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!
Multiple shares rose 100% in the morning
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.
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.
The detailed rules of turning board are heavily implemented
New curtain a officially opened
The warm restart of the new third board market is undoubtedly related to the heavy policy introduced at the end of last week.
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.
Second, from the perspective of the threshold of board transfer, Shanghai and Shenzhen stock exchanges have given clear conditions, including: the selective companies do not transfer out of the board within one year; the company and its controlling shareholders and actual controllers do not exist; the company and its controlling shareholders and actual controllers have not been subject to administrative penalties by the CSRC in the past three years; the proportion of public shareholders holding shares reaches more than 25% of the total number of shares of the company; the total amount of equity of the company exceeds RMB 4 In case of RMB 100 million, the proportion of shares held by public shareholders shall be more than 10%; the total amount of share capital shall not be less than RMB 30 million; and the number of shareholders shall not be less than 1000. The cumulative trading volume of the board of directors for 60 consecutive trading days (excluding the day of suspension of shares) before the announcement date of the board of directors deliberation and approval on matters related to listing on the board of directors shall not be less than 10 million shares.
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.
The coastal team of Anxin Securities pointed out that the long-awaited transfer board system was introduced faster than the market expected. For the capital market, the transfer board system builds a bridge between the multi-level markets. As a top-level design scheme, it really makes the multi-level market an organic whole. It has a long-term significance for improving the ability of Chinas capital market to serve the real economy. The official draft of the guidance on transfer board was issued before the board of the selected layer was launched, which once again strengthened the position of the selected layer of the new third board and enhanced the gold content of the company in the selection layer.
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.
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
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..
According to Zhou Yunnan, a senior commentator on the new third board and founder of Beijing Nanshan investment, the introduction of the new third board transfer policy is conducive to mobilizing the enthusiasm of enterprises to list on the new third board and apply for innovation and selection layers, enhance the markets good expectation for the development of the selected layer of the new third board, enhance the market investors confidence in the new third board, and attract more investors and funds into the selection layer and the new third board Board, active new third board market, in the new third board to produce concept stocks listed on the new board, and form a new independent concept board.
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.
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.
In Zhang Shengs opinion: although the selected layer has made profits and losses, but from the overall point of view, the situation of the third board market is very different from that in previous years; on the one hand, there are top-level policies to protect, enterprise investment and financing is convenient, and the quality of the selected layers own stocks is better; on the other hand, the increasing amount of capital from outside the market is also constantly adding, and with the current transfer board policy, holding at this time is absolutely low-level hoarding Stage.
In the opinion of a senior investment institution of Shenzhens new third board, the introduction of the new third board to board policy means that the valuation of individual stocks of selected enterprises is expected to be equal to that of A-shares. However, there is still an obvious scissors gap between the two. In fact, the short-term speculation strategy in the past is not applicable to the current market. Mining the concept of gold mine and game transferring board is the key to obtain multiple returns in the medium and long term Key. Aimike, which has recently been listed, and bubble mart, which is preparing to be listed in Hong Kong stock market, were originally new third board companies. Among them, the stock price of aimike has soared, indicating that there are many bull stocks in the third board market.
Selected layer valuation is still in the low range
Institutions: most p / E ratios are only 60% of a shares
In fact, the valuations of most of the selected companies on the new third board are still on the low side, which also means that there is still room for premium for many stocks to switch to the board, which is also attractive to investors.
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.
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
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.