Break Through 23 Times Price Earnings Ratio, Red Line Pricing Power, "Temptation", The Gem Will Be Registered By The Stock Company.

The gem system framework will be released for nearly a month. According to the prediction of the speed of the science and technology innovation board, the latest official version is expected to come down, and the registration system reform of the gem will start.

Compared with the Chuang Chuang board, the biggest difference in the registration system reform of gem is to take account of the stock market with large volume. In the stock enterprises, some IPO companies that have passed the issuance examination committee but have not yet received the approval issued by the issuing committee will be concerned about how to choose.

For this type of company, the SFC gave loose choice space, or continued to wait for approval, or to terminate the current process and submit an application to the Shenzhen Stock Exchange.

In twenty-first Century, an economic report reporter learned that most of the stock enterprises would prefer to declare to the Shenzhen Stock Exchange again, that is, to complete the distribution work under the registration system.

In fact, the choice of special groups in this transitional period also reflects the choice between the market participants in the approval system and the registration system. From the perspective of the choice of enterprises and investment banks, the development trend of the IPO system expected by the market tends to be marketization.

Embrace registration system

According to the statistics of the twenty-first Century economic report, there are 203 queuing enterprises in gem, of which 183 are on trial. There are 19 companies waiting for approval.

According to the CSRC arrangement, the 183 enterprises that have not yet taken the trial board are relatively simple. The intermediaries of these companies have begun preparing the application materials for the registration system of gem based on the standard of the record board.

In contrast, the 19 enterprises that fail to get approval must make the best choice according to their own situation.

According to the transitional arrangement formulated by the securities and Futures Commission, the two of the enterprises that have not obtained the approved approval have been examined by the issuance examination committee. We can continue to advance the administrative licensing procedures before the formal launch of the gem registration system, and start issuing underwriting work in accordance with the existing regulations. We can also independently choose to apply for the stop of the administrative licensing procedure, and declare it to the Shenzhen Stock Exchange after the relevant system of the pilot registration system of GEM has been officially released. The system starts issuing underwriting.

So how do these enterprises choose?

In twenty-first Century, an economic report reporter recently learned from some investment banks with stock enterprise projects that most of the stock companies that did not get approval at the moment tended to embrace the registration system reform.

"At present, there are more companies that choose to seek registration under the registration system. Although taking the IPO approval and launching the issue is a relatively large choice, it is even more tempting for enterprises to set up a discount rate of 23 times price earnings ratio under the registration system. Enterprises feel that the issuing price of the registration system will be even higher, and the first business market will give a good premium, which is true for the enterprises. Hui. "A senior broker from a head broker in Beijing told reporters.

Moreover, the relevant responsible person of a large domestic brokerage firm also disclosed: "the symbolic meaning and issuing price of the registration system can break through the" 23 times earnings ratio "red line, which is very attractive to the listed companies. If the enterprise is not very close to the approval of the approval, the investment bank will also suggest that the enterprise try to choose the gem registration system.

However, the latest data disclosed by the SFC showed that the number of enterprises that did not receive approval had not been reduced. That is to say, up to now, no enterprise has stopped taking the initiative to choose gem.

In this regard, a large and medium-sized brokerage investment banking department in Central China told reporters: "in fact, the application materials have been started, but on the one hand, the rules of the gem have not yet been officially released, and the reform has not yet been opened. Even if it is terminated, the materials can not be submitted. On the other hand, the SFC is still Issuing Regular approval. If we get the approval, the enterprise will not hesitate to open the issue.

At present, the SFC and the Shenzhen Stock Exchange have clearly stated that within 10 working days from the date of the implementation of the gem registration system, the Shenzhen Stock Exchange only accepts the IPO's initial public offerings in the trial business. In addition, the SFC transfer to the Shenzhen Stock Exchange will retain the order in the trial. That is to say, the probability that these companies will not get the approval documents will be the first listed companies of the gem registration system in the future.

However, there are still some unclear matters in the future arrangements of the enterprises that are over the stock. The most central question is whether these enterprises can get approval before issuing the relevant registration system of the gem, and whether they need to be re examined after transferring to the stock exchange.

After exchanging with many investment banks, reporters learned that the Shenzhen Stock Exchange did not expect to re launch the audit. That is to say, after the application is completed in advance, the enterprises will directly enter the issuance underwriting part under the registration system after the application is completed, which confirms that the first batch of enterprises expected to be registered in August is expected to be released.

Issuance underwriting registration system

"It is also understandable that the stock companies that failed to get approval documents could embrace the registration system. In addition to the market-based pricing mechanism and the premium premiums of the first batch of enterprises, the institutional arrangement under the registration system and the approved system also had some good dividends." Beijing securities dealers said.

As the person said, recently, the SFC issued the special provisions on the issuance and underwriting of the initial public offering of gem (Draft), which has clearly defined the rules for the issuance of the registration system of gem, and the basic framework has followed the arrangement of the science and innovation board. Therefore, compared with the system under the approval system, enterprises are more willing to adopt the rules of registration system.

Specifically, as with the Chuang Chuang board, the issuance rules of the gem registration system also have the advantages of "strategic placement without setting the threshold, senior executives can participate", "continue to use the science and technology board to give priority to the allotment system, determine the proportion by the exchange", and "issuers and the main underwriters can independently set up the" green shoe mechanism ".

"The above points are more favorable policy arrangements for enterprises, such as the senior staff can subscribe in the issuing link. At present, the share of the subscription of employees of many companies is quite good." Beijing securities dealers told reporters.

At the same time, this gem registration system's issuance underwriting rules also made some adjustment.

Tang Zipei, an Orient Securities analyst, pointed out: "the issuance of the underwriting rules also stipulates that the direct pricing method should be reserved. For issuing 20 million shares and no shareholders offering shares publicly, the issue price can be determined directly, so as to raise the issuing efficiency, increase the margin margin of investors under the net and the two placing system for investors under the net, so as to better guard against major changes in the market and a large number of buying and selling wind. Risk, etc.

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