How to ride the storm under the new third board under the registration system

category:Finance
 How to ride the storm under the new third board under the registration system


First day performance

Experts have different opinions

The first batch of 32 enterprises and more than 1.5 million investors are waiting for the bell of the market opening of the selected layer. On July 27, the new third board will usher in its historic highlight moment.

According to the official data of share transfer, the total amount of funds raised by the first batch of 32 companies in the selected layer was 9.452 billion yuan. After the issuance, the total circulating market value was about 25.3 billion yuan based on the issue price. The market performance of the selected layer after opening the board is more eye-catching and expected. Some analysts believe that, judging from the hot issue degree of the selected layer and the valuation of P / E ratio, the trend of the selected layer after the opening of the board may duplicate the trend of the opening of the science and technology innovation board, but there are also concerns about the first days breaking. At the same time, it is believed that some non restricted shares before the selective listing layer will have a negative impact on the secondary market price after the listing of the selected layer.

Low P / E ratio + high placement ratio means investors can expect the first batch of new yields. Liu Jing, research director of the new third board of Shenwan Hongyuan Securities Research Institute, believes that the first batch of selected layer issuance results have been implemented, and the overall rhythm is beyond expectations, showing the characteristics of fast, small amount and low cost, which he describes as a rational start.

Zhou Yunnan, a senior commentator on the new third board and founder of Beijing Nanshan investment, said that it is a small number of market people who are too optimistic that the first days rise of the selected tier is in line with the recent sci tech innovation board. This is not a rational point of view, because there is still a big gap between the selection layer and the science and technology innovation board in terms of plate attribute, number of investors, amount of speculation funds, speculation style and market expectations. Zhou Yunnan predicted that the trend of K line on the first day of the selected layer may be a little similar to the first day trend of the first batch of science and technology innovation boards a year ago, that is, opening high and going high, then falling down and adjusting, and then concussion, the probability of closing the small positive or small Yin line with long upper shadow is large; the comprehensive opening price increase may be about 30%, and the maximum comprehensive increase may be about 50%; the total transaction amount on the first day may set a new history of the third board A record high, breaking through 10 billion yuan.

Cheng Xiaoming, a well-known expert on the new third board, said that investors are more concerned about what the selection layer can bring to the new third board. The selection layer actually tells us how much space the new third board can achieve, what height it can do and what it can bring to the enterprise? In the past, everyone thought that there was no transaction in the new third board, which was of no value to the enterprise. The introduction of the selection layer tells us that what the main board can do, the selection layer can also do it. If the transaction can be active, there will be financing and M & a functions. .

In the past, due to the concentration of issuing objects and the high threshold of investors, the new third board (neeq) suffered from the lack of liquidity, poor pricing ability and insufficient financing capacity. All participants in the market were in a slump for a time. In particular, in 2019, the listed companies set off a climax of delisting and voting with their feet.

In the past, the threshold for investors to open an account on the new third board was set at 5 million, resulting in no trading on the new third board. Cheng Xiaoming said, in the past, the new third board is like this. When a car leaves the factory, in order to prevent the vehicle from slipping during transportation, it puts the cars gear at P when it leaves the factory. I dont know why, after selling the car to customers, it still hasnt put the P-gear to the d-gear. The car cant move. Some people say that the car cant move, In fact, the gear is not released.

This situation has fundamentally changed since October 25, 2019: the CSRC announced to launch the new third board, comprehensively deepen the reform and introduce the select layer, after the reform, the investment threshold of the selected layer has dropped to 1 million yuan. Since the beginning of this year, with the new third board reform business rules coming out one after another, the new third board market has been riding the wind and waves all the way, and various functional indicators have rebounded, and the effect of progressive development has shown.

The enthusiasm of investors to participate also continued to rise. As of July 20, the number of investors who can trade the select layer has risen to 1526600, more than three times that of 450000 at the end of 2019. Several fund companies have approved the new third board public offering fund products, and actively participated in the purchase of the first batch of 32 public offering enterprises. This shows the attraction of the new third board market to investors after the deep reform.

Differentiation positioning under registration system

It is worth mentioning that July 27 is not only the big day for the selected layer of the new third board, but also the Shenzhen Stock Exchange starts the online issuance business of the registration system of the gem on this day.

On July 22, 2019, the first batch of 25 enterprises landed on the science and technology innovation board, and the curtain of registration system reform began. All this is the witness of the rapid progress of Chinas capital market comprehensive deepening reform. Huatai Securities believes that this will lay the foundation for the promotion of the whole market registration system in the future. So, in this process, what is the position of the new third board and what kind of upgrading path is there?

The introduction of the registration system on the science and technology innovation board and the growth enterprise market has reduced the listing threshold of enterprises to a certain extent, and the market is worried about competition with the new third board. According to Guangzheng Hengsheng, the new third board mainly serves innovative small and medium-sized enterprises and complements each other while moderately competing with gem and sci-tech innovation board. First of all, from the perspective of industry inclusiveness and financial threshold, the selection layer still has differentiated positioning with the science and technology innovation board and the gem. Second, the new third board, especially the selection layer, is also positioned as the floor market after the deep reform, and the financing trading system is basically consistent with the gem and the science and technology innovation board. Third, the introduction of the registration system of the science and technology innovation board and the growth enterprise market lays the foundation for the implementation of the system of selecting layer to board, which is conducive to the docking of the valuation and liquidity system of the selected layer with the growth enterprise market and the science and technology innovation board.

On the one hand, after the reform of the capital market registration system, the securitization threshold of Shanghai and Shenzhen stock exchanges has decreased compared with the approval system stage, and the competition with the new third board, especially the selection level, has increased. But on the other hand, the three plates have initially formed a differentiated positioning. The selected layer mainly supports entrepreneurial and small and medium-sized enterprises, and is highly inclusive. The science and technology innovation board mainly supports technology-based enterprises, and the requirements for profitable enterprises are slightly higher than those for selected enterprises, while the requirements for unprofitable enterprises are more inclusive. Gem mainly supports innovative growth oriented enterprises, which is more inclusive of profitable enterprises, and has higher requirements for unprofitable enterprises.

In fact, in the past few years, the new third board has been an important reserve force for gem and sci tech innovation board. According to the statistics of Anxin securities, the total number of companies that have passed the meeting in 2020 will be 185, including 60 new third board companies. In the IPO of the main board and small and medium-sized board, the proportion of the new third board companies that passed the meeting accounted for 18.75%. In the gem IPO, the proportion of new third board companies that passed the meeting accounted for 48.72%. In the IPO of science and technology innovation board, the proportion of new third board companies that passed the meeting accounted for 35.37%.

On June 3, the China Securities Regulatory Commission (CSRC) issued the guiding opinions on the listing of companies listed in the national small and medium-sized enterprise stock transfer system through the board listing. The official draft of the guidance on board transfer was issued to shorten the IPO time of new third board enterprises.

Peng Hai, head of the SME Service Department of Kaiyuan securities, said that the new third board enterprises that had previously applied for the main board, the growth enterprise market and the science and technology innovation board did not have the advantages of IPO application, and still needed to follow the audit process of IPO and listing as the non new third board enterprises. Combined with the delisting process and time from the new third board market, the procedures of listed companies are more cumbersome, time-consuming and even longer than ordinary companies. It is estimated that, under the transfer mechanism, the total time of listing on the selective layer and the listing time on the selective layer will be about 500-600 days, which will greatly shorten the IPO time of the original new third board enterprises.

According to Peng Hai, the policy is aimed at promoting the complementary advantages and dislocation development of the multi-level capital market, giving better play to the function of the new third board market as a connecting link between the preceding and the following, broadening the listing channels, stimulating market vitality, and providing differentiated and convenient services for enterprises at different stages of development.

Listed companies:

Feel the flavor of the new third board Era

Guangzheng Hengsheng believes that the selection level will become the rational choice of some enterprises and give full play to its role in the multi-level market.

Peng Hai also believes that those high-quality enterprises with good financial condition or strong innovation ability, high market recognition and high public level can find a capital market in line with their own positioning according to their own situation, and there are different levels of capital market assistance with the growth of enterprises.

Encourage competition, as long as its fair. Cheng Xiaoming believes that the new third board is not afraid of competition. He estimates that with the introduction of the selection layer and the increasingly active trading of the whole new third board market, there will not be so many enterprises that have to switch to the new third board.

The introduction of the selected layer means that the preliminary construction of the new third board as a capital market for SMEs has been completed, which is the collective wish of SMEs to join the new third board. Zhejiang cloud Network Technology Co., Ltd. Chairman Lu Shidong said.

Lu Shidong introduced that cloud network, as a data company, faced with long-term R & D investment, successfully realized two rounds of financing on the new third board. As a post-80s entrepreneur, I personally feel the breath of the times that the new third board shares with me. In the near future, there will be more and more technology giants on the selection layer. Because believe, so insist.

Wu Jian, Director Secretary of Zhejiang shengzhao Pharmaceutical Technology Co., Ltd., also said that in recent years, the state has vigorously promoted the construction and improvement of multi-level capital market, and has issued a series of policies to encourage the development of capital market, providing strong policy support for the development of small and medium-sized enterprises. The launch and landing of the selected layer of the new third board provides a good development opportunity for the R & D high-tech enterprises like shengzhao pharmaceutical.

Shengzhao pharmaceutical is a pharmaceutical enterprise focusing on the R & D and industrialization of high-end complex injections. Many R & D product pipelines are about to enter the outbreak period, and more investment is needed in the later research and development, clinical research and commercial production. Wu Jian disclosed that after the launch of the new third board selection layer, the company is also actively preparing for the selection layer, hoping to help the enterprise solve the capital problem with the help of the public issuance of the selection layer and the follow-up capital market, so that the enterprise can focus more on research and development, and promote the import substitution of domestic products in the field of high-end complex injection. We also hope that after the selection layer is opened, more investors can pay attention to the high-quality enterprises of the new third board and share the dividend of the market reform of the new third board together! Wu Jian said. In fact, after the delisting tide of Listed Companies in 2019, the number of delisting companies has decreased significantly this year. According to the statistics of stock to equity companies, in the first half of this year, the number of active delisting companies decreased by 37.91% month on month; 27 companies cancelled delisting plans, of which 3 companies net profits exceeded 30 million yuan, and high-quality enterprises willingness to maintain listing increased. Source: Securities Times editor in charge: Guo Chenqi_ NBJ9931

Shengzhao pharmaceutical is a pharmaceutical enterprise focusing on the R & D and industrialization of high-end complex injections. Many R & D product pipelines are about to enter the outbreak period, and more investment is needed in the later research and development, clinical research and commercial production. Wu Jian disclosed that after the launch of the new third board selection layer, the company is also actively preparing for the selection layer, hoping to help the enterprise solve the capital problem with the help of the public issuance of the selection layer and the follow-up capital market, so that the enterprise can focus more on research and development, and promote the import substitution of domestic products in the field of high-end complex injection.

We also hope that after the selection layer is opened, more investors can pay attention to the high-quality enterprises of the new third board and share the dividend of the market reform of the new third board together! Wu Jian said.

In fact, after the delisting tide of Listed Companies in 2019, the number of delisting companies has decreased significantly this year. According to the statistics of stock to equity companies, in the first half of this year, the number of active delisting companies decreased by 37.91% month on month; 27 companies cancelled delisting plans, of which 3 companies net profits exceeded 30 million yuan, and high-quality enterprises willingness to maintain listing increased.