The transfer system is officially launched, and the reform of the New Third Board has been accelerated.
Liu Weijie, a trainee reporter
The new three-board transfer system was officially put into operation, and the "commencement" of the listing committee was imminent, and the reform was being accelerated. On June 3, the China Securities Regulatory Commission issued the "Guiding Opinions on the Transfer of Listed Companies in the National SME Share Transfer System" (referred to as the "Transfer Listing Opinion"), which clarified the scope, conditions, procedures and other relevant requirements of the transfer to market . In addition, the first listing committee of the New Third Board is about to formally start the review of the selection layer listing.
"The "Transfer Board Listing Opinion" has been issued before the selection layer has been launched, and the release rate is far faster than market expectations." Zhu Haibin, head of research for the new third board of Anxin Securities and assistant general manager of the research center, accepted the "Securities Daily" "The reporter said in an interview that the official manuscript clearly states "strengthen the organic links in the multi-level capital market and better utilize the functions of each market", and clarifies whether the enterprise has the right to make independent choices on transfer. The biggest difference between this transfer and the IPO is that there is no need to issue new shares, so the transfer does not require approval or registration by the CSRC, and the time required for listing is shorter and the cost of listing is lower.
Xie Cai, deputy dean of Huacai's New Third Board Research Institute and chief industry analyst, told the Securities Daily reporter that the transfer of the listing system is conducive to the formation of complementary and dislocated development of various sectors of China's multi-level capital market, enabling enterprises at all stages to be able to Choose the appropriate sector to enter the capital market, and can continue to advance in the capital market based on the growth and development of the enterprise itself, and obtain more resources to help the development of the enterprise. Eligible new third-tier select-tier companies go public for listing, which does not involve public offerings, does not require CSRC approval or registration, and only needs to be reviewed by the exchange.
The "Securities Daily" reporter noted that both the Shanghai Stock Exchange and the Shenzhen Stock Exchange have expressed their positive support for eligible companies listed on the New Third Board Select Layer to be listed on the Science and Technology Board and the GEM. The future Select Layer will contribute more to the A-share market the company. In addition, the "Transitional Listing Opinions" pointed out that "in principle, when calculating the restricted sales period of listed companies after the transfer of the listed company, in principle, it is possible to deduct the time that the restricted sales have been restricted", this is expected to enhance the attraction of the transfer system force.
In Xie Cai's view, with the implementation of the new three board transfer system, which has enriched the listing path of listed companies, it will also test the professional service capabilities and risks of professional institutions such as investment institutions, securities companies, accounting firms, and law firms. Ability to control.
It is worth mentioning that on June 3, the National Equity Transfer Corporation issued the announcement of the first review meeting of the first listing committee in 2020, and will hold a meeting on June 10 to consider Beijing Yingtai Jiahe Biotechnology Co., Ltd. and Shanghai Airong. Application for listing on the select layer of 2 companies of Software Co., Ltd.
In this regard, Zhu Haibin said that from the first batch of selected companies to the first listing committee meeting, the span of 43 days, compared with the 75-day time span of the Science and Technology Board has been shortened by 40%. The meeting also marked the formal entry of the company to be selected into the public offering process, and the progress was faster than market expectations. The first batch of selected-tier companies is ready, and the "portrait" of the selected-tier companies is further clear.
"The convening of the first meeting of the Listing Committee sent many positive signals, which will give relatively stable expectations to the companies that intend to log in to the select layer and the investors of the New Third Board in terms of audit speed, audit method and standard, etc. Development, which in turn promotes the healthy development of the New Third Board, is of great significance." Xu Da, Deputy General Manager of Guodu Securities Investment Bank Headquarters, told the Securities Daily reporter.
The five reviewing members of the first session of the Listing Committee are from the National Stock Transfer Corporation, the China Securities Regulatory Bureau, public funds, accounting firms and law firms. They will consider companies from the perspective of compliance and market recognition. The selection review of the selection layer draws on the concept of "information disclosure as the center" of the Science and Technology Board. The review of the selection layer company is mainly divided into three aspects: the selection layer entry conditions, the issuer, and other common problems.
Zhu Haibin stated that in terms of selection layer entry conditions, it clarified the disclosure, verification and regulatory requirements of market value, R&D investment, operational stability and other conditions; in terms of the issuer, the industry, business, major assets and core technology ownership, etc. Clear disclosure, verification, and regulatory requirements; for other common issues, specific disclosure, verification, and regulatory requirements for financial information disclosure quality, horizontal competition, connected transactions, and commitment performance On the whole, the selection layer review requirements are in line with the answers to several questions about the initial business and the Q&A board review questions and answers. The texture of the selection layer company can be guaranteed to a certain extent, which also lays the foundation for the subsequent transfer.
"The review focused on the two aspects of corporate compliance quality and future development trends, mainly focusing on the company's historical financial data and sustainable operation capabilities. In addition, among the 5 review members, members with public fund backgrounds are more concerned by the market. The foundation reviews the enterprise's capital market value from an investment perspective." Yun Qing Capital partner Xi Qingqing told a reporter from the Securities Daily. (Securities Daily)