The Number Of Enterprises To Be Selected Or 300 New Three Board Rules Can Be Declared.

The first batch of policies for the comprehensive reform of new three boards in November 8th has been launched for several days, and the market is still digesting the rules.

In twenty-first Century, the business reporter reported that the market still had doubts about the threshold of selection and the issue of public offering.

At the same time, the release of the policy has activated the new three board market which has been silent for a long time. Intermediaries, enterprises and investors have begun to act. The impact of innovation and shock layer has once again become the core of the driving market.

Meet the financial threshold of enterprises over 300

In the first batch of policies, the market is most concerned about the selection threshold indicators, but it is also the most questioned.

A number of enterprise leaders responded to reporters. "The National SME share transfer system hierarchical management approach (Draft)" (hereinafter referred to as the "layered management approach") sixteenth statement, "in the national stock transfer system for 12 consecutive months of innovation level listed company, can apply for public issuance and access to select layer", how to understand?

"Does such a statement mean that the enterprises on the base level can also directly impact the innovation layer?" A listed company based secretaries in Beijing area asked reporters.

In this regard, the reporter learned that the impact of the selected layer enterprises have been clearly selected from the innovation level enterprises, there is no direct impact from the base layer selection layer, but this expression is the next year when the innovation level adjustment in April 30th, from the basic level into the innovation layer, but also in line with the rush selection layer conditions to facilitate the company.

For the understanding of this policy, Cui Yanjun, the founder of the new three board listed companies, the director of the north and the south, and the director of the Dong family, told reporters: "listed company, the innovative layer of the nationwide stock transfer system that has been in full swing for 12 months, can apply for public issuance and enter the selection layer." Many people understand that the innovation layer can only be selected in one year. The wording is that the listed company, which has been listed for 12 months, is not the 12 month old listed company. The fastest way for the base layer to enter the selection layer as early as possible is to enter the innovation layer next year and then apply for the selection layer in 430. This is obviously good for basic level companies.

At the same time, reporters from the national share transfer system learned that after the reform will be listed and entered the innovation layer system. For high quality incremental enterprises, it is in line with the corresponding conditions of innovation, complete the listing and directional distribution to achieve the required amount of financing. After listing, it can directly enter the innovation layer and enjoy the market function of the innovation layer. This is a system arrangement for the high-quality enterprises that have not yet listed.

With the threshold of selected layers, potential selection enterprises become the focus of the market. Reporters learned that securities companies and regulators have made a thorough and anticipated assessment of the number of enterprises that meet the financial threshold.

"The" hierarchical management approach "mentioned that the market value of selected enterprises should be calculated according to the public offering price. However, due to the fact that there has not been a public offering yet, we will not select the market value of the innovative enterprises temporarily, only select the financial indicators. At present, there are 675 innovative enterprises that are listed on the new third board and have been listed for a full year. After screening and calculating them according to the above criteria, we get that, without considering the market value of the public offering, there are 301 innovative enterprises that meet the financial standards of the selected level, accounting for 44.6% of the total innovation level. There are only 203 enterprises that meet only one standard; 81 enterprises concurrently meet two standards; 16 enterprises concurrently meet three standards; 1 enterprises concurrently meet four criteria. A total of 98 enterprises concurrently meet two or above standards. " Peng Hai, the head of new three board research, told reporters.

Reporters also learned from the informed sources close to the regulators that nearly 300 companies met the requirements only when considering the financial threshold. Nearly 70% of them met the standard one.

"This proportion is somewhat similar to that of the science and innovation board. Most enterprises will declare the standards of the financial assets in the most conventional way, and also show that the breadth of the four sets of standards covering enterprises is enough." A large brokerage firm in Beijing said.

However, Peng Hai also hints: "at the early stage of implementation, regulators must strictly check and control the overall quality of the selected layer. It will not be like an innovation layer. Only the basic indicators should be examined, and multiple factors should be considered. We expect that the number of listed companies that can actually enter the selected layer will not be too large, and the number of selected enterprises will not exceed two hundred.

Some market participants are more conservative in predicting the number of selected enterprises. "If we need to sponsor a broker, and whether we can issue successfully, we believe that the number of the first batch of enterprises is not more than 50." A person in charge of the new three board investment organization in Beijing area told reporters.

Rule release can be declared.

In addition to the threshold, there are many questions about the issue of public offering: who will try, whether it will be examined according to the requirements of registration system, and when to declare.

The first is the question of who issues. In the document, the regulatory authorities have made clear that the national stock transfer system will be reviewed, that is, the enterprises that declare the selected layer will first submit the application materials to the national share transfer system. After receiving the application documents, the national stock transfer companies will conduct self-examination within the prescribed time by asking questions. The Listing Committee of the national share transfer company was set up to deliberate and form a deliberative opinion. The national share transfer company made the conclusion of the review in combination with the deliberations.

Reporters learned that the listing committee set up by the national stock transfer system will be financed by two departments. At the same time, a similar expert advisory committee will be set up with reference to the creation board to help improve the audit expertise.

If the national share transfer company considers that listed company meets the conditions and procedures for listing the stock, it will issue the agreed self-regulation opinion and submit relevant information to the SFC. Then the SFC will conduct an examination and make an administrative licensing decision within 20 working days.

"The SFC's role in the audit is multiple. It can refer to the audit of the registration system of the science and innovation board. There should be no double audit or the role of the SFC as the actual audit." The aforementioned Beijing investment bankers believe that.

Close to the national stock transfer system, a person familiar with the matter told reporters: "from the content of the SFC's revision of the" public company approach ", we can see that the" trial "word is fully used for reference to the registration procedures of the science and innovation board. In terms of the specific system design, the listing conditions of the stock in the selective layer are covered by the issuing conditions, and the examination of the national stock transfer company's entry level is covered by the issuance examination. This undoubtedly improves the efficiency of auditing, and there is no need to worry about double auditing. In addition, the new three board public offering is still under the current securities law system, although it is still approved system, but its review procedures have fully learned from the experience of the registration system of the science and innovation board. In the future, in the public offering examination, the national stock transfer company must make the review process efficient and quick, and the time limit for examination is clear, the enterprise can expect.

Another important question is when the enterprises that attack the selected layer will start to declare whether they need to wait for the nodes of the innovation layer to be adjusted in April 30th next year.

In this regard, the reporter learned from the national stock transfer system office, "layered management approach" officially announced, the national stock transfer system began to accept the requirements of innovative enterprises to meet the public issuance applications. The comments on the "layered management approach" will end on November 23rd.

"This issue is very important, deciding when to start preparation and how long the corresponding cycle is, and some decisive enterprises have begun to prepare the selection layer. Now we have entered two innovative enterprises to start preparing the selection layer." A person in charge of the new three board business line of a brokerage company in Central China revealed.