Are you ready for the new countdown of the new third board selection layer?

category:Finance
 Are you ready for the new countdown of the new third board selection layer?


The issuing inquiry time of the two enterprises is 9:15-11:30 and 13:00-15:00 from June 23 to June 24, 2020. The offline and online subscription time is expected to be July 1, and the announcement and disclosure time of the issuance result is expected to be July 7.

In the face of the coming selection layer, all kinds of funds rub their hands and prepare for war.

People who eat soup will have a quick meeting

On June 12, Yingtai biology and Airong software, two listed companies, first obtained the approval of China Securities Regulatory Commission for their applications for public issuance of shares to unspecified qualified investors. It is understood that the two enterprises submitted the issuance and underwriting plan to the national share transfer company on June 17. After the national share transfer company filed the plan, the public issuance and underwriting of shares is officially launched.

It is understood that the public offering of the two enterprises is conducted by the combination of strategic investors directional placement (hereinafter referred to as strategic placement), offline inquiry placement to qualified investors (hereinafter referred to as offline issuance) and online pricing issuance to qualified investors who have opened the trading authority of the new third board selection layer (hereinafter referred to as online issuance).

According to the announcement, the proportion of initial strategic placement quantity of Yingtai biology and Airong shares in the number of this issuance has reached the upper limit stipulated in the rules, among which Yingtai biology plans to introduce 8 strategic investors, including a public fund product (Fuguo actively grows up a year and regularly opens hybrid securities investment fund) and a state-owned background Industrial Fund (Sinochem Xingfa (Hubei) hi tech Industrial Fund partnership (limited partnership)), others are upstream and downstream enterprises of the companys industrial chain.

AI Rong software plans to introduce two strategic investors, one is public fund (Fuguo Fund Management Co., Ltd.) and the other is securities company (Xinda Securities Co., Ltd.), with strong willingness of strategic investors to participate.

The initial off-line issuance ratio of the two companies is 60% and 70% respectively. Professional investors are the main participants in the pricing and issuance of the new third board public offering.

According to the data, Yingtai biology was listed in December 2015, which belongs to the chemical pesticide manufacturing industry. It is engaged in the research and development, production, sales and GLP technical services of pesticide raw drugs, intermediates and preparation products. The companys operating revenue increased from RMB 3.333 billion in 2015 to RMB 5.295 billion in 2019, and the net profit attributable to the parent company increased from RMB 182 million to RMB 282 million. The gross profit margin level of sales is maintained at about 20%, and the company applies for public issuance and enters the selection layer according to the selection standard 1.

Airong software was listed in June 2014, which belongs to the information transmission, software and information technology service industry. It is a computer technology company providing in-depth Internet overall solutions to financial institutions. Its core business is to develop platform and software products for financial application software based on independent intellectual property rights, develop customized software systems according to the personalized requirements of customers, while supporting With supporting technical services and other businesses, we will build a large-scale Internet financial business application system for our customers.

In 2019, Airong software achieved an operating revenue of 213489700 yuan, net profit attributable to common shareholders of the company after deducting non recurring profit and loss of 38037100 yuan, weighted average return on net assets of 25.25%, which was declared for issuance through standard 1 of selection layer.

Are you ready for a new call

In the face of the rapid progress of the selection level, all the funds in the market are ready to embrace the reform dividend.

On June 10, five of the first batch of approved six public funds announced their subscription on the same day, and the first batch of fund-raising scale exceeded 6 billion yuan on the same day, especially the 3 billion yuan Huaxia growth selection (the six-month fixed mix of Huaxia growth selection) was sold out immediately.

Zhou Yunnan, founder of Beijing Nanshan investment, who has many years of experience in the new third board market, is also ready. At the beginning of the year, most people in the whole market, including managers, enterprises, investors and service institutions, were still worried about whether the public offering of the selection layer would be subscribed or not, and whether the final offering would not go out and fail. Whats more, a few people who have long been cynical about the new third board even spared no effort to throw cold water on the implementation of the selection layer. At that time, many enterprises in the selection layer were once identified by whom Buying headache. Only in the past three months, the number of qualified investors on the new third board is said to have exceeded 1.2 million, and the number of institutions and individuals with new qualifications for offline development on the new third board has also exceeded 5000. According to the conjecture and analysis of the new three board review, especially when both companies have determined that the initial strategic allotment accounts for 30% and 20% of the total issuance respectively, I believe that the off-line allotment rate of the first 30 or so selected tier companies may be only 1%, that is to say, I was worried about whether there was a double subscription, and now it may be 100 times oversubscribed. Zhou Yunnan said.

What is the right way to participate in the fight? Zhou Yunnan made a note: the initial number of issues under Yingtai biology net accounted for 60% of the total number of issues after deducting the initial number of strategic placements, and the initial number of online issues was 40%; the initial number of issues under Airong software net accounted for 70% of the total number of issues after deducting the initial number of strategic placements, and the initial number of online issues was 30%. Although the individual capital is small, the number of people who open online is large. The total amount of subscription capital may not be lower than the total amount of offline capital. However, because the number of online issuance is much lower than that of offline capital, the online share allotment rate may be lower than 1% of offline capital. Whether the dream of 100 shares can be realized or not depends on the new speed of the investors. We must place an order at the first time of 9:15 on each subscription day, or we will get 100 shares because of the backward queue, probably more than 50% of the investors will not get 100 shares.

For the market performance after the opening of the stock market, Zhou Yunnan said that the price earnings ratio of the first batch of selected layer listing should take the growth enterprise market as the benchmark, and the first days trend should take the science and technology innovation board as the reference, that is to say, in the case of no rise and fall on the first day, the trend may be high opening and high going, callback and oscillation.

Although the selective offering is called small IPO by the market, there are many different institutional arrangements in the underwriting mechanism, which also needs the attention of investors. The issuance system provides three pricing methods: direct pricing, bidding and inquiry. Among them, the direct pricing method has the advantages of low issuance cost, simple procedure, and is suitable for issuers with active secondary market transactions, mature industry and business model, and more than public companies; the bidding method has the advantages of high marketization, low interest transmission risk, and is suitable for issuers with active secondary market transactions, and less than public companies With the help of professional investors, the inquiry method can reasonably price the shares, and is suitable for issuers whose secondary market transactions are not active or involving new materials, new energy, new industries and other needs for further reasonable valuation. The issuer and the lead underwriter can choose their own reasonable pricing methods according to their basic conditions, stock trading activity, financing demand, market environment and so on.

According to Article 30 of the public offering rules, the investor shall pay the subscription capital in full, pay the subscription margin or participate in the subscription in other ways at the time of subscription in accordance with the requirements of the issuer and the main underwriter, that is to say, the selection layer only needs cash and does not need market value.

In terms of trading system, after the successful issuance of the company, the company will arrange to transfer into the selection layer. If there are market makers, they will exit before the transfer in, and the trading mode will be changed to continuous bidding. In addition to the details such as investor threshold (1 million), limit of rise and fall (30%) and block trading threshold, the trading rules of the selection layer company are basically the same as those of the listed company.

Enterprises will push forward rapidly

From the first review meeting held by the Listing Committee of the national stock to company on June 10th to today, the national stock to company has announced 11 review meetings, some of which are held over the weekend, and the upcoming Dragon Boat Festival is also held by the listing committee.

After the implementation of a series of reform measures, the trend of reducing the number of enterprises listed on the new third board has changed. According to the data of Guosen Securities Research Report, there are 8556 listed companies on the new third board, a decrease of 3074 compared with the beginning of 2018. However, from the second half of 2019, the decrease of listed companies has slowed down significantly.

According to the above research report, thanks to the promotion of the implementation of the reform policy of the selection layer, the number of Companies in the innovation layer after the regular level adjustment this year has increased significantly compared with last year, and now it has reached 1143, almost double the level of more than 600 companies before the adjustment. Before the introduction of the policy at the end of last years reform, the number of Companies in the innovation layer has declined for two consecutive years since 2017, in addition to the overall quality of the company To some extent, it reflects that listed companies have high enthusiasm for entering the selection layer. According to relevant regulations, after the innovation layer company has been listed for one year, it is expected that it can apply for public offering and enter the selected layer if it meets relevant conditions, and then it will be reviewed by the listing committee and reported to the CSRC for approval. It is worth noting that since May this year, the market making index of the third board has declined slightly by 0.13%, which is a correction from the previous gains, and the market valuation has also risen. However, from the beginning of the year to the present, the three board market making index has increased by 22.81% driven by the gradual implementation of the major reform of the select layer, which is second only to the growth enterprise market of 25.91%, significantly higher than the Shanghai Composite Index of - 3.75% and the Shenzhen composite index of 9.49%. Source: Yang Qian, editor in charge of Economic Observer_ NF4425

According to the above research report, thanks to the promotion of the implementation of the reform policy of the selection layer, the number of Companies in the innovation layer after the regular level adjustment this year has increased significantly compared with last year, and now it has reached 1143, almost double the level of more than 600 companies before the adjustment. Before the introduction of the policy at the end of last years reform, the number of Companies in the innovation layer has declined for two consecutive years since 2017, in addition to the overall quality of the company To some extent, it reflects that listed companies have high enthusiasm for entering the selection layer. According to relevant regulations, after the innovation layer company has been listed for one year, it is expected that it can apply for public offering and enter the selected layer if it meets relevant conditions, and then it will be reviewed by the listing committee and reported to the CSRC for approval.

It is worth noting that since May this year, the market making index of the third board has declined slightly by 0.13%, which is a correction from the previous gains, and the market valuation has also risen. However, from the beginning of the year to the present, the three board market making index has increased by 22.81% driven by the gradual implementation of the major reform of the select layer, which is second only to the growth enterprise market of 25.91%, significantly higher than the Shanghai Composite Index of - 3.75% and the Shenzhen composite index of 9.49%.