The New Three Boards Will Deepen To Meet The Short Term Policy Vacuum Period. All Parties Are Actively Preparing For War.

In October 25th, the SFC formally announced the launch of the comprehensive deepening reform of the new three boards. Then, in November 8th, the SFC and the national small and medium share transfer system (hereinafter referred to as the "national share transfer system") issued the first 8 reform systems, including the revised draft of supervision and management measures for unlisted public companies.

But today, in addition to some updates and additions to the stock market mechanism, there has been no further publication of the new deal involving incremental reform. The first batch of policies has now passed the deadline for soliciting opinions, but the official version has not yet been released. It can be said that the new three board reform has entered a short period of policy vacuum.

Reporters learned that in the short period of policy vacuum, both regulators and market participants are taking the time to prepare for reform.

Preparation for vacuum period

Although there is no further information about the incremental policy, according to the reporter's understanding and combing, the SFC launched a comprehensive reform of the new three boards and launched a lot of preparations for mobilization before the landing of the national stock transfer system.

A number of enterprises and brokerages told reporters that the national stock transfer system has held a number of new three board reform training sessions and mobilization meetings in various parts of the country, and tried their best to mobilize the enthusiasm of the market participants in the reform.

At the same time, taking advantage of the reform opportunity, the national stock transfer system will continue to promote some stock policies and promote the optimization of the regulatory system.

For example, the recent national stock transfer company has started the work of improving the quality of listed company, aiming to comprehensively improve the quality of listed company information disclosure, corporate governance quality and company operation quality at all levels.

In addition, the reporter also learned that the national stock transfer system has recently organized two sets of auction matching frequency adjustment and appropriate differentiation management network test for the future stratification system landing and investor threshold landing two important policies to build a technical system framework.

Compared with the national stock transfer system, reporters and many brokerages also realized that the new three board businesses, which had been left behind for a long time, were taken seriously by various brokerages.

Among them, the selection layer is the core of the new three board reform. At the same time, because the innovative enterprise enters the selection layer and adopts the way of public offering, it also makes the sponsor selection layer become a IPO like business.

A company in Central China's investment brokerage department told reporters: "before the company regarded the new three boards as a key breakthrough business, even if the new three board market downturn in recent years, the corresponding team has also retained a certain size of personnel. This reform has also been a response to the team's adherence. At present, the company's new three boards business direction is also clear that we should embrace changes and opportunities, especially pay attention to the selection of the first batch of enterprises, and have begun to do a thorough job. We must ensure that the first batch of selected enterprises."

Zhang Keliang, general manager of the Department of stock conversion system of Yintai securities, said that at present, the team is preparing for all aspects. This rhythm has actually started before the reform has come to the ground. He said: "we need to push forward many reforms around the reform, including the consolidation of the positions, recruitment, investment banking and three board team integration. We will provide security for the three board teams, and develop financing and upgrading schemes for our customers."

But in contrast, investors are more anxious to wait and see in the policy vacuum period. According to the twenty-first Century economic report reporter's combing, the recent three board trading activity has dropped markedly. The stimulus effect of the first policy draft has been dissipated. The daily average volume of the market making index has dropped to about 60 million of the average daily turnover from over 200 million yuan.

"Now there is a great difference in the market's expected digestion of reform. Investors holding chips believe that the current reform is not likely to be sold at the early stage, and a large proportion of those who have not entered the market believe that there is still uncertainty in the policy of reform," he said. Huang Pu, a senior investor in Beijing, thinks.

As Huang Pu said, the new three board market has always been the problem is that the policy is expected to be poorly managed, and many important reforms have not been formed in the expected node reform. This also allows the market to have reservations about the reform, but more importantly, the market parties hope that the new three board reform can be pushed forward quickly and finally landed successfully.

Zhou Yunnan, a senior investor in Nansan, a senior investor in new three board, told reporters: "the current three board market reform is so strained to advance the pace. First, because this reform policy is crucial to the new three boards, it determines the fate and future of the new three boards; two, because the market has been looking forward to and longing for the policy for many years, looking forward to a long drought." three, the new three boards have missed many policy window periods, and the market does not want the story to repeat itself. Therefore, the biggest demand of the new three board market is that we hope to comprehensively deepen the reform package as soon as possible and implement it as soon as possible.

Reform the next step

A short period of policy vacuum is common in reform. No reform can form a continuous policy stimulus. The market also needs to prepare for digestion time and space.

Reporters learned that the new three board market reform, the regulatory package to prepare a comprehensive reform policy, after the first round of policy landing, the remaining policy will also start in turn.

At present, there are as many as 20 reform policies in the new board market, a total of 4 major directions. In addition, the China Clearing and China Securities Association will also set up corresponding guidance guidelines. The direction of the 4 policies is: the issuing system, such as the formulation of the rules of listing and listing in selected layers, as well as the recommendation, underwriting, examination and listing committee, etc., including the revision of the "stock trading rules", the provision of differentiated trading arrangements for different market levels, the revision of the rules for the monitoring of abnormal transactions and the detailed rules for the transfer of specific matters.

According to the exchange situation of journalists, there are three key policies for the reform, namely, the lowering of the threshold of investors, that is, the discrepancy of investors' Appropriateness. The public offering fund has completely changed the investors' institutions in the new three board market without major mainstream institutions and the market transition system that has been looking forward to for many years.

"Regulators will introduce a number of policies to implement the reform content from all aspects, but from the market point of view, these three elements are the most important, or many investors and institutions are staring at these policies. These policies have the meaning of wind vane to some extent." Huang Pu told reporters.

Specifically, regulators have continued to release the policy of lowering the threshold of investors on several occasions. The current problem is that the threshold of investors will drop, especially whether the selection level can be reduced to the same threshold as investors.

The promotion of the relevant policies of the public offering fund still needs linkage between the national equity transfer companies and the fund industry association. Some of the contents of the relevant guidelines will also be issued by the Securities Association.

For the most concerned policy in the market, a person close to the regulator said: "the SFC has organized special forces in the early stage, and has made a deep research and demonstration on the transfer mechanism, forming a preliminary plan. Next, the SFC will pay close attention to drafting rules and promulgate them according to procedures.