New third board select layer see next Monday, first day does not set up rise and fall! The public offering ratio limit will be lifted

 New third board select layer see next Monday, first day does not set up rise and fall! The public offering ratio limit will be lifted

The listing ceremony will be held next Monday (July 27). For the first time, the stock to equity company also released the template of semi annual report of selected companies, which will be more comprehensive and detailed, and the regulatory requirements are generally benchmarking listed companies.

According to the stock transfer company, up to now, all the first batch of 32 companies approved by the CSRC for public offering have successfully completed the public offering procedures, and the relevant technical, business and regulatory preparations for the selective layers market opening transactions have been completed.

Statistics show that the 32 companies that have completed the public offering have issued 837 million shares, with an average of 26.453 million shares issued by each company; the total raised capital is 9.452 billion yuan, and each company has raised 295 million yuan on average. In terms of pricing, 29 companies chose to determine the issue price by inquiry, and 3 companies chose direct pricing; the issuing price range was 4.70-48.47 yuan / share, and the average market value of enterprises after issuance was 2.198 billion yuan.

The 32 companies that have completed public offering are high-quality small and medium-sized enterprises growing up in the new third board and entity enterprises closely related to peoples livelihood and employment. They have the following characteristics: first, they are mainly private small and medium-sized enterprises. Among them, 28 private enterprises, accounting for 87.50%; 27 small and medium-sized enterprises, accounting for 84.38%. Second, industry distribution is concentrated. 25 families strategic emerging industries, modern service industries and advanced manufacturing industries accounted for 78.13%. Third, the geographical distribution is extensive. The 32 enterprises belong to 17 provinces, autonomous regions and municipalities directly under the central government. Fourth, the operation and financial situation is relatively stable. By the end of 2019, the average net assets was 371 million yuan, the average operating income was 489 million yuan, the average net profit was 50.4732 million yuan, and the average rate of return on net assets was 13.59%. Fifth, good growth. The average growth rate of operating revenue was 5.12%, the average growth rate of net profit was 18.68%; the average R & D investment was 24.6239 million yuan, and the average R & D intensity was 5.03%.

As of July 17, a total of 70 listed companies have submitted application documents for public offering and listing at the selected level. In addition to the 32 companies that have completed the issuance, one company is in the second round of review and inquiry stage; the other 37 companies are in the suspension of review due to their financial statements exceeding the validity period stipulated by the rules. It is expected that the relevant companies will complete the updating of financial information and apply for resumption of review in late July.

In addition to the above companies, more than 110 listed companies have entered the public offering guidance program.

There is no limit on the first day of trading

The implementation of continuous auction trading for selected stocks is different from that of the basic and innovative levels in the basic trading system, and is in line with the Shanghai and Shenzhen markets, reducing the learning cost of investors. At the same time, the selected stocks have a static rise and fall of 30% throughout the day (except for the first day), and a dynamic declaration effective price range of 5% during the continuous bidding period; the transaction price range of bulk trading is 30% of the previous closing price The minimum number of single declaration shall be adjusted to 100 shares, and the integral multiple requirement shall be cancelled.

There is no limit on the first day of trading in the selected layer. To enter the secondary market after the public offering of selected stocks, it is necessary to go through the price game from the primary market to the secondary market, from some investors participating in the subscription to the investors in the whole market. There is no increase or decrease on the first day of transaction, which is conducive to the price discovery of the market. At the same time, a temporary suspension mechanism for individual shares will be set up. 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.

It should be pointed out that the first batch of 32 companies are qualified for continuous bidding. According to the stock to company, investors have actively participated in the first batch of enterprises issuance and purchase. On average, more than 350000 investors participated in the subscription of each stock, accounting for about a quarter of the total number of qualified investors at the selected level.

Professional institutional investors, represented by public funds, industrial investment funds and self operated securities companies, participated in the public offering and purchase of 15 enterprises. The average number of shares subscribed by strategic investors was 16.13% of the total number of shares issued.

Restrictions on the investment ratio of public funds on the new third board will be lifted

When investors participate in the trading of selected stocks and use A-share securities account of Shenzhen Stock Exchange, investors meeting the suitability conditions of selected stocks shall apply to their entrusted securities dealers to add account identification of national stock transfer system to the existing A-share securities accounts of Shenzhen Stock Exchange and open trading authority of selective stocks.

For qualified investors who meet the appropriate conditions (the threshold of investors in the selection layer is lower than that in the innovation layer and the basic layer, and the asset threshold is 1 million yuan), they can directly participate in the stock trading of the selection layer through call auction trading, continuous bidding trading and block trading. For investors who can not meet the suitability conditions, they can apply for public offering fund products with investment scope covering selected stocks and invest in selected stocks indirectly.

According to the stock transfer company, the first batch of five new third board funds issued by Fuguo fund, China Merchants Fund, huitianfu fund, Wanjia fund, Huaxia Fund and so on, participated in the offline inquiry of 25 enterprises and strategic investment of 7 enterprises, with an accumulated allocation amount of 392 million yuan. In addition, according to first finance and economics, the higher risk level (R5) setting of the first five new third board funds, as well as the lower investment ratio limit, will soon change in the subsequent fund product establishment.

Change 1: the previous regulation that the proportion of new third board funds invested in the selected enterprises of the new third board in the closed period shall not be more than 20%, and the investment proportion in the open period shall not be higher than 15%, which will be cancelled; in the second change, the fund company may, according to its own risk management ability, set up public offering products of the new third board and reasonably set the risk of the products grade. This means that the risk level of the new third board public funds will be lowered.

At present, supervision is speeding up the approval process of the new third board fund, and fund companies are also speeding up the progress of product design.

It is reported that China Southern Funds new third board fund products have been raised recently, raising about 2.5 billion yuan. This weekend, it will participate in the technical test of the selected layer of the new third board, and the selected layer will be able to participate in the secondary market investment after the market opening.

Source: Wind Information Editor: Zhong Qiming_ NF5619