This article is from WeChat public account:Finance Finance (ID:thecapital), author: leaves, cover from: Oriental IC
“Is it a stay?” This is a multiple-choice question for the New Third Board companies.
“Looking at him from the Zhulou, seeing him banquet guests, seeing that his building collapsed.” Russ, is not the situation of the past three new boards.
The New Third Board was once recognized as “a pool of stagnant water.” From the various types of brokers with high enthusiasm in the market, listed companies that are actively listed, to the capital institutions that have poured into the warehouse, the new three boards have been beautiful since 2013.
However, with the lack of liquidity in the market, the issuance of additional financing is bleak, the growth rate of investors has slowed down, and even the top companies have turned their cards. The sound of escape is also one after another.
Today, the long-awaited new three-plate deep-change rules have been released. On October 25, the China Securities Regulatory Commission announced the start of the reform of the New Third Board. On November 8, the CSRC issued the “Measures for the Supervision and Administration of Unlisted Public Companies” and the “Measures for the Administration of Information Disclosure of Non-listed Public Companies” and other regulations. Less than half a month, the reform of the New Third Board quickly landed, and the speed exceeded the market expectations.
According to the contents of the latest centralized release, the CSRC has launched a comprehensive deepening reform of the New Third Board, involving a number of measures such as the transfer mechanism, the selection layer, and the issuance financing system that the market is concerned with, and even related to the science and technology board and the main board. GEM remeltingCapital.
It is worth noting that in this reform, the new three board will be added with a selection layer. The innovative layer company that has been listed for one year can enter the selection layer. The selected layer can be directly applied for the transfer board after one year of listing. The SFC reviewed. It can be said that this move provides an important exit channel for relevant venture capital institutions, and also opens up China’s multi-level capital market in disguise, which greatly promotes the acceleration and integration of valuation and liquidity in the New Third Board and A-shares. effect.
The deepest and most comprehensive reform in 7 years, activate the new three boards
On November 8, the CSRC issued the “Measures for the Supervision and Administration of Unlisted Public Companies” and the “Measures for the Administration of Information Disclosure of Non-listed Public Companies”. The National Stock Transfer Company issued the “Stocks to the Unspecified Qualified Investors at the same time.” Issued and listed in the selection layer (Trial), “Stock Directed Issuance Rules”, “Stratified Management Measures”, “Listed Companies Information Disclosure Rules”, “Listed Corporate Governance Rules” and “Stock Trading Rules” and other reform rules, and to the society Publicly solicit opinions.
It’s worth noting that the market’s main concern is:
Optimize the market structure and select the layer to introduce the public issuance system to meet the efficient financing needs of the innovation and select companies;
Complete and optimize the targeted issuance system, cancel the 35-person limit for new financing of single financing, and allow microfinance to self-issue;
Optimize the organic linkages of multi-level capital markets and establish a transfer-listing mechanism;
Optimize the investor structure, lower the threshold for qualified investors, and introduce long-term public funds.
In fact, since its official operation in 2013, the New Third Board has become an important platform for the capital market to serve small and medium-sized enterprises and the private economy. The data shows that as of the end of September 2019, a total of 13,219 companies were listed on the New Third Board, of which SMEs accounted for 94%, private enterprises accounted for 93%, 6,388 listed companies issued 10,516 shares, and financing was 491.139 billion yuan. It can be said that the New Third Board has made an indelible contribution to the service of small and medium-sized enterprises in the domestic multi-level capital market.
However, due to factors such as market size, structure, and diversified demand, the NEEQ has continued to experience a decline in financing, inactive trading, reduction in applications for listing, and an increase in active delisting companies. In the scale of the company’s fixed fundraising, the financing scale of the two consecutive years in 2018 and 2019 also dropped significantly, and the financing of the new three-board SMEs became more and more difficult. As an innovative layer enterprise represented by the new three-board high-quality enterprises, the total financing is only 8.31 billion in 2019, and the average company only has 140 million yuan.
No matter whether listed companies or investors, the call for the reform of the New Third Board has not been interrupted. Since the beginning of this year, especially under the fiery development of the science and technology board, the responsible persons of the national stock transfer companies have also released positive signals of reform on different occasions.
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June 3rd |
Zheng Qingmin, vice chairman of the China Securities Regulatory Commission, said at the annual meeting of the 2019 Financial Street Forum that the CSRC will promote the reform of the New Third Board market. |
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September 23 |
Xie Geng, Chairman of the National Stock Transfer Company, conducted an in-depth study of intermediaries and conducted an “anatomical sparrow-style” survey in a “one-on-one” in-depth exchange to provide reference for improving the market system and promoting reform, and promoting the reform of the New Third Board. . |
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October 17 |
The chairman of the China Securities Regulatory Commission, Yi Huiman, presided over a private equity and venture capital fund symposium, pointing out that the current private equity fund industry is facing a rare development opportunity. From the exit link, the comprehensive deepening of capital market reform is actively promoting, and the successive implementation of the reform of the GEM, the reform of the New Third Board, and the reform of the basic system such as issuance, listing, and trading will provide a more convenient and richer exit for private equity investment funds. select. |
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October 18 |
Xu Ming, general manager of the National Stock Transfer Company, said at the Zhongguancun Forum in 2019 to speed up the reform of the New Third Board and guide more science and technology innovation and entrepreneurial growth enterprises to take advantage of the development of the New Third Board financing. Among them, the first is to optimize listing access; the second is to optimize the issuance of financing; the third is to optimize market stratification; the fourth is to optimize mergers and acquisitions. On the same day, Xu Ming pointed out that the CSRC has formulated 12 key tasks for comprehensively deepening the reform of the capital market, filling in the shortcomings of the multi-level capital market system and accelerating the reform of the New Third Board is an important part of this reform. |
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October 20 |
Li Chao, vice chairman of the China Securities Regulatory Commission, said that the CSRC will accelerate the implementation of the comprehensive deep-reform plan, and in supporting scientific and technological innovation, it will focus on giving full play to the role of the experimental field of the science and technology board, speeding up the reform of the GEM, and deepening the new three boards. Reform, promotion and improvement of venture capital support policies, and efforts to build a high-quality intermediary service system and other five key tasks. |
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November 8 |
A series of consultation papers issued by the China Securities Regulatory Commission and the stock transfer company to determine the next step of the reform of the New Third Board. The key issue is public offering, lower investment threshold, selection layer and transfer board |
This reform is also the most comprehensive and in-depth reform since the establishment of the New Third Board for nearly seven years. Investment commentator Zhang Gang believes that this new three-board reform has clearly defined the service of small and medium-sized enterprises and the private economy. This means that the new three boards will strengthen and overweight in supporting the real economy. More private enterprises and small and medium-sized enterprises in the country will be more Was welcomed to the new three board listing.
Selection layer transfer board, opportunity and challenge
In fact, the NEEQ and the exchange are both important components of China’s multi-level capital market. The main function of the NEEQ is to foster the continued growth of innovative and entrepreneurial SMEs.
AnalystThe company pointed out that this reform is to make the financing channels of these truly high-quality listed companies more smooth and open, and to make it easier for investors who recognize them to participate in the investment of the new three-board head enterprises. The establishment of the selection layer and the transfer board system also means that the positioning of the new three boards is more clear – that is, the cultivation board of the main board market.
In the selection criteria, the selection layer is based on the market value, and is set around the profitability, growth, market recognition, and research and development capabilities. The requirements are significantly lower than the listing conditions of the board and the average level of the GEM companies. .
Specifically, companies with strong profitability have a market capitalization of not less than 200 million yuan, net profit of not less than 15 million yuan in the last two years and a weighted average return on equity of no less than 10%, or recently The net profit for one year is not less than 25 million yuan and the weighted average return on net assets is not less than 10%; in addition, the market value of high-growth enterprises is not less than 400 million yuan, and the average operating income in the last two years is not less than 100 million yuan. And the growth rate is not less than 30%, and the net cash flow from operating activities in the most recent year is positive.
In the transfer mechanism, when a listed company applies for transfer and listing, it shall perform internal decision-making procedures, and the securities company shall sponsor and submit an application for transfer to the exchange. The exchange’s decision to approve and agree to the listing is not subject to the approval of the SFC.
Some people believe that the reform of the New Third Board may divert funds from the Shanghai and Shenzhen secondary markets.
But in fact, the New Third Board and the Shanghai and Shenzhen markets have significant differences in terms of service targets and investor risk appetite, and the degree of overlap is not very high. From the past reforms, regardless of the New Third Board, the Growth Enterprise Board or the Section The obvious performance of the board when it was newly established actually only brought incremental funds into the market, which made the overall activity of the capital market rise, and the fund diversion effect of the original institutions of the market, especially individual investors, was not obvious.
In addition, Shenwan Hongyuan’s new three board research team also pointed out that from the time point of view, the select layer company needs to be able to transfer to the A share after it has met the conditions for a period of time. Therefore, the supply shock is expected to be one or two at the earliest. Reached after the year and is expected to be after the second half of 2021.
In addition, lowering the investment threshold for the New Third Board has always been the voice of the market.
The reform mentioned that lowering the investment threshold and introducing public funds to invest in the New Third Board. From the policy point of view, the selection of investors, the innovation layer and the basic layer respectively set the criteria for investor access, and the threshold of the selection layer is the lowest. In terms of scale, many public funds are suitable for the selection of the new three-board selection layer.
Since the establishment of the New Third Board market, combined with the development characteristics of SMEs, it has built a “small, fast, flexible and diversified”Financing mechanism. The reform also proposed to rectify the financing needs of listed companies, cancel the restrictions on single-issuance of new shareholders not to exceed 35 people; allow simultaneous listing, introduce self-issued issuance and authorized issuance mechanism, improve financing efficiency, reduce financing costs; allow issuance After the completion of capital verification, the people use the raised funds to reduce the idle cost of funds.
More than 300 “reserves” for the transfer board
As a capital platform mainly for the development of innovative, entrepreneurial, and growth-oriented small and medium-sized enterprises, since the expansion of the New Third Board at the end of 2013, hundreds of companies have successfully listed on the domestic and overseas capital markets.
In other words, the New Third Board market has become an important pool of listed resources, connecting China’s multi-level capital markets. It is also a matter of market concern about how to explore these potential enterprises.
The analysts of Guosheng Securities said that the reform is not able to be listed at present, but the quality of the enterprises is of great help.
At present, there are 9151 listed companies in the New Third Board and 675 innovative companies. According to the data of Lianxun Securities, as of November 8, there are 675 innovative companies that are listed on the NEEQ and have been in the 12-month period. The innovation layer meets the financial criteria of the selected layer without considering the market value of the public offering. There are 322 enterprises, accounting for 47.7% of all innovation companies.
In addition, according to the data of the 2019 mid-year report of the national share transfer company, among the more than 9,000 companies listed on the New Third Board, 34 listed companies have been rated as the first batch of special “new giants” in China by the Ministry of Industry and Information Technology; The listed companies are in line with the specialization of the new “Little Giant” selection financial indicators; 2107 listed companies have the “specialization and special new” development potential, is the reserve power of China’s special “new small”. It can be said that these specializations are also important targets for the transfer of the listing.
It is worth noting that, affected by favorable policies, more and more companies to be selected have also chosen to stay on the New Third Board. For example, on October 30, Vision shares announced that the company and related shareholders noticed that the CSRC has recently launched a comprehensive deepening of the reform of the New Third Board, focusing on promoting the optimization of the issuance financing system, improving the market stratification, and establishing the listing mechanism of listed companies. Measures, a series of favorable policies will effectively improve the liquidity of the New Third Board. After careful consideration, the company intends to cancel the application for delisting.
Selection layer potential target | Data source Shen Wan Hongyuan (part)
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A shares, Hong Kong stocks or science and technology board, where is the listing?
For the transfer board, this year, the new three board companies not only love the traditional A-share market, but also the newly launched Science and Technology Board and the Hong Kong Stock Exchange.
For the Hong Kong Stock Exchange, on March 22, 2018, Huatu Education submitted the application as the first former new three board enterprise on the Hong Kong Stock Exchange. After that, a total of 46 new three board companies or former new three board enterprises submitted to the HKEx for listing application. Among them, there are 42 main boards and 4 GEM.
A-share market, 115 companies in the first 10 months of 2019 will (excluding science and technology board enterprises), 99 approved Among them, there will be 27 new three-board enterprises, 23 approved, with a pass rate of 85.19%, 10 listed on the main board of the Shanghai Stock Exchange, 11 listed on the GEM of the Shenzhen Stock Exchange, and 2 listed on the SME board of the Shenzhen Stock Exchange. In addition, the 23 companies listed on the transfer board raised nearly 12.6 billion yuan in the A-share market, of which the IPO of the mobile communication IPO was the highest, reaching 979 million yuan.
In terms of science and technology, at present, 45 of the 176 companies that submitted IPOs for the board were new three boards (including delisting) Enterprises accounted for approximately 25.6%. Among them, the average delisting time of 25 delisting companies was 2.1 years, and the longest time was 4.5 years in the western superconducting period. During the period, the accumulated financing exceeded 1 billion yuan. During the listing of the New Third Board, Jiayuan Technology raised RMB 47.25 million, RMB 58.5 million and RMB 118 million in March 2016, November 2016 and September 2017, respectively. It is worth mentioning that after the successful listing of the seven new three-board enterprises, the market value of the board was skyrocketing. The biggest increase was in the Western Superconductor. The stock price rose by 266.60% on the first day of listing.
Since this year, the speed of reform of the domestic capital market has accelerated markedly. First, the Shanghai Stock Exchange set up a science and technology board and the pilot registration system opened the gate to welcome the market. A number of capital market infrastructure systems such as market pricing, refinancing and spin-off have helped Kechuang. Type-listed financing. Nowadays, the selection of the new three boards and the GEM are also preparing for the registration system, and the capital market has been comprehensively deepened and reformed.
This article is from WeChat public account:Finance Finance (ID:thecapital) author: leaves