2017将可能成为新的“环保企业IPO年

山西TT废气处理环保技术中心/整理
Shanxi TT waste gas treatment and environmental protection technology center / finishing

 
2017将可能成为新的“环保企业IPO年，山西TT废气处理（深圳海德隆山西办）和您一同分享：   
2017 will likely become the new "environmental protection enterprises in IPO, Shanxi TT gas processing (Shenzhen Haidelong Shanxi Office) to share with you:      

回顾2016，与环保产业依然强劲发展的基本面构成鲜明对比的是，全年没有一家主营环保企业在A股实现完成IPO。不少企业早在2014年就交了IPO材料，但却在IPO通道中苦苦排队至今。在此窘境之下，企业老板着急企业成长、投资人急着退出、企业员工急着兑现股权收益。2017年，对这些“苦逼”的环保企业来说，或许终于要熬到头了。   
Recalling the 2016, and the environmental protection industry is still a strong development of the fundamentals in stark contrast to the year without a major environmental protection enterprises in the A shares to achieve the completion of IPO. Many companies as early as 2014 to hand over the IPO material, but it is hard to queue up in the IPO channel. In this dilemma, the business owners worried about the growth of enterprises, investors eager to quit, employees eager to honor the stock returns. 2017, the "bitter force" of environmental protection enterprises, perhaps finally to the end.      

近期，一系列好消息与环保企业IPO有关：   
Recently, a series of good news related to environmental protection companies IPO:      

首先是证监会发牌加速，去年年底，证监会加大每月IPO批文下发量已从两批增至三批，每月获批企业接近40家。如2017年保持这一水平，全年将有多达500家企业实现上市。环保企业的上市路自然也会得以拓宽;   
The first is SFC licensed to accelerate, at the end of last year, the Commission increase monthly IPO approvals issued under the two batch volume has increased to three from the number of monthly, nearly 40 companies approved. Such as 2017 to maintain this level, there will be as many as 500 companies listed throughout the year. Listed companies will be able to broaden the scope of environmental protection enterprises;      

其次，实际上已经有企业在新年伊始实现抢滩登陆，业内**的博天环境，浙江绍兴的电厂烟气治理工程商德创环境两家企业发行已经敲定，而中持水务先发也得以获批。近期证监会对环保产业明显的“慷慨”或许透露这样一个信号——资本市场的审核方因对环保产业的经营特点有所熟悉和理解，对环保产业的社会公益属性有所考量而对IPO环保企业关注度上升。若真如此，还在等待的一众企业接下来的IPO旅程无疑将更加通畅;   
Secondly, the enterprise is actually in the beginning of this year to achieve landing, environmental industry well-known bossin, Zhejiang issue has been finalized in Shaoxing power plant flue gas treatment project taking German environment two enterprises, and has been approved to start water. The Commission recently was on the environmental protection industry "generous" may reveal a message that the capital market audit for operating characteristics of the environmental protection industry is familiar with and understand the social commonweal of environmental protection industry and environmental protection enterprises to be considered IPO the rising concern. If so, the company is still waiting for the next IPO journey will undoubtedly be more open;      

此外，证监会较近在对十二届**四次会议《关于大力推进节能环保科技产业发展的建议》(*1502号建议)的答复中称证监会一直高度重视中小企业融资难的问题，证监会将继续支持符合国家产业政策和发行上市条件的节能环保企业上市融资，鼓励节能环保企业利用资本市场做大做强。如此的表述给了怀揣IPO计划的环保企业家们一针强心剂，也让前面的猜想不再捕风捉影。   宇墨咨询认为，在种种利好的因素作用之下，积攒已久的IPO势能将很可能在今年爆发，2017将可能成为新的“环保企业IPO年”。   
In addition, the Commission recently at the four meeting of the twelve National People's Congress on "vigorously promote energy-saving environmental protection science and technology industrial development proposal" (No. 1502nd recommendations) reply that the Commission has always attached great importance to the financing problem of SMEs, the Commission will continue to support energy-saving environmental protection enterprises in line with national industrial policy and listing conditions the listing and financing, to encourage energy-saving environmental protection enterprises to use the capital market bigger and stronger. Such statements to the IPO program with environmental entrepreneurs a shot in the arm, also let the front that no longer make groundless accusations. Yu ink consulting believes that under the influence of a variety of favorable factors, the accumulation of a long IPO potential energy is likely to erupt in this year, 2017 will likely become a new environmental protection companies IPO".      

新三板方面，由于IPO渠道渐有疏通之势，有实力迈上此台阶的环保企业对新三板的考虑程度自然会下降。因此，近几月新三板新挂牌环保企业出现了明显的小型化趋势：本月新增挂牌企业9家，但9家企业的资产规模之和不足5亿。企业名称、所在地域及从事业务详见文末上市地图。   
Three new board, due to the gradual emergence of IPO channel dredging potential, the strength of this step on the level of environmental protection enterprises to consider the new board will naturally decline. Therefore, in recent months, three new board listed new environmental protection companies have a significant trend of miniaturization: this month, 9 new listed companies, but the size of the assets of the enterprise and less than 500 million of the 9. The company's name, location and business are listed at the end of the text.

看点   
Watch      

? 上市的意义：软实力   
The significance of listing: soft power      

博天环境是水处理行业，乃至全环保产业较为**也较具代表性的企业之一。然而，快速发展的同时，非上市公司的身份却一直让其显得尴尬。因此，博天早在2014年就申请IPO，并于年底由证监会预披露。其后，便是漫长的等待。2017年1月，博天终于获得证监会发放的IPO批文，于2月上市交易。对于博天这家企业的信息，完全不需在此做更多的介绍。宇墨希望就环保企业与资本市场的关系提出的一个观点是：在资本界依然对环保产业抱有足够的兴趣的当下，无论大企业，还是小企业，只要稍有亮点，在融资方面都不会显得过于窘迫，而细分领域**则更是被资本所争相追逐。以博天为例，即使未登陆资本市场，2014-2016年，企业的资产规模依然从20亿元增长至近50亿元。而IPO先发4001万股，也仅募集资金2.7亿元，可见融资并非博天上市较为急迫的目的。在此环境下，上市对于企业的意义，更多在于软实力的提升。如企业商誉、国际品牌价值、公信力、人才吸引力等等，这些软实力的重要性在于，它们将直接反映在日渐激烈的环保项目争夺中，是企业竞争的关键要素。   
Bo day environment is the water treatment industry, and even the entire environmental protection industry is one of the most well-known and most representative of the enterprise. However, the rapid development at the same time, the identity of the non-listed company has been embarrassing. Therefore, Bo days early in 2014 on the application of IPO, and by the end of the SFC pre disclosure. After that, it was a long wait. In January 2017, Bo day finally get approval IPO Commission issued the listing in February. For Bo day this enterprise information, do not need to do more in this introduction. A view of the relationship between environmental protection ink Yu hope enterprises and capital market is still in the capital sector of environmental protection industry have enough interest in the moment, whether large enterprises or small business, as long as a bright spot, in terms of financing are not too embarrassed, but leading segments are more capital chasing. Bo day, for example, even if the capital market is not landed, 2014-2016, the size of the assets of the company is still up from 2 billion yuan to nearly $5 billion. The first 40 million 10 thousand shares of IPO, but also to raise funds of only $270 million, which is not the most urgent purpose of the listing of listed financing. In this environment, the significance of the listing for the enterprise, but also to enhance the soft power. Such as corporate goodwill, international brand value, credibility, attractiveness and so on, is the importance of soft power, they will be directly reflected in the increasingly fierce competition for environmental protection projects, is the key element of enterprise competition.      

? 场地评估：长路漫漫，但开了个好头   
- site assessment: a long way off, but a good start      

本月挂牌的新三板企业中有一家企业——北京博诚环境，从事的是污染场地评估业务。这块业务值得一提之处在于，方兴未艾的中国修复市场的鲜明特点之一就是重修复而轻调查，虽然土壤修复按流程分为调查评估、修复、验收，且各自需要相对独立的三类主体完成，但国内占**主导地位的还是实施修复的修复企业。但对比而言，国外的修复产业，咨询公司——也即场地调查评估公司的角色则重要的多，甚至常常是修复项目的主要驱动者(由此类公司雇佣工程公司完成)。当然，很难轻言中国修复市场的这一特点完全有弊无利，但普遍在修复项目中存在的调查评估环节独立性偏低，市场化程度不足等问题是实实在在地放大了修复效果不佳、甚至二次污染的风险。   
A company - Beijing bothon environment this month listing three new board companies, are engaged in pollution assessment of business site. This business is worth mentioning is that one of the distinctive features of China repair market is just unfolding and light repair survey, although the soil remediation assessment, according to the survey process is divided into repair, acceptance, and each requires three types of relatively independent subject, but the dominant position of overwhelming domestic enterprises or the implementation of repair repair. But in contrast, repair industry abroad, a consultancy, namely site investigation and assessment of the company's role is more important, and often is the main driver of the repair project (completed by such companies to hire engineering company). Of course, it is difficult to say the characteristics of China repair market completely is harmful, but common in restoration projects in the investigation and assessment of the link independence is low, market degree is insufficient risk truly enlarge the repair effect of poor, even two times pollution.      

在这种情况下，北京博诚环境作为**家主营场地调查的企业挂牌的消息，还是让人或多或少有些欣喜的。但若细看博诚环境的详细资料，则依然会对这一领域产生“路漫漫其修远兮”之感。首先，通过这家公司的项目列表，不难发现公司是从传统的环评业务起家的，做场地评估是近一两年市场环境形成的情况下的方向选择。无疑，在项目经验、人才、咨询产品的体系化和成熟度方面，与AECOM，ERM等国外**企业相比，不是一个量级。另外，2000万左右的年营收，400万不到的利润的核心财务数据也显示，这家公司确实还处在比较初期的发展阶段。   
In this case, Beijing bothon environment as the first main site survey of enterprises listed on the news, or let people more or less happy. But if the details look bothon the environment, still have a long way to go "feeling in this field. First, through the list of the company's projects, it is not difficult to find the company started from the traditional environmental impact assessment business, so the site assessment is the direction of the market environment in the past two years, the formation of the direction of choice. Undoubtedly, in terms of project experience, talent, consulting products and maturity of the system, compared with AECOM, ERM and other well-known foreign companies, is not an order of magnitude. In addition, about 20 million of annual revenue, less than $4 million of the core financial data also shows that the company is still in the early stages of development.      

以管窥豹，作为场地评估“**股”，这家公司的现状是场地调查评估这一非常细分之环保市场的一个缩影：随着环评脱钩，修复项目操作规范化等因素，行业在向市场化的方向发展，但，无可否认的是，我国还没有这类企业能与国外**企业比肩——革命尚未成功，同志还需努力。(作者:史方标)   
Shallow, as the site assessment "of the first" situation, the company is the site investigation and assessment of a microcosm of this very fractionize market: with environmental restoration project EIA decoupling, standardized operation and other factors, the development of the industry, to the direction of the market but there is no denying the fact is that China has not this kind of enterprise can match with foreign well-known enterprises, the revolution has not yet succeeded, the comrade still needs hard. (author: Shi Fangbiao)