The introduction of the new three board to board policy has also made many people in the circle call out wait for a long time finally! Many institutions have judged that the new third board has a good landing, which means that the expected transfer channel a of the new third board has been clearly opened, and the curtain of the new three board transfer board has officially opened.
There are also investment institutions to judge: the new third board scramble to raise market is coming, and the strategy of once focusing on short-term speculation or playing new investors is also undergoing obvious changes; and some of its own investment institutions shout: start early when choosing the leader!
New third board market ushers in a good start
On Monday morning, the new third board market was more lively and ushered in a long lost good start!
In the morning of November 30, the new third board market opened high, among which the main index of the third board opened high in the morning, while the index rose slightly.
Similarly, the third board index and the innovation index rose. By midday, the innovation index was up about 0.92%, and the third board index was up about 0.56%.
In the bidding market, some of the third board bidding stocks have a rapid surge. Within the plate, 6 stocks including soft China technology, bosom friend culture, Chinese world, and 90 shares all rose more than 100%.
Including aopai shares, Minzheng agriculture and animal husbandry increased by more than 90% and 80% respectively. More than 16 bidding shares rose more than 40%. More than 43 bidding shares rose more than 10%.
By midday, more than 259 companies had completed transactions in the bidding market, with a turnover of nearly 30 million and over 8.07 million shares.
Select layer, a total of Lude medical, sharing technology, Wantong hydraulic and other three stocks rose more than 10%.
The detailed rules of turning board are heavily implemented
New curtain a officially opened
On the evening of November 27, the Shenzhen Stock Exchange and the Shanghai Stock Exchange respectively solicited public opinions on the listing of companies listed on the new third board on the growth enterprise market (GEM) and the science and technology innovation board (KEB). The selected enterprises which have been listed on the selective level for one year in a row can apply for the gem or the sci tech innovation board if they meet the relevant requirements. This also means that the long discussed new three board turning board will finally enter the practical stage.
According to the draft, there are several innovations in the detailed rules of the board transfer
First, from the perspective of the scope of the transferred board, companies that meet the criteria for listing on the selected tier of the new third board can apply for listing on the science and Technology Innovation Board of the Shanghai Stock Exchange or the growth enterprise market of the Shenzhen Stock Exchange. That is, as soon as July 2021, companies will be able to apply for transfer.
Third, in terms of listing time, the review cycle of listing on the new third board has been shortened from 3 + 3 to 2 + 2, that is, the Shanghai and Shenzhen stock exchanges will make a decision on whether to approve the listing within 2 months from the date of accepting the application documents, and the total time for the companies, their sponsors and securities service agencies to reply to the examination and inquiry shall not exceed 2 months.
The speed of the introduction of the transfer board far exceeds the market expectation
Organization: gold content rise of selected companies
In the view of the institutions, the implementation of the detailed rules of the board transfer is prior to the launch of mixed market making in terms of time, which is conducive to the recovery of market confidence and exceeds the consensus expectation of the market in terms of time and progress.
From Zhu Haibins point of view, compared with the differences in the expression of the measures for listing on the stock exchange, the position of the selected layer of the new third board has been improved, which is equal to that of the exchange. According to the guiding opinions, the procedures for listing on the second board mainly include: after the enterprise has fulfilled the internal decision-making procedure, the exchange has examined and made a decision on whether to approve the listing, and the enterprise has terminated listing on the new third board and listed on the Shanghai Stock Exchange or Shenzhen Stock exchange. The process of the current IPO system and the transfer board system is as follows. It can be seen that the new third board public offering system has actually advanced the IPO process to the selection level, and after enterprises have been listed continuously for one year at the selected level, the process of listing on the transfer board will be greatly simplified.
Sun Jinju, assistant president of Kaiyuan securities and director of the Research Institute, believes that as an important part of Chinas multi-level capital market construction, the selection layer will be a market for financing and pricing of small and medium-sized innovative and entrepreneurial growth enterprises in the future. One year later, it will become a bridge between the new third board and the science and technology innovation board and the growth enterprise market. After that, it will also have abundant enterprise resource reserves, which is expected to become a new independent market with sufficient liquidity.
The establishment of the new third board to board listing mechanism will effectively broaden the listing channels of small and medium-sized enterprises, give full play to the role of the new third board market as a connecting link between the preceding and the following, and realize the interconnection of multi-level capital markets. Companies that intend to be listed through the selective layer transfer board can not only enjoy the financing convenience brought about by the public offering in advance, but also can offset the sales restriction period of controlling shareholders and others after listing. Sun Jinju said.
YueKai securities strategy team believes that the new third board company has completed the public offering before entering the selected layer. The transfer to the stock exchange is a change in the stock exchange, so there is no need for further public offering. According to the law, there is no need for the approval or registration of the CSRC. The Shanghai and Shenzhen Stock Exchange will review and make decisions according to the listing rules, which simplifies the audit process and helps to improve the speed of the listing u3002
Turning board to scramble for raise market
Rapid changes in investor strategy
With the implementation of transfer rules, the new third board maximum dividend policy ushered in a clear, which undoubtedly enhanced the confidence of investors. Some investors claim that the new third board investment strategy will be changed..
In particular, the stock market is expected to be active in the second floor of the stock market. It is expected that the next new third board may appear to scramble for funding, hoping that the new third board can take advantage of this east wind to come out with a wave of good market.
According to the reporters understanding, many investors have clearly indicated that they are changing from the original innovation to long-term holding, and some investors are also actively arranging the selection layer and game board market.
Zhang Sheng, a senior investor who entered the market five years ago, said that he had participated in the first batch of selected layers innovation after the opening of the market this year. Although some of the profits appeared floating losses, he still stuck to it.
Selected layer valuation is still in the low range
Institutions: most p / E ratios are only 60% of a shares
According to the statistics of Guangzhou securities Hang Seng, the valuation of selected companies is rational and cautious. It selects comparable A-share listed companies according to the individual stock prospectuses. After comparing the valuation levels of the selected level enterprises and the corresponding comparable enterprises, it is found that the price earnings ratio of the selected layer is 0.62 times that of the A-share comparable enterprises, which is lower than the expected range.
Guangzheng Hengsheng said that in the rational and cautious market environment, the valuation of the enterprises benefited from the board transfer policy will gradually approach the similar enterprises of a shares, resulting in the double benefits of valuation + growth. Considering that the materials and process of the transfer board audit are expected to be more streamlined than the direct IPO, and the transaction mechanism of the selected layer is basically consistent with that of a shares, it is expected that the valuation of the enterprises benefiting from the transfer board policy at the selection level will be connected with the comparable enterprises in the gem, the science and technology innovation board, etc. Under the current market environment of cautious capital sentiment and the valuation of selected enterprises is 0.6 times that of A-share comparable enterprises, it is expected to catalyze the valuation improvement of potential transfer enterprises after the enterprises board transfer expectation is clear, which will produce double benefits of valuation + growth.
How to excavate the concept stocks and find profit opportunities? Analysts pointed out that can be through the conditions of the board to screen.
According to sun Jinjus analysis, the draft of the measures for listing on the board of directors mentioned that the cumulative trading volume of stocks for 60 consecutive trading days (excluding the suspension day) before the announcement date of the boards deliberation and approval of the relevant matters on the board of directors was no less than 10 million shares, while the market value threshold of the science and technology innovation board and the growth enterprise market was at least 1 billion With the performance in 2019 and the current market value as the benchmark, and in combination with the industry attributes and other indicators, at least half of the first batch of companies listed at the selected level should basically meet the requirements of listing on the transfer board in the future.
However, sun Jinju also said that although some companies temporarily meet the listing conditions of the science and technology innovation board or the gem, they are the participating subsidiaries of the listed companies, so there is still the problem of whether they meet the conditions for the split listing. Some qualified companies may not be able to realize the listing on the gem due to this reason. According to the research of Anxin securities new third board team, at present, 1601 companies in the new third board meet the financial standards of gem IPO, and 116 companies meet the IPO financial standards of science and technology innovation board. In statistics, the companies with negative list of gem industry are excluded, and the companies that do not meet the attribute of science and innovation are eliminated to make the results as accurate as possible. Judging from the total amount, the number of reserve forces cultivated by the new third board for IPO is sufficient. In addition, according to the data of Anxin securities, among the first batch and second batch of companies to be issued, 33 companies meet the financial standards of gem and 7 meet the financial standards of science and technology innovation board (considering the attribute of scientific and technological innovation). Source: Yang Qian, editor in charge of China fund daily_ NF4425
According to the research of Anxin securities new third board team, at present, 1601 companies in the new third board meet the financial standards of gem IPO, and 116 companies meet the IPO financial standards of science and technology innovation board. In statistics, the companies with negative list of gem industry are excluded, and the companies that do not meet the attribute of science and innovation are eliminated to make the results as accurate as possible. Judging from the total amount, the number of reserve forces cultivated by the new third board for IPO is sufficient.
In addition, according to the data of Anxin securities, among the first batch and second batch of companies to be issued, 33 companies meet the financial standards of gem and 7 meet the financial standards of science and technology innovation board (considering the attribute of scientific and technological innovation).