Registration System Is Expected To Emerge In 2015

A healthy capital market needs to build a multi-level trading platform. At the end of 2014, with the further introduction of the new three board support policy and the re registration of the registration system after a year of silence, there will be substantial progress in the construction of the capital market in 2015.

At the executive session of the State Council, held in November 19, 2014, Premier Li Keqiang of the State Council mentioned the registration system again, and put forward "pay close attention to the reform plan".

On December 3rd, Yao Gang, vice chairman of the securities and Futures Commission, said at the "thematic forum on accelerating the development of multi-level capital markets" that the SFC had submitted the reform plan of stock issuance registration to the State Council at the end of November. In 2015, it will openly solicit opinions, discuss the abolition of the continuous profit conditions of stock issuance, reduce the listing threshold of small and micro enterprises and innovative enterprises, further promote the reform of the gem, broaden the coverage of the growth enterprise market, and enrich the market transaction mode and financing mode of the new three boards. Before the registration system is actually implemented, it is necessary to amend the securities law. It will be submitted to the Standing Committee of the National People's Congress for the three instance in June 2015. If it can be successfully passed, the registration system will be implemented in the second half of 2015.

With the introduction of registration system, more policies to encourage new three boards to grow bigger and stronger are also expected to be matched.

In 2015, the biggest highlight of the new three board policy will be the implementation of the transfer mechanism.

Reporters noted that by the end of 2014, the benefits of the new three boards could be followed.

In November 27th, the new three board listed company released the results of the inquiry and pricing announcement. This is the first time that the new third board company has decided to increase the price by the inquiry method, and the subscription amount has exceeded the total increase.

In December 3rd, the Executive Council of the State Council decided to push the preferential policies of Zhongguancun to the whole country, including speeding up the reform of funds management of scientific research projects, and carrying out 6 policies of equity financing, equity and bonus incentives for non listed SMEs through equity transfer agency system.

In December 3rd, insiders from the national share transfer system of small and medium-sized enterprises said that the public funds would invest in the new three boards. If the test is successful, the public funds will be officially invested in the new three boards.

Not set up Financial threshold The application of listed companies can not be profitable. The new three boards are considered to be a registered market. However, due to the fact that the transaction is not very active and the financing channels are relatively single, the lack of transfer mechanism has become the main contradiction that restricts the development of the new three boards.

According to Deng Yingling, head of the National SME share transfer system limited liability company, recently, the new three board listed company has reached 1454, and 700 companies will be listed before January 2015.

Data show that the new three board listed company showed a small and many characteristics, 95% of the small and micro enterprises, small and micro enterprises accounted for 60%. This year listed company The total amount of financing reached 11 billion 600 million yuan. Compared with the 776 million yuan raised by the new third board company in 2011, the size of the fund raised by private placement has been greatly increased, but it is still very small relative to the financing scale of the main board or the growth enterprise market.

According to Guotai Junan's point of view, the introduction of registration system is very likely to be combined with the new three board transfer mechanism.

Guotai Junan small cap research team analysis that the registration system is gradual. Registration system is expected to take the lead in the gem, and form a new sector to implement registration system. Moreover, it may be a quality company that has already been listed on the new three boards, or a high-tech unprofitable company will switch directly to the gem after 1 years of listing. From the point of view of issuing frequency, the implementation of registration system will be tested, so it will only have a limited impact in a small market. The frequency of new issue in 2015 is still 180~240. Against this background, the introduction of registration system will not have a great impact on the market.

However, from the point of view of the plate, Registration system The introduction of small cap stocks has advantages and disadvantages.

For example, Fang Lei, an analyst at Ping An Securities, believes that after the introduction of the registration system, the pressure of supply side expansion and the weakening of shell value will have a negative impact on the small market GEM stocks characterized by "growth scarcity" and "mergers and acquisitions rethink the shell value".

But on the other hand, there are analysts who believe that the transfer of new three boards and expansion of gem will attract more capital to enter the market for speculation, and the value of excellent GEM companies will be more prominent in comparison.

Guang Heng Heng Sheng analyst Yuan Ji pointed out that in the long run, registration system reform will accelerate the perfection of the top three tier market system and make its function orientation clearer, making it truly an important component of the multi-level capital market, and it is a long-term good.