Focus on the new listing of innovative enterprises

On the evening of June 6, the CSRC issued the “Administrative Measures on the Issuance and Transaction of Depositary Receipts (Trial)”, and made specific arrangements for the issuance, listing, trading, and information disclosure systems of depositary receipts. The CSRC stated that it will strictly control the number of pilot entrepreneurs and the amount of funds raised, and rationally arrange the timing of the issuance and the rhythm of the issuance. I hope that all parties in the market will invest rationally, and do not follow suit and work together to promote the smooth development of the pilot work. 【Hot discussion

What is a unicorn company?

A unicorn is a creature of mythology, it is rare and noble. In 2013, Aileen Lee, a well-known American Cowboy Venture investor, classified the private equity and open market valuations of more than $1 billion in startups and called them "unicorns."

In December 2017, Hurun Research Institute released the “2017 Hurun Greater China Unicorn Index”, with a total of 120 unicorn companies in Greater China, with an overall valuation of over 3 trillion; Beijing became a unicorn enterprise The largest number of cities accounted for 45% of the total number of companies, followed by Shanghai, Hangzhou and Shenzhen. Ants Jinfu, Didi Travel, Xiaomi company valuations occupy the top three.

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Related rules
Shareholders must see! The CDR listing trading rules are coming! Beating new? How to buy? What is the difference with A shares? 20 questions 20 answers all understand!

Innovative corporate stock or CDR listing trading rules are basically the same as current A shares, with no asset restrictions. There are new code snippets, such as the Shanghai Stock Exchange that starts with 605 and 609. The AB shares are allowed to have the same rights, and the difference in voting rights is up to 20 times, but it cannot be abused. Innovative enterprises are not profitable. The former directors of the board of directors and the major shareholders cannot reduce their holdings. ...[Details]

CDR practical guide: seven major key coverages including transaction settlement tax collection and non-transaction pledge

The CDR landing is approaching. Yesterday, China Settlement officially issued the "Registration and Settlement Business Rules for Depositary Receipts (Trial)", which will be implemented from now on. Compared with the draft for comments, the officially released documents have undergone minor changes such as names. The Rules regulate the participation of investors in CDR securities accounts, registration and depository, and clearing and settlement. Look at the seven key points first. ...[Details]

China Settlement Issues "Registration and Settlement Business Rules for Depositary Receipts (Trial)"

With the approval of the China Securities Regulatory Commission, China Securities Depository and Clearing Co., Ltd. officially issued the "Registration and Settlement Business Rules for Depositary Receipts (Trial)", which will be implemented as of the date of promulgation. Depositary receipts are securities issued by depositary and issued in China on the basis of overseas securities, representing the interests of overseas basic securities. According to the relevant regulations, depositary receipts should be registered, deposited and settled in China's settlement. The "Rules" regulates the pilot registration, depository and settlement business of depositary receipts, and lays the institutional foundation for the innovation of enterprises to issue depositary receipts. ...[Details]

CSRC: Steadily promote the pilot work of issuing stocks or depositary receipts in innovative enterprises

This innovation pilot was promoted in accordance with the relevant provisions of the Securities Law in the framework of the current securities law. In this pilot, some important institutional arrangements were made: First, it is clear that eligible overseas registered red chip companies can issue stocks in China; second, launching new securities of depositary receipts and the basis for issuing depositary receipts The sexual system is arranged; the third is to further optimize the conditions for the issuance of securities, to solve the problem of the issuance of some innovative enterprises that have not yet been profitable and not to make up for losses; the fourth is to fully consider the special interest entity (VIE) structure and voting rights differences of some enterprises. The issue of corporate governance, making targeted arrangements; the fifth is to effectively do institutional arrangements for investor protection. ...[Details]

The Shanghai and Shenzhen Stock Exchanges announced the implementation of the pilot trading company stocks or depositary receipts listing transactions

The “Implementation Measures” issued by the Shanghai Stock Exchange strictly followed the information disclosure and investor protection requirements established in the “Pilot Opinions”; the regulatory policies and logic behind the specific system, and the series of regulations of the Securities and Futures Commission’s Depositary Receipts Consistent with regulatory documents. Among them, the focus is on the basic duties of the exchange, and made specific, detailed and operational arrangements for the listing transactions and information disclosure of innovative corporate stocks or depositary receipts. ...[Details]

Innovative corporate stocks and CDR code segments are released.

On June 13, a number of securities companies received the "Notice on Preparing for the Pilot Work of Innovative Enterprise Stocks or Depositary Receipts" issued by the Shanghai and Shenzhen Stock Exchanges. The notice shows that the Shanghai 605 code segment will belong to the innovative enterprise stock, and the 609100 to 609999 code segment will belong to the innovative enterprise depositary receipt. According to the content of the notice, the brokerage company needs to display the market information of the innovative enterprise depositary receipt as a separate section. In the eye-catching position of the stock information of the innovative enterprise stocks or depositary receipts, the stocks of the innovative enterprise stocks, depositary receipts and their unprofitable, voting rights differences are identified. ...[Details]

The China Securities Regulatory Commission released the CDR rules. 3 minutes to understand the 15 core concerns and 24 professional interpretations.

In the middle of June 6th, the CSRC issued 9 regulations and normative documents such as the “Administrative Measures on the Issuance and Transaction of Depositary Receipts (Trial)” to formally embrace the new economy. CICC estimates that if 30%-50% of "unicorns" and four new overseas Chinese stocks are listed in the mainland in the next 3-5 years, the estimated financing needs will be between 100 billion and 300 billion yuan each year. about. It accounts for 0.3%-0.6% of the total market value of current A shares, and has little impact on the secondary market. At the time of issuance, the number and pace of the pilots will be grasped, and the pilot work will be carried out in a smooth and orderly manner, and will not be rushed. ...[Details]

New Deal Interpretation
The CSRC issued 9 documents to welcome the unicorn: 24 questions and answers pure dry goods, accepting the application from the 7th

The support for the listing of innovative enterprises in the domestic market was carried out in a pilot manner, setting a high threshold for entry. The so-called "unicorn" enterprise standard, which is higher than the market's colloquialism, is rather lacking. The issuance review will be strictly controlled, the pilot enterprises will be carefully selected, the domestic and international market conditions will be fully considered, the number and pace of the pilots will be grasped, and the pilot work will be carried out in a smooth and orderly manner. ...[Details]

Innovative companies will arrange the rhythm of the distribution reasonably.

The person in charge of the relevant departments of the China Securities Regulatory Commission said that in order to stabilize market expectations, this pilot will select enterprises in strict accordance with standards and procedures, grasp the number of enterprises and the scale of financing, and strictly control the entry in accordance with the law, and steadily promote the pilot enterprises to issue stocks and CDRs, and arrange them rationally. Release timing and release rhythm. The CSRC will improve and improve the relevant systems according to the pilot conditions, and gradually expand the scope of the pilot enterprises when the conditions are ripe. ...[Details]

The approval has just arrived! Top 100 interpretations of 300 billion unicorn funds

Fund Jun learned from the six fund companies that the South China, China, Yifangda, Jiashi, Huitianfu, and China Merchants Six Funds' “three-year closed operation strategic placement flexible allocation hybrid securities investment fund” reported at the end of May, June 6 All the mornings were approved, and the next Monday or officially entered the issue. ...[Details]

CDR first round simulation test start Basic design ideas refer to A shares CDR first or landed in July this year

Recently, the Shanghai and Shenzhen Stock Exchanges and China Clearing have issued notices to various securities companies to initiate CDR simulation tests. The notice clearly states that the basic design ideas of CDR mainly refer to A shares. This means that the process of buying and selling CDRs by qualified investors is not significantly different from trading ordinary A shares. At present, all brokers are sparing no effort to upgrade and renovate the system. The industry expects that the CDR will land in July. ...[Details]

A spokesman for the China Securities Regulatory Commission answered questions on the pilot of issuing stocks or depositary receipts in innovative enterprises.

Chang Depeng, spokesperson of the China Securities Regulatory Commission, answered questions on the pilot of issuing stocks or depositary receipts in innovative enterprises. After the implementation of the "Several Opinions", the CSRC will also formulate more specific implementation measures to further improve the supporting systems and regulatory rules. . ...[Details]

CDR OK! In the middle of the review, there are seven industries in the spectrum. At least these six companies meet the six key policies.

The reporter learned that the follow-up SFC level will also introduce specific supporting rules and parameters, including how to determine the valuation, how to create a scientific and technological innovation industrialization advisory committee, how to set the investor threshold. It can be seen that the reform is not a one-step process. It is a gradual process. It takes time for the first eligible new economic enterprise to land in the A-share market. ...[Details]

CDR kills! Which companies meet the requirements? What is the impact on A-share geometry? All you need to know is here.

Chang Depeng, spokesperson of the China Securities Regulatory Commission, told reporters on the pilot of issuing stocks or depositary receipts in innovative enterprises. In order to stabilize market expectations, this pilot will select enterprises in strict accordance with standards and procedures, grasp the number of enterprises and the scale of financing, and rationally arrange Release timing and release rhythm. Strengthen prudential supervision and investor protection, crack down on all kinds of violations of laws and regulations, and promote relevant pilot work in a safe and orderly manner. ...[Details]

Unicorn back to A New Deal Top Ten Aspects: Which companies can go public and how they are set

Innovative companies, including unicorns, have entered into A-shares or issued CDRs (vouchers) policies, which are faster than expected. The "Several Opinions" also set a threshold for the scale of the pilot enterprises: among them, large-scale red-chip enterprises that have been listed overseas have a market value of not less than 200 billion yuan. ...[Details]

Private placement of new rules! Finally solved the "unicorn valuation" problem. See the eight principles of the three major methods.

The fund industry association issued the "Guidelines for the valuation of non-listed equity investments in private equity funds (Trial)" on Friday. The eight major valuation principles and the three major valuation methods provide clear guidance for industry-related businesses. The new regulations will be implemented on July 1 this year. The guidelines give private equity funds a unified valuation standard for unlisted equity, valuation principles and valuation methods, and the once controversial “unicorn valuation” problem has finally settled. ...[Details]

CDR is coming! Back to the A-share standard, the qualified unicorns originally belonged to these

According to US stocks and Hong Kong stocks, there are 11 companies with stock market value exceeding US$32 billion so far. Except for CNOOC, Sinopec, China Life, China Unicom and CNOOC, which are not listed as innovative companies, they are eligible for CDR. There are only six, namely Alibaba, China Mobile, Baidu, Jingdong, NetEase and China Telecom. ...[Details]

Unicorn back to A can be IPO or send CDR! Qualified companies or less than 50 companies

On the evening of the 30th, the General Office of the State Council forwarded the Notice of the CSRC on Several Opinions on Piloting the Issuance of Stocks or Depositary Receipts in Innovative Enterprises (hereinafter referred to as the “Opinions”, which means that the “unicorn” returned to A to substantially break the ice. The standard unicorn company, perhaps less than 50....[Details]

The unicorn enterprise's return to the A-share pilot opinion was released: a threshold of 200 billion yuan and 20 billion yuan

The contents of the "Opinions" pointed out that pilot enterprises that carry out the issuance of stocks or depositary receipts in innovative enterprises should be in line with national strategies, master core technologies, and have high market acceptance. They belong to the Internet, big data, cloud computing, artificial intelligence, software and integration. High-tech industries such as circuits, high-end equipment manufacturing, biomedicine, and strategic emerging industries, and reach a considerable scale of innovative enterprises. ...[Details]

Key company dynamics
12 days! The application of Xiaomi CDR will speed up the refreshing of Foxconn Lightspeed IPO

On the evening of June 15, the China Securities Regulatory Commission issued a message saying that Xiaomi's issuance of China Depositary Receipt (CDR) will be reviewed in the working conference of the 88th Audit Committee of 2018 held on June 19. The reporter noted that Xiaomi applied to the CSRC for the issuance of the CDR on June 7, and was accepted on the same day. On June 14, Xiaomi updated the prospectus and received feedback from the Securities and Futures Commission on the evening of the same day. As a result, Xiaomi issued CDR queuing time, only 12 days before and after. ...[Details]

The news said that Baidu has started CDR preparation internally and will return to A shares as soon as next month.

In the past two days, Baidu has been caught in the whirlpool of "Lu Qi's departure". However, on the other hand, there are other news in the capital market, that is, Baidu will be listed in the domestic market in the form of CDR, and will return to A shares as soon as next month. ...[Details]

CDR method quotation! Many red chips are eligible. BATJ and other returning A shares are in sight.

There are roughly seven red-chip companies that have been listed overseas in accordance with the standards: Alibaba, Baidu, Jingdong, NetEase, Tencent Holdings, China Mobile and China Telecom. Shen Wan Hongyuan strategist Wang Sheng pointed out that the CDR issuer is the new economy + large market value quality target. It is expected that the future CDR regression and IPO financing will be carried out step by step. The probability of financing will be "the first red flag and the single angle". beast". ...[Details]

Chairman of China Mobile: Paying close attention to CDR does not exclude subsidiaries from returning to A shares

On May 17, China Mobile held its annual shareholder meeting in Hong Kong. According to reports, China Mobile Chairman Shang Bing said that he will consider returning to the mainland through the China Depositary Receipt (CDR), whose main purpose is to let its 900 million domestic users "share the fruits of growth." “We are paying close attention to the (CDR mechanism).” Shang Bing said at the shareholders meeting that the company can consider the CDR plan after the regulator has issued clear guidelines on the mechanism. ...[Details]

deal! The unicorn is back to A to break the ice, but the number of eligible ones may be less than 40.

On the evening of the 30th, the General Office of the State Council forwarded the "Notice of the CSRC on Several Opinions on Piloting the Issuance of Stocks or Depositary Receipts in Innovative Enterprises", which means that the "unicorn" returned to A to substantially break the ice. The "Opinions" clarified the requirements for the unicorns to return to A, that is, to belong to the Internet, big data, cloud computing, artificial intelligence, software and integrated circuits, high-end equipment manufacturing, biomedicine and other seven industries. ...[Details]

Power battery unicorn sprint IPO Ningde era will be the next Foxconn?

According to the December 2017 Hurun Research Institute released "2017 Hurun Greater China Unicorn Index", the total number of unicorn enterprises in Greater China reached 120, the overall valuation totaled over 3 trillion; Ant Jinfu, Didi Travel and Xiaomi's valuations occupy the top three, followed by Xinmeida, today's headlines, and Ningde era. ...[Details]

Foxconn's "special exceptions" quickly listed on the issue of "writing commitment" to resolve the problem of horizontal competition

As the world's largest electronics consumer product foundry, Foxconn Industrial Internet Co., Ltd.'s IPO initial application has undoubtedly attracted the attention of the market, and its various "privileges" are envied by other listed companies. ...[Details]

Market voice
Securities Times: Can't equate the new economy with the unicorn

Many people predict who will be the first CDR pilot enterprise, how big the pilot scale is, and how many first pilot enterprises have, and many people will return the new economy and the unicorn to the A-share equation, ignoring In the past few months, the capital market has been doing a lot of work in the service of the new economy. In fact, these signals are worthy of attention. ...[Details]

CSI headline comment: Do not look at CDRs with colored glasses

Innovative enterprise IPO or CDR pilots face two major misunderstandings: First, “blood draws” from the market. In this regard, the regulatory authorities have already made it clear that in order to stabilize market expectations, the pilot will select enterprises in strict accordance with standards and procedures, grasp the number of enterprises and the scale of financing, and rationally arrange the timing and timing of issuance. The second is to squeeze out other small and medium-sized innovative companies to list opportunities. ...[Details]

Penghua Fund Han Yulin: CDR helps investors share new economic growth dividends

In the long run, for the unlisted new economic enterprises, actively explore the industry pattern in its segmentation, and lay out the investable targets in related fields in advance. The rapid realization of IPO through the green channel of the fast-listing of high-quality new economic enterprises by the regulatory authorities will help to adjust the market structure, usher in long-term investment opportunities, and share the rapid growth of the unicorn. ...[Details]

Yang Delong: Piloting the return of innovative enterprises to benefit the new economic sector

The way to invest in a new economy is different from that of a traditional industry. One is to choose an absolute leader, because emerging industries often have a “winner-take-all” situation. Second, we must use the company's growth to judge the company's value. It is possible that some companies representing the new economy will not be able to generate more profits from their existing businesses, but future performance will be released with great probability. In terms of valuation methods, it is not limited to the method of using price-to-earnings ratio or price-to-book ratio, but also to use a variety of valuation methods. ...[Details]

CITIC Securities: CDR policy launch speed exceeds expectations, will reshape A-share new economic company

From the "Government Work Report" put forward "supporting high-quality innovative enterprises listed financing", until the "Several Opinions" was officially released only 25 days, fully demonstrating that the regulatory layer is opening up to deepen the capital market and supporting the "new economy" enterprises to land in the A-share market. determination. The return of the Chinese stocks to the A-share new economic companies to provide "valuation anchors." The total market value of the six middle concept stocks is about 5.3 trillion yuan, corresponding to the total market value of the A-share "computer + electronic components + communication" three times about 1.3 times. ...[Details]

Jiu Tai Fund Zheng Lichang: Companies that can grow into "unicorns" need to have four characteristics

Zheng Lichang said that one is that the market is very large, and it is impossible to grow into a large enterprise in a small space. Second, the industry must have a scale effect, its scale is large, the enterprise has a competitive advantage, and the cost is low; Third, we must have a good customer stickiness. Why do we talk about customer stickiness? If a market is large and the market has scale effect, but your customers are easily ridiculed by others, this situation will be very troublesome and will lead to this market. The competition is getting more and more fierce; the core is the fourth point. This enterprise must have a killer, or a nuclear weapon, a killer and a nuclear weapon capable of grasping the characteristics of the market, and can grow up quickly. ...[Details]

Stock market opportunity
Top Ten Brokers Interpret CDR Rules: Technology Leading Value Valuation Repair Leading Brokers

Most institutions said that the CDR advancement rate exceeded expectations, which will increase the diversity of A-shares, expand the opening up of China's securities market, and benefit the diversified valuation of high-quality science and technology enterprises, and benefit leading brokers. Haitong Securities said in the research report that the issuance of CDR involves both domestic and overseas markets, and comprehensive leading brokers with global business layout have advantages. ...[Details]

The venture capital sector is on fire. Who can support a unicorn? (attached)

Huang Jindong, an analyst at Guojin Securities Wealth Management Center, said that the current market speculation is mainly expected. Recently, the regulatory authorities have frequently released information to support the listing of new economic enterprises. Most of these companies are "unicorns" and the focus of PE/VC investment. If you get the IPO green channel tilt later, you can exit faster and achieve profitability for venture capital institutions. ...[Details]

A shares fall in love with the concept of "unicorn". The three major investment paths under the trend of value investment

The three or six zeros listed by Jiangnan Jiajie were once again plummeted. Only one day after the renaming of the three-and-a-half trading days, the stock price has fallen more than 22%, and the market value has shrunk by nearly a quarter of the total market value of only 331.7 billion yuan. The stock has risen by as much as 619.45% before the name change. Therefore, market participants remind investors to beware of the risk of profit-taking from the unicorn concept stocks due to excessive gains in the previous period. ...[Details]

Unicorn concept fires investment opportunities big analysis! The four plates are the most reliable

In terms of market value, the total market value of the GEM in the A-share market has risen very little in the past two years, while the total market capitalization of the BATJ has nearly doubled. If such a group of high-quality new high-tech companies are listed on the A-share market, A-share investors will have the opportunity to get better returns from these technology leaders. ...[Details]

Introduction and evolution of China Depositary Receipts
Introduction, evolution and distribution process of China Depositary Receipts

Chinese Depositary Receipt (CDR) means that listed companies outside Hong Kong (including Hong Kong, China) will hold part of the issued shares listed in the local custody bank, issued by depositary banks in China, listed on the domestic A-share market, and in RMB. Transaction settlement, investment certificates for domestic investors to buy and sell, so as to achieve the sale of stocks. ...[Details]

A picture to understand CDR