Two Enterprises "Discard", Create B, Reform New Roads, Break The "Single Timber Bridge"

In the context of comprehensively deepening the reform of capital market, the choice of landing capital market will officially leave the era of crowded wooden bridge.

In the past week, two science and technology boards have been listed in the trial enterprises.

Both of them are in the first three dimensions and Jin Da Lai, all from the new three board market "to stand out" impact on the "Chuang Chuang" star.

Although there may be different reasons for abandoning the science and technology board, the two companies have a new way out after the termination of the listing, that is, the selection layer. The market has predicted that two companies may make a decision to attack the selection layer.

In twenty-first Century, the economic report reporters read the public data to understand that the trend of delisting in the new three board market has gradually slowed down since 2017, and the enterprises have redesigned.

In the past week, two science and technology boards have been listed in the trial enterprises. - Song Wenhui diagram

Star enterprises terminate audit

"It's still a surprise to stop the review." A large brokerage firm in Beijing area told reporters.

At the beginning of the founding of the science and technology board, Jiangxi has been identified as the key supporting enterprise of Yingshan Hong plan, and has been given the hope of landing the Science Board.

On the evening of November 20th, the company announced that the company held the fourteenth meeting of the third board of directors in November 19, 2019, and deliberated and adopted the motion on withdrawing the initial public offering of the company and listing the application on the science and technology board. Due to the strategic adjustment and careful study by the board of directors, the company decided to apply to the Shanghai stock exchange to withdraw the initial public offering and apply for a listing on the science and technology board.

For the withdrawal of Jin Da Lai, the market has also been sob, but soon it was reported that after taking the initiative to withdraw materials, he would fight for the new third board selection layer.

In November 21st, the company also clarified the news and said that the company issued the "third meeting of the fourteenth meeting of the board of directors resolution", "the statement on the core technology and development of the company" on November 20, 2019. It shows that the withdrawal of the application documents of the science and technology board is in line with the strategic adjustment of the company. In the future, the company will continue to accelerate its development with the help of capital market forces according to the actual situation of the company and the reform of the capital market, but the company's related matters need to be determined according to the actual situation of the company and the reform of the capital market.

One of the new three Board companies to be withdrawn from the company is three dimensions. In November 16th, the third announced the announcement of the termination of the listing. Unlike Jin Dali, the first three dimensional sprint has been accompanied by many doubts. At the same time, as for the third quarter of 2019, it was still in a state of loss.

In November 21st, the first resumption of the three-dimension resumption was due to a clearer sprint of the science and technology board. The first three months of the stock price rose sharply in the new three board market, and then a resumption of the stock market fell sharply. At the close, the three-dimension stock price fell nearly 50%.

But the first three dimensional crash has also been considered a good time for many market participants. According to the reporters' first combing the three dimensional transaction situation, the company has become the most active target in the new third board market making stock market. The turnover has exceeded 30 million yuan, and the stock price has dropped by 50%.

One of the first investors to check the bottom today told reporters: "the first round of inflation in the beginning of the year is the market's overdraft ahead of the three dimensional valuation. Now, the sprint market failed to vote naturally. But some investors will start the selection plan soon after the anticipation of the next three dimensional capital operation.

According to the twenty-first Century economic report reporter, the first three dimensional withdrawal of the material or the on-site supervision of the exchange, therefore, it is difficult to attack the science and technology board in a short time.

Unlike those who once sprint IPO failed, the two star science and Technology Innovation Board companies also had considerable room for maneuver after withdrawing the material, and such a whirling space was brought about by the deepening reform of the new three boards.

The selection layer can become a channel for such enterprises to re open a higher level of capital operation. Not only these two companies, but also many new three board head enterprises withdrawing materials from IPO also have more choices.

From the data point of view, in addition to the obvious existence of some tough enterprises, many "reflux" new three board enterprises are considered to be mature targets in the previous batches.

"The first few batches of national share transfer system will also be stable. As with the Chuang Chuang board, the enterprises that have received IPO guidance and acceptance are safer targets." The aforementioned investment institutions believe that.

Peng Haiye, director of the new three board research group, told reporters: "the main purpose of the company's landing on a higher level capital market is financing needs and transaction needs. If the new three boards can meet the needs of enterprises, it will be one of the platform for enterprises to choose. Therefore, the higher level of the new three boards, such as the" select layer ", can serve as a powerful means to raise the proportion of direct financing and to divert the pressure from the main board IPO.

Delisting deceleration

After the delisting of more than 2000 enterprises, the new three boards finally stopped the acceleration of the delisting of enterprises by stimulating the dividend policy of Shenzhen reform.

According to the statistics of Orient wealth choice and the official data of the national share transfer system, recently, many companies announced the announcement of ending the delisting procedure, and the number of enterprises who chose to stay on the new three boards increased significantly. The number of enterprises taking the initiative to delisting in October has been significantly reduced.

For the new three board enterprises, the selection level is far from being reached, but the policy of the basic level and the innovation layer has also changed significantly in this time. Many policies have also solved the previous problems for the enterprises.

For example, at the letter level, the disclosure requirements of the innovation level companies to implement moderate standards have dropped considerably compared with the previous requirements. If the quarterly reports are no longer required, the focus of the letter is to improve the effectiveness and pertinence of information disclosure based on the disclosure requirements of different industries.

Regulators also pointed out that the reform is holistic and systematic, and there will be corresponding institutional arrangements in the issuing system, supervision and market exit.

"The reform of basic level and innovation level is still the core issue of two aspects, that is, the lowering of investor threshold and the change of trading system. Of course, stock reform is also needed, but if the two core elements remain unchanged, the enterprises of the basic level and innovation level will not be able to enjoy the bonus of reform." Huang Pu, a senior investor in Beijing, said.

The reporter understands that the threshold and trading system of basic level and innovation level will have considerable innovation, for example, the threshold of investors in basic level and innovation level will also drop sharply.

Chen Yongmin, deputy general manager of the National SME share transfer system limited liability company, also said in November 3rd that "differentiated systems should be further improved at different levels. According to the characteristics and rules of the development of small and medium-sized enterprises, we can adapt the different investors' appropriateness through differentiated institutional arrangements, so that these enterprises can gradually adapt to the capital market, form a standardized behavior pattern and make effective use of the capital market.

It believes that the companies in the basic level and the innovation layer do not have the same IPO system as the main board and the gem, but adopt a small and flexible directional financing system, and a matching trading system and investors' Appropriateness. In the information system and corporate governance, they also need to abide by the basic norms of the capital market.

"A lot of new three Board companies delisting into two categories, one is the star company sprint higher capital market segments, one is to pay huge costs at the same time when the new three boards are not listed, but our company has also considered delisting, but because the number of investors has not been picked up too much, we have seen many reforms in this regard. Many have also taken care of the innovation layer and the basic level. For example, the cost of information disclosure has greatly reduced the business, and the problem of trading mechanism has been solved. The company has not so strongly left the appeal of the new three board market." Beijing area, an innovative enterprise, said Dong Wei.