对标IPO，哪些农机企业能做大做强（中英双语）

说说IPO的前世今生

Talk about the past life of the IPO

市场经济是竞赛中赢者通吃，输者死亡的残酷拼搏场。作为企业，要么做大做强，要么成为别人的盘中餐。这里没有折衷，从来不相信眼泪。资本在这场博弈中，成也萧何，败也萧何。当你志得意满时，它会锦上添花，让你处在灯火斓姗中。当你落寞败北时，它会落井下石，让你更难堪，狠不得有个地缝钻下去。曾几何时，欧洲国家创造性地摧生了IPO，铸就了欧洲国家一大批发达的经济体；IPO不失时机的作了回“接生婆”，大批跨国企业因此如雨后春笋，一路攻城略地，风弥全球。

30年前，我国陆续发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:

一是确立了我国经济体制改革的总目标是建立社会主义市场经济体制。其意义在于把经济发展的主动权交给了市场经济主体，从而迸发出经济发展的“井喷效应”。

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，我国成长为“世界工厂”。世界面对中国的经济蓠芭墙被“规则”性拆除，外贸成为拉动经济的“三驾马车”之一。短短20余年，我国就成为世界第二大经济体。

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机制。通过这一机制，把社会闲散资金集腋成裘，为企业缺乏发展资金解难。出资者和企业各得其所。

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的英语缩写。意即企业或公司首次公开募股。公司通过公开募股的方式上市，获得稳定的发展资金。认购者则从股票增殖中获得出资收益。如果公司经营不善，股票持有人则承担与持股相等的损失（有限责任）。证监机构对首次公开募股者负监督管理责任，以确保盈利前景好近几年财务无亏损的公司有资格公开上市募股。

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，在询价机制下，新股发行价格并不事先确定，而在固定价格方式下，主承销商根据估值结果及对投资者需求的预计，直接确定一个发行价格。固定价格方式相对较为简单，但效率较低。过去中国一直采用固定价格发行方式，2004年12月7日证监会推出了新股询价机制，迈出了市场化的关键一步。发行方式确定以后，进入了正式发行阶段，此时如果有效认购数量超过了拟发行数量，即为超额认购，超额认购倍数越高，说明投资者的需求越为强烈。

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.

在超额认购的情况下，主承销商可能会拥有分配股份的权利，即配售权，也可能没有，依照交易所规则而定。通过行使配售权，发行人可以达到理想的股东结构。在中国，主承销商不具备配售股份的权利，必须按照认购比例配售。

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.

当出现超额认购时，主承销商还可以使用"超额配售选择权"(又称"绿鞋")增加发行数量。"超额配售选择权"是指发行人赋予主承销商的一项选择权，获此授权的主承销商可以在股票上市后的一定期限内按同一发行价格超额发售一定比例的股份，在此期间内，如果市价低于发行价，主承销商直接从市场购入这部分股票分配给提出申购的投资者，如果市价高于发行价，则直接由发行人增发。这样可以在股票上市后一定期间内保持股价的相对稳定，同时有利于承销商抵御发行风险，每有分析行情线。

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.

农机企业排队IPO

Agricultural machinery enterprises queue up for IPO

2023年4月6日上午，随着花溪科技少帅孟家毅手起钟响，国内农机行业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，国内农机圈更熟悉的名字是花溪玉田，是国内专业从事农作物秸秆打捆机业务的细分领域隐形冠军，是国内小方捆机行业的领军企业。时势成就英雄，花溪科技近几年栉风沐雨、披荆斩棘，经过两代人的努力，凭着实力和专业水准以及连续三年时间的准备，终于敲开了北交所大门，据悉花溪科技是赴北交所上市的首家农机装备企业。

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.

有专家预计，随着花溪科技IPO成功，国内农机企业的IPO闸门有可能会开启，乘着国家强农惠农、资本助农政策的东风，潍柴雷沃、沃得农机、钵施然、英虎机械、威马、拓普云农等企业的上市靴子会加速落地。有了示范效应，后面会有更多的农机企业冲刺资本市场，国内农机行业竞争将升级，农机行业第二次资本浪潮到来。可见，说国内农机行业是资本洼地当实至名归！除了花溪科技之外，国内农机行业最近一个赴交易所敲钟的公司是山东弘宇股份，上市时间是2017年8月2日，之后的7年间，虽然有沃得农机、威马股份、极飞科技、钵施然等公司的前仆后继冲击IPO，但一直没有再敲开主板市场大门，这对青春期的国内农机行业算得上是一种磨砺。

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.

四千多家优秀的企业如过江之鲫奔赴IPO战场，说明IPO对企业具有巨大的价值。IPO之于农机企业至少有以下的几点好处：

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资金，解决企业发展中的资金问题，加速企业成长。2022年沃得招股说明书、2023年潍柴雷沃招股说明书上可看到两个企业IPO募资分别为60亿元、50亿元。如果上市成功并顺利地募资到巨额资金，两家企业的发展速度会加速，同时会改变国内，抑或全球农机行业的竞争格局。IPO募集来的资金来自特定发行对象或广大股民，企业是无偿使用的，回报股民的是未来的分红，如果企业经营不善，无利润可分也不会承担责任，与向银行、金融机构、个人融资相比，IPO上市融资是成本最低的一种途径，这也是IPO最大的吸引力所在，也是企业对IPO趋之若鹜的原因。

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.

二是企业知名度、美誉度、品牌影响力等无形价值。诚然能成功IPO的农机企业，在行业内都是经营良性，有一定知名度的好公司，但是同样都是好公司，有企业一旦成功上市，就会有鲤鱼跳龙门效应，从此之后呼风唤雨、资源聚集。

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.

三是规范化经营，上市对农机企业来讲不仅仅是打通了直接融资的通道，更重要的是实现从商品经营到资本经营的跨越式发展，具有里程碑意义，上市是融资的机会，更是规范企业行为，全面提升企业的机会。

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.

四是创业者和投资人可以通过资本市场让自己的财富增值并变现等。从科创板、创业板、上交所主板、深交所主板、北交所IPO在审信息系统看，目前排队申请IPO的公司有新疆钵施然、威马农机、沃得农机、英虎农机、潍柴雷沃、拓普云农、润农节水等。但以上的名单只是冰山的一角。目前农机行业有数十家新锐企业正在磨刀霍霍，进入资本市场取得新的斩获是他们的天然诉求，且这些“新农机”企业普遍有互联网、智慧农机的基因。

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.

可以说农机行业这次IPO可谓浪潮汹涌，其中不乏如潍柴雷沃、沃得农机这种行业内的超级大腕，以及拓普云农这种具备智慧农业、农业物联网的高科技农业公司。据行业专家分析，本轮IPO，第一波充当先锋队的是潍柴雷沃、沃得农机、英虎农机等以传统的拖拉机、联合收获机为主业的装备制造型农机企业，第二波、第三波将是天生带着数字化、精准化、智能化、无人化、新能源基因的“互联网+农机”“物联网+农机”“智慧农业+农机”的高科技农机公司。

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.

这些农机企业成功上市之后，届时国内资本市场将会真正地形成一个实力强大的农机装备板块，有一些企业可能会赴海外上市，成为两地或多地上市公司，在中国农机走出去的进程中，资本将会发挥引擎和引领者的双重作用。

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.

竞争时代，企业对标IPO无疑是做大做强的必经之路

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

中国农机行业并没有进入品牌竞争、社会营销竞争阶段，由于丛林化的竞争环境，决定了中国农机市场不会沿袭欧美国家的农机市场的路线按部就班，为了尽快逃离红海泥淖，几乎所有完成原始积累的公司都选择独立IPO，也就是资本突围。

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会得到回报和变现，创始人和高管实现财富自由，从此跳入天门不在凡界，这是竞争的升维，就相当于从三维进入四维空间，多一维对低维的竞争伙伴就是降维打击。

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.

农机行业已经进入多寡头垄断阶段，同时竞争升级，已进入资本竞争阶段，但资本是较高级的竞争，同时资本竞争也是少数玩家的竞争，沃得农机、潍柴雷沃任何一家成功IPO，对双方以及整个行业都会产生巨大而深远的影响，行业竞争格局有可能焕然一新。

最高层面的竞争是资本竞争，赢家获得是战略的主动，可以将别人获得的时间和空间上的优势尽收囊中。未来唯大且强的农机企业才能争取一席之地，从全球范围内看，约翰迪尔、凯斯纽荷兰、爱科、久保田、一拖、道依茨、马斯奇奥等跨国巨头或国内头部企业，几乎都是上市公司，一拖还是A股和H股两地上市公司，美国企业90%的融资来自直接融资，而国内只有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%.

国内农机企业要积极的拥抱资本，一方面是通过资本市场募资，帮助企业快速做出规模和行业影响力，另一方面利用上市公司平台打造品牌形象和利用平台资源整合行业存量资源，以压缩成长周期，迅速建立规模和实力优势。

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.