The First Batch Of Selected Layers Will Be Listed At The Time, Or Postponed The Reform Of The New Third Board Of The "Anti Epidemic" Escort.

If it is not a sudden outbreak of pneumonia caused by a new coronavirus, the Spring Festival in 2020 or even the whole Spring Festival holiday will be the time node for the new three board enterprises to prepare for the first batch of selected layers. But under the epidemic situation, the preparatory work has inevitably been affected to a certain extent.

Under such expectations, the market generally believed that the first batch of enterprises to complete the issue of public offering into the selection layer is expected to be 1-2 months late than expected, and is about to be postponed to the third quarter from the second quarter of 2020.

On the other hand, regulators are doing their best to ensure that the selection level reform is advancing normally. This week, all the organizers received a notice from the national share transfer system of SMEs (hereinafter referred to as the "national share transfer system"), asking all brokers to sort out the response measures and the regulatory support needed to submit the current epidemic to the new three board reform and business, and back to work before February 6th. One of the key points is the public offering and listing of the sponsor's project reserves and progress at the selected level.

In 2020, the new three board reform and the landing of key systems will be launched under the environment of resisting the epidemic.

In 2020, the new three board reform and the landing of key systems will be launched under the environment of resisting the epidemic. Gan Jun system

The first selection layer or affected.

According to the reporter's interview and combing, the most affected by the epidemic is the first batch of listed companies that want to attack the selected layer.

"After market expectations, the first half of 5 is the expected node of the first batch of selected enterprises to complete the public offering. It is also necessary to report to the securities regulatory bureau for guidance before the public offering, as well as the process of stock transfer system audit and the review of the securities and Futures Commission. That is to say, it is necessary to race against time to prepare for the first batch of enterprises in the middle and the end of 5. Obviously, the epidemic has affected the preparatory progress of this batch of enterprises." A small and medium-sized brokerage investment bank in Beijing area official told reporters.

Reporters and a number of investment bankers have learned that the preparatory work of the selected layer is affected mainly in two aspects, namely, the development of audit work and the implementation of sponsorship of the sponsor, and these two jobs are the core of the public offering work.

"The first batch of enterprises should be the busiest time at the end of March and the end of April. Because the audit report is valid for 6 months, according to the normal rhythm, the accountant should be audited at the scene. The broker should be at the scene before the Spring Festival. After the epidemic comes out, on the one hand, the enterprises may postpone their work, and the intermediaries are also postponed. Moreover, many intermediaries are going to different places in the enterprises. They have to travel by means of transportation, and they can not avoid interviews or meetings at the same time, which will be affected by the epidemic. Zhang Keliang, general manager of the stock conversion system Department of Yintai securities, told reporters.

For the new three board brokerage firms or audit institutions in Hubei, the environment is more difficult. A Hubei securities brokerage investment department told reporters: "the current work is basically unable to move forward, remote office communication matters, but some things do not meet or do not go to the scene can not be done, we previously reserve several selected layer projects can not do now."

According to market estimates, the intensive disclosure period of the annual report after the Spring Festival is also a node that is expected to concentrate on the selection of enterprises. However, as of February 5th, there were only two new listed companies listed in the tutorial period, the first one was Suzhou axle stock and the second one was Bates.

In response, Zhu Weiyi, chairman of China's Tuo Tuo capital, said that the annual audit work of most companies may be delayed by the outbreak of the new coronavirus pneumonia. The annual reports of listed companies and their subsidiaries need to be audited every year. There is less need for audit adjustment, and the probability of postponing audit reports is low.

However, although the time window is tight for companies that want to attack the first selection layer, the first batch of public offering is delayed to a certain extent, which is not necessarily a shock to the first batch of selected enterprises. The preparation time will be more abundant and enterprises will have more time to consider the issue of public offering.

"Considering the overall situation, the preparation time for the new third board selection layer is longer than before. The market has doubts about whether it can match the number of selected enterprises or whether the enterprises are ready to attack the selected layer. Sufficient preparation period for the smooth landing of the reform is not necessarily a good thing." The brokers in Beijing think that.

Regulatory stability is expected to push ahead with reform

In the special period, regulators are trying their best to escort and push forward the reform work. The national stock transfer system recently issued the "XX securities epidemic prevention and control work" form, requiring the broker to report the impact of the epidemic on the business development, and take measures to deal with it.

The main content is the impact on the new three board reform and the measures to be taken, focusing on the impact of the public offering of the sponsor project reserve and due diligence, followed by the impact on the recommendation business and the measures to be taken, focusing on the impact of recommended listing, redistribution, continuous supervision, etc., in addition, it is required to fill in the influence on the brokerage business and take corresponding measures, focusing on the opening of new third board and the resumption of business in the business department (such as whether to support the investor's online account opening, whether there is a business department that has not resumed business, the number and proportion of the business department that has not resumed the business sector, and so on); finally, it is also necessary to understand the impact on the market making business and the measures to be taken.

"Stock transfer system is not simply to let the impact of the reporting, but also hope that the securities companies need to provide regulatory support. At present, our proposal is that some business hours can be extended to some extent, as far as possible to accommodate." A Shanghai stock brokerage company told reporters.

According to the reporter's understanding, at present, listed company and fund-raising funds for serious epidemic areas such as Hubei are mainly intended to apply for the public offering of shares in the area of epidemic prevention and control and apply for listing on the selected layer. From the date of the epidemic to the end of the epidemic, the national stock transfer system will be opened to consult the green channel, and the special telephone will be set up for the enterprises in the above areas and fields. The special person will answer the questions and answer the consultation questions. The special person will join the above-mentioned reporting enterprises and intermediaries to conduct special research and special reply to their special problems in the due diligence and declaration process, so as to help the enterprises prepare for the declaration as soon as possible.

The former Shanghai securities dealers said: "from the information released from the national share transfer system, it is natural that we do not want the epidemic to affect the reform. Therefore, we are trying to introduce some measures to ensure that the affected companies and institutions can continue to carry out the work, and also reflect a firm reform expectation."

In fact, in addition to the selected enterprises, the audit and investment banking work of the basic level and innovative enterprises is also delayed due to a certain degree of delay, so the market is not expected to be affected only by selective public offering. This year, the nodes of the hierarchical adjustment enterprises are also very tense in April 30th.

In this regard, twenty-first Century economic report reporter learned that the national stock transfer system to encourage listed company to enter the innovation layer and its hosting broker, through video conferencing and other ways, actively promote the relevant preparatory work. During the preparatory work of listed company entering into the innovation layer, due to the reasons such as the extension of holidays and other practical difficulties, the sponsor should actively assist in dealing with it, and it can reflect the national stock transfer system in a timely manner. The national stock transfer system will actively study and assist in solving the problem.

It is worth noting that the national stock transfer system also said that according to the deployment of the state epidemic prevention work and the preparation of listed company's entry into the innovation layer, the specific arrangements for this year's stratified adjustment should be co ordinating, which means that the stratified nodes will have room for adjustment this year.