On the evening of June 3, the CSRC announced that in order to establish a transfer board listing mechanism, regulate the transfer board listing behavior, and coordinate and coordinate the system rules of different listing paths, do a good job In connection with supervision, the China Securities Regulatory Commission issued the “Guiding Opinions on the Transfer of Listed Companies in the National SME Share Transfer System”.
The “Opinions” make it clear that companies that have been listed on the New Third Board for one year can apply for transfer to the market, and qualified listed companies can apply for transfer to the branch. Listed on GEM or GEM. The Science and Technology Innovation Board, the New Third Board, and the Growth Enterprise Board are all organic components of the multi-level capital market. They complement each other and connect in an orderly manner, and adhere to their respective positioning and misaligned development.
The surging news reporter learned that the next step of the Shanghai Stock Exchange, under the deployment of the China Securities Regulatory Commission, will fully support the establishment of a system related to the transfer to the market.
Specifically, the Shanghai Stock Exchange will provide a system for the content that needs to be clearly stipulated by the exchange according to the requirements, and further clarify the relevant rules for the transfer of listing. At the same time, establish and improve the review and communication mechanism including transfer board listing and transfer supervision mechanism. In addition, the Shanghai Stock Exchange will also work hard to promote the publicity of the transfer board listing system, and actively support qualified new three board selection companies listed on the Shanghai Stock Exchange Science and Technology Board transfer board.
It is worth mentioning that since the Science and Technology Board opened the listing application for enterprises, there have been a lot of enterprise declaration materials that were originally listed on the New Third Board, including There are also a number of enterprises that have successfully landed on the Science and Technology Innovation Board.
However, according to the previous rules, companies listed on the New Third Board are listed on the Shanghai and Shenzhen Stock Exchanges, and they need to perform delisting from the New Third Board and be re-approved or registered by the Securities Regulatory Commission. There is no difference with other companies in the audit process. Therefore, delisting and re-listing significantly increased the cost of enterprises, and the introduction of the transfer system can effectively reduce the cost of listing companies.
In fact, the transfer board listing is a change in the stock exchange venue, does not involve public offering of shares, and there is no need to dilute shares, so the opening of this conversion channel will be SMEs use the capital market to facilitate direct financing.
The market generally believes that after the relevant rules for the listing of the NEEQ are officially released, the mechanism for NEEQ companies to transfer to other sectors will be more matureThis will undoubtedly be more conducive to the construction of a multi-level capital market.
Industry experts said that Science and Technology Board, as the first trial of the pilot registration system, has carried out nearly one year of registration review and has accumulated some experience; entrepreneurship The board is about to formally open a pilot market for the implementation of the registration system in the stock market. The implementation of the registration system on the Science and Technology Innovation Board and the Growth Enterprise Board has laid the institutional foundation for the introduction of the transfer mechanism of the New Third Board. From 2020 to the present, the reform of the New Third Board has officially landed, and the transfer board mechanism has established a linking channel for multi-level capital markets, which is of great significance for promoting the coordinated development of various sectors.
From the practical operation level, after the NEEQ listed company completes the transfer, it should be regarded as equivalent to the IPO listed companies on the Science and Technology Board and the GEM, according to the Exchange A series of capital operations such as refinancing are required. Of course, market participants also believe that the effectiveness of reforms needs to be tested and consolidated by the market for a period of time, and then the necessity and feasible method of further research and judgment to be extended to other sectors.