How To Check The New Third Board Selection Layer? Or Refer To The Spirit Of IPO50 Audit, The Policy Is About To Come Out.

In October 25, 2019, the SFC officially opened the new round of three board comprehensive deepening reform. With the dozens of policies successively landing, as well as the lowering of investors' threshold, the advent of public fund entry guidelines and other market expectations policies quickly materialized. The reform of the new three boards has really entered the stage of implementation.

And the focus of the market is also shifting. According to the reporter's understanding, then the attention of the participants in the new three board market is placed on the issue of selective public offering, such as which companies will apply, how to price, how to issue, and which investors will participate in the subscription.

One of the very core elements has been frequently discussed in the market recently. This is how the new three board listed companies choose the level of public offering. The market also has many discussions that the new third board selection of the public release of the audit is not reference to the audit of the science and technology board registration system, but to refer to the direction of IPO audit, that is, to refer to the spirit of IPO50 audit.

In this regard, the reporter also learned from the close to the regulatory bodies, although not yet formally identified, but a great probability of the new three panels selected layer of public issuance audit will refer to the spirit of the IPO50 audit, which is a signal that can not be ignored for the current enterprise selection layer.

Or reference IPO50

The new third board selection is a new product for the capital market. In fact, the new three board market has been using the registration system in the past years to do corporate audit and fixed increase audit. However, the public offering has not mentioned the new three boards' public issuance at any level. It is a part of the registration system. Although the securities law has made it clear that the registration system will be fully implemented, it still takes time to expand the registration system to other sectors.

Therefore, the new third board selection layer is still in the approval system. In essence, the spirit of the approval system is the series of questions and answers that the market is called IPO50. This is issued by the SFC issuing department, based on the relevant laws and regulations, on the basis of the study and summary of the practice of supervision and regulation, fully soliciting the opinions of the market, constantly improving the audit standards, and forming some questions answering of the first business.

Prior to that, the IPO50 (formerly known as IPO51) was not publicly available, but under the influence of the concept of Ke Chuang board audit, in March 25, 2019, the SFC issued the "notice on issuing some answers to the first business", and IPO50 finally surfaced.

For the issuance of IPO50, the SFC believes that it is aimed at further promoting the marketization and rule of law reform of stock issuance, supporting the development of the real economy, enhancing the transparency of the audit work, and improving the quality of the information disclosure of the first companies, so that the agencies can fulfill their duties conscientious. The popular point is to hope that the market can understand where the red line of IPO audit is.

"For this point, the new three boards are more like small IPO. The threshold of public offering of new third board selection is lower than that of IPO, but if we refer to the spirit of IPO50 examination, then the requirements for enterprises are high and low. The first batch of enterprises applying for public offering need to be psychologically prepared." A person in charge of the new three board business line of a brokerage company in Central China revealed.

Reporters learned that as of January 15, 2020, Odive, Linda, Sihan technology, Suzhou shares, Bety, including 13 companies issued a selection of intentions related announcements, for these enterprises, or have been able to check the IPO50 self check.

However, people close to the national share transfer system also revealed: "the new three boards' public inspection procedures in the future will fully learn from the useful experience of the registration system of the science and technology innovation board. In the future public offering review, the national stock transfer system needs to make the review process efficient and convenient, and the time limit for examination is clear, and the enterprise can expect it."

For the selection of layers may refer to the audit spirit of IPO50, a long-term concern of the new Qingdao three board senior broker also put forward his own view.

He said: "the overall norms of the new three board listed companies are relatively weak. First, the scale of the listed companies is small and the awareness of personnel standardization is low. Secondly, the professional competence of the intermediary companies is uneven. In this case, if the selected layer continues to follow the new three board listing, it will inevitably leave behind a lot of hidden dangers. If auditing is strictly conducted according to the listing of IPO (refer to IPO50), enterprises will tend to choose Shanghai and Shenzhen Stock Exchange to go directly to the market, and the design of the selected layer will lose its meaning. Under such circumstances, it is imperative to issue the audit guidelines for the selection of layers that conform to the characteristics of the new three boards. If the audit guidelines are selected, it is expected to refer to IPO50 and 32, and further relax and optimize the audit concept.

The public offering policy is about to come out.

In addition to whether the audit is reference to IPO50 or to a certain extent closer to the registration system, the market has many questions about the public offering link: for example, who will try, will there be a duplicate audit problem between the SFC and the national share transfer system? And when to declare.

The first is the question of who issues. In the document, the regulatory authorities have made clear that the national stock transfer system will be reviewed, that is, the enterprises that declare the selected layer will first submit the application materials to the national share transfer system. After receiving the application documents, we will conduct self-examination within the prescribed time by asking questions. The Listing Committee of the national stock transfer system was set up for deliberation, forming deliberative opinions, and the national share transfer system made a conclusion with consideration of the deliberations.

Reporters learned that the listing committee set up by the national stock transfer system will be financed by two departments. At the same time, a similar expert advisory committee will be set up with reference to the creation board to help improve the audit expertise.

If the national stock transfer system considers that listed company meets the conditions and procedures for listing the stock, it will issue the agreed self-regulation opinion and submit relevant information to the SFC. Then the SFC will conduct an examination and make an administrative licensing decision within 20 working days.

"The SFC's role in the audit is multiple. It can refer to the audit of the registration system of the science and innovation board. There should be no double audit or the role of the SFC as the actual audit." A Beijing investment bank believes.

The former close to the national stock transfer system told reporters: "this time in the specific system design, the listing conditions of the stock in the selection layer covers the conditions of issuance, and the examination of the national stock transfer system to the entry level is covered by the issuance examination. This undoubtedly improves the efficiency of auditing, and there is no need to worry about double auditing. "

Another important question is when the enterprises that attack the selected layer will start declaring whether they need to wait for the nodes of the innovation layer in April 30th this year.

The rhythm of reporting is highly related to the rhythm of some core policies landing. At present, the official version of the "hierarchical management method" has been released, but the relevant rules of the public issuance have not yet been formally released. Therefore, the securities companies and enterprises can not formally start declaring work, only to declare that they are in the preparatory period.

However, the reporter learned from the close to the national stock transfer system that the relevant policies and guidance guidelines for the public offering of the selected layer are in the process of implementation. The official release will be around the corner and will not allow the market to wait for too long.

"This issue is very important, deciding when to start preparation and how long the corresponding cycle is, and some decisive enterprises have begun to prepare the selection layer. We have already entered two innovative level enterprises to prepare the selection layer." Those responsible for the new three board business in the central China securities market said.