The new three board layering is implemented in three batches. 121 companies plan to enter the selection layer
Newspaper trainee reporter Liu Weijie
A few days ago, the National Stock Conversion Company formulated the "Notice on Work Arrangements for Regular Adjustment of Market Stratification in 2020" ("Notice"), which clarified that the periodic adjustment of market stratification in 2020 will implement "one-time adjustment, batch implementation" It will be sent in three batches from April 30, May 31 and June 30.
"This year's tiered adjustment work was carried out in batches. On the one hand, some companies were affected by the new crown epidemic or delayed audit work; on the other hand, the stratification adjustment in three batches also bought time for more basic-level companies to enter the innovation layer. Prepare for the subsequent re-entry into the selection layer. "Zhu Haibin, head of research for the new third board of Anxin Securities and assistant general manager of the research center, said in an interview with a reporter from the Securities Daily.
Zhou Yunnan, the founder of Beijing Nanshan Investment, told the Securities Daily reporter that the national stock-to-equity company launched the special policy of "one-time adjustment and batch implementation" for the first time, laying a solid foundation for the smooth implementation of the comprehensive reform of the New Third Board, especially the selection layer basis. On the one hand, it is a powerful measure to help the new three board companies to fight against the new crown epidemic, which reflects the management's "strong service, breadth of measures, and supervision of temperature"; on the other hand, it can effectively help basic-level enterprises enter the innovation layer smoothly The layer provides more head enterprise resources.
According to the "Notice", the batch of financial indicators involved in this year's regular adjustments are subject to the disclosed and audited 2019 annual report; the three conditions of market value, total share capital, and number of qualified investors, and those not allowed to enter the innovation layer In the circumstances, each batch is based on April 30, 2020 as the base date for judgment; issuing financing, formulating and disclosing corporate governance systems require completion before each batch of applications.
Wind information data shows that as of now, 833 new third board companies have disclosed the 2019 annual report, of which 116 are innovative companies, accounting for 14%, and there is no situation that the financial data may be transferred to the innovative layer.
Zhu Haibin believes that among the base-level companies that have disclosed annual reports, about 30-40 companies may meet the innovation-level access standards by combining the three access standards and the requirements for financing and qualified investors.
"Some high-quality companies have deliberately stayed at the basic layer because they are preparing for an IPO. As these companies gradually understand the new three board reform with the selection layer as the core, many companies have an upper innovation layer to prepare for the impact of the selection layer. . Multiple adjustments to give these companies more time to prepare, is conducive to increasing the number of selected layer backup enterprises, improve the quality of selected layer enterprises. "Xu Da, deputy general manager of Guodu Securities Investment Bank headquarters, told the" Securities Daily "reporter.
In addition, the listed companies are still preparing for the selection layer. According to Wind information data, as of now, 121 companies have announced their intention to be included in the selection tier, including nearly 30 basic tier companies; in particular, 38% of companies have issued specific release plans.
Talking about the overall situation of the issuance plan, Zhu Haibin analyzed that, in terms of issuance scale, the average issuance size of the company that has announced the plan is 180 million yuan, and the number of issuances accounts for 18% of the total equity after the issuance. In terms of issuance reserve price, it is mainly divided into three categories: the first category is mainly based on recent transactions and fixed price increases, the reserve price is basically slightly lower than the current secondary market transaction price; the second category is the reserve price or reference to the IPO issuance valuation, as announced The issue base price is around 23 times PE, and some companies have also applied for an IPO; the third category company's issue interval refers to the current PE and A-share company PE in the same industry, and the upper and lower limit price difference is about 300%, and the lower limit refers to its own current PE and The historical issuance of PE, and the upper limit basically refers to the current valuation level of A-share companies in the same industry. (Securities Daily)