New Three Board Market Position To Improve System Reform Is Expected To Accelerate Landing

In the 2017 government work report, Premier Li Keqiang of the State Council proposed deepening the reform of multi-level capital market, improving the basic system of the motherboard market, actively developing the second board and third board, and regulating the development of regional equity market.

This is the first appearance of the new three board in the government work report, and its status is parallel to the growth enterprise market.

In addition, the phrase "positive development" for the new three board market is not the normal development in the usual sense.

We believe that this shows the high-level affirmation of the new three boards to solve the financing difficulties of SMEs, and the recognition of the important position and role of the new three boards in the multi-level capital market; the market position of the new three boards will further improve, and the system reform is expected to accelerate the landing.

The new three board is commonly known as "the share pfer system of small and medium-sized enterprises in China". It is a national stock exchange established by the State Council. Its original intention is to speed up the construction and development of China's multi-level capital market.

Since its establishment in 2012, the development of the new three board market coincides with its original intention. It is worth mentioning that because of the low threshold and no profitability requirement, the development speed is faster than the market expectations.

Data show that as of March 7th this year, the number of listed companies reached 10805, of which 9179 were agreement pfer enterprises and 1626 were market making enterprises; if 2016 was taken as an example, the total number of listed companies was 2603 yuan, financing 139 billion yuan, and the amount of financing increased 14.37% over the same period last year.

By the end of 2016, the figure was about 95%, and in 2016, the total issue was $1010.

It has to be said that the new three board market has opened up a new world for small and micro enterprises, especially for innovative and pioneering enterprises, and has effectively solved the financing difficulties of some enterprises.

As Zhao Zhengping, vice chairman of the securities and Futures Commission, said, such a large number of small and medium-sized enterprises have landed on the new three boards, which has improved the financing structure, promoted the brand value, and led and promoted the investment of social capital for start-ups. This has provided real support for alleviating the financing difficulties and financing of small and medium-sized enterprises.

However, after more than four years of development, the new three board market is also experiencing "growing pains" and encountered some development bottlenecks.

For example, the problem of liquidity in the market is becoming more and more prominent. In 2016, the fixed amount of financing increased by more than 15 billion yuan in only 1 months, especially in the 7 months after May, and the scale of the 6 months increased by 10 billion yuan.

At the same time, the daily turnover is around 1 billion, scattered to thousands of enterprises, with an average turnover of only a few hundred thousand, and some enterprises have "cheap buy and sell" situation, showing that investment enthusiasm is not high. Therefore, how to improve market liquidity has become the top priority after going through thousands of households.

For example, the market positioning of new three boards has also aroused heated debate whether to become an independent market or not.

The reserve market.

This brings trouble to the listed companies: is it necessary to stay in the new three boards to wait for the bonus of the innovation system or to switch to IPO?

In fact, the regulators did not see the problems of the new three boards, and they were also promoting related issues.

If we introduce the stratification mechanism, we can divide the market into innovative and basic level, and introduce private market makers to ease the imbalance between supply and demand of market makers and improve liquidity.

However, these measures, for listed companies, do not feel "near thirsty". The expected institutional dividend is still a big suspense. Recent signs indicate that more and more listed companies choose to move from the new three board to IPO.

By taking this opportunity to solve the long-term constraints on the development of the new three boards, only in this way can the new three board market with "China's NASDAQ" and "registered experimental field" become more vigorous and innovative enterprises.

At present, it is reported that regulators are now taking re stratification as the starting point to increase the research on the supply of new three board systems. In the future, it is expected to introduce a "selective layer" on the innovation level and introduce competitive trading systems on this basis.

Zhao Zhengping, vice chairman of the securities and Futures Commission, said at the launch of the new China office that the new three board reform is an important task in the construction of a multi-level capital market this year. It should not only effectively supervise and keep the bottom line, but also take advantage of the situation and take positive actions to further enhance the core functions of financing and trading, so that the new three boards will achieve a great improvement in quality on the basis of quantity accumulation.

The focus of the reform is to improve the market stratification. Through multi-level management, the reform of distribution, trading, investor access and supervision will be carried out to provide differentiated institutional supply for many listed companies, and to further release the positive effects of the market. We should focus on accelerating the development of small and medium enterprises with strong innovation, honesty, trustworthiness, operation norms and broad prospects.

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