The Core Of A Good Enterprise Is Not Necessarily A Listed Enterprise

With the increasingly clear positioning of the NEEQ independent market, although liquidity is still criticized by the market, the regulators have made considerable efforts to improve the liquidity of the NEEQ. In this year's government work report, the "NEEQ" was first mentioned, fully affirming the position of NEEQ in the market. A few days ago, at the "2017 NEEQ Market Maker Conference", the industry launched a heated discussion around the topic of "2017 NEEQ Market Outlook".

It is reported that at this year's national securities and futures regulatory work conference, Liu Shiyu, the chairman of the CSRC, clearly proposed that the NEEQ should further optimize the layering system and methods; On February 26, 2017, at the press conference of the State Council Information Office, the New Third Board was identified as playing an important role in solving the IPO barrier lake. But in fact, the overall impression of investors and the market on the NEEQ in 2016 is that there is not much liquidity. In this regard, Liang Xueni, head of Guangzheng Direct Investment and Financing and NEEQ Investment, said that, "The liquidity of NEEQ is mainly compared with what kind of trading market, what period of time and what trading method. Another dimension is that compared with before and after the market making. Compared with before the market making trading system was launched in 2014, the annual trading volume and daily trading volume in 2016 were improved".

Lu Jiangping, assistant general manager of the equity investment and trading business headquarters of Orient Securities, added, New Third Board Does it provide liquidity to the market? The answer is yes. It's just that the liquidity is not as expected by most people, "This expected gap, I think, may come from the comparison with A-shares. The current liquidity status of the NEEQ is relatively balanced. As for how to improve liquidity in the future? Market makers have been working hard. But the development of the market and liquidity issues should be jointly promoted by many participants, not just market makers. In this regard, I I think the market needs a longer time ".

"Imagine canceling the market making transaction, and the NEEQ can not implement auction collective trading at present, but can only be transferred by agreement. What will happen to the liquidity of the NEEQ? So the market making transaction is certainly conducive to the development of the NEEQ and to the improvement of the liquidity of the NEEQ" Wang Pu, founder of Beijing University Zongheng Management Consulting Group, said that only after the expansion of the NEEQ to 10000, Everyone is dissatisfied with the current liquidity. In fact, there are many ways to improve liquidity, "One way is to adjust the number and quality of market makers, which is one of the ways. If the number and quality of market makers are further improved, it will play a good role in improving liquidity. After the diversification of market maker groups, it may play a certain role in improving the concept and practice of market makers. I think from this perspective, it is necessary to accelerate private placement The implementation speed of market making ".

Previously, some experts said that accelerating private equity institutions to join the market maker team can greatly enhance the confidence of listed enterprises. In this regard, Liang Xueni said that private equity market making at least sent a signal of progress to the market, rather than a signal of retreat. However, she also said that private equity should not be expected to join the market making to quickly promote liquidity.

Zhang Yongmei, head of market making research of CSC Securities, added on the spot that it is good to introduce private equity institutions or other institutions to market making from the perspective of increasing market participants and market activity, but market development is a process, in which many problems may arise, "I think the regulators will gradually promote from various aspects to promote the stable development of the market".

According to relevant statistical data, by the end of 2016, the number of new three board listings had exceeded 10000, but in the first two months of this year, there were less than 600 listings. Of these, although there were factors such as higher threshold and stricter supervision of share conversion companies, many people began to question whether there was a decline in enthusiasm for listing. In this regard, Wang Pu said frankly that the liquidity of NEEQ cannot be improved, and many enterprises will choose IPO, "Of the ten thousand enterprises on the NEEQ, a large number of them also want to switch to A-shares. In the future, IPO approval will accelerate, and A-shares will continue to expand, from 2000 to 3000, soon to 4000, 5000, which will really narrow the huge gap between the NEEQ and A-share companies. If the NEEQ is stratified again, the gap between the selected tier and A-shares may become smooth. From this perspective, the NEEQ It is normal for some enterprises to go directly to IPO ".

"Our country has always advocated the establishment of a multi-level capital market. What is a multi-level capital market? It means that different types of enterprises and enterprises at different growth stages should belong to different levels of capital markets. Among the multi-level capital markets, some enterprises must belong to the NEEQ. Is the NEEQ positioned as a" nursery "or" soil " "I think the NEEQ should play the role of" soil ", and a number of high-quality SMEs will grow here." Zhang Yongmei then talked about it like this.

Fan Liping, founding partner of Yida Capital, deeply agreed with this and chose IPO It may be attributed to the problem of positioning“ ”Nursery "returns to" nursery "," soil "returns to" soil ", and New Third Board will also cultivate its own towering trees. Although many enterprises will choose the growth path of IPO at present, it does not affect the overall positioning of Third Board. From the perspective of enterprise development planning, Liang Xueni, head of Guangzheng Direct Investment and Financing and NEEQ Investment, believes that whether an enterprise has plans to go public or not should be considered first, "Good enterprises do not necessarily go public, or this time point does not necessarily go public. For many enterprises, NEEQ or GEM Should be selected according to their own development stages.

Personally, if I start my own business, the industry will have high growth, high ceiling, bright service technology and differentiated competitive advantage I don't have to go public. For high-quality enterprises, if their own development is attractive enough, there will be people to invest in whether they are listed or not, and whether there is a channel for investors to exit. The core of the enterprise is to do a good job in business, attach importance to industry and industrial base, and cannot ignore the development of industry and industry capital market 。 There are still some differences between the NEEQ and the A-share market. For some enterprises, it is reasonable to go directly to the IPO queue or plan the IPO conversion board from their own needs.

Finally, Lu Jiangping said that from the perspective of market makers, all kinds of enterprises should have a reasonable price. Finding new and truly competitive enterprises in the new third board market and providing market making services for these enterprises is what every market maker should do, "Market makers themselves have investment needs, and on the contrary, from the perspective of investors, they also hope to grow together with excellent enterprises to obtain high returns. Now we are worried not about these enterprises going to IPO, but more about those innovative enterprises with real core competitiveness who are unwilling to list on the NEEQ".

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