Agencies Plan To Select New Layers Of Bonus: Three Key Points For Customized Strategy

With the launch of the third market since the launch of the new three board market, the market enthusiasm has been continuously ignited.

According to market expectations, the National SME share transfer system (hereinafter referred to as the "national share transfer system") will formally accept the application materials of the selected enterprises and open the audit work before the end of April.

According to the twenty-first Century economic report reporter, institutions have begun to participate in IPO, that is, to fight new links.

Although it is known as "small IPO", the new rules of the new third board selection layer are quite different from the A shares. The different rules will have a great impact on the new expectations, especially those who participate in online new investors need to seriously prepare for the new strategy.

Internet rules are quite different.

According to the documents currently issued and the training materials issued under the national share transfer system, there is a very clear distinction between the new three board selection level and the new A share.

The first thing to point out is that the selection of new layers has the characteristics of "almost" 100%, which is very different from the current probability of A lottery.

The national stock transfer system said that the new three board public offering fully takes into account the willingness of small and medium investors to participate. When participating in the online issue of investors, the total amount of effective online purchase is greater than the number of online issuance.

That is to say, according to its effective purchase quantity and the total amount of the stock issue, the number of allotted shares can be calculated, to a greater extent, to achieve the "investor's share", so as to enhance the efficiency and scope of investors' purchase. The minimum placement unit of the proportional placement unit is 100 shares, and the part with less than 100 shares after the allotment of shares is temporarily not placed. After summarizing, 100 shares are allocated to each investor in accordance with the principle of time priority until there is no residual stock.

"Under this purchase rule, the more investors purchase, the more they deserve. At the same time, the purchase rate is higher than that of "hand speed", and the new success rate of the purchase time is higher. This kind of rule investors need to prepare ahead of schedule and confirm the new targets. Cao Gang, an investment and investment partner of zhe Hao, who has been studying the new three board policy in recent years, pointed out.

For example, issuers issue 20 million shares online, and online investors subscribe to 200 million shares. Investors A purchase 20 thousand shares, and they are allocated 2000 shares. Investors B purchase 1900 shares. According to the placing ratio, 190 shares should be allocated, 100 shares should be allocated first, 90 shares of less than 100 shares should be allocated for second rounds after being aggregated, and 100 shares will be disposed in accordance with the principle of time priority. If investors buy B ahead of time and get second rounds of placement, B will eventually be allocated 200 shares; if the time of purchase is not available, second rounds of placement are not available, and B will eventually be allocated 100 shares.

The purchase is much more rationed, so are investors buying as much as possible?

This also leads to another big difference between the new three board new rules and other sectors. The new three boards will pay the full amount of the purchase funds when they "fight new". After the confirmation of the number of shares is made, they will refund the overpayment, and the interval between payment and refund will be about two trading days.

However, no need to pay for the "Chuang Chuang plate" when it is "hit new". The full purchase and market capitalization are often mentioned in the market.

"This rule is the rules adopted by the A share before the 2015 disaster, which has a significant freezing effect on the funds of the market, but because the selection layer is a new thing and more prudent. With the development of the new three board market, it will not be excluded after it will be changed to the way of credit purchase."

Liu Jing, director of the new three board study of Shen Wan Hongyuan, points out that the difference in payment will have a huge impact on the calculation of the whole new process.

"In this case, the rate of success is very different from that of A shares. Because A shares are almost full of market value, but here is how much cash you have, so it will predict the success rate depends on how much money the market will give, rather than how many accounts. In addition, if the new money making effect is obvious, the rate of success rate will be particularly fast. Liu Jing said.

There is another point to note. When the main board and Chuang Chuang plate company are listed, only the public offering of new shares can be listed in circulation, and the shares before issuing are all in a state of restricted sale. The new third board company has been publicly transferred to the new third board innovation layer before its public offering. Therefore, after the public offering and listing on the selected layer, except the issuer's controlling shareholder, the actual controller and his relatives, and the shareholders holding or controlling the shares over 10% of the shares before the issue, or the old stocks held or controlled by the relevant entities, the other shares (including the new shares and the foregoing scope) need to be restricted. The old stock can be circulated.

"If the old public stock is not restricted, it will have a great impact on the new expected calculation, which is also the case that A shares have not experienced the situation before." Huang Pu, a senior three board investor in Beijing, told reporters during the exchange.

Calculation of new revenue

For a long time, the A share market is "new shares unbeaten" situation, so the new investors have been tacitly decided that this is a profitable business. Then, whether the new return rate of the new third board selection layer will also appear as the A share market under different new rules, so as to make money.

However, at present, the pricing stage of selective enterprises is not yet clear, and the result of future pricing is not clear. Therefore, we can only speculate from the rule level whether it is conducive to the premium of new shares at the beginning of the listing.

Liu Jing pointed out that at present, the transaction system of the new three board selection layer is partly conducive to the premium generated after the IPO, but there are also some rules that will inhibit the premium of the new shares, but generally speaking, the former will prevail in the early stage of forecasting.

"The relevant factors conducive to the premium of new shares include the first day no increase or decrease limit after the selection of IPO, and it is T+1. In addition, the new three board market has not introduced short selling short selling mechanism. The third point is that the general market value of the new three board targets is relatively small. From the experience of the science and technology board, the market capitalization target is easy to be hit by the new capital premium by the active fund. And the factors that are not conducive to the premium of new shares include the public stock is not restricted, and the venture capital institution has no capital gains tax on the selected level. Therefore, we anticipate that the first two market dividends of the new three boards may be fierce, but perhaps the decay is fast. Liu Jing said.

A share market to participate in the fight for new funds, a considerable amount of money comes from the newly established new products, and the new three boards will obviously have such products.

However, the difference between new rules and new rules has directly led to differences in the way of thinking about new product design in the market.

Liu Jing pointed out: "the design logic of products has also changed. The selection layer is new, as long as cash is available, so theoretically, it is possible to set up a pure new product here. And cash can go in and out. If you don't fight new money, you may have money outside, and then come in when you are new, so you can increase the actual yield of the product.

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