Gem Starts Reform Week: The Difference Between The Plate Competition And Enrichment, Listed Companies Choose To Be Ready To Try

In April 27th, the thirteenth meeting of the Central Committee for comprehensive deepening reform and deliberation adopted the implementation plan of the gem reform and the pilot registration system. In order to carry out the overall plan, the SFC and Shenzhen Stock Exchange issued a number of documents related to the registration system reform of the gem on the night of the same day and solicited opinions from the community.

After the May 1 holiday, the framework of the relevant reform system of the gem has been landing for a week.

With the time of the holiday, the participants in the market have also fully digested the contents of the reform.

In twenty-first Century, the economic report reporter learned from the market parties that enterprises and intermediaries generally believed that the content of reform was in line with expectations, and some enterprises and intermediaries had begun to act quickly, hoping to catch up with the first batch of registration system.

At the same time, the startup registration system reform and the new third board selection layer, as well as the science and technology board which has been running for nearly a year, complement each other, dislocation competition, and build a multi-level registration system market.

For the domestic enterprises, especially the innovative enterprises, it also ushered in the most abundant era of China's capital market.

Enterprises are eager to move.

"After experiencing the science innovation board, the enterprises have some knowledge of the registration system reform. Therefore, after the first system framework of the gem registration system came out, some non listed enterprises and some new third board companies that have not yet decided which plate to go to are seeking advice from me." A small and medium sized brokerage firm in Beijing is responsible for its investment banking business, he told reporters.

Peng Haize, the head of the SME division of open source securities, told reporters that the new three boards have been delisted for the first two years. The enterprises preparing for the IPO will become an important source of the incremental business of the gem registration system reform.

In the Southern China area, a new three board listed company's secretaries also revealed to reporters some ideas of the enterprises after registration system landing. She said: "in 2019, the company wanted to declare the gem, but then the new three board reform started, and the new third board selection layer was being prepared. But finally and the intermediary organization evaluation, the boss finally decided to choose the gem, this time registration system reform. Location and company match. "

In the new three board market, there are still some similar enterprises. The capital market has been continuously deepened, and the reform of the sector has been pushing forward.

As for the choice of enterprises, Wang Jiyue, a senior investment banker, said: "the company originally intended to declare IPO in the annual report, because the scope of application of GEM has some extent to include the scope of the science creation board, the issuer can combine its own positioning and the preference of the listing place, so the new consideration is whether to continue to declare the scientific creation board or to report the gem again."

It is worth noting that at present, enterprises trying to do pioneering work board also need to consider more than 200 enterprises that are waiting for trial.

In addition, reporters observed that a group of groups also wanted to seize the window period of the gem registration system reform, which is a subsidiary of listed companies.

According to the statistics of reporters, on the second day of the announcement of the registration system reform of gem, there were star publishing companies, the health of Hua bang, and three Cathay Pacific companies in Jiangsu, which announced that they were going to spin off their subsidiaries to the gem, and disclosed their plans.

"At present, the mainstream of the listed company's subsidiaries is the" Chuang Chuang board ", but the Ke Chuang Chuang has higher requirements for the creation of the enterprise branch. The broker said.

Dislocation development of CO opetition

If the listing place of an enterprise is ever richer, is it necessary to form a strong competitive relationship between the market and the market?

For this argument, reporters and many economists and researchers have learned that a mainstream view of the market is that the competition between the various plates is dislocation competition at the same time. At the same time, there are clear differences between the plate and the plate. The registration system tries to cover the types and needs of the listed companies.

Pan Xiangdong, chief economist of new era securities, said in an interview with reporters that the "Chuang Chuang" board and the growth enterprise market are both competitive and complementary to the development of dislocation. For the registration system, the gem is a competition board, rather than a simple competition relationship.

Pan Xiangdong said: "because the science and technology board is aimed at strategic emerging industries, many enterprises may not be profitable or profitable. There is a possibility that innovation and gem will overlap in innovation. But the gem is more aimed at underestimating the value of innovative enterprises, so they can learn from each other, complement each other and develop together."

It believes that the growth enterprise market has made up for the lack of the middle level of the capital market system. It is an important part of China's multi-level capital market. It has an important positive significance for the development of China's capital market. On the one hand, it has broadened the financing channels of high growth, high technology content, new technology, new industry and new mode, especially small and medium enterprises, and on the other hand, it has promoted the emerging industries. Development.

The core of promoting the registration system reform is to further cover more types of enterprises, while helping enterprises broaden the financing channels. One of the core of the comprehensive deepening reform of the capital market is to improve the direct financing function of the capital market, and the registration system reform of multiple plates is cooperating with the completion of this goal.

Sun Jinju, assistant director of the open source securities and director of the Institute, said: "in the wake of the significant progress made in the registration system reform, the comprehensive deepening reform of the new three boards is also advancing in an orderly way. Among them, the transfer board system is one of the important breakthroughs in the selection layer, effectively breaking the barrier between the new three boards and the Chuang Ye board, and" Chuang Chuang "board. In addition, although the scope of gem services is overlapped with that of Chuang Chuang board, the location of gem, Chuang Chuang board and new third board selection layer is clear and focused, with differentiated arrangements in basic systems such as issuance, listing, information disclosure, transaction and delisting. Therefore, after the implementation of the registration system reform, the gem will go wrong with the "Chuang Chuang" and "select layer", and promote the formation of a moderately competitive pattern with emphasis on each other.

The annual report in 2019 is just over. The annual report also reflects the characteristics of market competition.

According to the statistics of the twenty-first Century economic report, the average annual corporate net profit of the gem is 67 million 851 thousand and 100 yuan, which is about 7 times the net profit of the new three boards. The average size of the business income of the gem is 1 billion 944 million yuan, which is 9 times the average income of the new three boards. And the science and technology board, the average annual net profit of enterprises in 2019 is close to 180 million yuan, and the average scale of enterprise revenue is about 1 billion 400 million.

By contrast, we can see that there are obvious differences in the types of enterprises between different sectors.

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