New Three Board: A New Springboard For Textile Enterprises Listing?

Recently, the work of expanding the new three boards has been put on the agenda. Eligible retail investors will be able to participate in the pfer of quotations.

The "new three board" market refers to the non-listed company's share pfer system of Zhongguancun science and Technology Park, which is different from the "old three boards" that have been delisted into the pfer system. It is considered to be the "growth enterprise board" of the "gem". It is a "training ground" for another enterprise to enter the capital market after the main board, small and medium-sized board and gem.

The new three boards will enable eligible companies to prepare for trading in the OTC market. Once they meet the requirements of the gem, they will be listed instantly.

The threshold needed is lower than that of the gem. Therefore, it is more suitable for textile with small profit margins and low profit margins.

After the OTC deal, we will talk about listing again.

On GEM 1st anniversary, Professor Dong Dengxin, director of the Institute of financial and securities research at Wuhan University of Science and Technology, wrote that the entry objects of the new three boards could be considered to focus on two types of enterprises: one is the companies that withdraw from the main board, the small board and the gem, and the other two are non listed, high-tech and high growth SMEs. Their listing standards should be much lower than that of the gem.

It is understood that in foreign countries, enterprises are first going to the OTC market (after the OTC market), and then listed (main board, medium and small board, GEM).

The difficulty of the cabinet is much lower than that of the listing, and the cost is low.

The expansion of the new three boards will expand the team of three boards, not only in the Zhongguancun Industrial Park of Beijing, but also in the 56 national hi tech industrial parks in the country. The first three pilot parks may be around 20.

In the National High-tech Industrial Park, there is no shortage of

The efforts of textile and garment enterprises to seek public market and to realize financing have not ceased.

Even 3 years' losses have now been withdrawn from the market, and the textile companies that have entered the three board agency pfer system have not given up their efforts to resume listing.

Shanghai Huayuan joint-stock company and Dandong chemical fiber company in May 2008 have been delisted, and have been hoping to review the dream of listing through restructuring.

Shanghai Huayuan joint stock company passed the examination and approval of the China Securities Regulatory Commission's merger and reorganization audit committee in December 25, 2009. It intends to buy the 70% equity interest of the famous city real estate (Fujian) Co., Ltd., jointly owned by Tung Fu Industrial and its concerted persons, through the way of issuing shares to Fuzhou Dong Fu Industrial Development Co., Ltd. and other "Dong Fu industries" and its concerted action people.

ST bankruptcy reorganization in Dandong was completed in April 20, 2010. However, due to the influence of real estate policies controlled by the state, there are still some uncertainties in the current listing efforts.

In recent years, because of the rise in the price of textile raw materials and the increase in labor costs, many enterprises are having a very hard time. The growth of net profit only by endogenous growth and gross profit margin is very difficult. Listing seems far away from them.

To achieve 3 consecutive profit, and the profit of 30 million yuan GEM Listing threshold is still not small.

The expansion of new three boards seems to bring a glimmer of hope for these enterprises.

Tradition breeds "unconventional"

However, not all enterprises can go public through new three boards. The high growth of enterprises determines the way of listing.

Liu Guangchao, director of the law office in Beijing, is the main contributor to the new book "direct attack on the new three boards".

He believes that the development of the "new three boards" is another important move for the China Securities Regulatory Commission to launch the gem to promote the construction of a multi-level capital market.

Since January 2006, the new three board was officially launched as a pilot pfer of share quotations in the Zhongguancun agency system. After several years of operation, the number of listed company gradually increased, and the overall operation of the market was stable and orderly. Its support for the development of independent innovation enterprises in the park was initially apparent.

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Xiong Wenfang, assistant general manager of Dassault law firm, told reporters that textile and clothing are still traditional industries, not as high as electronics and IT industry. Therefore, according to the current three board rules and operational practices, such enterprises are more difficult to enter.

At present, the 27 companies listed in Zhongguancun are all high-tech enterprises, even if "

Although the textile industry is a traditional industry, the industry textile industry belongs to the new industry category.

The national "12th Five-Year plan" promotes the development of a new generation of information technology, energy saving, environmental protection, new energy, biology, high-end equipment manufacturing, new materials, new energy vehicles and other industries, and can find the shadow of technical textiles and nonwoven industries.

Such as battery separator materials, clean energy filter materials, building membrane materials and high-performance fiber materials in the new energy automotive industry are all valued by major brokerages and analysts and recommended to institutional investors.

GF Securities pointed out that new materials are the basis for the development of other emerging industries. If new industries are the forerunners of economic development, new materials will be the forerunner of emerging industries.

Investing in new materials is an eternal theme.

Shanxi Securities believes that new materials are the cornerstone of developing strategic emerging industries, and have high resource barriers or technical barriers, especially those involving deep processing of new materials, enterprises with independent innovation, development and application and core competitiveness.

In the textile listed companies, the enterprises involved in new materials and new fibers include: FOK shares in making battery separator materials, Shanshan stock invested in lithium battery manufacturing, Yantai spandex in the pilot plant of high performance fiber aramid 1414, investment in high strength PE industrialization, national textile project investment and so on.

For the listed companies in the textile industry, the starting point is energy saving, environmental protection, green and low carbon, which is the main thread of long-term investment in the capital market.

Other nonwovens companies are also actively planning to go public.

What they expect is that the gem and the new three boards will give green light to these non-traditional textile industries so that they can successfully land in the capital market and complete the course of the Phoenix Nirvana.