In October 2019, the China Securities Regulatory Commission (CSRC) launched the new third board to deepen the reform. After that, the establishment of the selection layer and the introduction of the transfer board system made rapid progress. Nine months later, the new layer of the selected layer plate will officially meet with investors on July 27.
Before the opening of the market, how about the preparation of the selected layer? The relevant person in charge of the national stock transfer company stressed on the afternoon of July 22 that the market opening of the selected layer was ready.
It is understood that since this year, the national stock transfer companies have successively completed three rounds of simulation tests, three times of network wide tests and two times of stress tests on the selective layer trading system, covering all market institutions, business scenarios and business types. In addition, the national stock transfer company will conduct a functional verification test on July 25. After full testing, the functions of the trading system are in line with business expectations. The relevant person in charge of the national stock transfer company said.
With the opening date of the selected layer officially finalized, the first batch of 32 enterprises promoted to the selection layer and entered the countdown stage.
The first batch of 32 companies have all successfully completed the issuance, and after the issuance, the companys share capital and market value meet the requirements for the selected layer to be included. The relevant person in charge of the national stock transfer company said that after the issuance, the first batch of 32 companies were qualified for continuous bidding.
According to the data, the first batch of 32 selective new shares raised a total of 9.452 billion yuan, an average of 295 million yuan per company; the average subscription multiple of 32 companies was 172.39 times; after the issuance, the total capital stock was 5.556 billion shares and the circulating capital stock was 1.942 billion shares, with the average of 174 million shares and 61 million shares of each company, of which the total and circulating shares were 39 million and 13 million respectively. During the issuance process, the average number of investors participating in the subscription of each stock exceeded 350000, 15 stocks obtained strategic investment, and the average number of shares subscribed by strategic investors was 16.13% of the total number of shares issued.
30% up or down
For investors, what matters should be paid attention to is undoubtedly the focus of attention.
Compared with the main board, the selection layer basically has no big difference in trading, the difference is the difference in parameters, such as the price limit of 30%. The relevant person in charge of the national stock transfer company said in a reporters question on the afternoon of July 22.
According to the trading rules, there is no price limit on the first day of trading. In this regard, senior investment and financing expert Xu Xiaoheng said that there is no price limit on the first day of transaction of the selected layer, which is more conducive to the price discovery of the market to a certain extent.
Although there is no limit on the first day of trading, it is worth mentioning that the temporary stop mechanism is set up for the selected stocks. If, during the period without price rise or decline, the stock price rises or falls by 30% or more than 60% compared with the opening price of the day, the trading of the stock shall be suspended for 10 minutes. On the first day of trading, the investors enthusiasm rate is relatively high. Setting up temporary stop mechanism will avoid blind trading to a certain extent, which will also give the market a certain cooling off period. Song Qinghui, a famous economist, said.
Different from the main board, investors buy and sell selected stocks through limit order or market price Commission. The starting number of declaration is 100 shares, and there is no integer multiple requirement. The part less than 100 shares will be sold at one time. For example, we support the declaration of 101 shares and 102 shares. If the remaining 99 shares are sold at one time. Under normal circumstances, the purchase declaration price shall not be higher than 105% of the purchase benchmark price, and the selling declaration price shall not be lower than 95% of the selling benchmark price.
As for matters needing attention for investors trading, the relevant person in charge of the national stock transfer company also said that the new third board market is based on providing services for the development of small and medium-sized enterprises. Small and medium-sized enterprises may have relatively new business models and large fluctuations in expected performance, and the uncertainty of the companys operation is higher. In order to ensure the liquidity of the selected stocks and promote the effective formation of prices, the selective layer stock trading system is adopted There are great differences between the trading system of the basic level and the innovation level, and the individual institutional arrangements are also different from those of the main board of Shanghai and Shenzhen Stock Exchange and the science and technology innovation board. Investors can familiarize themselves with the selection layer trading rules from such aspects as opening and closing bidding methods, intraday bidding methods, range of fluctuation, types of entrustment, entrusted price and quantity requirements, temporary suspension of trading, and block trading threshold. The person in charge of the national equity to equity company said that in the early stage of stock trading of selected stocks, if there are large overall fluctuations and serious differentiation of individual stocks, it is the result of market game.
Zero tolerance for violation of laws and regulations
In addition to the preparation of the selective layer trading system, the preparation of the selective layer trading monitoring has already been in place. For selected companies, if there are violations of laws and regulations, the national stock transfer companies will maintain a zero tolerance attitude.
The new securities law clarifies the self-regulation and supervision power of the national stock transfer companies, as well as the prohibitive trading provisions such as insider trading, market manipulation and trading with undisclosed information, which are directly applicable to the new third board, providing a legal basis for the implementation of the new third board trading supervision.
According to reports, in view of the continuous auction trading at the selective level, the national stock transfer companies launched a new generation of monitoring system, adding 26 real-time monitoring indicators for continuous bidding and 16 regular verification indicators to realize dynamic monitoring and early warning of abnormal transactions, and construct the functions of identifying and tracking clues such as insider trading and market manipulation.
In addition, the national stock transfer companies have strengthened the supervision linkage, established the information mutual reporting mechanism with the CSRC and the local securities regulatory bureaus, strengthened the communication of difficult problems and major matters in the process of supervision by the selected level, established the mechanism of reporting illegal clues and transferring cases, strictly investigated and quickly investigated various major illegal acts, and established a special force for law enforcement inspection and case trial cooperation to cooperate with the CSRC organs And the agency to conduct on-site inspection on the selected layer companies, and dig deep into the details for violations.
Beijing Business Daily reporters learned that the national stock transfer companies have added special monitoring and early warning indicators for the selected layers, covering all kinds of abnormal trading behaviors such as false declaration, lifting and suppressing, counter strike, closing up and down limits, and greatly improved the ability of intraday monitoring and response. The national stock transfer companies will crack down on illegal behaviors in a timely manner. The relevant person in charge of the national stock transfer company stressed.
Source: Guo Chenqi, editor in charge of Beijing Business Daily_ NBJ9931