" refers to the issuer gives lead underwriters an option, by the authorized lead underwriters can be in the stock listed within a certain period of time by the same issue price excess percentage of shares, in this period, if the market price is lower than the price, lead underwriters directly from the market shares allocated to purchase investors, if the market price is higher than directly by the issuer. In this way, the stock price can be maintained for a certain period after the listing, and the underwriters can resist the issuance risk, with every analysis of the market line.

農機企業(yè)排隊IPO

Agricultural machinery enterprises queue up for IPO

2023年4月6日上午，隨著花溪科技少帥孟家毅手起鐘響，國內農機行業(yè)新增了一家上市公司。

On the morning of April 6,2023, with the bell ringing of Meng Jiayi, the young marshal of Huaxi Technology, a new listed company was added in the domestic agricultural machinery industry.

花溪科技股份有限公司，國內農機圈更熟悉的名字是花溪玉田，是國內專業(yè)從事農作物秸稈打捆機業(yè)務的細分領域隱形冠軍，是國內小方捆機行業(yè)的領軍企業(yè)。時勢成就英雄，花溪科技近幾年櫛風沐雨、披荊斬棘，經過兩代人的努力，憑著實力和專業(yè)水準以及連續(xù)三年時間的準備，終于敲開了北交所大門，據(jù)悉花溪科技是赴北交所上市的首家農機裝備企業(yè)。

Huaxi Technology Co., Ltd., more familiar with the domestic agricultural machinery circle, is the invisible champion in the subdivision of crop straw baler business in China, and the leading enterprise in the domestic small square baler industry. In recent years, Huaxi Technology has, through two generations of efforts, with strength and professional standards and three consecutive years of preparation, finally opened the door of the North Exchange. It is reported that Huaxi Technology is the first agricultural machinery and equipment enterprise to be listed in the North Exchange.

有專家預計，隨著花溪科技IPO成功，國內農機企業(yè)的IPO閘門有可能會開啟，乘著國家強農惠農、資本助農政策的東風，濰柴雷沃、沃得農機、缽施然、英虎機械、威馬、拓普云農等企業(yè)的上市靴子會加速落地。有了示范效應，后面會有更多的農機企業(yè)沖刺資本市場，國內農機行業(yè)競爭將升級，農機行業(yè)第二次資本浪潮到來?？梢?，說國內農機行業(yè)是資本洼地當實至名歸！除了花溪科技之外，國內農機行業(yè)最近一個赴交易所敲鐘的公司是山東弘宇股份，上市時間是2017年8月2日，之后的7年間，雖然有沃得農機、威馬股份、極飛科技、缽施然等公司的前仆后繼沖擊IPO，但一直沒有再敲開主板市場大門，這對青春期的國內農機行業(yè)算得上是一種磨礪。

Huaxi Technology, the IPO gate of domestic agricultural machinery enterprises may be opened. Taking the advantage of the national policy of strengthening agriculture and benefiting farmers and capital assisting agriculture, the listing boots of Weichai Lewo, Ward Agricultural Machinery, BoShiran, Yinghu Machinery, Weima, Topu Yunnong and other enterprises will accelerate the landing. With the demonstration effect, there will be more agricultural machinery enterprises sprint behind the capital market, the domestic agricultural machinery industry competition will upgrade, thesecond capital wave of agricultural machinery industry arrival. Visible, say domestic agricultural machinery industry is capital depression when deserved! In addition to huaxi technology, the domestic agricultural machinery industry recently a exchange bell company is Shandong hong yu shares, the listing time is on August 2,2017, after seven years, although with agricultural machinery, horse shares, extremely fly technology, bowl ran company before after IPO, but never knocked on the main board market door, the adolescent domestic agricultural machinery industry is a kind of hone.

四千多家優(yōu)秀的企業(yè)如過江之鯽奔赴IPO戰(zhàn)場，說明IPO對企業(yè)具有巨大的價值。IPO之于農機企業(yè)至少有以下的幾點好處：

More than 4,000 outstanding enterprises rushed to the IPO battlefield, indicating that IPO has great value to enterprises. IPO for agricultural machinery enterprises at least have the following benefits:

一是低成本的募集巨量資金，解決企業(yè)發(fā)展中的資金問題，加速企業(yè)成長。2022年沃得招股說明書、2023年濰柴雷沃招股說明書上可看到兩個企業(yè)IPO募資分別為60億元、50億元。如果上市成功并順利地募資到巨額資金，兩家企業(yè)的發(fā)展速度會加速，同時會改變國內，抑或全球農機行業(yè)的競爭格局。IPO募集來的資金來自特定發(fā)行對象或廣大股民，企業(yè)是無償使用的，回報股民的是未來的分紅，如果企業(yè)經營不善，無利潤可分也不會承擔責任，與向銀行、金融機構、個人融資相比，IPO上市融資是成本最低的一種途徑，這也是IPO最大的吸引力所在，也是企業(yè)對IPO趨之若鶩的原因。

First, raise a huge amount of funds at low cost to solve the capital problems in the development of enterprises and accelerate the growth of enterprises. In the prospectus of Ward in 2022 and the prospectus of Weichai Lewo in 2023, the IPO of the two enterprises raised 6 billion yuan and 5 billion yuan respectively. If the listing is successful and raises a huge amount of money, the growth of the two companies will accelerate and change the competitive pattern of the domestic and global agricultural machinery industry. IPO to raise moneyfrom specific object or the majority of people, enterprise is free of use, return people is the future dividends, if the enterprise management, no profit can not take responsibility, compared to the Banks, financial institutions, personal financing, IPO listed financing is a way of the lowest cost, this is also the biggestattraction of IPO, is also for the enterprise of the IPO.

二是企業(yè)知名度、美譽度、品牌影響力等無形價值。誠然能成功IPO的農機企業(yè)，在行業(yè)內都是經營良性，有一定知名度的好公司，但是同樣都是好公司，有企業(yè)一旦成功上市，就會有鯉魚跳龍門效應，從此之后呼風喚雨、資源聚集。

Second, the enterprise visibility, reputation, brand influence and other intangible value. It is true that the successful IPO of agricultural machinery enterprises, in the industry are benign management, have a certain popularity of good companies, but the same are good companies, enterprises once successfully listed, there will be carp jump Longmen effect, from then on the wind and rain, resource gathering.

三是規(guī)范化經營，上市對農機企業(yè)來講不僅僅是打通了直接融資的通道，更重要的是實現(xiàn)從商品經營到資本經營的跨越式發(fā)展，具有里程碑意義，上市是融資的機會，更是規(guī)范企業(yè)行為，全面提升企業(yè)的機會。

Third, standardized operation, listing for agricultural machinery enterprises is not only to open up the channel of direct financing, but more importantly, to realize the leap-forward development from commodity management to capital management, which has a milestone significance. Listing is a financing opportunity, but also to standardize enterprise behavior and comprehensively improve the opportunity of enterprises.

四是創(chuàng)業(yè)者和投資人可以通過資本市場讓自己的財富增值并變現(xiàn)等。從科創(chuàng)板、創(chuàng)業(yè)板、上交所主板、深交所主板、北交所IPO在審信息系統(tǒng)看，目前排隊申請IPO的公司有新疆缽施然、威馬農機、沃得農機、英虎農機、濰柴雷沃、拓普云農、潤農節(jié)水等。但以上的名單只是冰山的一角。目前農機行業(yè)有數(shù)十家新銳企業(yè)正在磨刀霍霍，進入資本市場取得新的斬獲是他們的天然訴求，且這些“新農機”企業(yè)普遍有互聯(lián)網(wǎng)、智慧農機的基因。

Fourth, entrepreneurs and investors can increase the value of their wealth and realize their wealth through the capital market. From the IPO information system of the Science and Technology Innovation Board, the GEM Board, the main board of the Shanghai Stock Exchange, the main board of the Shenzhen Stock Exchange and the Beijing Stock Exchange, the companies currently queuing for IPO include Xinjiang Bo Shiran, Weima Agricultural Machinery, Ward Agricultural Machinery, Yinghu Agricultural Machinery, Weichai Lewo, Tuopu Yunnong, Runnong WaterSaving, etc. But the above list is just the tip of the iceberg. At present, there are dozens of new enterprises in the agricultural machinery industry that are sharpening their knives. It is their natural appeal to enter the new gains in the capital market, and these "new agricultural machinery" enterprises generally have the genes of Internet and intelligent agricultural machinery.

可以說農機行業(yè)這次IPO可謂浪潮洶涌，其中不乏如濰柴雷沃、沃得農機這種行業(yè)內的超級大腕，以及拓普云農這種具備智慧農業(yè)、農業(yè)物聯(lián)網(wǎng)的高科技農業(yè)公司。據(jù)行業(yè)專家分析，本輪IPO，第一波充當先鋒隊的是濰柴雷沃、沃得農機、英虎農機等以傳統(tǒng)的拖拉機、聯(lián)合收獲機為主業(yè)的裝備制造型農機企業(yè)，第二波、第三波將是天生帶著數(shù)字化、精準化、智能化、無人化、新能源基因的“互聯(lián)網(wǎng)+農機”“物聯(lián)網(wǎng)+農機”“智慧農業(yè)+農機”的高科技農機公司。

and agricultural Internet of Things. According to industry experts analysis, the IPO, the first wave as a vanguard is weichai lei wo, farmers, tiger with traditional tractors, joint harvester farm machinery of equipment manufacturing agricultural machinery enterprises, the second and third wave will be born with a digital, accurate, intelligent, unmanned, new energy gene "Internet + agricultural machinery" "Internet of things + agricultural machinery" "wisdom agriculture + agricultural machinery" high-tech agricultural machinery company.

這些農機企業(yè)成功上市之后，屆時國內資本市場將會真正地形成一個實力強大的農機裝備板塊，有一些企業(yè)可能會赴海外上市，成為兩地或多地上市公司，在中國農機走出去的進程中，資本將會發(fā)揮引擎和引領者的雙重作用。

After the successful listing of these agricultural machinery enterprises, the domestic capital market will truly form a powerful agricultural machinery equipment sector, and some enterprises may go listed overseas and become listed companies in two places or more places. In the process of China's agricultural machinery going out, capital will play the dual role of engine and leader.

競爭時代，企業(yè)對標IPO無疑是做大做強的必經之路

In the era of competition, the standard IPO is undoubtedly the only way to become bigger and stronger

中國農機行業(yè)并沒有進入品牌競爭、社會營銷競爭階段，由于叢林化的競爭環(huán)境，決定了中國農機市場不會沿襲歐美國家的農機市場的路線按部就班，為了盡快逃離紅海泥淖，幾乎所有完成原始積累的公司都選擇獨立IPO，也就是資本突圍。

China's agricultural machinery industry did not enter the stage of brand competition, social marketing competition, due to the jungle competition environment, determines China's agricultural machinery market will not follow the European and American agricultural machinery market route, in order to escape the red sea as soon as possible, almost all complete the original accumulation company choose independent IPO, namely capital to break.

只要IPO成功，不但前期付出的一切都會得到回報和變現(xiàn)，創(chuàng)始人和高管實現(xiàn)財富自由，從此跳入天門不在凡界，這是競爭的升維，就相當于從三維進入四維空間，多一維對低維的競爭伙伴就是降維打擊。

As long as the IPO is successful, not only everything paid in the early stage will be rewarded and realized, the founders and executives will realize wealth freedom and jump into the gate of the world. This is the dimension of competition, which is equivalent to entering the three-dimensional space, and the three-dimensional competition is the low-dimensional attack.

農機行業(yè)已經進入多寡頭壟斷階段，同時競爭升級，已進入資本競爭階段，但資本是較高級的競爭，同時資本競爭也是少數(shù)玩家的競爭，沃得農機、濰柴雷沃任何一家成功IPO，對雙方以及整個行業(yè)都會產生巨大而深遠的影響，行業(yè)競爭格局有可能煥然一新。

最高層面的競爭是資本競爭，贏家獲得是戰(zhàn)略的主動，可以將別人獲得的時間和空間上的優(yōu)勢盡收囊中。未來唯大且強的農機企業(yè)才能爭取一席之地，從全球范圍內看，約翰迪爾、凱斯紐荷蘭、愛科、久保田、一拖、道依茨、馬斯奇奧等跨國巨頭或國內頭部企業(yè)，幾乎都是上市公司，一拖還是A股和H股兩地上市公司，美國企業(yè)90%的融資來自直接融資，而國內只有15%左右。

Agricultural machinery industry has entered the stage of oligopoly, competition at the same time, has entered the stage of capital competition, but capital is advanced competition, capital competition is also a few players competition, wo, any successful IPO, for both sides and the industry will have a huge and far-reaching influence, industry competition pattern may look brand-new. The highest level of competition is capital competition, the winner is the initiative of strategy, can be the time and space advantage of others. Future only big and strong agricultural machinerye for a place, globally, John Deere, the new Holland, love, kubota, A drag, way, mas, multinational giants or domestic head enterprise, is almost all listed companies, A drag or A shares and H shares both listed companies, 90% of American companies financing from direct financing, and domestic only about 15%.

國內農機企業(yè)要積極的擁抱資本，一方面是通過資本市場募資，幫助企業(yè)快速做出規(guī)模和行業(yè)影響力，另一方面利用上市公司平臺打造品牌形象和利用平臺資源整合行業(yè)存量資源，以壓縮成長周期，迅速建立規(guī)模和實力優(yōu)勢。

Domestic agricultural machinery enterprises should actively embrace capital. On the one hand, they should raise funds through the capital market to help enterprises quickly make scale and industry influence; on the other hand, they should use the listed platform of listed companies to build brand image and use the platform resources to integrate the industry stock resources, so as to compress the growth cycle and quickly establish scale and strength advantages.