The Public Offering Fund Will Be Invested In The New Third Board Market Of The Selected Layer.

The new three board comprehensive deepening reform, the Securities Regulatory Commission and the national stock transfer system level will launch nearly 30 policies, but the most affecting market sentiment is the selection of relevant institutional arrangements, investors' appropriateness modification, selected layer enterprise transfer board system and public offering fund entering the market.

Today, the relevant system arrangement of the selection layer and the appropriate modification of investors have all come to the ground. In 2020, at the first news conference, the SFC again settled a core reform policy of the new three boards, and introduced the public offering fund to improve the investor structure of the new three board market.

Chang Depeng, a spokesman for the securities and Futures Commission, said that the securities and Futures Commission issued the guidelines on publicly offering securities investment funds to invest in the listed shares of the National SME share transfer system (Draft).

This has also opened the curtain for the introduction of medium and long term funds in the new three board market. Therefore, more and more medium and long term funds and forms of financial institutions can be thought of and entered into the new three board market.

The relevant stakeholders of the SFC drafting guidelines believe that allowing the public fund to invest in new three board listed stocks is conducive to improving the structure of the new three board investors, strengthening the professional institutional investors, improving the market transaction activity and reducing the financing cost of SMEs. It helps to gradually push the fund managers to give full play to their professional management ability, form a healthy, flexible and long-term investment mechanism, give full play to the comprehensive role of institutional investors in the multi-level capital market, support the national innovation and development strategy, expand the scope of investment of public funds, and help investors share the growth bonus of innovation and entrepreneurial enterprises.

Public funds live in water in the future

The public offering fund is no stranger to the new three board market. In 2014, China Railway BAOYING announced the new three board products of the first public fund subsidiary of the new three board, which also opened the curtain of the public fund industry's involvement in the new three board market investment. However, as of now, the public funds are killing special products in the new three board market. From the threshold of investors and the operation mechanism, there are not many differences between special account products and other private products in the market.

Under such circumstances, the parties in the new three board market have never stopped calling for the real public fund products to enter the market. However, due to the immaturity and continuous decline of the new three board market, the public fund products entering the new three boards have become an armchair strategist. Today, with the promotion of all-round reform, the public funds have entered the new three boards, and the timing of the public offering products to invest in selected companies is ripe.

The draft guide provides a comprehensive framework for public funds to participate in the new three boards, a total of 15. For example, it requires only stocks, mixed and bond funds to invest in selected stocks. It also requires the public fund to invest in selected stocks with good liquidity and prudently control the proportion of investment.

Specifically, the securities and Futures Commission stipulates that the fund holds a tradable share issued by a listed company, which shall not exceed 15% of the tradable shares of the company and all the investment portfolios holding a tradable share issued by a listed company, and shall not exceed 30% of the tradable shares of the company.

In addition, the draft guidelines also stipulate that the public offering fund should be estimated by the fair method. When the stock value has significant uncertainties and large redemption applications, the side bag mechanism can be enabled. Meanwhile, the fund's periodic reports must disclose the holding situation of the listed stocks and reveal the risks.

After the release of the guidelines, some market participants raised questions about whether the products that could be invested in the new three panels in the future will be new products or stock products.

Twenty-first Century economic report reporter learned that regulators consider the stock fund investment in selected stocks, which may cause significant changes in the characteristics of risk and return. In order to protect the legitimate rights and interests of the holders, the guidelines require that the stock fund contracts do not clearly stipulate that they can invest in the selected stocks. After the appropriate procedures are implemented according to the laws and regulations and the fund contract, they can invest in the selected stocks. This also means that the regulators have not prohibited the stock products from investing in the new third board selection layer.

Peng Hai, a senior researcher at new three boards, said: "public funds can invest in new three boards. First, they will have a great impact on the pricing system of the company. The two is to bring incremental funds to different types of new three boards, and to increase the source of long-term and stable capital for the market."

Fu Lichun, director of Northeast Securities research, told the twenty-first Century economic news reporter: "the guidelines provide that the future stock and bond fund can directly invest in the selected stocks of the new third board. This may be different from the new three board products of the public funds and other institutions. The public fund directly participates in the investment of the new third board selection layer, while the threshold for ordinary investors to buy the new three board public offering fund will also be greatly reduced. The level of individual investors participating in the new third board selection through public funds will be greatly improved, and the threshold of individual investors has been reduced to 1 million. In the future, including QFII and other institutions investment entry is worth looking forward to.

Reform bull market starts

With the selection of the relevant system, the threshold for investors to reduce and other key policies have landed one after another. The new three board "reform cattle" market has started, and with the policy of the public offering fund investment selection layer to further clear landing, the new three board market in 2020 ushered in a very good start.

According to the statistics of the reporters, the new three board two level market has been on the two trading day since the beginning of the year. The new three board market making index has increased by nearly 5% in the past two trading days, and the volume has continued to enlarge.

Zhou Yunnan, the founder of Nanshan investment, told reporters: "the performance of the two market in the two days after the new three board is completely out of the market expectation. The enthusiasm of the market participation has obviously increased. The money making effect has begun to appear. With the gradual deepening of the new three board comprehensive deepening reform rules, the continuous improvement of market confidence and the continuous active trading, the new three boards are opening up the reform cattle."

The new three board two level market starts and the new three board policy continues to have a great relationship. Before that, the background of the long slump in the new three board market is that the reform bonus can not be landed. Today, policies are implemented in a timely and timely manner, and market participants also respond positively.

In response, Liu Jing, director of the new three board study of Shen Wan Hongyuan, said: "the recent two level market performance is good for several reasons: first, the first business rules of the stock market on Friday, the new three board reform started faster; two, the lowering of the threshold has made more funds start to pay attention to the market, and the opening of the threshold has been implemented on Monday, so the inflow of real gold and silver has led to the development of the industry. At present, the companies that have risen better are also selected companies.

The new three board senior researcher Peng Hai told reporters: "in October 25, 2019, the securities and Futures Commission launched a comprehensive deepening of the new three board reform news, the market activity has been greatly improved, in December, the monthly turnover is close to 10 billion. From the point of view of transfer, the turnover of market making in November 2019 and December increased by 29% and 47%, respectively, from 3 billion 200 million to 29% months in February and at the same time, and the bidding transfer increased by -18% and 39% respectively. Therefore, the liquidity premium of market making enterprises is more obvious.

In addition, Peng Hai also interpreted the changes in the reform market from different stages. He told reporters: "in phases, October 25, 2019, November 8th and December 27th are the three time window periods, and the recent sharp fall in the rules of December 27th and other rules to stimulate the market continues to rise. Fully explain that the deep reform has been highly recognized by the market, and the improvement of market activity is conducive to improving the level of market liquidity and enhancing the function of investment and financing. Overall, as the reform is expected to be clear and landing, valuation renovation and market risk preference promotion have driven the current overall market. The leading stocks in the future, especially the selected stocks, are expected to be the focus of the market.