It has reached the listing conditions of the board
On the similarities and differences of the transition threshold proposed by the science and technology innovation board and the growth enterprise market, Xie Cai, vice president and chief industry analyst of Huacai new third board Research Institute, said in an interview with Securities Daily that the differences mainly lie in the different listing conditions of the first public development bank and the different positioning of the two. Whether they are transferred to the science and technology innovation board or the growth enterprise market, they all need to meet the IPO conditions of the corresponding board, but the financial and market value conditions of the two are different. Enterprises listed on the transfer board need to meet the positioning of the corresponding sectors, especially for the science and technology innovation board. Enterprises need to meet the guidance on the evaluation of science and innovation attributes issued by the Shanghai Stock Exchange, conduct self-assessment on whether they conform to the positioning of the science and Technology Innovation Board, and submit special instructions.
Xie Cai further introduced that there are three aspects in common: first, when a qualified new third board enterprise applies to be transferred to the science and technology innovation board or the growth enterprise market, they all need to meet the requirements of the IPO conditions and the compliance requirements of the listing methods. At the same time, according to the needs of the transition board listing system, some IPO indicators should be converted, such as adjusting the IPO ratio to public shareholders shareholding ratio. Second, the scope of listed companies on the board is listed in the selection layer for more than one year, and there is no case of transferring out of the selection layer within one year. Thirdly, there is consistency in the total share capital, the number of shareholders, the proportion of public shares, trading volume and market value of the listed companies transferred from the new third board to the second board.
Both of them require that the total share capital of the listed companies should not be less than 30 million yuan; the number of shareholders should not be less than 1000; the shares of the company held by the public should be more than 25% of the total shares of the company; if the total capital stock of the company exceeds 400 million yuan, the proportion of the public holding shares should be more than 10%; 60 trading days before the announcement date of the resolution of the board of directors on matters related to the listing of the board of directors (excluding stocks) If the listing standard selected by the company involves market value index, the arithmetic mean value of the closing market value of 20, 60 and 120 trading days (excluding the day of suspension of trading) before the date of submitting the application for listing on the transfer board shall prevail.
According to the data statistics of Dongfang fortune choice, the financial and market value indicators of some selected enterprises on the new third board have reached the conditions for listing on the second board. Xie Cai analyzed that, as of November 29, among the 36 enterprises listed on the selective level, 18 enterprises had met the financial and market value indicators for listing on the science and technology innovation board, accounting for 50%. Specifically, the market value is the core of the selection layer listing conditions, which range from 1 billion yuan to 4 billion yuan; 19 of the 36 selected level enterprises have a market value of more than 1 billion yuan, and 18 of the 19 enterprises have met the IPO listing condition 1 of the science and Technology Innovation Board.
Xie Cai further introduced that among the 36 enterprises listed on the selective level, 33 enterprises met the financial and market value indicators for gem listing, accounting for 92%. Among them, 32 enterprises meet the listing condition 1 of gem IPO, and 1 of the 4 enterprises that do not meet condition 1 meets condition 2 of gem IPO listing. Only three enterprises can not meet the gem financial and market value indicators.
What is the difference between the conditions of listing on the board and IPO? Xie Cai said that from the financial, market value and other indicators, the conditions for the transfer board and IPO conditions are not very different. Because the transfer board listing itself does not involve public offering, it is only the change of listing location and plate. Therefore, some relevant indicators related to public offering need to be converted and replaced.
One of the biggest requirements of the measures for listed companies to be listed on the board of directors is the number of shareholders. Liu Zimu, founder of the new third board Zimu research studio, added in an interview with the Securities Daily reporter that the requirement from the basic level to the innovation level is 50 qualified investors, from the innovation level to the selection level is 200 shareholders, and the number of shareholders required to be listed on the transfer board has risen to 1000.
Smooth capital market at different levels
Strengthen the connection between various sectors
Talking about the importance of the opening of the transfer board system to smooth the multi-level capital market and the links between various sectors, Xie Cai said that the opening of the transfer board system will help Chinas multi-level capital market to form an organic whole of interconnection and establish a smooth growth path of the capital market for Chinese enterprises. It is conducive to meet the financing needs of different scales of enterprises in various stages of continuous growth and development, help to expand the proportion of direct financing in China, give full play to the supporting role of capital market to the real economy, especially to play the supporting role of capital market for high R & D investment and long R & D cycle of scientific and technological innovation enterprises to meet their long-term capital needs, thus contributing to the improvement of Chinas economic growth structure To promote the transformation of Chinas economy to high-quality growth.
In addition, the opening of the transfer board system enables the new three board to give full play to its internal multi-level and external multi plate connector role Xie Cai further introduced that the multi-level market segments of the new third board market, including the basic layer, the innovation level and the selection level, will enable the enterprises of the new third board to enter and exit; in the future, the new third board market will also be connected with the fourth board market, realizing the Shanghai Shenzhen Stock Exchange and connecting with the regional equity trading market.
The opening of the transfer board system has two aspects of importance to smooth the multi-level capital market. One is to give enterprises more options, and the other is to fully protect the legitimate rights and interests of investors. According to Liu Zimu, there are more channels for enterprises to enter the science and technology innovation board or gem; investors in the secondary market also have enough time to judge how to trade, which reduces the risk of investors.
Source of this article: Yang Qian, editor in charge of Securities Daily_ NF4425