New Three Board Layering: Stock Liquidity Is Very Important.

Whole country

The stock pfer system announced the "national stock pfer system listed company layered program (Draft)" 24 days ago, and publicly solicited opinions from the public.

Compared with the previous market rumors, Minsheng Securities believes that the hierarchical standard of this announcement is relatively low, but it puts forward higher requirements for pactions and financing, and attaches importance to the recognition ability of investors.

Entering the innovation layer

The need to maintain a certain liquidity, rather than the highly criticized "zombie stock", has become a core indicator of the new third board innovation level.

All these help to encourage enterprises to optimize their ownership structure, participate in market making pactions and enhance market liquidity.

Minsheng Securities said that the release of the draft will change the "uneven" situation of new three Board Companies in the past.

Under the differentiated arrangement of the hierarchical system, the enterprises of all stages of the development of the new three board market will be stabilized at their respective levels, and the situation of "one size fits all" in the past valuation system will also change.

After stratification,

In addition to facing more stringent auditing standards, enterprises are also expected to take the lead in enjoying the bonus of institutional reform.

In terms of financing, we should speed up the issue and authorized issuance of the storage rack, carry out the pilot of corporate bonds and equity pledge repurchase, and explore the diversification of trading system in terms of trading.

Minsheng Securities said that these system dividends or priority in the innovation level enterprise pilot.

Specifically, the main functions of the hierarchical system include four points: first, to create Star effect, to incubate more high-quality enterprises; second, to balance the cost of decision-making between the two sides; third, to reduce the regulatory cost; fourth, to build the basis of the pfer board system.