New Three Board Out Of The New Regulations To Effectively Curb And Regulate The New Three Board Backdoor Phenomenon

New three board backdoor new rules: survive for two years to prohibit backdoor

New three board backdoor

Without supervision or in the near future.

Reporters recently learned that the SME share pfer system will regulate the new three board backdoor, and specific notice will be issued shortly.

It is worth noting that in the notice of the regulation, it is clear that the company that cannot survive for less than two years can not land the new three boards by shell.

In fact, the principle of setting up the new three boards is that the threshold is loose and the audit efficiency is high.

Theoretically, in such a market, "shell resources" do not have much room for survival.

However, it is unforeseen that the "shell resources" on the new three boards began to go well with the sudden rise in the new three board markets at the beginning of the year and the increasing number of declarations.

In particular, the first tier market funds continue to inflow, enterprises want to land as soon as possible.

Some companies have chosen the "backdoor" landing because of their own qualifications, evolution and duration.

In the past, the new three boards were not strict in the supervision of the backdoor. In fact, the regulators did not specify what the situation was backdoor on the new three boards.

"Business rules and laws do not stipulate that we can not do that, and we feel that we can do it."

A person from the financing department of a large brokerage firm in Beijing said that the backdoor of the new three board is the case.

However, the new rules for the new three board backdoor will be introduced in the near future. It will stipulate that companies that are not in existence for two years can not log in to the new three boards.

Two years after the existence of enterprises, the backdoor was banned.

In fact, in response to the "backdoor" stock conversion system, it was clarified in April 14th.

Same day

Deputy general manager and press spokesman Sui Qiang said, "backdoor" rumors are misleading to the market. At present, the new three board listing process is smooth and convenient, and the comprehensive cost of listing is very low, so there is no need to backdoor.

He also said that in dealing with the issue of "backdoor" of the new three boards, we should not exclude some areas from using information asymmetry to seek benefits.

If some people use small and medium enterprises to understand the new three board market and the information asymmetry, and hype the so-called "shell resources", it obviously distorts the positioning and value of the new three board market.

In addition, the stock pfer system also said that in the review, it will maintain consistency with the admittance link and avoid regulatory arbitrage.

On the one hand, it supports enterprises to carry out normal industry and business integration through mergers and acquisitions.

On the one hand, it will also strengthen market monitoring and paction monitoring, and crack down on the use of "backdoor" speculation to engage in illegal activities.

After more than 2 months' sounding from the stock pfer system, the reporter learned that the stock pfer system will be issued in the near future to regulate the new three board backdoor notification, and will conduct window guidance according to the specification.

It is worth noting that in the notice of the regulation, it is clear that the company that cannot survive for less than two years can not land the new three boards by shell.

According to the provisions of the stock pfer system, listed companies must meet 5 basic conditions, one of which is established in accordance with the law and lasted for two years.

"A lot of backdoor businesses do not meet this requirement because they want to shell out new three boards, but this road should not work in the future."

An investment bank of CITIC Securities said.

At present, there are two ways to get the new three board backdoor. The first is to acquire control by acquiring the ownership of the new three board enterprises, and then buy new assets by "assets + equity issuance", reverse merger and backdoor, and the original assets are put out in this plan.

The second is that the buyer will be able to inject cash into the listed company, get the company's controlling power, and then sell the old assets and purchase new assets.

According to the reporter, but regardless of the way to inject assets, assets must be injected into operating assets, and the injection of operating assets to operate under the original controller for two years, otherwise the stock pfer system auditors will be discouraged.

Face

A number of backdoor businesses will hit the muzzle.

An investment bank in Beijing area told reporters: "if the notice prohibits the enterprises from borrowing for less than two years, then the customer who wants to shell out will not be able to continue talking."

Backdoor may bring back fever.

If the backdoor channel of enterprises is not cut for two years, the new three board backdoor market will be cooled down.

In fact, when the new three board "backdoor" concept came into being, shell resources became "rush goods".

In the middle of April, the price of the new three shell resources will be between 5 million -1000 yuan. If it is net shell, the price will be even higher.

By the beginning of June, the price of new three shell resources had been fired to a minimum of 20 million yuan.

Some shell resources even demand to retain several old stocks.

According to the current regulations, the new three board backdoor supervision is not strict, and the acquirers do not have to comply with the new three board listing conditions, which provides some convenience for the enterprises to borrow new three boards.

"I want to borrow the shell of the company some special circumstances, inconvenient direct listing, the bottom line of information disclosure is also not good grasp, so I want to buy the shell of the new three boards."

An official in Beijing said.

After the release of the specification of the backdoor specification, the new three boards will end the state of no explicit supervision, and the backdoor will no longer be a convenient channel for "loopholes".

On the other hand, "Prohibition of surviving two years' corporate backdoor" will prevent many companies from stepping into the new three boards.

According to the reporter, many companies want to list new three boards, but because they can not meet the requirements of two years' survival period, they only resort to backdoor measures.

One of the cases that journalists understand is an Internet start-up company. Its establishment time has not yet been two years, but the rapid development of the company has its demand for landing capital market financing, and it hopes to change the system through backdoor landing shares.

After the notification is issued, such companies will have to wait for two years to reach the new three boards.

A large brokerage company in Beijing, a person engaged in the new three board business, said: "from the beginning of the establishment of the stock pfer system, we intend to set up a marketable exchange which will enter and flow smoothly. We hope that the new three boards will have a low threshold for listing, a quick audit process and a smooth exit.

The so-called "shell resources" obviously contradicts the conception of such a market.

In the long run, there is no so-called "shell resources" on the new three boards. After the regulation is put in place, the survival space of shell resources will be smaller.