Selected Layers Audit Waiting For Firing Shots: Three Board Companies Have Submitted Declaration Materials.

It has been half a year since the launch of the new three board comprehensive deepening reform in October 25, 2019.

The selection layer is undoubtedly the core of the reform. In this half year period, the selection layer has completed many factors, such as system construction, enterprise reserve and so on. Now the selection level reform is about to move towards the new stage of "auditing".

? ? ? A few days ago, in twenty-first Century, the reporter of the economic report learned exclusively that the listed companies that had passed the SFC's guidance were sent to the National SME share transfer system (hereinafter referred to as the "national share transfer system"). The focus of the new three board selection system was shifted to the examination of the national stock transfer system, but the distance was also growing. The nearer it is.

At the same time, the ranks of selected enterprises are still expanding.

As of April 9th, there were more than 120 enterprises. Although the quality of the enterprises was uneven, the sufficient quantity also laid a foundation for the establishment of the new third board selection layer.

Audit on-line, suspend business at any time.

According to the twenty-first Century economic report reporter, there have been some enterprises that have passed the SFC audit to submit the selection materials and application materials to the national share transfer system.

The critical point of the new third board selection layer is coming, and the audit work will soon be opened.

In this regard, the new three board senior secretaries and Cui Yanjun, the founder of Dong Ming family, also told reporters: "the enterprises that have submitted materials are in the form of mail. It is expected that the national stock transfer system will formally receive materials in mid April and issue the first letter of acceptance."

In addition to the application materials submitted by enterprises, the other preparations for opening the national stock transfer system are basically ready.

For example, at the end of March, the new third board public issuance declaration acceptance and review system and the public offering underwriting business handling system are in technical readiness. The national stock transfer system indicates that relevant businesses will be launched in a timely manner.

In order to support the on-line business system, the national stock transfer company has upgraded the official website, adding the "public offering of shares and the listing area in the selected layer". It is now on the line. In the future, the project dynamic and information disclosure documents on the public offering of shares and the selected layer will be concentrated in the special area.

In addition, in mid March, the national stock transfer system issued a list of candidates for the listing committee, a total of 47 people, according to the requirements of the public notice period of 5 working days, and now has passed the public notice period, that is to say, the final version of the list of members will be released soon.

"The system, the audit committee and the enterprises are all in place. At present, the national stock transfer system is open to the audit work. The market and agencies expect that there will be a great probability to start the audit work in the middle of this month." A large brokerage company in Beijing area told reporters.

In addition to opening the audit, the market also pays more attention to the audit process of the new third board selection layer and the time consuming of the whole process. According to the combing of the reporters, the national stock transfer company accepts the application documents, and conducts self-examination through issuing inquiries to the issuers and their sponsors and securities service providers. A joint discussion by the listing committee forms a deliberative opinion passed or not passed, and the national share transfer company makes a conclusion with the listing committee's deliberations.

Then, through the approval of the SFC, after the examination and approval of the national stock transfer company is passed, the application documents, self-regulation opinions and censorship materials shall be submitted to the SFC on the basis of the issuers' entrustment. After receiving the application documents from the hairdresser, the SFC will approve the issuer's compliance with the conditions of public issuance and whether it satisfies the relevant information disclosure requirements in accordance with the law. The administrative licensing decision is made within 20 working days.

After the approval of the SFC, the enterprise and the sponsor can submit the plan for issuing and underwriting to the national share transfer company, and carry out pricing, purchase and distribution in accordance with the detailed rules for issuance and underwriting. In case of review disapproval or approval, the issuer shall submit the application document again after six months.

"The overall process is very similar to the science creation board, and enterprises still face double uncertainties. However, there is a precedent for the establishment of the Science Board, and there is no big deviation between the enterprises and the sponsors in the prediction of the audit cycle." Beijing securities dealers said.

It is worth noting that, due to various factors such as the impact of the epidemic, the selection of layers is expected to slow down compared with the pace at the beginning of the year. At that time, the market expected that the landing time of the selected layer may be in 5-6 months. Now, the national stock transfer system starts to be audited as soon as possible in the middle of April. Is it necessary to postpone the selection of the first batch of enterprises?

Expansion of guidance reporting Enterprises

Cui Yanjun said: "the first batch of collective entry points should not be postponed, and it is expected to be in 7-8 months."

The logic is that compared with the traditional IPO, the new three board audit cycle is expected to shorten to 2-4 months. Because the new three boards have public information, when the board of directors of the board of directors selects the best motion, and even has the intention to declare the selected layer, the stock transfer company will start the pre censorship according to the previous information. When enterprises declare, they only focus on concerns and risk points for examination and feedback. So time will be greatly reduced. In addition, the audit report is valid for 6 months, with a maximum extension of one month. Therefore, the first batch of enterprises should also be approved by the SFC before the end of July, otherwise there will be a supplementary audit report. It is speculated that unless the policy is adjusted, the first batch of 7-8 months will be listed. The national stock transfer system is about to open the audit of the selection level, but at the same time, the reserves of the selected companies are also expanding.

In the evening of April 9th, eighth enterprises that had passed the guidance and acceptance inspection (including the enterprises that had already completed the counseling through the IPO route selection layer), announced that Fang Da shares announced that the Hebei Securities Regulatory Commission had issued the shares to the unqualified qualified investors and received guidance and acceptance at the selected level stock.

The pool of the selected layer is also expanding. According to the statistics of Anxin securities, as of April 9th, there were more than 120 new three Board companies that expressed the wishes of the selected layer and the public offering. According to the current rhythm, the market is expected to reach 200 by the end of May.

It is gratifying to break through 100 milestones and advance to 150, but not all enterprises are excellent.

"From the current announcement of the selected enterprises, the net profit to the mother in 2018 has averaged over 50 million, with a median of more than 30 million. If we look at the data of the three quarter of 2019, we can see that the overall quality is much higher than the financial threshold of the selected layer, but there are also a small number of enterprises' financial indicators which do not meet the standards. New three board senior researcher Peng Hai told reporters.

Some market participants also suggested that the quality of the enterprises at present is uneven. Previously, Xi Qingqing, Capital Partners of Yun Zhou, told reporters: "the quality of the 100 selected enterprises is very large. It is difficult to choose the enterprises with high quality, high growth rate and large scale. We have a relatively high demand for the quality of the enterprises, and only about 10 companies are optimistic. "

As for the quality of reserve enterprises, Xu Da, deputy general manager of the securities and Investment Bank of China, believes that with the promotion of selected layers, more high-quality enterprises will come in the future.

He told reporters: "at present, the quality of the selected enterprises is polarized. Some excellent enterprises, even in the main board and the science and technology board, are also benchmarking enterprises. There are also some enterprises that have barely reached the lowest level of the selected layer. At present, the policy of the selected layer is far beyond the market expectation, and many excellent potential enterprises are not well prepared, and the preparation process of the epidemic is also affected. I believe that with the introduction of the selection layer, there will be a steady stream of good companies landing on the selected layer.

Reporters learned that, in order to allow more high-quality enterprises to be able to impact the selection layer without being affected by the epidemic, the national share transfer company will try for many times this year for the first time.

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