The reform of the New Third Board is imminent: the selection layer is the golden key to “open the door”

March 14, 2019 05:07
source:                             21st Century Business Herald
edit:Eastern Fortune Network

"The only benefit of the new three board is thatDividendTax exemption, but the earliest batch of enterprises have carried out financing and market making, and the exit problem currently facing is very difficult. On March 13, Dong Dong, a new three-board company in East China, told the 21st Century Business Herald.

According to the statistics of 21st Century Business Herald, this year's two sessions, including Chairman of the Board of Directors of Zhongtai Securities, Li Wei, Chairman of Xiangyu Pharmaceutical (832276.OC), Lin Fanru, Chairman of Celera (831049.OC), Chen Haijia, etc. The proposal on the reform of the New Third Board will provide opinions and suggestions on the reform and development of the New Third Board market.

The background is that the liquidity of the New Third Board market is sluggish, the financing function is almost lost, and even many companies are actively seeking opportunities for delisting. The data shows that on March 13, the three board market index closed at 769.38 points, and in 2018, the three board market index was closed for 12 months.

  The two committee representatives actively proposed

This year, Li Wei, chairman of Zhongtai Securities, submitted a proposal on "Deepening the New Third Board Reform to Improve the Ability of Serving Small, Medium and Micro Enterprises". He suggested that the reform of the new three board market should be deepened and the new three board market should be fully utilized in serving small and medium enterprises. The institutional advantages of improving the service capabilities of small and medium-sized enterprises.

In fact, last year Li Wei proposed a series of suggestions for the improvement of the new three-board system.

This year, Li Wei introduced a public offering system; enriched the types of market makers, implemented a continuous bidding mechanism in some companies with higher degree of publicity; lowered the entry criteria for qualified investors in the New Third Board, and increased the number of investors; Further suggestions were made on the indicators such as the newly selected selection layer.

In his view, the current new three-board market implements a small-scale financing arrangement for issuance, and lacks a public offering system, which affects the market liquidity and pricing functions. In addition to the current targeted issuance system, a new issuance system for qualified investors is launched in the New Third Board, which is sponsored and underwritten by securities companies to meet the diversified financing needs of listed companies and improve market financing efficiency.

In view of the difficulty of liquidity, Li Wei also mentioned the relaxation of the limit of the company's collective bidding for five times a day, enriching the types of market makers, implementing a continuous bidding mechanism in some companies with higher degree of publicity, and improving the market price discovery function. .

Lin Fanru also pointed out that the current liquidity of the New Third Board market has led to a series of problems. Including the continuous decline of market liquidity has led to the enthusiasm of investors to participate in the decline, which has made the listed companies difficult to raise financing. The lack of liquidity also causes investors to require liquidity compensation when pricing, and the listed companies have insufficient bargaining space when issuing financing. The increase in financing costs; and the lack of confidence in the investor market and the further deterioration of the financing situation in the primary market have had a negative impact on the market's basic functions of resource allocation, which has weakened the ability of small and micro enterprises in the NEEQ market.

As for the specific measures, Wei Ning, the deputy to the National People's Congress and the chairman of the High School of Industry and Technology (834182.OC), proposed to reform the qualified investor system, lower the threshold for individual investors, and properly manage and guide institutional investors.

In his view, “the New Third Board should carry out the reform of the qualified investor system around the risk-bearing capacity and risk perception ability of the 'rational investors'. Combining the relevant measures to deepen the reform of the New Third Board, targeting different market levels and corporate risk spillovers Trial of differentiated investor access arrangements."

  Market expects selection layer

"Everyone has been very positive about the reform of the stock transfer company over the past year. For example, for the Hong Kong stocks and A-share companies, the New Third Board has introduced new regulations and the Stock Exchange to sign a memorandum and open three categories.shareholderClearing the channel, etc., this relatively open and positive attitude and actual innovation and reform measures have provided a lot of convenience for enterprises. On March 13, Chen Yiwen, deputy general manager of Zesheng Technology, told the 21st Century Business Herald.

"Some of the existing shortcomings of the New Third Board may require better coordination and communication between the market, enterprises and stock-transfer companies to formulate measures to continue to promote reforms. In addition, after the emergence of new sectors such as the Hong Kong Stock Exchange and the Science and Technology Board, the New Third Board may also need Thinking about the new positioning in the capital market." Chen Yiwen believes.

The aforementioned Secretary-General told the 21st Century Business Herald reporter that "there are three suggestions that the opening of the new three-board innovation layer for more than three years should be opened to the board of the board; the innovation level should be lowered to 1 million; the innovation layer should be established. indexfund, launched the three-board innovation index fund. ”

In addition, the highly anticipated selection layer is also the focus of market participants.

On March 13, Zhou Yunnan, the founding partner of Nanshan Investment, told the 21st Century Business Herald reporter that "only the selection layer is the golden key to solving the current New Three Boards dilemma."

In his view, the new three board as a new market, the initial period has ended, the time for comprehensive reform has matured, the new three board reform has been incorporated into the country's strategic deployment, and is now entering a new stage of upgrading and efficiency. The overall idea of ​​reform is to focus on improving market financing capacity and liquidity level through refined stratification of the market and clearer differentiated institutional arrangements.

In addition, for the launch of the supporting selection layer, or a series of differentiated institutional arrangements, including promoting the reform of the issuance system, improving the trading system, enriching market access, improving the letter and supervision, improving the information disclosure standards of listed companies, and improving The quality of the letter, the introduction of stricter regulations on the selection of the level of supervision.

(Article source: 21st Century Business Herald)

                        (Editor: DF380)

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