Reorganizing The New Rules To Revitalize The Stock Market And Actively Invigorate Investment Banks To "Live"

The restructuring of the new rules is stirring the market.

In October 22nd, when asked whether the new rules would stimulate the growth of the GEM companies, an investment bank in Chengdu asserted, "absolutely."

The revised new rules came into effect on Friday. Compared with the 2016 version, the related assets of high-tech industries and strategic emerging industries that meet the national strategy can be reorganized and listed on the gem, becoming one of the biggest highlights of this revision.

In response, the investment bankers said that although the team has not yet made specific estimates of the impact of the new regulation, it has already started preparations. "Because of the tight policy and the limited financing channels, it is not easy to get a job. This relaxation is expected to bring a lot of business increments.

Coincidentally, only two days after the reorganization of the new rules, 300273.SZ, which is located in Guangdong, announced the suspension. The controlling shareholder and the actual controller Hao Zhenxi and Cai Mengke are going to transfer the 30.9333% stake in the listed company to individual investors, which may involve changes in the control of the company.

Although there are no more details of equity transfer, he is still considered to be expected to drink the first bite of the gem.

Loosening of growth enterprise market

Compared with the main board market, the gem company's financing policy adopted another set of standards.

In a survey conducted by the Shenzhen stock exchange this year, a listed company in Sichuan has responded to the fact that the company is constrained by the refinancing of the gem, which needs to meet the debt ratio of 45%, and the refinancing scheme is stranded.

By contrast, the same industry listed on the main board, through financing, not only reduced their debt levels, but also quickly realized the expansion of enterprises.

This is just a microcosm of the gem financing policy. However, with the landing of the new rules, the financing policy of GEM companies has been remarkably relaxed.

If we cancel the "net profit" index, shorten the "cumulative first principle" to 36 months, and restore the supporting financing of restructuring and listing, we will obviously encourage the listed companies to improve the quality of assets of listed companies through restructuring.

"The new regulation requires that the assets to be restructured and listed must be high and new technology industries and strategic emerging industries, which are similar to the" Chuang Chuang "board. The actual operation process can cover more than a dozen sub sectors, and the scope is quite extensive. Said the investment bankers.

As a result, his team has been preparing for the restructuring and financing of gem.

The reason for such a change is that after the opening of the gem financing channel, the means of dealing with the risks of the listed companies become more diverse.

He Jia, located in Guangdong, is known as "the first unit of Chinese cancer equipment", and now it plans to transfer shares.

What puzzles us is that the company itself has not managed to go to the end of its own business. Data show that in the first three quarters of this year, the company's revenue and net profit rose by 7.18% and 8.48% respectively, but there was still a net profit of nearly 80 million yuan in the first three quarters, which was only 7 million yuan less than that of the same period last year.

The problem is more or less in the actual control of Hao Zhenxi and Cai Mengke. As early as April this year, the shares held by two people were already highly pledged. Among them, Hao Zhenxi's shareholding ratio is 94.71%, and Cai Mengke's shareholding ratio is 99.99%.

The pledge object of this part of the stock is the "securities industry supporting the development of a series of private enterprises Huajin securities relief 1 collection asset management plan". The financial pressure on two people has already been touched upon.

However, due to the fact that the company has not yet disclosed more details of the transaction, it is difficult to determine whether the transfer is related to the restructuring and listing.

Potential seller and buyer

After the reorganization and listing of the gem, the value of the shell resources of the related companies began to be reflected, and the two level market has already been reflected. Wang Lin, general manager of investment, said 22.

On Monday, there were up to 8 trading stocks of GEM stocks, such as 300022.SZ, 300312.SZ and li man. In other words, this is also the "backdoor" target of the potential gem that the market chooses.

According to the standards of "market capitalization less than 3 billion yuan, and the largest shareholder's shareholding ratio less than 30%", we selected 35 items of 300093.SZ, 300228.SZ and so on. However, it also mixed with 300028.SZ, a company with a market value of only 260 million yuan and hovering on the edge of the delisting.

Compared to the above potential sellers, the number of buyers is obviously more.

For strategic emerging industries that meet the standards of restructuring and listing, they include many industries, such as the new generation of information technology industry, high-end equipment manufacturing industry, new material industry, bio industry, new energy automobile industry and so on.

Taking new materials as an example, iPhone uses antenna LCP material, which has the advantage of small loss factor and high communication performance at high frequency and high speed.

At present, the main production enterprises of LCP include Sumitomo chemical, DuPont and other overseas companies. The domestic scale LCP enterprises include Ningbo Jiaxin new material and Nantong Haidi new material. Both companies are not listed.

What is interesting is that the private equity fund of 002194.SZ in Wuhan has completed its investment in Ningbo Jiaxin new material during the year.

The data also showed that in addition to Chairman Wang Yang and vice chairman Wang Hui, the shareholders of polyjia new material also include many investment institutions such as Heilongjiang Rong an Cci Capital Ltd and Ningbo angel investment guidance fund limited.

"The stock of the GEM listed companies is large, and the reform of the gem, such as the abolition of the gem can not be re listed and other provisions, can broaden the channels for innovation and venture capital and capital market docking." Wang Lin said that it is not necessary to take the IPO single timber bridge, and the time cost of selecting the reorganization and listing is undoubtedly less.

However, in his view, the current policy is mainly focused on supporting the financing services of innovation and start-up enterprises, and enterprises need to rely on the support of the two level market funds after listing. If this level is missing, the market will be expanded with the continuous fall of the two level market. "This is also a problem for regulators to consider."