Securities Companies Fully Re Start The New Three Board Business: The Selection Of Tier Project Competition Starts Broking The Business First.

The comprehensive reform of the new three board market has been fully launched. As of January 8, 2020, the SFC and the National SME share transfer system (hereinafter referred to as the "national share transfer system") have issued 15 policies, and the following 17 policies will also be launched one after another.

With the continuous landing of policies and the revival of the two tier market, the market environment of the new three boards is also undergoing full recovery. Meanwhile, brokers are also replanning the business opportunities of the new three board market.

In twenty-first Century, economic news reporters and many brokerages realized that the recovery of the new three boards will bring more opportunities for business lines, but also provide the soil for differentiated development. For securities companies, especially small and medium-sized brokerages, 2020 is the best opportunity to seize the opportunity of reform and establish business brand.

In fact, some brokerages have taken action. "At present, the team is preparing for war in all aspects. We are promoting a number of tasks around the reform, including consolidation, recruitment, investment banking and three board team integration, providing security for the three board team, and financing and upgrading programs for our customers." Zhang Keliang, general manager of the Department of stock conversion system of Yintai securities, told reporters.

Business restart

The new three board reform is most concerned about the selection of public offering, but the main task of many brokerages is not to grasp the incremental, but to rebuild the original business system.

"In the past two years, the new three board market is in a slump. The new three board business lines of the investment banking department are almost gone. Only a few people have been following up the ongoing supervision projects. Now the new three board reform is coming, and the leaders are still hesitant to recruit new three board business. Beijing a medium-sized brokerage investment bank new three board business line people told reporters.

Another Beijing broker who has invested in the new three board business has told reporters: "at the beginning of 2019, the new three board business lines were still being laid off. All of them were half and half of the people. Now the wind direction of the company has changed rapidly, and the flag of recruiting people has been re started. Besides, it is also urging the in-service staff to visit customers and follow up the business."

Prior to adhering to the three new board of the securities business is turning the corner, the team reserves the first mover advantage has been reflected. Reporters learned that some of the downturn in the new three board tilling brokers such as Sino Thai securities, open source securities, and so on, the feedback on this reform is more positive.

A brokerage company in Central China told reporters: "before the company regarded the new three boards as a key breakthrough business, even though the new three board market was depressed in recent years, the corresponding team also retained a certain scale of personnel. The opening of this reform is also a response to the team's adherence. At present, the company's direction in the new three boards is also clear, that is, to embrace changes and opportunities, and pay special attention to the work of the first batch of selected enterprises. We have begun to do a solid job, and we must ensure that we have the first batch of selected enterprises.

There is also a market making business for brokerages. Compared to the recommended listing business, brokers settle accounts according to the project, and the loss is manpower cost when the market is in a downturn. But the market makers are investing in the real market, and the pain caused by losses is more direct. Therefore, in 2018, a number of brokerages began to withdraw from the new three board market making business, and completely abandoned the business line.

According to the reporter's understanding, even after the reform started, there is still a case that securities firms withdraw from the market making business, such as the case of CAITONG securities.

But there are also brokers who are firmly committed to the market reform of the new three boards, and their market making business departments even get new funds, such as Sino Thai securities, and link securities.

"In the early stage of this reform, the market making system still embodies the advantage of liquidity premium, leading to some good market making companies. This is a good feedback for the firm or the new market makers. The market makers have once again tasted the taste of profits in some very aggressive companies, such as Cheng Da biology, Bety and several other companies." A large brokerage firm in the Shanghai market told reporters.

Now, the new three board reform is the stage of policy landing and the new market regulatory framework. In the first half of 2020, it was also the period when the broker set up a new three board business team. With the continuous progress of the reform, the participation of the broker in the new three board market is expected to fully recover.

Seize the opportunity

The reform is even more exciting for the securities companies, which is naturally a selective business opportunity. After studying the policy details carefully, we can see that the selection layer is actually a business similar to that of small IPO, which means that the broker can finally earn the sponsorship business and the public offering money in the new three board market.

Prior to this, according to the reporter's investigation, some brokerages have set a certain standard in order to promote the business quickly. From the general situation, most brokerages set the underwriting rate of the new three board enterprises to more than 8%, and some brokerages set the fixed demand of the total charge at the same time.

For example, a medium-sized broker in North China proposed that the underwriting rate should be set at 8%, and the sponsorship fee would be 150-200 yuan, but the total cost of the former two should be no less than 6 million yuan.

Cui Yanjun, the founder of the new three board listed company and the founder of the dongma family, said: "according to my communication with more than a dozen head brokers and large clubs and law firms that are interested in the selected layers, the sponsorship fee of the investment bank is basically 200-500 yuan and the underwriting rate is about 8%. If calculated by public offering of 100 million yuan, the comprehensive rate is basically normal in 12-15%. According to the size of the financing, the rate will increase or decrease. "

More importantly, today, IPO and Ke Chuang board business has become the world of the head broker. The new three panel selection layer has become a way out for small and medium brokerage firms.

A number of business people told reporters that the securities companies have begun to grab the selected layer resources, and some companies should be able to see several brokerages in a day.

"This is a rare opportunity for small and medium sized brokerages to invest in banks. From the perspective of fees, the public offering of a few selected layers in the future will be worth a single IPO business. This opportunity must be seized this year." Beijing area a medium-sized brokerage investment bank executives told reporters.

This reporter has learned that many brokers have even begun to distribute the IPO business team to the third board business line in order to win the business of selected layer projects.

In addition to the selection layer, the incremental business brought by the new three board reform is also broking business, which has been set too high because of the threshold of the new three board personal investors. The brokerage has always been reluctant to work in the new three board brokerage business.

But now the threshold of investors has dropped, and all brokerages have begun to compete for this part of the newly opened investors. For example, the second day when the threshold policy was released, the official WeChat public number of Guoxin Securities issued an article about the opening of new three board customers' investment rights.