Our reporter Bao Xing'an

　　The first split-listed stock in 2022 is about to be born.

According to the statistics of the "Securities Daily" reporter, in 2021, 8 listed companies will spin off their subsidiaries and go public, of which 7 will be listed on the Science and Technology Innovation Board and 1 will be listed on the Growth Enterprise Market.

At present, Deshi shares are being issued, and it is expected to become the first spin-off listed stock in 2022.

　　Data shows that last year, 51 listed companies issued spin-off plans or spin-off intention announcements. Among them, 6 companies terminated the spin-off listing; 17 planned to spin off their subsidiaries to list on the Growth Enterprise Market, and 6 planned to list on the Science and Technology Innovation Board. , 2 plan to be listed on the main board, 2 plan to be listed on the Beijing Stock Exchange, 4 plan to be listed overseas, and the other 14 do not disclose specific sectors.

　　Pan Helin, executive dean of the Digital Economy Research Institute of Zhongnan University of Economics and Law, told the "Securities Daily" reporter that for listed companies, the purpose of splitting and listing is to make the company's main business more clear, and each subsidiary can focus on In a business, so as to achieve focused development; on the other hand, in order to increase the valuation.

　　On January 7 this year, the "Rules for the Spin-off of Listed Companies (Trial)" issued by the China Securities Regulatory Commission unified the regulatory requirements for spin-offs at home and abroad, and clarified and improved the spin-off conditions.

In response to the problems reflected in the market, the method of "the use of raised funds in the last three fiscal years of the subsidiary to be split" and the starting period, "the total use of raised funds in the last three fiscal years shall not exceed 10% of its net assets" is clarified. The calculation standard is the basis for the determination that directors and senior executives hold no more than a certain number of shares in the subsidiary to be split.

In addition, in order to promote the development of the listed company's focus on the original main business, it is further clarified that if the main business or assets of the subsidiary belong to the main business or assets of the listed company at the time of the IPO and listing, the subsidiary shall not be spun off and listed.

　　"The rule clarifies a series of situations in which subsidiaries are not allowed to spin off and list, to prevent listed companies from spinning off their core main businesses and affecting the interests of investors." Zheng Nan, senior investment consultant of Jufeng Investment Consulting, told the "Securities Daily" reporter. , After the promulgation of this rule, more companies will spin off their subsidiaries for listing, so that the parent company will focus more on its main business, which is conducive to the long-term growth of the parent company's market value.

　　Pan Helin believes that the purpose of the CSRC to clarify and improve the spin-off conditions is to curb the blind spin-off and financing of listed companies driven by market value.

By restricting the conditions for spin-off and listing, the urge to spin-off and listing of some companies is curbed, thereby protecting the interests of investors.

　　The reporter noticed that two listed companies including Nanjing Iron and Steel Co., Ltd. and Wall Nuclear Materials have issued announcements, planning to spin off their subsidiaries and list them on the Beijing Stock Exchange.

In addition, many listed companies responded on the investor interaction platform that they would continue to pay attention to the relevant policies of the Beijing Stock Exchange and plan related work.

　　Zhou Yunnan, founder of Beijing Nanshan Investment, told the Securities Daily reporter that as the Beijing Stock Exchange continues to grow and its functions for financing, pricing, transactions and mergers and acquisitions continue to improve, more and more listed companies will set their sights on the Beijing Stock Exchange. Therefore, it is willing to spin off its subsidiaries to be listed on the New Third Board and enter the innovation layer, and choose an opportunity to apply for listing on the Beijing Stock Exchange, which can not only deliver more high-quality enterprises to the New Third Board, but also realize the integration of Shanghai and Shenzhen listed companies with the New Third Board, Effective interconnection of the North Exchange.

　　Zheng Nan said that many leading companies can take advantage of the new rules to spin off the company's technological innovation business, and take advantage of the "specialized and innovative" Dongfeng to catch the policy express of the Beijing Stock Exchange to achieve the harmonious development of the parent company and its subsidiaries.

(Securities Daily)