New Three Board Accounts Broken Hundreds Of Billions Of Capital Waiting For The Selection Layer To Fight New

With the implementation of the new three board comprehensive deepening reform initiatives, the problem of too few qualified investors is finally solved.

In twenty-first Century, the business reporter reported that as of June 2nd, the total number of qualified investors of new three boards has exceeded 100 million, reaching 1 million 4 thousand and 858 households, an increase of nearly 800 thousand times before the start of reform and an increase of about 3.4 times. Since April, the number of new accounts has been maintained at more than 10 thousand households per day.

In twenty-first Century, an economic report reporter learned that the vast majority of new investors are concentrated in the selection layer, that is, most investors are opening new dividends at the selection level.

On the evening of June 3rd, the SFC issued the guiding opinions on the transfer of listed company's share transfer system to the National SME share transfer system. The new three board listed company that meets the requirements is able to apply for the transfer board to the stock exchange board or the Shenzhen Stock Exchange's gem. The conditions for the listing of the transfer board include: the selected layer has been listed for more than one year, and is eligible for listing on the plate. The policy of the transfer board is clear or will attract more funds into the new three boards.

Draw hundreds of billions of new funds

In December 27, 2019, the national share transfer company issued the revised "national investor management system for the transfer of shares in small and medium-sized enterprises", and made clear that the entry threshold for investors in the selection, innovation and basic level was 1 million yuan, 1 million 500 thousand yuan and 2 million yuan respectively, indicating that the adjustment of investors' appropriateness involved in the new three board reform was formally landing.

Six months later, the total number of qualified investors in the new third board market exceeded 1 million, which means that the reform of investors has achieved remarkable results.

According to a securities account statistics released by reporters, as of the end of March, the total number of new three board qualified investors was 254 thousand. By the end of 2019, the total number of qualified investors in new three boards was 232 thousand and 800. This means that in the first 3 months of this year, the number of eligible investors in the new three board market increased by only more than 20 thousand. Under the supervision of the national share transfer system, from the end of March to June, the number of accounts increased by nearly 800 thousand in two months, and the growth rate was quite rapid.

In fact, the number of QFII in new three boards has risen so fast that to a certain extent, it has a lot to do with the indicators issued by the regulators to the securities dealers. Now that all brokerages have successfully completed or even overfulfilled their tasks, will the growth of the number of new three board investors in the future slow down?

In this regard, Shen Wan Hongyuan new three board research director Liu Jing believes that if the science and technology board as a benchmarking, the future selection level of the number of accounts growth still has great potential.

Liu Jing said that despite the contrast of the opening rhythm of the science and technology board, the pace of selecting accounts was slightly weaker, but it had already exceeded the market expectations. The number of potential accounts disclosed in the initial selection is about 56.7% of the company's board. Because the threshold of the company's opening account is lower than that of the selection layer, it is conducive to the opening of the off site funds. "We adjusted the prediction method and used pessimistic, neutral and optimistic scenarios to estimate that the number of households in the selected layer was 30%, 40% and 50% respectively, and the number of accounts opened at the end of the year was about 1 million 320 thousand, 1 million 760 thousand and 2 million 200 thousand," he said. Three.

In fact, another factor that has made the rapid growth of the number of investors is the attraction of the new third board selection layer for new dividends. The national stock transfer system also said that the number of new qualified investors was the highest, which fully accords with the selection level of entry conditions, which fully reflects the investors' expectation and enthusiasm for the selection layer.

A customer manager of a brokerage department in Central China told reporters: "many customers know that the new three boards may have a reform dividend at present, so many investors who open their accounts now are rushing to select new ones."

According to market estimates, 1 million qualified investors, each household using 200 thousand funds to participate in the new game, will provide 200 billion new funds for the new third board selection layer.

"If the first selection layer is concentrated on 30 listed companies, the average net profit will be 60 million and 20 times earnings and 25% of the gross price earnings will be issued roughly, 300 million shares will be issued on average, the first batch will be issued 9 billion shares, 200 billion funds will be allocated 9 billion new shares, and the subscription multiplier will be at least more than 22 times. Beijing Nanshan investment founder Zhou Yunnan said.

Differences in new rules

Most of the new investors come to select new dividends, but in fact, there is a big difference between the new ones and the A shares.

First of all, the selection layer has a new "almost" 100% signature feature, which is quite different from the probability of the current A shares "lottery" style, that is, fully considering the willingness of small and medium investors to participate.

"Under this purchase rule, the more investors purchase, the more they deserve. At the same time, the purchase rate is higher than that of the "hand speed", and the new success rate of the purchase time is higher. Therefore, investors need to prepare ahead of schedule to confirm the new targets. Ze Hao investment and investment partner Cao Gang pointed out.

If the purchase is much more rationed, should investors purchase as much as possible?

In fact, investors should pay attention to paying the full amount of the purchase funds when the new three boards are "playing new". After the number of shares has been determined, they will refund the overpayment, and the interval between contributions and refunds will be about two trading days. However, no need to pay for the "Chuang Chuang plate" when it is "hit new". Therefore, the difference between contributions will have a great impact on new expectations.

"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 the new three board is to see how much cash you have, so the prediction rate of success depends first on how much money the market gives, rather than how many accounts. In addition, if the new money making effect is obvious, the rate of success rate will be very fast. Liu Jing said.

Another point to note is that when the main board and Chuang Chuang board are listed, only the public offering of new shares can be listed in circulation. The difference is that the new three board selection companies will be able to sell the old shares on the first day of trading.

"If the public stock is not restricted, it will have a great impact on the new expected calculation. This is also what A shares did not have before. Huang Pu, a senior three board investor in Beijing, said.

At the same time, investors are also very concerned about the new three boards to fight new revenue. For a long time, the A share market is "new shares unbeaten" situation, so when it comes to new investors, investors are sure that this is a profitable business.

So, under different new rules, is the new return rate of the new third board selection layer also like the case of the A share market?

Due to the fact that the pricing stage of selective enterprises is not yet available, we can only speculate on whether the new shares will generate premium from the rule level.

Liu Jing pointed out that, judging from the current trading system of the third board selection layer, part of the rules are conducive to a premium after the issue of new shares, but there are also some rules that will inhibit the premium of new shares, but generally speaking, the former will prevail in the early stage of the market.

"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. In addition, the general market value of the new three board targets is relatively small. From the experience of Ke Chuang board, the target of small market value can easily be hit by the new shares premium by the active capital. And the factors that are not conducive to the premium of new shares include the public stock is not restricted to sale. Therefore, we anticipate that the two tier dividend of the first batch of selected enterprises may be fierce, but it may also decay quickly. Liu Jing thinks.

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