The New Third Board finally ushered in a layered era. From June 27th, the National Stock Transfer Company officially implemented hierarchical management of listed companies. According to the latest statement of Gao Zhenying, deputy general manager of the National Stock Transfer Company, stratification is only the first step. This opens up space for the next step of providing targeted services and supervision for the New Third Board. In the future, the New Third Board will launch a negative list of listing access. The problem of institutional investors entering the market is difficult, and the regulatory requirements are constantly being raised.
Market analysts expect that the new three-board innovation layer will have more opportunities for financing systems and trading system pilots, and will gradually open restrictions on various financial institutions in terms of investor access, but the corresponding regulatory There are more requirements.
Valuation spread or nearly 50%
“We have already started to prepare all kinds of materials.†The director of a listed company said that according to the rules, the company is in line with the standards of the innovation layer, and is currently preparing the declaration content together with the sponsoring brokers.
This is not a case. On the last weekend of May, a number of corporate executives who met the standards of the innovation level could not sit still. They were too excited to prepare the application materials, and all the way to inquire about the news and make the final entry into the innovation layer. s hard work. The above-mentioned corporate secretaries said that it is not known what advantages and disadvantages will be entered into the innovation layer, but it can be expected that in the future, the corresponding policy dividend will be obtained in the differentiated supervision.
According to the national share transfer company, the company is currently in the process of market supervision under the stratification conditions, the listed company information disclosure business rules, stock issuance business rules, stock transfer rules, organizers of securities management rules and listed company secret management regulations, listing The corporate governance guidelines have been revised to implement the concept of providing differentiated supervision and services, and to create a capital market environment suitable for the development of listed companies and underlying listed companies.
It can be seen that there will be institutional differences between the innovation layer and the base layer after stratification. According to Wang Hanfeng, an analyst at CICC, this is mainly reflected in the two aspects of service and supervision. In terms of services, the innovation layer has more opportunities for financing systems and trading system pilots, such as bonds, preferred stocks, stock pledge financing pilots, and the establishment of block trades and non-transactions. Investor access will also gradually open restrictions on various financial institutions; but correspondingly, in terms of supervision, the innovation layer will have more regulatory requirements in terms of regular information disclosure, company commitment, and shareholder executive transactions.
Wang Hanfeng pointed out that with the liberalization of investors and the gradual improvement of the new index and investment research system after the establishment of the innovation layer, the liquidity and trading activity of the innovation company will be enhanced.
According to the calculation of CIIA Securities analyst Hu Yali, or 12% of enterprises enter the innovation layer, nearly 1,000 companies will be selected. Among them, the number of enterprises that meet the standards 1, 2, and 3 is 257, 374, and 79, respectively, and 23 companies meet the three conditions.
“The emergence of stratification has enabled investors with various investment strategies to be targeted and actively promoted the diversification of the future trading strategies of the New Third Board market.†Hu Yali pointed out that the future innovation layer accounts for 80% of the turnover of the New Third Board. %, while the innovation and base layer valuations are on the top, the overall valuation spread is close to 50%, and the tiered M&A instruments are expected to become the most important exit channel for NEE investors.
Follow-up policies will be introduced one after another
On the first day after the announcement of the tiering mechanism, Gao Zhenying made a public statement, and stratification was only the first step.
At the 2016 Financial Street Forum, he frankly introduced a layered “excited moodâ€, but also said that “the meal should be stutteredâ€. The construction of the new three-board differentiation system based on stratification will be an ongoing process, and it is necessary to grasp the reform. The strength and rhythm of the constant advancement.
Subsequently, Gao Zhenying listed the reform map of the follow-up new three-board market.
In addition to the steadily implemented tiering of listed companies, the national share transfer company will optimize the service management of the market, study the negative list of listing access on the basis of adhering to market inclusiveness, establish a differentiated information service system, and further regulate the issuance of stocks and Management of mergers and acquisitions, formulate a negative list system for the use of raised funds, optimize the issuance pricing mechanism, consolidate and improve the small, fast, flexible and diversified investment and financing mechanisms, formulate rules for encouraging enterprises to be listed at the same time, and engage in private equity management institutions. Piloting the market-making business, researching and solving the problem of institutional investors entering the market, and vigorously developing a diversified institutional investor team.
At the same time, it will continue to improve the level of risk control. According to Gao Zhenying, on the basis of a comprehensive evaluation of market self-discipline rules last year, the National Stock Transfer Company has initiated a comprehensive revision and integration of the self-regulatory rules system, which will further refine the self-regulation of self-regulation. Requirement, promote the construction of big data supervision system, enhance the ability to discover violations of laws and regulations and create conditions for standardization of regulatory standards, and clarify the implementation standards of self-regulatory measures and disciplinary measures. “We must let the market players understand the bottom line and understand the red line, and The consequences of bottoming out."
"This will help promote the development of the NEEQ." Sun Jianbo, chief strategist at Galaxy Securities Research Institute, pointed out that, but to promote the activeness of the NEEQ market, it is necessary to liberalize the market-based business entity qualifications and introduce public fund subsidiaries and insurance funds. Pipe company, private equity institutions above designated size, and 35 people who have a certain basis for the new three board companies to release additional shares
Sun Jianbo proposes classified supervision, which is divided into two categories, which are limited to 35 people and unrestricted. Different application procedures and fund-raising monitoring procedures are applied. At the same time, the establishment of a social service board for the whole three-board service is encouraged, and the license control of the New Third Board service is broken. Strictly restrict the use of raised funds, put an end to the use of market forces for the use of market forces for non-principal business, but also to eliminate the vicious financing of private equity firms, and to "confuse" investment products with equity financing.
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