China News Service Client, Beijing, June 20 (Xie Yiguan) "The GEM stocks under the registration system need to sign a new version of the risk disclosure." Recently, many investors have received text messages or phone calls from brokers to sign new agreements.
Why sign a new agreement? Can't I get a new one without signing? Once the new agreement is signed, the risk doubles? Investors doubted, but the brokerages put together posters, videos, and creative copy to solve their problems and answer questions.
The Shenzhen Stock Exchange GEM Board Listing and Listing Information Public Website has been launched.
Why should investors sign new agreements?
This should start with the reform of the GEM and the pilot registration system.
On April 28, 2020, the Shenzhen Stock Exchange formally issued and implemented the Implementation Measures for the Appropriate Management of GEM Investors (Revised in 2020) (hereinafter referred to as the "Implementation Measures"), and made new changes to the appropriate management of GEM investors s arrangement. The 45 million GEM stock investors all need to "make up" new rules.
"After the introduction of the GEM registration system, there have been changes to the previous trading rules. The previous limit was 10%, and it is now adjusted to 20%. Moreover, there is no increase or decrease limit for the 5 days before the listing of new stocks on the GEM, so the risk is relatively more Bigger." A staff member of CITIC Securities Investment Business Department told reporters from China News that this is why the agreement has to be signed.
In addition to the same increase and decrease restrictions as the Science and Technology Board, the GEM registration system has also been adjusted in the delisting system, and a new delisting indicator of "the closing market value of less than 300 million yuan for 20 consecutive trading days" has been added. At the same time, the suspension of listing and the resumption of listing have been cancelled, and the delisting period for transactions will no longer be set up.
According to the analysis, under the more stringent and rapid delisting requirements, the buffer period left for investors has disappeared, and investors' trading risks have also increased.
Do you have to answer questions after signing the agreement?
Recently, many investors posted their knowledge test scores on social platforms and shouted that the GEM signing agreement was finally passed. Is it so cumbersome to renew the GEM signing agreement? Need to answer questions to pass?
Netizens comment on Sina Weibo.
At present, the process of signing agreements by various securities firms is similar.
Taking CITIC Construction Investment as an example, if you do not open the GEM permissions before April 28 (not included), the new application to open the GEM trading permissions needs to be satisfied: 20 trading days after the company opens an account; 20 trading days before the permissions are opened The assets in the securities account and the capital account should be no less than RMB 100,000 per day, excluding funds and securities incorporated through margin financing and securities lending; participation in securities trading for more than 24 months.
After the conditions are met, you can apply through the APP homepage business-open permissions-GEM. However, you need to complete the knowledge assessment and answer questions 3 times a day.
However, if the authority of the GEM has been opened before April 28 (not included), it will be processed directly according to the above process, without the need to verify assets and trading experience.
CITIC Construction Investment said that this knowledge assessment needs to be completed independently by me, and there is no answer to provide. You can refer to the "Shenzhen Stock Exchange GEM Investor Suitability Management Measures (Revised in 2020)". However, the reporter searched and found that in Zhihu, Tieba, etc., there are netizens who have uploaded the GEM supplement knowledge test questions and answers.
In fact, this method of answering questions is not new. Knowledge testing is required as early as the opening of the Science and Technology Board, mainly to give investors a deeper understanding of trading rules and risks.
Can't participate in investment without re-signing?
The staff of the brokerage business department said, "If you choose not to re-sign, after the registration system is implemented, the GEM target will not have the right to buy."
According to the brokerage, if it is not signed in time, it may be regarded as "opt out of participation" at that time, and the GEM financing and margin trading (including financing buying, collateral buying, and securities selling) will be affected.
However, not re-signing will not affect the operation of the stock stocks of the current GEM, investors can invest normally.
Data Map: China Securities Regulatory Commission. China News Agency reporter Zhang Hao
Time is running out, and brokerages are in a hurry to contact investors to sign
This is mainly because the GEM registration system has been put on the ground.
On June 12, the GEM registration reform plan was fully released. On June 15, the Shenzhen Stock Exchange began to accept applications for initial public offerings, refinancing and mergers and acquisitions of companies under review on the Growth Enterprise Market. Along with the ready-to-go IPO queue companies, the brokerage business departments have also entered the final sprint stage for the GEM pilot registration system.
According to the arrangement of the China Securities Regulatory Commission, within 10 working days from June 15 to June 29, the Shenzhen Stock Exchange will focus on completing the re-application of the IPO enterprises under review; from June 30, the Shenzhen Stock Exchange will begin to receive relevant applications submitted by newly declared companies . For the enterprises under review, the Shenzhen Stock Exchange will share the audit results of the CSRC and continue the audit in accordance with the audit stage and acceptance order of the CSRC. Newly declared enterprises will be reviewed in accordance with the normal acceptance order.
According to media statistics, as of June 15, there are currently 183 companies on the GEM that have not yet been reviewed, and another 9 companies have passed the review but have not yet received approval.
The above-mentioned enterprises are provided with related services by 49 securities firms. Judging from the current reserve situation, head brokers have obvious advantages, among which CITIC Construction Investment has the largest number of sponsors.
"The registration system puts forward higher requirements for the capital strength, pricing ability, sales ability, and risk control ability of the securities investment bank. In the industry pattern, the trend of head concentration will be more obvious." Bohai Securities said. (Finish)