New third board reform accelerates four types of companies or enters the selection layer

category:Finance
 New third board reform accelerates four types of companies or enters the selection layer


According to the layered management method (Draft for comments), the entry standard of the selection layer is based on the market value, which is set around the profitability, growth, market recognition, R & D ability, etc. all the requirements are significantly lower than the listing conditions of science and technology innovation board and the average level of GEM companies. Meanwhile, enterprises that issue special voting shares in accordance with the regulations are allowed to enter the selection layer.

The target of the selection layer is also limited to the innovative layer companies that have been listed on the new third board for more than one year, and meet the relevant standards of the selection layer. The person in charge of the stock transfer company said that such companies have been listed on the new third board for a period of time. After the regulation and supervision of the early market, it helps to improve the overall quality of the selected companies.

Liu Pingan, President of jinchangchuan capital and chief economist of Chinas new third board research center, told Securities Daily that four sets of standards were set for the market value and financial conditions of the selected layer, which were mainly aimed at four types of companies, one is the profit-making companies with stable profit model, the other is the profit-making companies with clear profit model, rapid business development and preliminary profitability The third is for the R & D enterprises with certain R & D capabilities, and the R & D achievements have initially achieved business income; the fourth is for the innovative enterprises with high recognition in the market and strong R & D innovation capabilities, but no requirements for enterprise income and profitability.

The criteria of the selection level take into account the market positioning of the dislocation development of the multi-level capital market, as well as the stock situation of the listed companies of the innovation level. Liu Pingan said so.

Fu Lichun, director of Northeast Securities research, told the Securities Daily that the speed of the new three board reform exceeded market expectations. High quality innovative enterprises will be the stars of the new three board and favored by investment banks, etc. by entering the select level and turning the board. Its financing, trading and pricing will be relatively high at the initial stage, and then the trend will depend on the progress of policy implementation and capital status, etc., but the final determinant is the continuous operation, growth and standardization of the main business.

In addition, for the implementation of the public issuance system on the new third board, the relevant directors of the stock to company said that on the one hand, on the basis of the original directional issuance and financing mode, a diversified issuance mechanism should be established to meet the financing needs of some enterprises after their growth and further strengthen the market financing function; on the other hand, the listed company completed the public issuance on the new third board, which is also the next step for the board to change Listing creates conditions.

The registration system shall be implemented for listing on the transfer board

In terms of the stock to exchange mechanism, the relevant person in charge of the stock to exchange company said that if the selected companies have been listed for one year and meet the listing conditions of the securities law and the relevant provisions of the exchange, they can directly apply to the exchange for the listing of the stock to exchange instead of following the traditional path of public offering and listing. The board transfer mechanism is conducive to broadening the listing channels, giving better play to the connecting functions of the new three board market, promoting the complementary and misplaced development of multi-level capital market, and improving the ability of capital market to serve the real economy, said the person in charge.

The registration system is also implemented for listing on the board of transfer, said Liu Pingan. The implementation of the decision-making procedures for stock transfer, the recommendation of securities companies and the application for board of transfer are reviewed by the exchange without the approval of the CSRC. These are standard registration system procedures.

In terms of investor structure, the relevant directors of the stock transfer company said that the reform will appropriately reduce the threshold for investors, and set investor access standards for the selection layer, the innovation layer and the basic layer respectively. We will encourage public funds to invest in selected listed companies in accordance with regulations, and continue to promote the market entry of professional institutional investors such as insurance funds and enterprise annuities.

Source: responsible editor of Securities Daily: Yang qian_nf4425