Speed Up! The Board Will Be Completed Within 11 Weeks.

In October 10th, the small climax of the science innovation board was kicked off. The twenty-ninth Committee of the Shenzhen Municipal Committee of the science and Technology Board held its three review conference in 2019. The three companies such as PU men Polytron Technologies Inc, San Da environmental technology Limited by Share Ltd and Jiangsu alliance new material Limited by Share Ltd successfully passed the deliberation of the Shanghai Municipal Committee of Shanghai Stock Exchange.

It is worth noting that from October 10th to October 18th (according to the announcement issued by the Shanghai Stock Exchange), a total of 13 enterprises will be audited. The audit density can be regarded as a peak since the establishment of the science and technology board.

Meanwhile, in the early morning of October 10th, the MSCI GLOBAL STANDARD INDEXES released a notice that it will bring the stock that meets the requirements in the stock of the INDEXES board into the MSCI global investment market index (GIMI) from November 2019 onwards.

All of the above signs indicate that after the initial operation period of the first listed companies, the science and technology board began to enter the stage of normal operation.

Accelerated audit normalization

After a long vacation, the audit of the science and technology board was significantly concentrated after the holiday. According to the statistics of the twenty-first Century economic report reporter, the first meeting of the municipal Party committee has been released from the October 10th "eleven" long holiday to the last meeting of the audit. In a short period of 7 days, the Shanghai Stock Exchange has arranged 5 meetings of the municipal Party committee, and 11 enterprises, including PU men technology, San Da film and Lian Rui new material, have been audited.

Obviously, we can see that the audit of the science and technology board has been speeding up. In August and the first half of September, the audit rhythm has been maintained on a Monday trial. Even some nodes have skipped the audit meeting without arrangement. Now, in the 10 day period, we have arranged 6 audits for 13 enterprises, and the Shanghai Stock Exchange should eliminate some stock enterprises. A large and medium-sized business board in Shanghai area said that it was a creative board analyst.

According to the combing of reporters, the Shanghai Stock Exchange speeded up the audit of the science and technology board mainly based on two factors. First, after the supplementary information window period of the newspaper, the number of enterprises returning to normal audit rhythm increased greatly.

Starting in July 31st, there was a gradual increase in the number of Companies in the CIC who wanted to supplement the information of the China Daily into the "stop review". But soon the group expanded rapidly. At the peak, there were nearly 90 enterprises who stopped temporarily because of the supplement of the interim information, and counted the first batch of collectively listed companies.

With the closing deadline of the supplementary newspaper at the end of September, all enterprises are stepping up their efforts to supplement the China Daily. Finally, most enterprises have resumed the policy review before the eleven long holiday. As of October 10th, only 2 enterprises had been discontinued, and enterprises in the stage of inquiry were restored to 78.

Another important reason for speeding up the audit is that the number of enterprises that started to declare in September was also increasing. The Shanghai stock exchange must also maintain the policy digestion rhythm of the registration system. As of October 10th, since September, the number of newly audited enterprises has reached 10.

For the audit speed increase, close to the exchange's stakeholders pointed out that, with the first half of the year, the company received an orderly digestion of the enterprise, and the audit of the science and technology board and the supply of the listed companies will gradually enter the new normal stage.

In addition, market participants expect that according to the current audit rhythm to early November, the number of listed companies is expected to reach 50. By the end of this year, the Shanghai Stock Exchange will conclude the vast majority of the enterprises that have been declared by the science and technology innovation board, and the number of entrepreneurs who will submit the registration procedures to the SFC will be more than 100. At the same time, as the number of enterprises is rising rapidly, the important 50 index of the science and Technology Innovation Board will also be released in the near future.

The first "spin off" enterprise will meet.

Some investment bankers also think that the current rhythm of the Shanghai Stock Exchange is the normalization of audit rhythm, and under this background, the "breed" of the company is also being extended.

Guang Fa securities analyst Dai Kang said: "the first increase in the number of enterprises in the company is the accelerated speed of the trial listing of red chip enterprises (the best cut has become the first meeting of the board of directors)." the two is the speed up the spin off of listed companies (especially state-owned enterprises) after the separation of rules and regulations, and the three is that AI, cloud computing and other areas (even unicorns) declare more categories.

According to the reporter's understanding, at the meeting of the Municipal Committee of the Shanghai Stock Exchange in October 10th, there was an enterprise worthy of market attention, that is, the representative of "separation" enterprise.

The separation of Listed Companies in 2019 was a hot topic of the market. At the end of August, the securities and Futures Commission issued a public consultation on the provisions of the pilot scheme for the listing of subsidiaries of listed companies. But before that, splitting the market has always been the forbidden area for regulation. The establishment of the science and technology board has given the market hope to break through the restrictions on the separation and listing. So even though the policy of splitting up has not yet been introduced in the early part of the year, some "splitting" companies have decided to declare the scientific creation board.

"Spin off as the name implies, it is not really a spin off, but rather similar in some attributes and real spin off. The market regards these companies as a sign of signals, and points out the key points of the policy of listing and splitting from the focus of regulatory audit." A CICC investment bank believes that. Among them are the new materials of the Union and the bio companies. The listed companies behind these two companies are 600183.SH and 600867.SH. The reason why the market considers the existence of "class separation" is because there is a close relationship between the two companies and shareholders of listed companies, both in terms of ownership structure and business dealings.

Specifically, the new material, formerly known as the Donghai silicon powder, was set up in April 2002 with a registered capital of 55 million yuan, of which 40 million yuan was invested by Sheng Yi Technology and 72.73% by the cash. The silicon powder factory invested 15 million yuan in physical and intangible assets and held 27.27% of its holdings.

In July 2014, the Donghai silicon powder was transformed into a shareholding system. After the transformation was completed, Sheng Yi technology shares 36.36%, Li Xiaodong holds 31.55%, and the silicon powder factory owns 27.27%.

The special treasure creature is changed by the Xiamen special treasure Biological Engineering Limited company as a whole. In July 28, 2000, the Limited shareholders' meeting decided to change the company into a joint stock company.

When the share reform was established, the shareholding ratio of Tonghua Dong Bao was 42.24%, which was the largest shareholder. Subsequently, the company carried out five capital increases, and the total shareholding ratio of Tonghua and Dong Bao was 33.94%.

Supervision concerns real controllers

The two companies share a common situation: listed companies abandoned control on the eve of stock reform, but the shareholding of listed companies is still higher than 30%.

According to the analysis of the research center, the two companies bypass the "holding or controlling relationship" between the listed company and the proposed subsidiary company. At the beginning of its establishment, it was a controlling subsidiary of A share listed companies. Although A share listed companies are more than 30% of the stock market, both the listed companies have lost control of the two companies before the shareholding system reform. This should also take account of the difficulty of splitting the stock market in a completely sense.

The newly approved joint venture approved by the Shanghai Stock Exchange's listed members also means that the board has a strong tolerance for the "spin off" companies, and is willing to support the listed companies in similar ventures.

In addition, it is worth noting that the process of receiving new inquiries from the declaration and passing the approval of the municipal Party committee has fully reflected the focus of supervision on such enterprises.

In response, a partner of China law firm pointed out: "in the light of the inquiry of the Shanghai Stock Exchange and the municipal Party committee, the focus of the exchange is to abandon the authenticity of the controlling rights before the company implements the shareholding system reform. Therefore, the reasons for the introduction of new investors, the pricing, the new controller's resume, the source of funds, and the relationship between the equity transfer / capital increase will become the focus of the audit. In addition, in the process of inquiry, it can not repeat the listing of the same asset, and can not involve the tunneling of listed companies. The process of asset disassembly can not be suspected of damaging the interests of listed companies. The process of personnel, business and equity transfer needs to be fair and reasonable in nature, and the requirement of independence is also the focus.

At the time of the municipal Party committee's approval, it also requested that the new materials should be supplemented by independent directors' independent opinions on the related transactions between the issuers of the reporting period and Sheng Yi Technology and their subsidiaries. The sponsors shall publish the explicit verification opinions and supplement the disclosure of the actual use or sale of the products of the issuers, such as Suzhou, Shaanxi and Changshu, which are the raw materials of Sheng Yi Technology and its subsidiaries.