New Third Board Listing Threshold Increased In Disguise &Nbsp; Filing System Or Test.

As a "top priority" in this year's capital market, it has been brewing for many years. New three boards "Expansion is approaching. It is reported that the overall plan of the OTC market has been approved by the State Council, but no exact information has yet been released. "New three board" arrow has been on the string, pilot expansion. policy Or announce at any time.

However, the launch of the new three boards is not achieved overnight, in the market positioning, whether it can turn the board, supervise, and so on. list No consensus has been reached with investors' threshold. It is learnt that the specific trading rules, listing standards and other new policies will be introduced. At present, the outside voice is still the biggest hope that the filing system can be launched. But recently, some companies listed on the Zhongguancun stock agency system have found that the threshold of listing has been quietly raised. This has also given question marks to the effect of the new three board expansion of the pilot reserve system.

On the eve of the sprint, "the new three boards", the most positive ones are the state-level high-tech parks all over the country. These "local Princes" have long been ready to do so. In addition to reporting the application materials for trial qualifications, many places are also salivating at the current overhanging trading market (OTC).

Listing threshold upgrading in disguise

The industry generally believes that the SFC has announced recently or in succession the specific plans for the expansion of the new three boards and the evaluation criteria for the pilot parks, including the Listing Rules of the new three boards and the management of qualified investors.

But it is worth noting that with the flow of funds and more businesses, the concept of "new three boards" is becoming more and more popular. But a detail that can not be ignored is that under the influx of various stakeholders, the threshold for listing of Beijing Zhongguancun stock agency system as the basis of the new three board market has gradually increased.

Qiu Qingrong, a securities law Specialized Committee member of the Beijing Bar Association who provided the Zhongguancun board with services for restructuring and listing, recently felt some anxiety. In recent years, "new three boards" were being pursued by investors, and the auditing standards of "new three boards" had increased in competition.

Qiu Qingrong lawyer said that the threshold of "new three boards" based on the Zhongguancun stock agency system was not high enough, so long as it accords with the registration conditions of the joint stock company 5 million, and it does not require profit. But at present, from the recent recommendation of brokerage firms, at least require the recommended enterprises to make a profit (first), so that several high and new enterprises are blocked. "There are several such cases in my hands, which are blocked outside the" three boards "because of profit requirements. Qiu Qingrong said, "as investors become more and more enthusiastic about the" three boards ", the threshold for corporate profits will continue to be pushed up. The final record enterprise's profit standard will be pushed to about 5 million. "

If such a trend is formed, Qiu Qingrong believes that it may be against the intention of setting up the three boards. "It is equivalent to changing the filing system and turning it into a system of examination and approval." Qiu Qingrong said.

Previously, according to the regulations of the Securities Industry Association, the basic requirements of the Zhongguancun stock agency system for the listed companies were two years' survival and outstanding business, and there were no rigid requirements in terms of income and profit.

Now, what really worries Qiu Qingrong is that once the "three boards" have formed a high threshold trend, the filing system of the new three boards will be turned into an audit system in disguise, and the opportunity cost of many listed companies will increase.

At present, the filing system is the biggest suspense after the expansion of the new three boards.

Chen Dongqi, deputy director of the national development and Reform Commission's macro Academy (column), also suggested on the 28 day that it should explore the filing system and adhere to the strategy of "wide entry and strict exit".

Local princes rush to run

"Too busy recently, there are too many materials and people to be filled. The SFC, the Ministry of science and technology, the securities companies, the investors and the media have never stopped and can't greet you." The director of a state-level high tech Park said when he talked about the current working conditions.

As the "new three board" market is positioned as the incubator and reservoir for listing resources, high-tech parks in Shanghai, Suzhou, Chengdu, Xi'an, Chongqing, Guangzhou and Wuhan are all actively preparing for docking with the "new three boards" in the 70 state-level high-tech zones of the country.

At present, which park will enter the first batch of pilot list is still unknown, and the number of first batch of experiments is also suspected. The above high-tech zones people said that the information he obtained showed that there were only 5-6 pilot sites in the early stage. If the number is very limited, the shortlist has almost been able to be listed in the state-level high-tech parks in Shanghai, Suzhou, Chengdu and Wuhan.

According to our understanding, at present, 36 enterprises in Shanghai Zhangjiang hi tech park have already made clear the intention of listing transactions. In East Lake high tech Zone, a total of 17 enterprises have formed the "first tier" sprint "new three boards", and 28 intention enterprises will be ready to supplement the "second Echelon". In 2007, Chengdu high tech Zone has submitted the application of the "new three board" pilot park, and has now locked more than 50 key new backup enterprises, and nearly 100 enterprises have entered the listing reserve base.

In addition to the application of force park construction and qualification, these high-tech parks have also played an important role as an important part of the local financial system. In particular, some places are also interested in building the OTC market. The strength of the high-tech park will become a game weight.

The most typical case is the Tianjin counter market (OTC), that is, the Tianjin Stock Exchange (hereinafter referred to as the "Stock Exchange"), which is similar to the "new three board" market established by the China Securities Regulatory Commission.

In this regard, the Tianjin municipal government official said frankly, compared with Zhongguancun three boards, the two do have a coincidence. The idea of Tianjin is to apply for a counter market of an unlisted public company or an unlisted non public company. "The Tianjin side has reported to the SFC. There are four main bodies in the OTC market in Tianjin: unlisted public companies, unlisted non public companies, legacy companies, delisting companies and so on. "Now the OTC market has great room for development in the face of China's big economies." The Tianjin municipal government said.

In fact, Shanghai, Wuhan, Fujian and other places have proposed building a national or Regional OTC market. Information in a statement released jointly by the Hubei provincial government finance office and the Wuhan municipal government financial office shows that Wuhan has also striven for the establishment of a state-level OTC market for many years.