The Five Major Arrangements For The New Three Board Transfer Board Are The False Proposition That A Large Number Of Selected Enterprises Are Losing.

The mood of the new three board market is complicated. The transfer board has always been the expectation of numerous three board enterprises and the participants of the third board market. However, due to the swing of policy and uncertainty of the market environment, the board has been regarded as a "wolf coming" story for quite some time.

Until the evening of June 3rd, the dream of turning the board of the new three board market finally came true. The SFC formally issued the guiding opinions on the transfer of listed company's share transfer system for small and medium sized enterprises (hereinafter referred to as "guiding opinions"). This is the first policy that the Finance Committee launched the "gold reform 11" reform measures in May 27th.

The Guiding Opinions also show that regulators fully affirm the link between the new three board market and strengthen the organic link of multi-level capital market, and the era of multi-level capital market interconnection is officially coming.

In issuing the guiding opinions, the SFC said that the establishment of the listing mechanism of the transfer board is an important measure to implement the decision-making and deployment of the CPC Central Committee and the State Council. It will help enrich the listing path of listed company, open up the channel for the growth and growth of small and medium-sized enterprises, strengthen the linkage of multi-level capital markets, and enhance the financial services' real economic capacity.

Detailed arrangement of transfer board five major arrangements

The issuance of the guiding opinions is that the SFC aims to establish a mechanism for transferring the listed companies to regulate the transfer of listed companies, coordinate the rules and regulations of different listing channels, and do well in monitoring and linking up.

According to the twenty-first Century economic report combing documents, the guiding opinions have made five arrangements regarding the transfer of new third board selection board to Shanghai and Shenzhen stock exchanges. This is also the core of the document and the most concerned content of the market.

First is the transfer to the plate. The reporter understands that the SFC thinks that the transfer board system is still in the pilot stage. Therefore, the new three board listed company that meets the requirements can apply for the transfer board to the stock exchange board or the Shenzhen Stock Exchange's gem.

The second is the conditions for the listing of the transfer board. According to the system arrangement, the enterprises that apply for the transfer of the listed boards should be selected listed company of the new third board and continue listing for more than one year in the selection layer. The listing of listed company's transfer board should meet the listing requirements of the transferred sector. That is to say, the conditions for the transfer of the new third board selection enterprises should be basically consistent with the conditions of initial public offering and listing.

According to this arrangement, the first batch of transfer boards to Shanghai and Shenzhen exchanges will soon be landing in the fourth quarter of next year.

"At present, the market is expected to open up at the end of July this year, so the selected enterprises will be the fastest in the first three years of the next year, plus the time for submitting materials and audits, and the first node in the fourth quarter of 2021." Beijing area a medium-sized brokerage investment banking business leader told reporters.

Third, select the level of transfer procedures. The regulatory authorities believe that the change of the listing of the transfer board to the stock exchange is not related to the issue of the public offering of shares. There is no need for approval or registration by the CSRC in accordance with the law. The Shanghai Stock Exchange and Shenzhen Stock Exchange shall examine and decide on the basis of the listing rules.

In addition, the "guidance" also takes into account that the selected enterprises have completed a public offering, and therefore stipulates that the listed company has been approved by the sponsor institutions at the time of the public issuance, and has continued supervision after entering the selection layer.

For the new three board listed companies, there is also a matter of great concern, namely, before and after the transfer board, how to arrange the sale of shareholders. It is generally believed that the rules issued by the SFC are more humanized, that is, when calculating the stock limit period after the listed company transfer board listing, it can be deducted in principle from the time limit for sale in the selected layer. However, the final arrangement must also comply with the rules set up by the Shanghai and Shenzhen Stock Exchange.

"It can be seen that after the establishment of the transfer board system, the companies that are going to be listed through the transfer board can not only enjoy the financing convenience brought by the public offering in advance on the selected layer, but also the selling period of controlling shareholders and others can be deducted after the listing, which is more advantageous than the traditional IPO listing, and will effectively widen the listing channels of domestic SMEs." In the open source securities, small wave team leader and chief researcher Ren Lang said.

It is worth noting that the "guidance" is not the final implementation rule. Next, the Shanghai Stock Exchange, Shenzhen Stock Exchange, national share transfer company, China Clearing will formulate or amend the business rules according to the guiding opinions, and further clarify the specific institutional arrangements.

At the early stage of the transfer board is still a single log bridge.

The publication of the "guiding opinions" has made the new three board market boil up. But from the institutional arrangement and the rhythm of the final transfer of enterprises, we should still take a cool view of the transfer policy. At the same time, whether the transfer board system will fall to the new three boards will result in the loss of quality enterprises in large areas. Just as the new three board enterprises' IPO listing trend brought about by the normalization of IPO normalization in 2017, the market also has different opinions.

After communicating with many senior professionals in the industry, the reporter realized that at present, some mainstream views do not think that there will be a large number of high quality selection companies to turn out quickly under the current transfer board system.

First of all, from the perspective of system setting, the transfer of enterprises needs to undergo multiple tests. The service providers of the transfer board are mainly developed by the new three boards and have grown and grown. The transfer of the listed companies needs to be publicly issued, listed in the selective layer for a certain period of time, and meet the requirements of the listing conditions of the transaction. Speed transfer board listing.

"The design of the system will lengthen the time cost of the transfer of enterprises, and do not exclude a small number of enterprises from having a quick taste at first. However, the extension time line shows that the capacity of the transfer channel is not large or even very small, so the transfer board of the selected enterprises is still a single timber bridge." The broker of the foregoing securities investment bank pointed out.

Secondly, the development of the selected layer market is also a crucial factor. If the development of the selected layer is in line with the market expectations, the enterprise will have a strong sense in the selection layer, and the demand for the transfer board may not be strong.

There is another point which can not be overlooked. The regulators say that the exchange can arrange the transfer board system according to the requirements, and make a request for the number of shareholders, shareholding ratio, market value and liquidity in the listing conditions, that is, there are more potential conditions for the enterprises wishing to transfer to the board, which has also screened a number of enterprises.

Whether the future enterprises will flock to the Shanghai and Shenzhen Stock Exchange, the industry has the view that if the selection layer develops well, the enterprise will choose more space, and the transfer board can be an option rather than an option. Yun Zhou Capital Partners Xi Qingqing pointed out to reporters that if the new three board selection layer has enough trading volume and valuations, there is no demand for transfer board.

In fact, let's throw aside the topic of whether enterprises will lose. The landing of the transfer board system has improved the closed loop of the valuation system of the new three boards, and has also solved the problems of positioning and anticipating the market for many years.

Xu Da, deputy general manager of the headquarters of the capital securities investment bank, told reporters that the system of transfer to the stock market will make the stock valuations and mobility of the new three Board companies close to the gem or the gem. He thinks that the transfer board system is similar to the system of splitting and listing, but it is more universal. More companies benefit from it, and the effect is more far-reaching. It will bring qualitative changes to the new three boards. Xu Da expects that the listing system of the transfer board will promote the differentiation of the selected enterprises and the quality enterprises will get rid of the problem of insufficient liquidity.

New third board selection session will be issued "second reading" and strive to start trading stocks at the end of July to urge investment banks to keep up with the pace.

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