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The reporter learned from a number of brokerages, the New Third Board, that the supervisory floor statement was within expectations, but strengthened the expectations of the corresponding supporting measures of the innovation layer to be introduced this year.
Improve the new three-board stratification during the year
On February 26, Liu Shiyu, chairman of the China Securities Regulatory Commission, said at a press conference that "after long-term development, the solution to the problem of (IPO) 'small lakes' has become wider and wider. Not only the exchange capacity of the two exchanges in Shanghai and Shenzhen is Enhanced, the function of the new three boards is becoming more and more prominent and will play a greater role."
Pudong Jun of Changjiang Securities analyzed that this statement has further strengthened the positioning of the future independent market of the NEEQ. The NEEQ is also responsive to the needs of emerging industries such as financial technology, and will be able to absorb more of such enterprises.
Zhao Zhengping, vice chairman of the China Securities Regulatory Commission, said at the meeting that the reform of the New Third Board is an important task in the construction of multi-level capital markets this year. It is necessary to effectively supervise and maintain the bottom line, and to further enhance the core functions of financing and trading, etc. In order to make the new three boards on the basis of the accumulation of quantity, the quality has also achieved a big improvement.
Zhao Zhengping further stated that the focus of the reform is to improve market stratification, and through stratification management, reforms in various aspects such as issuance, trading, investor access and supervision, and provide differentiated institutional supply for many listed companies. The positive effects of the market will be further released, and the small and medium-sized enterprises with strong innovation ability, honesty and trustworthiness, standardized operation and broad prospects will be supported to accelerate development.
In response, many securities brokers said that the SFC's speech at the press conference was in line with expectations.
A new small board company in Guangzhou said that "this is a good thing, it is good for the new three board, and the system should be introduced within the year."
"The innovation layer was set up last year. However, there have been no supporting measures around the innovation layer. It is necessary to release the policy in the future. Otherwise, good companies will run out," said a new three-board broker of a medium-sized brokerage in Shanghai. In his view, policy is still a key factor affecting the positioning and liquidity of the NEEQ market.
"For these preferred enterprises, after the stratification, the supervisory layer has to have a system for the market. It has not been clear before. This time, I believe that there will be corresponding supporting measures to be implemented this year." The head of the new three board of a large brokerage in Beijing said .
A new medium-sized brokerage in Shenzhen, a medium-sized brokerage, has hidden concerns. "I think it is one thing to refer to the law, and the implementation of the actual level is another matter." He expects to introduce a bidding transaction system during the year to promote liquidity.
Pudong Jun of Changjiang Securities said that the optimization of the New Third Board system will be systematic engineering (including in-depth stratification, private placement, market transactions, investor access and transaction methods continue to be enriched, and public offerings entering the market, etc.), the main theme is stable In order to advance, it must be based on the stability of the A-share market and the improvement of the IPO issuance efficiency. It will not happen overnight, and from the process of the policy advancement of the New Third Board, the innovation layer, and the private placement market, the relevant rules of the systemic policy are introduced. It will take time to formally land.
Innovation layer will usher in "transformation"
In addition to facing institutional innovation, the innovation layer will be ushered in a “tuning†change at the company level.
According to the standard rules of the innovation layer, the maintenance standard is divided into two parts. The first part of the listed company needs to meet one of the three conditions. The first is the continuous profit in the last two years, and the annual average net profit is not less than 12 million yuan. In the past two years, the average weighted average return on equity has not fallen below 6%. Second, the operating income has increased continuously in the past two years, and the compound annual growth rate is not less than 30%. The average operating income in the last two years is not less than 40 million yuan. The share capital is not less than 20 million shares; the third is the average market value of the 60 market-making transfer days that have recently been sold is not less than 360 million yuan. At the end of the last year, the shareholders' equity is not less than 50 million yuan, and the number of market-making businesses is not less than 6 homes.
In addition to meeting the first part, it must meet the second part of the common standard, to meet the qualified investors not less than 50, the actual transaction days of the last 60 transferable days accounted for not less than 50%, the company has not been for nearly 12 months Conditions such as regulatory measures taken by the Securities and Futures Commission or the share transfer company.
According to wind statistics, there are only 560 companies that do not meet the number of “qualified investorsâ€, accounting for 58.95%. On the second condition, as of February 27, there were 197 actual trading days in the past 60 days, accounting for less than 50%, accounting for 20.74%.
According to the analysis of the new three board members of a brokerage in Guangzhou, “there is no such thing as propaganda and it does not attract investors to invest.â€
As tiered adjustments are getting closer, non-compliant new three-board companies are beginning to focus on attracting more qualified investors. “In the near future, some sponsored brokerages have recruited qualified investors in the social circle, hoping to sprint 'protection layer',†said a small brokerage dealer in Shanghai. “When you rushed into the GEM last year, everyone did it.â€
“The 'protection layer' needs to be listed by the listed companies. From the perspective of the regulatory layer, the innovation layer system dividend is expected to be released intensively this year, and the superiority of the innovation layer will be further demonstrated. It is better for the innovation layer enterprises to miss the critical period.†A small brokerage official in Shanghai said.
"There was a rumor that the 'selection layer' will be introduced some time ago, which will promote the innovation of the listed company; but if the result is not the same, or the same policy arrangement as before, or the market liquidity is insufficient, then the enterprise There is no need to have the power 'protection layer'. In addition, it depends on how high the cost of 'guarantee layer' is, and the cost is too high, it will give up." The new three-board broker of a medium-sized brokerage in Shenzhen said.
However, on the issue of high violation records of the company's shareholders and directors, many companies in the innovation layer have been punished since last year. For example, Kehui has caused huge capital exchanges with related parties and has not disclosed it in time. It was punished by the Shandong Securities Regulatory Commission of Shandong Regulatory Authority last year. . The second shareholder of Yuanquan Co., Ltd. occupies nearly 50 million of the company's funds. The company did not use the funds for temporary announcements, nor did it perform the decision-making procedures as required. In December last year, it received the regulatory measures of the Jiangxi Securities Regulatory Bureau.
The new three boards improve the stratification or the breakthrough innovation layer of enterprises
Summary February 26, the Commission held at the State Council Information Office news conference, referring to the three new board, Commission Vice-Chairman Zhao Zhengping clear the three new board reform is an important task this year, the focus of the reform is to improve market stratified by Hierarchical management, distribution, trading, investors...
On February 26, the CSRC held a press conference at the State Council Information Office. When referring to the New Third Board, Zhao Zhengping, vice chairman of the China Securities Regulatory Commission, made clear that the reform of the New Third Board was an important task for this year. The focus of the reform was to improve market stratification and pass Layer management, which integrates reforms in various aspects such as issuance, trading, investor access and supervision, and provides differentiated institutional supply for many listed companies.