The First Batch Of Selected Enterprises Are Expected To Launch At The End Of The Month, The Industry'S Proposal To Increase The Supply Of Funds To Prepare For War.

The selection layer opens to enter the sprint stage.

In June 10th, the first board of the third board of the third board launched the first review conference to consider the application of the selected layer of Yingtai bio and AI Rong software. On the same day, the first batch of 5 new three board theme raising funds were also on sale.

"It is estimated that the selected layer will be opened before the end of July. The first batch of selected enterprises will be able to start issuing work in June 10th at the end of the month. In July, it was estimated that twenty or thirty enterprises would be able to complete the issue, so that they could start a business together. In June 9th, Zhang Keliang, general manager of the securities business unit of Yintai securities, said.

On the eve of the selection board, in twenty-first Century, the economic news reporter learned that many industry organizations proposed new three board reform ideas and suggestions to prepare for the smooth selection of the selected layers.

Fund supply problem

The new three board reform since October 2019 has seen the dawn of the industry, but the ecological environment of the new three boards has yet to be improved.

There are still some problems in the new three plate ecosystem. At present, the mainstream funds and mainstream institutions have limited attention to the new three boards, and the big money has not yet come in. This is the core of the problem and the parties are watching. A person who suggested the investment organization said.

In the proposal to the new third board, the source pointed out that due to the relatively low number of new three boards over the past few years, some mainstream institutions, such as securities companies and well-known private investment institutions, lack confidence in the new three boards, leading to the issuance of new three board theme funds by mainstream organizations.

"At present, this problem is quite acute. It is suggested that regulators should give more voice to the new three boards, encourage the media to report more on the new three boards, enhance the confidence of the market in the new three board reform, and conduct a certain degree of assessment to host the securities companies. Change the current negative attitude of the host securities firms and investment institutions to the new three boards. The investor suggested.

In addition, the investor pointed out that the new third board selection layer will be launched, and the public offering stage is a big problem.

The proposal suggests that new three boards need more capital to participate in the new market. We can consider the establishment of a government led, state-owned financial institution jointly managed by the selected billion level level to fight the new fund. "The fund is not the purpose, the purpose is to give market confidence".

The personage thinks, the new three board policy has been relatively perfect, the core of the current is how to enhance the confidence of new three board enterprises and investors, and form a good ecosystem. This requires the new three board investors, the new three board listed companies, the host securities companies and other parties to jointly recognize the market and push forward, so as to promote the subsequent healthy development.

Many industry insiders also told reporters that they had participated in the consultation and suggestions of the national share transfer companies for the selected layer reform.

"Since the beginning of 2017, I have participated in the Symposium on stock transfer companies for many times, and we have discussed and put forward some rationalization proposals. Some of the proposals have been reflected in the reform plan." Cui Yanjun, director of the north and South world, said.

It is suggested that the new three board reform must further enhance the awareness of marketization, improve the efficiency of supervision, and create a new three board with high efficiency, heavy service and inclusiveness.

Investment strategy divergence

With the opening of the selection board entering the countdown, investment institutions around the world have begun to pay close attention to related investment opportunities, but different institutional strategies are divided.

There are two opportunities for selection: one is to fight new, the other is to turn the future. Zhu Weiyi, chairman of Hua Tuo capital. "We have been participating in the investment in the new three boards, and the profits this year have been good. We mainly do cross layer transactions, buy on the basic level and innovation level, and then wait for the selected layer to go back.

"Many people are still on the sidelines, which is normal. If a lot of people are involved, our yield is certainly not so high. Zhu said, "many of the new three board stocks are below 10 times earnings, which are cheaper than many PE investments."

Optimistic about the selection of new Ding capital in advance layout.

Zhang Ting, chairman of the new capital, said: "the way we are participating now is to advance the layout. We have sent three selected layers of funds. Through the fund, we can directly buy the expected price tickets at the base level and the innovation level. All those selected are those that we hope to report this year."

"Our peers have different opinions on the selection layer. They are especially optimistic, but there are also general ones. The mainstream institutions now have a low degree of recognition for the selection layer, and mainly rely on wait-and-see. Now, the investment in new three boards is mainly for individuals who open accounts and similar to our private placement companies. Zhang said.

In fact, there are indeed differences in the choice of investment.

A frequent new well-known private agency told reporters that they would not participate in the new three board selection. "Worry about bad liquidity."

The concern about liquidity in selected sectors is not an isolated phenomenon in investment circles.

In this regard, Zhu Yi explained, "select the new layer, the biggest worry is that shareholders with less than 10% shares can sell on the day of the selection layer, and the market is worried that the sell-off will be relatively large. But in fact, most of the shares are locked, in fact, 25% shares of A shares. "

Zhang believes that "the current selection is a new opportunity, because the first batch of enterprises in order to ensure the success of the issue, the issue price will be set relatively low, so the space is relatively large. And at the very beginning, the enthusiasm of fund participation would not be so high. Before the money making effect was not seen, the winning rate would be higher.

Zhou Yunnan, a founding partner of Nanshan investment, also believes that "the first batch of new layers should be highly risky arbitrage opportunities. The new and old investors of the new three board will actively participate. Many investors with high market capitalization and abundant capital have recently stepped up their new rights under the Internet to gain a higher share allotment.

Zhou Yunnan divides the investment strategy of the current three board two stage market watching period into four categories from short to medium term.

The short-term strategy is to focus on the new three board high quality investment targets, and focus on the ones that have been announced to be on the top of the selection level, and those that have recently been callback more deeply, or have been coaching for a long time, which may be close to the counseling and acceptance Enterprises.

In the medium and short term strategy, the focus will be on the enterprises who enter the innovation layer from the base level or enter the innovation layer in the two batches of this year, dig out the quasi selective layer concept stocks, and the medium and long term strategy is to excavate the concept stocks of the quasi transfer board after the listing of the selected enterprises.

The long-term investment strategy is the investment cycle of more than 3 years. The focus is on the small and beautiful potential enterprises with high growth potential at the base level. They accompany enterprises from the basic level to the innovation layer, to the selection layer or even to the listed companies, and to pursue the huge dividends brought by the rising investment.

In addition to the new three board old investors, in June 10th, the first batch of 5 new three board public offering funds was issued, with a total scale of up to 12 billion yuan.

For its investment strategy, Gu Xinfeng, the fund manager of the fund, was selected for 6 months. "At the beginning of the product, we selected new layers to participate in the selection process, striving for new profits, earning possible valuation differences and increasing turnover rate. In the first batch of companies that declare the selection layer, they choose a few high-quality companies to invest, and choose the growth stocks that are competitive across the market and have a leading position in the industry. If compared with the main board benchmarking companies, with a more undervalued and better fundamentals, such companies will become the key layout direction.

Wanjia Fund said that its Wanjia Xin monthly power purchase strategy for monthly purchases of mixed funds is, "in the selection layer, initially grasp the investment opportunities with certainty and higher certainty. When the new third board selection layer is sufficiently supplied, the investment will grow from bottom to top. Based on the basic research of stocks, the blue chips in the selected layer will be screened out. Share, share the growth income of innovative small and medium-sized enterprises.

However, in the direction of various capital rush to select new layers, Zhang Liang is more worried about the preparation of securities companies.

"The biggest challenge of the selection layer is probably still on the issue. Because the logic of the selected layer is different from that of the motherboard, the selection of new layers is a real market-oriented issue, testing the issuing ability of each broker, but most brokerages may not be prepared in this regard.

In addition, Zhang Keliang believes that the investment in the new three boards may also be relatively conservative. "Before the securities dealers themselves, they would mainly invest in the A share market. They may also hold reservations about the three board market. They think the quality of the three board stocks may be relatively poor, or the liquidity is worse. Many of them may invest in the new selection layer, but the three board market making Department of the securities company is still relatively optimistic about the selection layer.

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