The IPO Of The New Third Board Will Be Transferred To The Stock Market Naturally, And Nearly 30% Of The Enterprises Have Reached The Standard And Listed On The Stock Market, And The Dividend Is Roaring

The IPO transfer channel of the new third board was officially opened.

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. Subsequently, the national stock transfer company also issued the "National SME stock transfer system listed companies listed on the board listing guidelines.". So far, the main rules and regulations of the listed companies on the new third board have been established.

By July 2021, the first batch of selected companies will be listed for one year, and relevant enterprises will have the basic conditions for listing on the stock exchange board. According to the reporter of the 21st century economic report, with the implementation of the transfer board system, not only the relevant listed companies are expected to benefit from the system dividend, but also the market institutions including securities companies are also disturbed by the news, and the ecology of the new third board market is changing.

How about the first batch of turntable projects?

According to the provisions of the measures for listing on the second board, a company listed on the new third board that applies for listing on the science and technology innovation board and the growth enterprise market shall be listed continuously at the selected level for more than one year, and there is no situation that the company shall be transferred out of the selected layer in the latest year.

As a result, benefited from the news of the implementation of the transfer board policy, on the first trading day after the official implementation of the transfer board system, the select layer market made a wave of "small climax".

By the end of March 1, 46 of the 51 companies listed on the selective floor had their share prices up. Among them, Wantong hydraulic and hengtuo open source increased by more than 10%, reaching 12.09% and 10.53%. In addition, 10 stocks rose more than 5%.

However, in addition to the rigid one-year listing requirements of the selected layer, enterprises need to meet the "5 + 2" index, that is, 5 basic + 2 three board requirements. Specifically, it includes: meeting the issuance conditions of the science and technology innovation board or the growth enterprise market; the total capital stock is no less than 30 million yuan; the number of shareholders is not less than 1000; the cumulative trading volume of the shares for 60 consecutive trading days before the announcement date of the board of directors' deliberation and approval of the relevant matters of the board of directors is no less than 10 million shares; the shareholding ratio of public shareholders reaches more than 25% of the total shares of the company; If the total share capital of the company exceeds RMB 400 million, the proportion of public shareholders holding shares is more than 10%.

According to wind data, all 51 selected layer listed companies have disclosed the performance express in 2020. Compared with the listing indicators of the science and technology innovation board and the growth enterprise market, it is estimated that among the selected listed companies, 27 companies will have a net profit of more than 50 million yuan to their parent companies in 2020; 39 companies will have an operating income of more than 300 million yuan, of which 31 companies will be more than 300 million yuan.

Based on the data of the annual report of 2019, which covers more indicators such as R & D investment, cash flow and so on, according to the statistics of 21st century economic report, after excluding four companies that need to meet the split listing standards, including Bertrand, Yingtai biology, senxuan pharmaceutical and Suxiang, four of the selected listed companies meet the listing standards of the scientific and technological innovation board. Including the above four enterprises, a total of 42 enterprises meet the gem listing standards.

However, the above-mentioned enterprises only meet the issuance conditions of the science and technology innovation board or the growth enterprise market. According to the statistics of Anxin securities, at present, only 31 selected layer companies meet the transfer target of the cumulative turnover of more than 10 million shares.

According to Zhu Haibin, chief analyst of Anxin securities's new third board, most of the enterprises whose cumulative trading volume failed to meet the standard were the first batch of listed enterprises of the selected layer. Among the 32 first batch of listed enterprises, 13 enterprises did not meet the cumulative trading volume standard. On the contrary, 14 of the 19 selected layer listed enterprises in the second batch have reached the standard.

"When the first batch of selected companies were listed, the overall performance of the market was poor, and the market trading desire was low. The second batch of listed enterprises had more blue chip stocks with small and medium market value. In addition, under the influence of policy dividend, the stock prices of individual stocks repeatedly reached new highs, and trading was more active." Zehao investor partner Cao Gang said.

However, Zhu Haibin also said that at present, most of the total amount of capital stock and the number of shareholders in the enterprises listed on the selective layer have reached the standard of board transfer. "In light of various conditions, there are about 10-15 selected level listed companies that have initially met the criteria for listing on the board in terms of financial indicators, cumulative trading volume, equity, number of shareholders and expected market value."

"As for the first batch of companies that can meet the requirements of" listing at the selected level for one year ", it is estimated that about 5-8 companies will have the opportunity to apply for board transfer, and the volume will not be too large." There are domestic small and medium-sized securities investment banks related responsible person said.

Fast track to market

The reason why the market has a high degree of attention to the opportunity of board transfer is also due to the institutional advantages inherent in the transfer board listing itself.

Zhu Haibin said that from the perspective of public offering, the new third board company under the transfer board system has completed the public offering before entering into the selected layer. Therefore, there is no need for further public offering to avoid excessive dilution of listed equity, while direct IPO requires securities issuance. In addition, as there is no need for public offering, the transfer board does not need the approval or registration of the CSRC.

In addition, in terms of the examination procedures for the listing on the second board, considering that the selected companies have already gone through public offering and have been subject to continuous supervision, the examination period for listing on the second board has been shortened from three months of the initial public offering to two months. However, compared with the draft for comments, the time for the company to reply to the audit inquiry has been extended from two months to three months.

In addition, the "measures for listing on the stock exchange board" also makes it clear that, since the listing on the transfer board does not involve the issuance of new shares, there is no need to perform the registration procedures, and the validity period of the decision to transfer the listing to six months is agreed.

"From the audit process point of view, the transfer board has become a fast track for the company's A-share listing." Cao Gang thinks.

Zhou Yunnan predicted that as early as March and April before the disclosure of the annual report, there would be enterprises with sufficient preparation in advance and all conditions met to issue the announcement of the board's resolution to apply for listing on the board of directors. After the annual report is disclosed, it will enter the formal recommendation process. On July 27, after the first batch of selected enterprises were listed for one year, some enterprises began to formally submit applications to the Shanghai and Shenzhen Stock Exchange. "Within this year, there may be about 15 companies applying for transfer to the board, and it is expected to see cases of successful transfer to the science and technology innovation board or the growth enterprise market within this year."

However, for investment institutions, the more convenient audit rhythm is not the only reason to attract them.

On February 5, this year, the China Securities Regulatory Commission (CSRC) issued the guidelines on the application of regulatory rules on information disclosure of shareholders of enterprises applying for initial listing, which extended the time of "surprise share purchase" of IPO from 6 months before the declaration to 12 months before the declaration, and the lock-in period after the IPO remained unchanged for 3 years.

However, it is specially pointed out in the relevant documents that during the listing period of the national small and medium-sized enterprise share transfer system, the additional shareholders through call auction and continuous bidding transaction can apply for exemption from the verification and share locking requirements of these guidelines.

"I understand that the selective stocks purchased through call auction and continuous auction do not need to be locked up for 36 months according to the new rules, which is very attractive for the concept of investment board transfer." Some senior investors in Beijing's new third board said that when the implementation of the transfer board system was more clear, it had already started the layout of relevant targets. "Configuration is not much, more concentrated, the purpose is to prepare for chongzhuanban listing."

However, there are also officials in charge of private investment institutions in Beijing that they will not wait for all the investment targets to be listed on the stock exchange and then sell them, "some are optimistic about the concept of transfer board, which may not necessarily wait for the listing. Some companies with good growth and A-share lack of corresponding benchmarking companies, which are relatively scarce, will take longer. "

The profit of securities companies' board transfer project is still thin

In fact, not only the investment logic of the secondary market will be changed due to the implementation of the transfer board system, but also the securities investment banks are disturbed by the new deal.

According to wind data statistics, as of March 1, there were 79 leading securities companies in the whole market of the new third board. Among them, Shenwan Hongyuan continuously supervised 248 enterprises, followed by Zhongtai securities supervision 134. The number of entrepreneurs supervised by GF Securities, Changjiang Securities, Guoxin Securities, CSCI and Anxin securities also exceeded 80.

Prior to that, the national stock transfer company had stipulated that the sponsor of the enterprise's selective public offering must be its sponsor. Therefore, for the securities companies, the relevant supervision enterprises are also the reserve projects for the future listing selection layer and then the board listing.

Some investment bank business personnel close to Shenwan Hongyuan Securities said that the company had merged the new third board business into its wholly-owned subsidiary Shenwan Hongyuan underwriting and recommendation Co., Ltd. in 2020, and renamed it as the headquarters of Inclusive Finance. "In this way, we can meet the requirements of the sponsor system, and the business of turning board will be smoother in the future."

"In addition, since last year, securities companies that are more concerned about the new third board business have begun to expand their market making scale, and many of them are targeting the potential targets of the selected layer. For example, Kaiyuan securities has added 18 market making enterprises this year." There are domestic small and medium-sized securities companies in charge of the new third board business said.

However, in the view of the securities industry, although there is support from the transfer board dividend, but from the perspective of the actual profits, the securities investment banks still do not attach great importance to the third board business.

According to the statistics of wind data, among the 51 companies that have been listed in the selection layer, the underwriting and recommendation fee of securities companies has been charged 63.09 million yuan at most, and less than 2.5 million yuan at the minimum. The average underwriting and recommendation fee of 51 listed companies is about 16 million yuan.

"The quality of selected enterprises is poorer than that of A-share listed companies, so it is more difficult to issue, and the issuance rate is higher, basically keeping the same level with a shares. But the issuing scale of the selected layer is much smaller than that of a shares, which leads to that although the rate is normal, it still can't receive money. A-share underwriting can guarantee a minimum income of more than 20 million. " The relevant person in charge of the investment bank of the above-mentioned small and medium-sized securities companies said.

On the other hand, because there is no need for public offering, securities investment banks can not charge additional underwriting fees.

"At that time, there should be a sponsor fee. At present, there is no corresponding charging standard in the industry, but the scale will not be too large. In addition to the cost of listing and selection layer before, it can not be compared with A-share project. " There are domestic securities companies new third board business practitioners said.

However, it is worth mentioning that recently, Sui Qiang, the general manager of the national equity to equity company, has once again made clear the plan of the selection level system, saying that it will launch a selective layer refinancing system to clarify the requirements of enterprise merger and reorganization. We will accelerate the implementation of the hybrid trading and margin trading system, develop and launch the selected layer index.

"From the underwriting and recommendation business alone, the contribution of the new third board project to securities companies is very limited. However, in the future, after the implementation of a series of reform measures at the selected level and the gradual release of dividends from the transfer board system, the liquidity of the market is expected to be improved. At that time, the trading, market making and investment banking business of securities companies can obtain profits in the selected layer, and the attitude of small and medium-sized securities companies towards the third board business may change. " The person in charge of the new third board business of the above-mentioned small and medium-sized securities companies pointed out.

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