China News Service Client Beijing, April 28 (Reporter Cheng Chunyu) On the evening of the 27th, the GEM reform, which has been brewing for many years, was officially released.
On the 27th, the thirteenth meeting of the Central Committee for Comprehensive Deepening Reform reviewed and approved the "Overall Implementation Plan for GEM Reform and Pilot Registration System. On the evening of the same day, the China Securities Regulatory Commission publicly solicited opinions from the public on the main rules of the GEM reform and pilot registration system, and the Shenzhen Stock Exchange publicly solicited opinions on the supporting business rules of the GEM reform and pilot registration system.
The China Securities Regulatory Commission publicly solicited opinions from the public on the GEM reform and pilot registration system main rules. The screenshot is from the official website of the China Securities Regulatory Commission.
The Shenzhen Stock Exchange solicited opinions on the reform of the GEM and the pilot registration system supporting business rules. The screenshot is from the official website of Shenzhen Stock Exchange.
The GEM reform and pilot registration system is the first major reform of the capital market that simultaneously advances incremental and stock reforms. It involves a series of basic systems such as issuance, listing, information disclosure, trading, and delisting. What impact will it have on stock investors? Will it affect the overall trend of A shares?
What is the impact on stocks speculation?
——Limited increase or decrease of GEM stocks to 20%
A spokesman for the Shenzhen Stock Exchange said that the reform of the GEM trading system is based on the existing market characteristics and investor structure of the GEM, introducing innovative mechanism arrangements to further enhance market activity, increase pricing efficiency, strengthen risk prevention and control, and promote stable operation.
The reform of the trading system has the following main points:
First, increase market activity and appropriately relax the ratio of increase and decrease. Improve the market price formation mechanism, reduce trading resistance, and increase the limit on the growth rate of GEM stocks from 10% to 20% .
The second is to improve the pricing efficiency and optimize the new stock trading mechanism. In order to adapt to the characteristics of large price fluctuations and high turnover rate in the initial stage of stock listing, the market is given sufficient pricing space. There is no price limit for the growth of new stocks on the ChiNext 5 days and a price stability mechanism is set up .
The third is to adapt to market demand and implement after-hour pricing transactions. Introduce the after-hours pricing transaction method, allowing investors to buy and sell stocks at the closing price after the closing of the auction transaction , enriching market liquidity management methods to meet investors' trading needs. It is clear that Shenzhen Stock Connect investors can participate in after-hours pricing transactions. 15:05 to 15:30 on each trading day is the after-hour pricing trading time.
The fourth is to promote balance between long and short, and improve the system of the two financial systems. If the listed stocks issued under the GEM registration system can be used as two financing targets from the first trading day , the market-based agreed declaration method will be introduced to realize the securities company's borrowing of securities on the same day as investors can sell securities and allow strategic investors to borrow Shares.
Fifth, strengthen risk prevention and control and optimize micro-mechanical arrangements. On the basis of a single declaration of 100 shares and its integer multiple, it is stipulated that the limit price declaration shall not exceed 100,000 shares and the market price declaration shall not exceed 50,000 shares . Set an effective bidding range of 2% up and down for the limit price declaration during the continuous bidding period.
On February 3, 2020, in front of the Bohai Securities Shanghai Zhangwu Road business department, staff guide stockholders online trading process. China News Agency reporter Yin Liqin
——Shareholders who newly apply to open GEM trading must have 100,000 assets
In addition to the rules for public consultation, the Shenzhen Stock Exchange also revised and promulgated the Implementation Measures for the Appropriate Management of GEM.
The revised content has three main aspects:
First, GEM stock investors can continue to participate in the transaction , in which ordinary investors participate in the initial public offering of GEM stock transactions under the registration system, and need to re-sign a new risk disclosure letter .
The second is to increase the entry threshold for the individual investors who newly apply for the trading authority of the GEM, with an average daily asset volume of 100,000 and trading experience of 24 months in the first 20 trading days .
The third is to adapt to the development of information technology, facilitate investors, and cancel the requirement to sign a risk disclosure letter on the spot. Investors can sign on paper or electronically.
Shanghai stock index trend chart.
How does it affect the stock market? Will it affect the trend of A shares?
——The rhythm of IPO expansion cannot be fast
On the evening of the 27th, the CSRC also issued a notice clarifying that it will stop accepting applications for initial public offerings and listing on the GEM starting on the 27th. According to data from the China Securities Regulatory Commission, as of March 26, the number of IPO companies in line was 416 (excluding the Science and Technology Board), including 183 GEM.
After the reform of the GEM registration system and other reforms, will the large-scale expansion of new shares, divert the current secondary market funds, and then affect the trend of A shares?
Prior to this, the CSRC has stated many times that the implementation of the registration system reform will adhere to the principle of gradual and steady implementation, and handle the relationship between the pace and intensity of the reform and the affordability of the market.
According to Gui Haoming, chief market expert of Shenwan Hongyuan Securities Research Institute, listed companies must disclose information comprehensively, completely, and accurately, and regard information disclosure as the focus of market supervision and investor protection. Under the constraints of this market approach, the pace of expansion cannot be fast. The new securities law provides conditions for the normalized issuance of new shares without directly affecting the speed of expansion.
Huatai Securities analyzed that the capital market reform and the allocation value of A shares in the global market are the main reasons for the long-term continuous inflow of foreign capital. It is estimated that the scale of overseas incremental funds in 2020 will be about 288.5 billion yuan to 384.7 billion yuan. In addition, the GEM reform will further curb speculation.
K-line chart of the GEM index.
——Good for brokerages, small and medium market capitalization stocks, etc.
Pan Xiangdong, chief economist of New Era Securities, analyzed in an interview with a reporter from ChinaNews.com that the GEM registration system is a good broker for accumulating more SME projects. Because the market value of GEM is small, small and medium brokers have always been the main underwriters.
The second is GEM stocks that benefit small and medium market capitalization. The reform of the GEM registration system will significantly enhance the vitality of the GEM market, and the new refinancing policy in the early stage will be superimposed to make the stocks of small and medium-sized GEM stocks more active.
The third is to benefit sectors with direct financing needs and rapid development, such as TMT, biomedicine and other growth industries.
Fourth, it is good for the A-share listed companies to be split. At present, some A-share listed companies plan to list on GEM through spin-off subsidiaries.
Fifth, it is good for venture capital enterprises with abundant project reserves.
——Emerging industry companies ushered in listing opportunities on the GEM
The GEM reform optimized the listing conditions and improved market inclusiveness. Cancel the requirement that there is no unrecovered loss at the end of the most recent period; support the listing of profitable companies with special equity structures and red chips of a certain size; clarify the listing criteria for unprofitable companies, but do not implement them within one year, and do an assessment after one year ,and many more.
Chen Guo, Chief Strategy Analyst of Anxin Securities, said that the listing requirements under the approval system are partial to financial standards, thereby rejecting many high-growth technology companies that do not meet the profitability standards, such as Baidu, which currently occupies the forefront of the Internet industry. , Ali, Tencent, JD.com, and the fast-growing companies such as Pinduoduo and Bilibili, none of them are listed on the A-share market.
"The registration system will bring opportunities for high-tech companies that are at the forefront of the industry, and the industrial structure of A-share listed companies may gradually change to high-growth technology companies." Chen Guo believes.
"Enterprises with layouts in artificial intelligence, high-end equipment manufacturing, green and low-carbon new energy, new materials, biomedicine, and informatization will usher in the opportunity to list on GEM. GEM will become an emerging industry listing just like Science and Technology Board Has become the leader in the entire market. "Pan Xiangdong said that this is conducive to promoting China's economic transformation and realizing the conversion of old and new kinetic energy for economic growth.
Netizen: Stock trading will be more exciting! Really exciting battlefield!
According to Yang Delong, chief economist of Qianhai Open Source Fund, the implementation of the registration system on the GEM is conducive to promoting the activeness of small and medium-cap stocks, and securities firms and venture capital companies will obviously benefit from the GEM registration system dividend.
After reviewing the comments of netizens, it has been found that "the growth rate limit of GEM stocks will increase from 10% to 20%".
Some netizens said, "In the future, GEM stocks will sweep from -20% to + 20% from time to time. If you think about it, it will be stimulating. It will be 40% for the day (downper limit price) and 40% for the day (upper limit price). It will really stimulate the battlefield. "
"It's really exciting. In the future, the sky will be cut directly, and new tricks will inevitably be accompanied by new gameplay." Another netizen commented that the most direct impact is to break the original profit model. This is a good thing for the main funds that have become giants. It is not so good to work hard to become the main capital of the giant. Small and medium investors should learn how to play the new rules from scratch.
Screenshots of Weibo comments.
Are you stock trading? What do you think of GEM reform?