Why are the spin off subsidiaries in favor of the science and technology innovation board and the gem? Industry insiders interviewed said that this is inseparable from the positioning of the science and technology innovation board and the growth enterprise market, highlighting the hard technology attribute of the science and technology innovation board and the positioning of the three innovation and four new of the gem.
Chen Li, chief economist of Sichuan financial securities and director of Research Institute, said in an interview with Securities Daily that the implementation of pilot registration system on the science and technology innovation board and the growth enterprise market is more convenient from the perspective of splitting subsidiary companies to be listed. At the same time, these subsidiaries also meet the standards and positioning of listed companies on the science and technology innovation board and gem.
Zhang Cuixia, President of Yixue Financial Research Institute, expressed a similar view. She told the Securities Daily that the spin off subsidiaries choose to be listed on the science and technology innovation board or the gem based on the consideration of meeting their own expectations and demands.
The most important reason is derived from the positioning of the science and technology innovation board and the gem. Hu Xiaohui, general manager of Wenzhou business department of Federal Reserve securities, told Securities Daily that the label of the science and technology innovation board is hard technology, and the positioning of the gem is three innovations and four innovations. The clear label of listed enterprises can help investors have a clear understanding of enterprise positioning.
Investors also show great interest in the spin off of listed companies, and even issue soul torture to the companies that have not issued the plan of spin off and listing: under the condition that the State encourages the listed companies to spin off and list, the listed companies have many subsidiaries, and each board under its jurisdiction is comparable to a listed company. Why not consider the split listing?
Chen Li said that for investors, on the one hand, they should carefully identify the scientific and technological innovation or innovation attributes of these subsidiaries, and make a reasonable valuation judgment in combination with the future growth; on the other hand, they should have a certain understanding of the business integrity of the parent company and the business risks of the companies to be listed, and select the really good target for the split listing from the perspective of value investment.
Hu Xiaohui said that from the perspective of investors, more attention should be paid to the study of enterprise fundamentals, so as to prevent the impact of fraud spin off on stock prices. Zhang Cuixia said that if the relevant listed companies are only for financing in the market, without the support of good performance or core assets, investors should participate cautiously.
In fact, the regulatory authorities have made it clear that they should strengthen the supervision of the whole process of spin offs and crack down on market chaos such as swindle style spin offs, false splits, and speculation about spin offs. The Shanghai and Shenzhen Stock Exchange also issued a letter of concern to the relevant listed companies, asking them to explain whether the relevant decision-making of the spin off of the subsidiary companies is prudent, whether there is a situation of actively catering to the market hot spots, and whether it involves the swindle split listing.
Source of this article: Yang Qian, editor in charge of Securities Daily_ NF4425