A Number Of Sprint Selection Companies First Bright "Card" To Turn The Whole Rhythm Of The Fear Of Delay.

The progress of the new third board selection layer has ushered in a new variable.

A regulatory unit of the stock transfer system has issued a notice to a number of main board brokerages. In the process of reporting to the unqualified investors in the public offering (hereinafter referred to as the small IPO), while disclosing the quantity of the issue, it needs to supplement the interval or issue price of the issue price.

According to the regulations, the issue price will not be released in advance, and the price range will be suspended. Therefore, in the notice of the stock transfer system, the listed company must carefully determine its issuing price range or base price.

In twenty-first Century, the economic news reporter learned from a number of agencies that the disclosure of the issue price range or base price needed to fulfill the procedures of the board of directors and the shareholders' meeting. Some analysts pointed out that the arrangement of "base price" was intended to prevent some companies from issuing too low prices, resulting in the dilution of the rights and interests of minority shareholders.

But this also means that at present, all issuers who wish to declare the selected IPO are going to go through the decision-making process again, which will delay the progress to a certain extent. It is worth mentioning that at present, some issuers have completed the counseling and acceptance. Another reporter has learned that some of the projects that have been in the counseling period or completed the counseling and acceptance can be declared first, and then the supplementary price information will be issued to promote the audit.

Many companies determine the "bottom price".

In March 23rd, just a day, a lot of selected companies concentrated to confirm the issue price of small IPO.

On the same day, the sprint selection layer and the implementation of small IPO share technology indicated that no more than 15 million 133 thousand and 300 shares were to be issued, while the bottom price was determined to be 4.5 yuan / share. Coincidentally, the catalpa Palace also issued a notice that its proposed public offering does not exceed 19 million shares, while the issuing floor price of not less than 7 yuan / share.

At the same time, AI Rong software, Lanshan science and technology were also announced on the same day by the announcement of the issue of the reserve price as 16 yuan / share and 2.18 yuan / share.

It is worth mentioning that the above four sprint selected companies did not disclose the reserve price in the earlier declaration, but the main reason for the supplementary disclosure is related to a notice of the stock transfer system in March 18th.

A number of host brokerages confirmed that the stock transfer system issued the relevant tips on the issue of public issuance and the deliberation and disclosure of selected items on the day of the stock transfer system, requiring the issuer to issue a clear price or issuing interval in advance, and become an essential element for the declaration and final issuance.

In accordance with the rules for issuance and underwriting, the issuer and the main underwriter shall suspend the issue of the issue price of small IPO, which is not within or below the issue price interval determined by the general meeting of shareholders.

Therefore, the stock transfer system indicates in the above notice that listed company must carefully determine the issue price range or issue the base price.

It is for this reason that most of the selected companies are also much lower than the current market price. For example, the average price for the 20 trading days of the catalpa palace is 16.78 yuan / share, while the bottom price is lower than 6 of the price, and the average price of the nearly 20 trading days of AI Rong software is 22.10 yuan / share, while the bottom price is lower than 27.60%.

"Many people will confuse the issue floor price with the underlying issue price, although the final issue price may be much higher than the issuing floor price." An investment bank in Shanghai pointed out that "in fact, determining a relatively low base price is mainly to reserve certain space for the determination of the issue price."

As a matter of fact, many of the companies that disclose the bottom price do also say that the base price of the issue is not a judgment of the value of the company.

Nevertheless, this event still hit some stock prices of selected companies. For example, in March 24th, AI Rong software's share price fell by more than 20% in the following day.

In fact, the new three board market has also started to adjust since the end of 3. For example, in the first ten days of March, the new third board market making index was always independent of the A share market due to the expected reform of the selection level, but it began to turn down after March 12th. At the same time, more select companies also fell, and Bette's share price retraced 27.61% in the month. Gao Dexin's return to the highest level in March was 14.07%.

"The reform of the new third board selection layer has been advancing at a relatively fast pace, so the access capital is also more urgent. However, due to some supplementary disclosure requirements, the landing time of the selected layer reform may be slightly extended back, which improves the opportunity cost of short-term funds and reduces the speed of capital inflow, so it may lead to a certain degree of adjustment." A private equity agency, who is concerned about the reform of selected layers, said.

Progress or delay

The need to disclose the issue price in advance is related to the regulatory authorities' protection of the legitimate rights and interests of minority shareholders.

"Regulators are afraid that some companies will lower the issue price in order to finance, which will lead to the dilution of the interests of minority shareholders. In fact, most companies are not willing to set the issue price too low, because this involves their own market capitalization and the scale of financing." The investment bankers pointed out, "but considering the underwriting matters, some sponsor agencies still want to set the bottom price lower, otherwise the potential risks of brokers will be higher."

"In fact, this is also the time to test underwriters' pricing and underwriting capabilities." The investment bank pointed out at the same time.

It is worth mentioning that, due to the pre determination of the reserve price, it is necessary to fulfill the corresponding corporate governance procedures. This will also lead to the progress of the declaration audit process of some selected enterprises.

"A lot of companies have already disclosed their distribution plans, and some have already submitted counselling, and even some companies have already received guidance and acceptance. At this time, it is necessary to re open the board and shareholders meeting to make decisions on the issue of the reserve price at this time, which will obviously push the audit process later than the original plan." An investment banker close to the stock transfer system pointed out that "from the board of directors, shareholders meeting, and then to repair materials, the overall progress may be delayed 10 to 15 working days than before."

But at the same time, the personage also said that the stock transfer system has paid more attention to the reform of the selection layer, and some underwriting agencies and issuers are also actively communicating with the stock transfer system to apply the corresponding supplementary materials.

"At present, some companies that have been tutored for acceptance, or have reported guidance, and through the process of transfer of shares, may not affect the corresponding reporting progress in principle, but they still need to make up the materials after they have completed the confirmation procedures for issuing the reserve price." The investment bank pointed out.

In the eyes of investors, it is necessary to ask the listed company to determine the requirement of issuing the reserve price in advance, which is not in conflict with the dividend reform of the selected layer, while the valuation and liquidity bonus can still be expected.

"From the determination of the system to push forward the reform, many supplementary disclosures and declaration requirements should not affect the overall progress of the reform, so the potential valuation and Mobility Center of the selected layer will continue to go up." The private placement agency said.

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