On the evening of November 7, Changyou announced that it intends to apply for the listing of the national small and medium-sized enterprise share transfer system. This is the first company to re-list after delisting.
After the news of the re-listing of Changyou 5 (OC: 400061), which was delisted for four years on November 2, was released to the public, the third board regained market attention. Since the opening of the week, the third board has ushered in the spring, and many stocks have a daily limit. According to statistics, there are currently 66 old three board stocks, including 4 A shares and B shares listed at the same time. In addition to the 62 stocks, including 55 delisting shares delisted, and 7 two net stocks.
As of the close of November 7, the third board of the third board has a daily limit and two have a limit. Among them, Nanyang 5 (OC: 400023) has been trading for three consecutive trading days.
Unlike the New Third Board, the current third board has not set a trading experience and funding threshold for investors.
A market source suggested that the re-listing of Changyou is only a case. It is not easy for a delisting company to re-list. "If the delisting company is so easy to re-list, then for the listed companies that are on the verge of delisting, There is no fear of it. Therefore, from the perspective of supervision, most delisting companies will still stay in the third board."
Is it a reliable "backdoor old three board"?
According to the re-listing rules, the company's three accounting years are required to have a positive net profit and a cumulative total of more than RMB 30 million. At present, in addition to long oil, 10 of the 62 delisting companies in the third board have met the financial requirements.
Up to now, among the 10 companies, Chuangzhi 5 has also submitted a re-listing application. In addition, Huilu 5 (OC: 400038), Tianchuang 5 (OC: 400036), Nanyang 5 and National Heavy Equipment 5 (OC: 400062) have successively announced the re-listing plan.
Speaking of mergers and acquisitions, Huilu 5, which has already started the listing plan, is a rare company that seeks A-share listing through the “backdoor third board”. Although Huilu 5 meets the financial requirements, due to the “new and old cut-off” system arrangement, the financial report for the last three years has been issued a standard audit report, and there has been no major change in the main business. Directors, senior executives, and actual controllers have not Major changes, changes, etc., and the ability to continue to operate. Therefore, in 2015, the “backdoor old three board” Hui Green 5 must wait for three years. With the expiration of three years, the re-listing of Huilu 5 also ushered in the dawn.
For the reason why the shell price of the old three board will rise because of the long oil, the net merger and acquisition CEO Liu Qing told reporters that the backing of the old three board is very "unpopular", there should be no price increase, "the third board does buy The shell side provides a new way, but most people will choose to buy the shell of the motherboard to re-list. In particular, the current shell price is relatively low, about 500-800 million yuan. Unless the purchaser is working on the third board capital This method is especially familiar."
According to the listing application criteria, the current third board is basically a company that delists from the A-share market. After the rectification of the performance is up to standard, it only needs to submit an application to the stock exchange, and it can be re-listed after review, so someone will buy the third board. The company's "shell".
A few days ago, some market participants questioned that after the oil returned to A shares, it may become the "shell" of the A-share market. In this regard, Liu Qing said, "Generally speaking, after returning to A shares through the third board, it will not easily turn the company into a 'shell'. For a company, the value of becoming a 'shell' is the lowest, and it is on the A-share. After that, after the stable operation, the profits of listed companies will be more abundant. The 'selling shells' will not sell shells easily for such long oils that are hard to re-list."
Investment in the third board needs to be cautious
It is not difficult to see that the overall activeness of the old three board sector is inextricably linked to the re-listing of long oil.
The reporter noted that on November 7, the volume of olefin carbon 3 (OC: 400070) and Jean 3 (OC: 400069) exceeded 3.2 million, and both have broken through the volume since the second half of this year. Although the re-listing of Changyou has brought "good news" to the old three board sector, the fluctuation of the whole sector is still relatively large. Huasheng 5 (OC: 400039) and Changbai 5 (OC: 40002) which have just been updated on November 6th. ), on November 7th, suffered a plunge, with a drop of more than 5%.
A private equity manager from Beijing told reporters that the current investment in the third board does not rule out hype, but if the timeline is lengthened, the activity of the third board market is very low compared to the new board. It is precisely because of the re-listing of long oil, the stocks of the third board will have a higher turnover. He reminded investors, "Be sure to realize that most of the companies that are delisting are still poorly-performing companies, and don't buy them."
The market participants said that at present, although the return of long oil has brought encouragement and a glimmer of hope to many old three-board companies, there are probably few companies that can be as lucky as long oil. "Overall, the plates of the old three boards are so big, only 60 companies, and all delisting companies, can imagine how the previous performance. These companies, unless they merged and reorganized, completely changed their face, otherwise it is difficult to be like The oil is back to life."
(Article source: First Finance)