New Third Board Transfer Plan Settled: It Is Expected To Meet The Listing Of The First Batch Of Selected Enterprises By The End Of December

The Listing Rules for listed companies on the new third board were officially implemented.

On the evening of February 26, the Shanghai and Shenzhen Stock Exchange officially issued the measures on the listing of companies listed in the national small and medium-sized enterprise stock transfer system to the gem and the science and technology innovation board (for Trial Implementation) (hereinafter referred to as the measures for listing on the transfer board), clarifying the institutional arrangements for the listing on the stock exchange and standardizing the listing behavior.

Specifically, the standards, restrictions on the sale of shares, listing review, listing sponsor and other matters of the listed companies on the new third board are almost consistent with the previous public opinions. If the selected layer companies of the new third board are required to apply for listing on the science and technology innovation board and the gem, they should be listed continuously at the selection level for more than one year, and there is no regulation on the transfer of shares to companies in the latest year When the selection layer is called up.

Transfer board system officially implemented

Since the Shanghai and Shenzhen Stock Exchange released the draft of public opinions on November 27 last year, the Listing Rules for listed enterprises on the new third board of China (neeq) have been officially published for three months.

In the measures for listing on the stock exchange, Shanghai and Shenzhen stock exchanges have made clear the listing conditions, restrictions on the sale of shares, listing audit arrangements and the performance of listing sponsors of selected listed companies on the science and technology innovation board or gem.

According to the measures for listing on the second board, in order to realize the listing on the new third board, in addition to meeting the conditions such as listing on the selected layer for one year, the listed enterprises on the new third board should also meet the IPO standards of the science and technology innovation board or the growth enterprise market in terms of market value and financial indicators, meet the positioning of each sector, and reach the total share capital of no less than 30 million, the number of shareholders no less than 1000, the company or the controlling shareholders and actual controllers have not been listed in the three years Be subject to administrative punishment and other requirements.

At the same time, the measures for listing on the stock transfer board also stipulates a number of new three board indicators to be met, including the cumulative trading volume of stocks for 60 consecutive trading days (excluding the stock suspension day) before the announcement date of the board of directors' deliberation and approval of the relevant matters of the board of directors; the company's shares held by the public reached more than 25% of the total number of shares of the company, and the total amount of the company's share capital exceeded Over 400 million yuan, the proportion of shares held by the public reaches more than 10%.

However, compared with the content of the draft, the Shanghai and Shenzhen exchanges have further improved or refined the audit procedures, audit time limit and the calculation scope of trading volume indicators.

The specific contents include extending the reply time of transfer board companies and intermediaries from two months to three months; making clear the calculation scope of trading volume index conditions, including only the stock trading volume realized through selective layer bidding trading; referring to the relevant provisions of the initial review rules, clarifying the specific situation that the transfer listing application is not accepted; making it clear that the implementation of on-site supervision is not included in the exchange Review time limit, reply time of issuers and intermediaries, etc.

"The listing method of the selected layer listed on the Shanghai and Shenzhen stock exchanges is the detailed rules for the implementation of the guidance of the CSRC for listing on the science and technology innovation board and the growth enterprise market, which marks that the listing of selected enterprises on the new third board has entered the practical stage." Zhou Yunnan, the founding partner of Nanshan capital, pointed out in an interview.

In Zhou Yunan's view, the implementation of the transfer board system in the medium term is conducive to mobilizing the enthusiasm of enterprises to list on the new third board and apply for innovation and selection levels, attract more investors and funds to enter the selective layer and the new third board, and activate the new third board market. In the long run, it will drive the valuation and liquidity of the selected layer of the new third board to gradually move closer to the gem and the science and technology innovation board, promote the progressive effect among the basic layer, innovation layer and selection layer of the internal stratification of the new third board, and ultimately improve the overall financing, pricing and trading functions of the new third board market.

It is expected to be listed on the stock exchange as soon as December

With the official opening of the new third board transfer channel, many selected enterprises have "rubbed their hands".

According to the statistics of 21st century economic report, by the end of February 26, there were 51 enterprises listed in the selected layer with a transaction amount of 270 million yuan and a total share capital of more than 30 million shares, including 25 companies with a total market value of more than 1 billion yuan and 32 shareholders with more than 1000 shareholders.

"On July 27, 2021, the first batch of selected layer enterprises are qualified to apply for board transfer. According to the calculation of time, from March, the sponsor institution can officially start the work of listing on the stock exchange board, and make a decision on whether to transfer to the stock market within two months from the date of acceptance. The first batch of companies are expected to complete the semi annual report as soon as mid July, and then complete the declaration by the end of August. It is expected that the audit results will be released in early November, and the listing on the board will be completed in December. " Cui Yanjun, director and chief financial officer of Nanbei Tiandi (430066), pointed out in an interview.

According to Cui Yanjun's prediction, the number of the first batch of new third board listed companies is expected to be 5-8.

Zhu Haibin, chief analyst of Anxin securities's new third board, also pointed out that in 2021, large investment opportunities will be brewing in the selection layer and transfer board, "we expect the two time nodes in the first half of the year to be more important. First, at the beginning of the year, some companies may issue the board of directors' meeting plans to apply for "board transfer" in the form of announcement. Second, before and after the publication of the 2020 annual report, with the financial data becoming clear, some companies are expected to switch to the board more clearly. "

It is worth mentioning that on February 5, this year, the CSRC issued the guidelines on the application of regulatory rules - Information Disclosure of shareholders of enterprises applying for IPO (hereinafter referred to as the guidelines). The guidelines require new shareholders who have acquired shares within 12 months before submitting the application to lock up their shares for 36 months, and require intermediary agencies to fully disclose and verify the relevant information of new shareholders.

In the view of industry insiders, the policy will further enhance the attractiveness of the new third board, and promote more high-quality enterprises to choose the new third board selective layer transfer board listing.

"According to the system of transferring the selected layer of the new third board to the stock market, in principle, the time that has been restricted in the selected layer of the new third board can be deducted in principle after the company is listed on the new third board. Therefore, the SFC has made it clear that the lock-in period for shareholders is 36 months. After that, the attractiveness of the selective layer to board listing for investors will be enhanced again. " Open source securities in small cap chief analyst Ren Lang pointed out.

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