New three board selection layer "acceleration" 5 days 6 companies meeting
Weekends are scheduled for meetings of the listing committee, and 11 companies will take 30 to 50 days. Experts expect to open at the end of July
As the two companies of Longtai Home Furnishing and Jiaxian passed the review of the New Third Board Listing Committee on June 14, the number of New Third Board stocks that have been publicly listed and listed at the selected level has reached six.
Since the first listing committee of the New Third Board officially launched the review work of the selection layer, on June 10-14, within only 5 days, the listing committee has held three review meetings, and it is open on weekends. Among them, the first batch of Yingtai Biotechnology and Airong Software that passed the meeting on June 10 were approved by the CSRC two days after the meeting. This allows the market to once again feel the efficiency of the selection layer.
Break through
From the acceptance to the completion of the approval, the two enterprises only spent more than 40 days
Since the National Equity Transfer Company officially launched the public offering of shares to unspecified qualified investors on April 27 and the acceptance and review of the listing business at the selected layer, only one and a half months, there have been enterprises that have gone to the review stage of the listing committee.
On June 10th, the New Third Board Listing Committee held its first review meeting, and Yingtai Biotechnology and Airong Software were approved. Only two days later, the two companies' application for public offering of shares to unqualified investors was approved by the CSRC. Once it is successfully issued, it can be traded at the select layer.
According to the regulations, the public issuance of stocks and listing on the selected layer need to go through the process of declaration acceptance, review inquiry, listing committee deliberation, and submission to the CSRC for approval. Yingtai Biotechnology and Airong Software were accepted on April 28 and 29, respectively. The time for the two companies to respond to inquiries was 24 days and 22 days respectively. It only took 46 days and 45 days from the acceptance to the completion of approval. The "passing through" process of these two companies has fully demonstrated the efficiency of the selected layer audit.
Yingtai Bio was listed on the New Third Board in December 2015. It belongs to the chemical pesticide manufacturing industry and is mainly engaged in the research and development, production, sales and GLP technical services of pesticide original drugs, intermediates and preparation products. The company's operating income increased steadily from 3.333 billion yuan in 2015 to 5.295 billion yuan in 2019, and the net profit attributable to the parent company increased from 182 million yuan to 282 million yuan. The planned public offering is not to exceed 100 million shares, and the planned fund-raising is 550 million yuan.
Airong Software listed on the New Third Board in June 2014, which belongs to the information transmission, software and information technology service industries, and is a computer technology company that provides deep Internet overall solutions to financial institutions. In 2019, it realized an operating income of 213 million yuan, and net profit attributable to the company's common stock shareholders after deducting non-recurring gains and losses was 38.073 million yuan, with a compound growth rate of 23.30% in the past three years. The planned public offering does not exceed 8.8 million shares, and the planned fundraising is 215 million yuan.
accelerate
Three review conferences in 5 days, six companies successfully passed
After the "First Shot" was fired, the New Third Board Listing Committee held two review meetings in succession on June 13 and 14. Four companies including Ball Crown Cable, Tongxiang Technology, Longtai Home Furnishing and Jiaxian Co., Ltd. were approved. . In order to ensure the progress of the review, the National Equity Transfer Corporation also arranged a listing committee meeting on the weekend.
Next, the New Third Board Listing Committee will hold three review meetings this week. There will be one each on June 16, June 18, and June 19, with a total of five companies coming to the meeting.
Judging from the speed of acceptance to the conference, the 11 conference companies that have been announced in the first six review meetings took 30 to 50 days. Among the shortest time, Taixiang shares took only 31 days. Most enterprises have only experienced one round of inquiries. Compared with the average process of three to five rounds of inquiry on the Science and Technology Board, there are fewer rounds of selection inquiries.
What brings the "select layer speed"? The National Stock-to-Equity Corporation stated that the stock-listed company's supervisory foundation and scientific and technological means support the efficient review of national stock-to-equity companies. The company that has applied for listing on the selected layer has been listed on the New Third Board for more than one year. Since the listing, the company has continued to disclose relevant information as required. The relevant information of the issuer in terms of supervision and review of financing mergers and acquisitions, etc., should be "aware of" in advance. On the other hand, after being formally accepted, the use of the “New Third Board Information Disclosure Intelligent Supervision System” (a national science and technology supervision system based on big data, artificial intelligence and other technologies developed by the National Equity Transfer Corporation) is used to standardize inspections, improve inspection efficiency, and ensure inspection Played an active role in quality.
In addition, the national stock transfer company self-discipline review and the CSRC's administrative approval have achieved an efficient connection. All parties have made concerted efforts to ensure the smooth landing of the selected layer, and all ensure the speed of the selected layer. The speed and quality of issuers and intermediaries' response to inquiries will directly affect the rhythm of the public issuance of shares and the review of listings at selected levels. To this end, the National Equity Transfer Corporation has established a special-class service docking mechanism for the declared enterprises to ensure the quality of the application materials and response to inquiries.
Open gate
The first batch of listed companies will have up to 30 issue pricing to be tested
The stocks of the official website of the New Third Board were publicly issued and displayed in the selected layer listing area. As of June 14, a total of 51 companies have been accepted, of which 4 are in the "accepted" state and 41 companies are in the "inquiry" state. 4 companies are in the "pass" state, and 2 companies are in the "approved" state.
The four companies that have passed the review by the Listing Committee are also about to submit to the CSRC for review. According to the New Third Board public offering rules, the CSRC will make a decision on whether to approve the public offering application documents within 20 working days. According to the speed of the first batch of meeting companies, the approval time will be less than 20 working days. After being approved, it needs to go through the issuance stage before it can be listed on the select layer.
At present, the market generally expects the opening time of selected layers to be around the end of July. Zhang Keliang, general manager of Intime Securities' stock transfer system business department, told the Beijing News reporter that it is expected that the new third board selection layer will open at the end of July, and the number of the first batch of companies listed on the new third board will be around 30. According to the current review speed, the number of companies reviewed by the listing committee is about two at an average of three review meetings a week, that is, about six companies can be reviewed each week. In the second half of June, there are 12 companies that can be reviewed, and in the first half of July, there are about 12 companies. If the issuance is too late, there will be about 30 companies that will complete the issuance by the end of July.
In the public issuance stage, companies are also facing challenges. For companies that intend to list select tiers, the market value determined by the pricing of the public offering directly affects whether they meet the selection tier entry criteria. The selection layer has four sets of entry criteria, corresponding to the four market thresholds of 200 million yuan, 400 million yuan, 800 million yuan, and 1.5 billion yuan. This market value refers to the public offering price of listed companies to unqualified qualified investors. Calculated stock market value. Yingtai Biology and Airong Software both chose the first set of standards, which means that the market value calculated based on the issue price needs to reach 200 million yuan. Before the suspension of trading, the total market value of the two companies was 8.95 billion yuan and 2.239 billion yuan respectively.
Zhang Keliang said that the reform of the issuance and underwriting system of the selected layer of the New Third Board is relatively thorough, and it can be said to be a further and more market-oriented reform than the Science and Technology Board. The select layer has restrictions on the sale of stocks for shareholders holding more than 10% of the shares. Old stocks with a share of less than 10% are not restricted on the first day of opening. This causes old shareholders and new shareholders with different holding costs to issue shares. Price and secondary market trends will have different expectations and judgments, coupled with different power contrasts between the two, which poses a great test for the broker's pricing.
On the other hand, the threshold of the select layer is relatively low, and enterprises that meet the standards will continue to hit the select layer. This will greatly change the situation in the capital market where the supply of new shares is always less than the demand and the new shares are "unbeaten." "In addition to the current social investors' perception of the New Third Board, there may be deviations, so the balance of supply and demand strength is also a test for the issue pricing." Zhang Keliang said. In addition, most of the brokerage investment banks in China currently do not have real underwriting pricing capabilities, and may also face the challenge of issuance pricing.
Beijing News reporter Gu Zhijuan