New Three Boards Are Also Threatening The Investment Banking Business.

< p > a large number of private capital has not really participated in the market competition. The brokerage business has begun to be subverted. Apart from the gradual shrinkage of the brokerage business, the seemingly unbreakable investment banking business is also facing a threat. < a href= "http://www.91se91.com/news/index_s.asp" > the new three board < /a > equity market has begun to raise fetal equity.

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< p > "the traditional investment banking business, namely the investment banking business involved in the listed companies, is a mode of sponsorship and underwriting. In the stock underwriting section, the valuation and judgement ability of the securities investment bank team has not been brought into full play."

Chen Yongfei, managing director of Jinyuan securities, told the China Securities Journal reporter: "in the new three board market, most of the enterprises have high technology content and are in the initial stage or growing stage. They have high growth and growth space. Their value needs to be fully interpreted and excavated to reflect that good companies may be buried because they can not get the recognition of the market.

Therefore, the new three board enterprises' stock underwriting should introduce Internet thinking, and make use of the low cost and market-oriented operation mode of the Internet to enable the new three board market to give full play to the function of a href= "http://www.91se91.com/news/index_cj.asp" > financing < /a >.

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< p > GF Securities investment bankers said that the current stock raising platform is selling stocks online and facing regulatory vacuum. If the future development is allowed, it will have an impact on the securities underwriting business of traditional brokerages, especially with the advance of the registration system of IPO, the IPO recommendation will shift from seller's market to buyer's market, and the introduction of shares on the network platform has certain advantages.

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< p > in fact, a successful case of Internet public funding can also be seen abroad.

Statistics show that the US equity financing platform FundersClub selected a number of start-up companies for qualified investors to choose, the minimum amount of investment for investors is $1000, and obtain the corresponding equity, etc. these companies are acquired or listed, investors can realizable shares.

FundersClub charges fees, and all legal documents and pfer procedures are completed online.

A more extreme case is Spring Street Brewing Company, which issued a prospectus through its own website and raised funds, directly financing and successful investors without the participation of intermediaries.

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< p > however, before the real legalization, the crowd raising platform can not form a real threat to the securities investment banking business.

Wang Lei, the head of Qilu Securities OTC market, believes that investors, as buyers and brokerages, are different ways of thinking as sellers. They may not be very trusting of brokers. In reality, most PE/VC will have to conduct a round of due diligence. With the integrity of the credit system, the perfection of laws and regulations and the diversification of investors, the public interest of Internet equity can be developed accordingly.

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< p > the head of investment consulting company, Mr. Wang believes that underwriting business is the "hard bone" which is most difficult to be ignored by outsiders in the < a href= "http://www.91se91.com/news/index_cj.asp" > brokerage > /a > business sectors. Although theoretically, as long as sponsors are eligible, they can engage in related businesses. However, according to laws and regulations, the requirements for financial strength are relatively high. Under the existing credit system, if a fraud occurs, small brokerages can not afford huge tickets, and large brokerages still have scale advantages.

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< p > > you vote is a typical stock raising platform in China. Li Qunlin, the founder of the company, told the China Securities Journal reporter that after the examination of all professionals, some projects in the initial stage can be pferred to the platform on the "a href=" http://www.91se91.com/news/index_s.asp "equity" /a, but at present, they are limited to angel investments.

A lawyer said that such a platform could not be publicly issued, otherwise it would be suspected of illegal fund-raising.

However, insiders also pointed out that if the policy is to be opened up in the future, Internet companies like Tencent will probably come in, and the crowd raising mode will undoubtedly be a huge subversion for the underwriting business of investment banks.

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