The New Third Board Is Expected To Select The Number Of Enterprises, The Number Of Wells, The Heat Of The Fire, The Vigilance Hotspots And The High P / E Ratio.

The whole country is still actively fighting against "epidemic", while the capital market is taking another stance to combat the impact of the epidemic. This is a comprehensive and in-depth reform of the capital market on schedule and quickly, and the new three board market has shown different market sentiment after resuming normal operation in February 3rd.

In the past three weeks after the capital market resumed operation, the new third board market has been unprecedentedly high in the selection level. As of February 19th, 42 new three board enterprises have announced the sprint selection layer (whichever is based on the announcement preparation selection layer). According to market forecasters, the scale is expected to be close to 100 in mid 3.

But at the same time, market enthusiasm is rising. Problems are constantly emerging. First of all, enterprises in troubled waters begin to increase, and the overall quality of selected layers is declining. On the other hand, the new three board two tier market has received good feedback on the preparation of the selected layers. Many of the targets during this round of reform rose sharply and the P / E ratio soared, which brought a lot of difficulties to the future public offering.

The number of enterprises to be selected is blowout.

In the third week after the resumption of capital market, the pace of preparation for the new three board enterprises has accelerated notices. As of February, 19 enterprises in Japan announced 10 sprint companies, including Sen Xuan medicine and Mingshi innovation, which announced the sprint selection level, which also raised the scale of the selected enterprises to 42.

According to the twenty-first Century economic report reporter combing, 15 companies have submitted the application for guidance and filing to the local securities regulatory bureau, which is only one step away from the national stock transfer system.

For the recent rapid growth of selected enterprises, Peng Hai, a senior researcher at new three boards, told reporters: "the recent acceleration of the number of selected enterprises has shown a high degree of recognition for the selected layer. At the same time, from the point of view of the distribution of the announcement enterprises, it mainly focuses on the innovation layer, and then verify that the enterprises in the first batch of enterprises will occupy a relatively high level of innovation. At the same time, a certain proportion of enterprises have issued public guidance announcements before the deep reform. The selection layer provides enterprises with a way to raise capital market financing.

Behind the blowout of the company is the start of the regulatory work on schedule. According to the reporters' combing, in February 7th, Beijing took the lead in starting the inspection of the public offering guidance of the listed companies in the jurisdiction area, and then the local securities regulatory bureaus continued to follow up, including Shenzhen, Anhui, Hebei and other places.

The securities regulatory bureaus began to accept the guidance and record keeping companies, but also provided a good news, that is, the proposed IPO new three board listed company, which has been filed by the local securities regulatory bureaus. The sponsor only needs to submit written instructions to the local securities regulatory bureau, without revocation of the re application for guidance and record. Listed company, sponsor agency, which has completed the IPO guidance and acceptance in the local Securities Regulatory Commission, can declare directly, without any need. Re counseling and acceptance.

This provision will greatly enhance the efficiency of the listed companies in the preparatory level of the public offering, and at the same time, it means that the majority of the IPO enterprises have another way out. It is estimated that the size of the IPO enterprises will be estimated according to the current three boards, and the number of selected enterprises will be underestimated by the impact of this policy.

Another good rule has also stimulated securities companies to speed up the excavation of new three board selection projects, which has a crucial impact on the scale of selected enterprise projects in the near future and even later.

The reporter has learned that the CSRC has provided the project coordinator in the listed company public offering project in the past 3 years to meet the qualification requirements of the sponsor representative, and may apply to the China Securities Association for registration as a sponsor representative.

This is another example of the public offering of new third board selection layer, which is regarded as a small IPO. For a long time, the investment bank's internal three board project is chicken ribs, but the selection of the public offering has brought the value of the new three board business and its added value to the professional life.

At the same time, this provision will greatly enhance the enthusiasm of ensuring the replacement of the new three board selection layer: "in comparison, the IPO project may not be able to guarantee the generation, and the IPO project cycle will still be longer. In this case, the selective layer public offering is a very good choice." A medium-sized brokerage firm of investment banking in Beijing said.

However, despite the sharp increase in the number of sprint selection companies, the market is still not optimistic about the first batch of listed companies. According to the reporter's interview and combing, the most affected by the epidemic is the first batch of listed companies that want to sprint.

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.

Zhang Keliang, general manager of the Department of stock conversion system of Yintai securities, told reporters: "the first batch of enterprises should be at the end of March and the bottom of April at the latest. Now it should be the busiest time. 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.

Watch out for hot speculation

The number of sprint selection companies is increasing, among which there are some companies that are "hot", or companies that want to try a fortune with little chance of success, and investors need to be cautious when screening targets.

Peng Haibian told reporters: "according to our statistics, there are about 30% enterprises in recent two years, the financial standards do not meet the four standards of the selected layer, investors need to be careful to identify."

In addition, reporters also found that the national stock transfer system clearly defined financial companies currently unable to apply for selective public offering, but some companies have applied the concept of diversified businesses to apply forcibly.

"The selection audit is clear that it will refer to the audit requirements of IPO. That is to say, although the financial threshold has been reduced, the audit requirements are not low. Some companies are troubled by fish in troubled waters, resulting in the probability that the audit fails to pass. Some of the marked problems even encounter the full retreat at the declaration stage, and caution must be taken for the selection of these pre targets." A large brokerage firm in Beijing area told reporters.

At the same time, the mood of the market is soaring, and the enterprises are speeding up to announce that the sprint selection layer has brought happiness trouble to issuers, securities dealers and even regulators.

Since the new three board announced the comprehensive deepening of reform in October 25, 2019, the two tier market has been gradually thawed, and the market is even more popular for the selected layers. Many of the selected market targets have begun to change in the two market prices before and after the official Xuan sprint selection layer, and the stock price of many companies has been doubled since last year.

But the continued rise in share prices has also created difficulties for public issuance. According to the twenty-first Century economic report, the dynamic earnings of many of the 42 companies that have announced sprint selection are close to or more than 20 times. For example, the first Audi SW company has announced a dynamic price earnings ratio of 167 times.

There is no precedent for the public offering of the new third board selection layer, but the market generally expects that the selection layer can give the valuation of the enterprise less than IPO or Ke Chuang plate. Therefore, if the price increases in the two tier market of the pre enterprise are too large, there may even be a discount sale or the failure of the public offering, which is also a matter of concern for the market in the following period. Beijing area three new board senior investor Huang Pu thinks.

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