275 days! From start-up to selective layer opening

 275 days! From start-up to selective layer opening

The establishment of a selective level, public funds into the market, direct transfer system, the new three board deep reform of the heavy policy combination fist, also brought new force to the multi-level capital market.

The reform of the new third board is a relatively comprehensive reform, which is reflected in the relatively fast promotion and high audit efficiency. From the perspective of the whole capital market, the reform has taken into account the docking problem between the new third board market and the Shanghai Shenzhen stock market. Some institutional arrangements of the selected layer, including direct transfer to the stock market, can reflect that there has been some convergence between the trading systems of each other. Overall, this is a very important reform of the multi-level capital market system. Zhao Xijun, vice president of the school of Finance and finance of Renmin University of China, told first finance and economics.

Since its official operation in 2013, the new third board has initially become an important platform for the capital market to serve SMEs and private economy by serving the development of innovative, entrepreneurial and growing SMEs.

However, after more than six years of development, when liquidity is exhausted, high threshold is set, and high-quality enterprises are delisting, the market expects the new third board to rejuvenate itself by means of reform.

In the continuous rising call for reform, the new third board reform plan officially appeared at the end of October last year. There are five reform measures in the policy combination fist: optimizing the issuance and financing system; improving the market stratification and setting up the selective layer; establishing the listing mechanism of listed companies; strengthening the supervision and management and classified supervision; improving the market exit mechanism and improving the delisting system.

Nine months later, what is the effect of the reform?

At present, in addition to the market exit system, the business rules involved in the deep reform of the new third board, such as optimizing the issuance and financing system, improving the market stratification, improving the trading system, adjusting the appropriateness of investors and introducing long-term funds such as public funds, establishing the mechanism of listing on the board of exchange, and building a differentiated regulatory system have all been issued.

On the whole, after the reform, the new third board has formed a market structure of selection layer, innovation layer and foundation layer. Through the differentiated institutional arrangements such as board transfer, issuance, trading and investor suitability, the market financing function and pricing ability are improved, and the market liquidity is improved.

First of all, the financing function is improved and the financing cost is improved. According to the data of stock to company, in the first half of the year, the scale of directional issuance rose by 17.43% month on month. A total of 148 companies have adopted self-directed issuance, which saves about 10 days of time and cost than ordinary directional issuance on average. The 24 companies plan to issue shares to more than 35 new shareholders, and the average number of new shareholders is expected to be 54 in a single issue.

Secondly, the market structure is optimized. The attraction of the innovation layer is enhanced after the stock company has made clear multiple layer adjustments within the year. This year, the number of innovative companies after the adjustment is 1.74 times of that before the adjustment. Moreover, the number of delisting companies decreased, 27 companies cancelled delisting plans, and the willingness of high-quality enterprises to maintain listing increased.

In addition, the enthusiasm of large securities companies to participate in the reform has increased, the willingness of market makers to participate in the reform has risen, and the intensity of market investment and research has been gradually strengthened.

Zhang Keliang, general manager of the business department of Yintai securities stock transfer system, told reporters that the pilot project of the new third board reform will undertake three major missions: first, try to establish a market for direct financing (equity plus creditors rights) for small and medium-sized enterprises, and expand the scope of the capital market serving the real economy; second, exploring the establishment of a market that is more suitable for the value investment of professional investors; and; The third is to explore the reform of the registration system in Chinas capital market, which is to be de administrated, more market-oriented and legalized.

The difficulty of these three tasks is obvious to all, but through the gradual exploration and practice in recent years, we have explored the possible path and relatively perfect scheme. Therefore, after the announcement of the comprehensive reform plan, the implementation speed will be faster. Zhang Keliang said.

Selected layers advance beyond expectations

The establishment of selective layer is the key institutional arrangement of the reform.

On November 8 of last year, the national stock transfer companies solicited public opinions on the business rules related to deepening the reform of the new third board, and solicited opinions from the market on the supporting rules for public offering of shares, the revised hierarchical management measures and the rules for directional issuance of shares. Among them, the revised layered management measures stipulates the entry conditions of the selected layer, including market value conditions, financial conditions, equity dispersion conditions and normative requirements.

The entry conditions of the selected layer follow the principle of matching the market value and financial soundness requirements, comprehensively apply the diversified standards such as profitability, growth and R & D capability, and take into account the coverage of enterprises of different types, scales and industries, and set up four sets of entry conditions, and the enterprise can meet one of them. Stock to equity companies said that the specific index values are higher than the innovation level, and generally lower than the listing conditions of the science and technology innovation board and the average level of GEM companies.

After the implementation of the regulations, since the beginning of this year, the market enthusiasm of the selection level declaration has continued to rise in the near future, and enterprises are competing for the selection layer, among which there are many enterprises delisting from the new third board market.

32 enterprises listed in the first batch in the selected layer of the new third board (data source: wind information)

As for the quality of some selected enterprises, Li Yongchun mentioned that in general, the selected enterprises are mainly high-quality small and medium-sized enterprises and entity enterprises closely related to peoples livelihood and employment, with outstanding overall business performance and strong research and development ability. They are representatives of high-quality small and medium-sized enterprises in the development of the new third board market. However, there may be regular problems in the development stage of small and medium-sized enterprises.

Recently, the reporter also learned from people close to the regulatory authorities that the higher risk level (R5) setting of the first batch of new third board funds, as well as the lower investment ratio limit, will soon change in the establishment of subsequent fund products.

The relaxation of the restrictions on the investment proportion of the public offering funds on the new third board and the lowering of the risk level of public offering products on the new third board may mean that we attach great importance to the selection layer and enhance the position of the selected layer in the market. Anxin securities new third board chief analyst Zhu Haibin thinks.

Stock listed enterprises take advantage of development

In the reform, the market positioning of the new third board has been further clarified.

The new third board reform is an important part of comprehensively deepening the reform of the capital market. When announcing the launch of the new three board comprehensive and deep reform last year, the CSRC said.

The new securities law, which was formally implemented on March 1, this year, has fully incorporated the new third board. As other national securities trading places approved by the State Council, the new third board has essentially the same function and legal status as the stock exchange. The new third board is a floor market, an open market and a centralized market.

On the other hand, as the main platform for capital market to serve innovative, entrepreneurial and growing SMEs and private economy, the new third board is an independent market. The dislocation development of the new third board and the Shanghai and Shenzhen stock exchanges is not the preparatory board of the Shanghai and Shenzhen stock exchanges. Li Yongchun said.

The market opening of the selected layer on July 27 is of phased and symbolic significance to the reform of the new third board. The market is still highly concerned: after the listing of the first batch of companies, what is the listing rhythm of the subsequent selected companies? Will the stock listed enterprises in the new third board market be boosted by the reform?

We will follow up with a normalized review of corporate issuance. The relevant person in charge of the company said earlier.

Zhao Xijun said that as Chinas economy enters a new stage of high-quality development, the reform of the capital market system should also focus on improving the efficiency of resource allocation, serving high-quality development and enhancing competitiveness.

So we have the reform of the science and Technology Innovation Board last year, the gem reform this year, and the new third board reform. We can see that one of the outstanding things to be done in this series of reforms is to select new enterprises with high-quality development, innovation ability and R & D ability through simpler and more efficient methods and means. He mentioned.

Zhao Xijun suggested that the information disclosure of the selected enterprises could be further standardized and improved, and the burden of the selected enterprises should not be increased too much.