"Small IPO" Roared To: The New Third Board Selection Committee Of The List Of Candidates To Declare, Audit, Investment Three Dimensional Speed.

The new three board selection layer reform is still in force.

A few days ago, the national stock transfer system disclosed the first new third board company to select the same level, and also faced the list of candidates for the Listing Committee of the non-public qualified investors (IPO).

According to the stock transfer system, a total of 47 people came from the stock transfer system, the governing body and the intermediary agency. In accordance with the procedures, the final listing committee will identify 30 to 40 members. From the perspective of the composition of the candidate members, the audit of the selected small IPO still has some benchmarks against the Chuang Chuang board.

In twenty-first Century, the reporter of the economic report learned from many sources that at the same time, the preparatory work of related companies was being carried out at the same time as the listing committee was speeding up. Meanwhile, according to the prediction of the stock transfer system, the company will be able to complete its declaration by the end of March. At the same time, reporters learned from a number of brokerages that, after opening the online transfer of shares to the right of accounts, especially after the Securities Regulatory Commission clarified the transfer system, more and more investors are actively entering the field to find investment opportunities.

As of March 16th, the number of new three Board companies that had announced the implementation of small IPO and entered the tutorial period has been no less than 70. - Gan Jun photo

Listing committee dismantling

The pace of reform of selected layers is constantly updating expectations.

In the evening of the evening of March 13th, when the detailed rules for the listing of the SME share transfer system (Trial Implementation) came into effect, the stock transfer system completed the publicity of the list of candidates for the listing committee responsible for the small IPO audit.

According to public notice, 10 internal members of the first listing committee candidates came from the stock transfer company, and 37 external members, including 7 candidates from the China Securities Regulatory Commission's system unit, including 5 staff members of the Securities Regulatory Commission and 2 associations. In addition, there are 10 candidates from law firms, accounting firms and fund companies.

The stock transfer system indicated that the selection committee would select 30-40 members after the end of the public notice period. After the final appointment of the listing committee is confirmed, it will be officially announced to the public.

In the industry view, the composition of the stock transfer system occupies a greater proportion in the candidate list.

Up to 10 representatives came from the stock transfer system. At that time, only 3 members of the board were listed in the middle tier. In the list of candidates, Xie Geng, chairman of the stock transfer system and general manager Xu Ming both took the lead.

"This situation is different from the previous science and technology board. It can be seen that this stock transfer attaches great importance to the reform of the selected layer and small IPO, so that the head of the company will personally sit on the list of candidates for the listing committee." A broker close to the stock transfer system said.

In addition to the high level, the members of the listing committee are from the legal affairs department, the transaction operation Department, the intermediary business department, the company supervision department, the self regulatory department and the research and planning department. Among them, the company's supervision department occupies three seats, namely, Yin Shu, chief inspector of the company, the assistant director of the general supervisor, the assistant director of supervision two, Ye Ying, and other departments occupy one seat.

"The number of company supervision department is quite large, which means that the Listing Committee values the understanding of these companies." The securities dealers close to the stock transfer system said, "the difference between the issuing Committee and the listing committee is that the proposed issuance lots have already been transferred to the stock market for a long time. The company's supervision department has a deeper understanding of these issuers and is more familiar with it, so it can also find the problems existing in the enterprises and conduct targeted auditing."

In the view of brokers, the official list of the final listing of the listing committee will probably retain more stock transfer system and management staff. The stock transfer system also indicates that the external members will focus on "part-time job".

"From the establishment of the issuance examination committee and the preparatory experience of the Municipal Committee of the board, the listing committee will retain a large number of members of the governing bodies." The securities brokers close to the stock transfer system said, "because many part-time members are usually busy at work, if the main force depends on the market organization, it is likely to have an impact on the progress, efficiency and effectiveness of the initial stage of reform."

Public offering is valued.

Informed sources close to the stock transfer system said that the configuration of the selected layer will be closer to the board of science and technology, and if the reference rate of 20.83% of the science and technology board is estimated, the number of the listing committee will be around 37.

Compared with last year's committee members of the science and innovation board, and the additional self regulatory committee and advisory committee, the system of the listing committee is more succinct.

"Compared with the" Chuang Chuang "board, the self regulatory committee and advisory committee have also been set up. The establishment of the listing committee is more succinct, and it also shows the characteristics of more marketization and compliance with the wishes of listed companies. Those close to share transfer system said.

For example, the list of candidates for the first batch of members of the committee was mainly composed of governing bodies, law firms, accounting firms, public offering, insurance information management, executives of listed companies and academics. Compared with the four sources of the candidates, the candidates included only the governing bodies, public offering agencies, law firms and accounting firms.

"After the small IPO, although it is listed on the selected layer, it can not be called the listing, so it has not introduced the members of the listed company. Considering the future public participation in the investment of the selected layer, it has increased the introduction of the public offering executives." A person close to the stock transfer system pointed out that "the University scholar, this conditional candidate is not very full, and from the experience of the science and technology board, there are some inexperienced problems in the audit work."

It is worth mentioning that the list of candidates for the listing committee includes the number of mid-level personnel who are not less than 10 public offering, such as Yi Fang Da and Guang Fa, while only 5 of the candidates from the public offering institutions are on the list of candidates.

"Selected layer as a springboard and bridge for the listing of transfer boards, it is necessary to introduce incremental funds and long-term funds. Under the threshold of 1 million yuan investors' suitability, the public offering agencies are obviously a more important target to win. Investors can participate in the selective investment through public funds in the future, which will also improve the valuation center of selected companies and improve market activity. Leather has great help. " A person familiar with the matter said.

However, reporters learned from the public offering agencies that some public offerings are still more cautious when planning the selected products.

"At present, there is no special consideration for the selection of products, or the development of the selection layer, and the relevant guidelines and rules need to be further clarified." A product of a public offering company in Beijing said, "some companies have a relatively high valuation, and the flow performance can not be improved after the selected layer. Whether the valuation is not suitable for participation will need further demonstration. However, from the perspective of product trends, public offering will not be absent from this reform."

Quicker preparations for issuers

The composition of the listing committee has been gradually clear, and the preparatory progress of the proposed issuer is also speeding up.

According to Wind statistics, as of March 16th, the number of new three Board companies that have announced the implementation of small IPO and entered the tutorial period has been no less than 70.

In twenty-first Century, the business reporter learned from several brokerages that many new three board small IPO projects are accelerating preparations, and some of them have nearly completed their application materials, and are carrying out corresponding supervision and communication matters.

"We have communicated with the stock market before the related process, and the estimation of the guidance project is fast." A medium-sized broker dealer in Shanghai said, "unlike the Shanghai and Shenzhen listing, the new three Board companies have been listed and managed for a long time before the small IPO. They have been running under the established system of the new three boards, so the governance symmetry and the information symmetry of the regulatory authorities are better than those of the IPO company. This also allows the project to complete the counselling and acceptance in shorter cycles."

Many investment bankers predict that if the related supporting systems and projects are progressing smoothly, the new IPO declaration is expected to start within the month.

"If we can open the declaration now, we will soon be able to provide the corresponding declaration materials." Another investment bank in Shanghai also said, "at the moment, there is no need to declare on the spot, so long as we make online declaration without paper."

Some analysts believe that with the rational promotion of securities dealers, stock transfer systems and issuers, the difficulty of the smooth implementation of the selected layer reform is declining. Some agencies expect that at the end of the three quarter of this year, there will be no fewer than 20 new three Board companies to complete the transfer layer and small IPO, and the total scale of fund-raising is expected to reach 40-50 billion yuan.

"We believe that there will be no less than 20 companies to complete the transfer layer and to achieve fund-raising, which will allow the new three boards to have IPO scale statistics. If the scale of each household is 2 billion or more, it is expected that the scale of collection will initially reach 40 to 5 billion yuan." Beijing listed securities analyst pointed out.

Step by step admission of funds

One side is the rapid preparation of declaration and audit work, on the other hand, investors are quietly pouring in.

"In fact, in October of last year, some Jiangsu and Zhejiang funds were queuing up to open accounts, and the smell of these investors has always been the highest." "After the Spring Festival this year, because of the impact of the epidemic, the account opening rate was slow for a while, but now many brokerages provide online service, so there are also some funds running in," said a Zhejiang securities brokerage department.

In January 3rd of this year, the China settlement official website issued the notice on optimizing the relevant business of the national share transfer system account, making it clear that brokers can handle the new business of "national share transfer system account logo" on behalf of investors, creating conditions for online opening of new three board trading rights.

"Before the new three board accounts need to be double checked, but just before catching up with the epidemic time, many brokers have provided online accounts in the account system." A listed brokerage risk control said.

In twenty-first Century, the economic news reporter learned that although many brokerages have provided online accounts for new three boards, but because some brokerages have not yet provided the service, and some investors have limited enthusiasm, the new three board accounts have not been surged in all brokerages.

"There has not been a significant increase in our account opening. This is also related to the investment threshold. Before the new three boards are 5 million yuan, many people are unwilling to think about it. Even though the demand has been lowered, many people have not noticed it." A head of Huijin brokerage business department said, "conditional investors are gradually involved in a process."

"Many investors are not preparing to invest in the selection layer, but rather trying to ambush some innovative companies ahead of time, and then earn profits through the valuation gap between the two markets." The sales department said frankly.

In the view of investors, the new three board intensive accounts will probably be divided into two steps. The first step is the enthusiasm for opening accounts since last October. The second step is the probability that the IPO will be completed after the first selection layer.

"At present, this group of newly entered investors must bet on the dividend expectations of the selected layer, but at the moment, it is unlikely that the potential capital admission will be in place." A private equity agency in Shanghai said, "our research has found that some private equity agencies and parent funds are doubtful about the selection layer, because the new three boards in 2015 have seriously damaged market confidence and some products still have legacy problems."

"But with the advance of the selective layer reform, this distrust will be broken to a certain extent. I think they can see that when the selected companies in 7 and August have better valuation and liquidity performance once they are listed, they will be more likely to enter the basic level and innovation layer to dig gold." The above private equity agencies said.

?