"The channel of organic connection between multi-level capital markets will certainly be opened. However, after the establishment of the channel, not all enterprises can transfer, and the proportion of enterprises that can transfer to the board will be small. It is a minority of the minority." January 21 On the same day, an authoritative person close to the national share transfer system (commonly known as the New Third Board) revealed in an exclusive interview with the reporter.
Recently, the Shenzhen Stock Exchange organized employees to learn the spirit of the 2015 National Securities and Futures Regulatory Work Conference and proposed "to comprehensively promote the reform of the ChiNext and promote the Pioneering of the New Third Board and the Growth Enterprise Market." According to the above-mentioned authoritative sources, there are two ways for the New Third Board listed companies to transfer to the GEM. First, the GEM has set up a separate level, specifically accepting Internet and high-tech enterprises that have not been profitable in the New Third Board for one year. The premise is to reduce the issuance conditions such as financial indicators, that is, the IPO method; the second is that the transfer enterprises do not pass the issuance, only through the exchange between the exchanges, that is, through the new three boards through the increase and transaction, the degree of equity dispersion has reached the listing of the GEM. Condition, realize the transfer board. But the caveat is that the difference between the two is the difference between IPO conditions and listing conditions.
The authoritative source said, "The transfer method proposed by the Shenzhen Stock Exchange is to set up a separate level, reduce IPO conditions, and absorb unprofitable Internet and high-tech enterprises to list on the GEM one year after the listing of the New Third Board, but for the listed companies, There are no final conclusions on the conditions of transfer and the degree of transfer."
“The two major industry enterprises are the Pioneering Innovations.†Qiu Qingrong, a partner of Beijing Dongyi Law Firm, said in an interview, but needs to amend the relevant restrictions in the current Securities Law, such as stocks. Approved by the securities regulatory authority of the State Council, it has been publicly issued; the total share capital of the company is not less than RMB 30 million; the publicly issued shares reach more than 25% of the total number of shares of the company.
"Actually, in China, the public offering of stock companies is tied to the listing. Therefore, the New Third Board Internet and high-tech enterprises must cross a precondition to achieve the listing on the GEM, that is, the stocks are subject to the securities regulatory authority of the State Council. The approval has been publicly issued.†Qiu Qingrong explained that the new three board companies are not currently publicly available.
As early as the end of 2013, the “Decision on Issues Related to the National SME Share Transfer System†issued by the State Council (referred to as the State Council’s decision) clearly required “establishing organic links between different levels of markets†and proposed to list enterprises listed on the New Third Board. If the stock is listed, it can apply directly to the stock exchange for listing and trading. In the case of a non-public transfer of equity in a regional equity transfer market that meets the requirements of the State Council's Decision on Clearing and Reorganizing Various Types of Trading Sites to Prevent Financial Risks (referred to as Circular No. 38), if it meets the listing requirements, it may apply for listing on the New Third Board. Transfer of shares publicly.
According to the relevant research report of Shenyin Wanguo, for China's securities market, the construction of the transfer mechanism can realize the interconnection between different sectors; on the other hand, it can encourage more enterprises to go ahead in the lower OTC market. Listing to improve the efficiency of resource allocation in the capital market. With the accelerated cultivation in the past two years, the New Third Board and the regional equity trading market have expanded significantly in the process of policy loosening and system improvement. As a new three board connecting the on- and off-market, it should become a breakthrough in introducing the transfer mechanism. Brokers generally believe that the future of the new three boards shoulders the special responsibility of the off-site and on-market.
According to the decision of the State Council, a company that conducts non-public transfer of equity in a regional equity transfer market may also apply for public transfer of shares on the New Third Board, subject to two conditions: First, the regional equity transfer market must comply with the provisions of Circular 38; Second, the joint-stock company must meet the listing conditions of the New Third Board.
At present, the number of listed companies in the regional equity trading market has been transferred to the new three-board channel. On October 29, 2014, eight listed companies in the Qilu Equity Exchange Center were transferred to the New Third Board, creating a precedent for batch transfer of regional and national market listed companies. At present, Qilu Equity Exchange Center and the national share transfer system have reached a batch docking mechanism of “individual acceptance, priority review, early communication, centralized listingâ€.
"In the future, the New Third Board and the regional equity trading market are complementary and progressive." Li Xue, general manager of Qilu Equity Exchange Center, said in an interview that large enterprises should be encouraged to list in low-level markets first, then Establish a transfer mechanism to make the four-board market play a better foundation and complement role in the multi-level capital market system.
Recently, the Shenzhen Stock Exchange organized employees to learn the spirit of the 2015 National Securities and Futures Regulatory Work Conference and proposed "to comprehensively promote the reform of the ChiNext and promote the Pioneering of the New Third Board and the Growth Enterprise Market." According to the above-mentioned authoritative sources, there are two ways for the New Third Board listed companies to transfer to the GEM. First, the GEM has set up a separate level, specifically accepting Internet and high-tech enterprises that have not been profitable in the New Third Board for one year. The premise is to reduce the issuance conditions such as financial indicators, that is, the IPO method; the second is that the transfer enterprises do not pass the issuance, only through the exchange between the exchanges, that is, through the new three boards through the increase and transaction, the degree of equity dispersion has reached the listing of the GEM. Condition, realize the transfer board. But the caveat is that the difference between the two is the difference between IPO conditions and listing conditions.
The authoritative source said, "The transfer method proposed by the Shenzhen Stock Exchange is to set up a separate level, reduce IPO conditions, and absorb unprofitable Internet and high-tech enterprises to list on the GEM one year after the listing of the New Third Board, but for the listed companies, There are no final conclusions on the conditions of transfer and the degree of transfer."
“The two major industry enterprises are the Pioneering Innovations.†Qiu Qingrong, a partner of Beijing Dongyi Law Firm, said in an interview, but needs to amend the relevant restrictions in the current Securities Law, such as stocks. Approved by the securities regulatory authority of the State Council, it has been publicly issued; the total share capital of the company is not less than RMB 30 million; the publicly issued shares reach more than 25% of the total number of shares of the company.
"Actually, in China, the public offering of stock companies is tied to the listing. Therefore, the New Third Board Internet and high-tech enterprises must cross a precondition to achieve the listing on the GEM, that is, the stocks are subject to the securities regulatory authority of the State Council. The approval has been publicly issued.†Qiu Qingrong explained that the new three board companies are not currently publicly available.
As early as the end of 2013, the “Decision on Issues Related to the National SME Share Transfer System†issued by the State Council (referred to as the State Council’s decision) clearly required “establishing organic links between different levels of markets†and proposed to list enterprises listed on the New Third Board. If the stock is listed, it can apply directly to the stock exchange for listing and trading. In the case of a non-public transfer of equity in a regional equity transfer market that meets the requirements of the State Council's Decision on Clearing and Reorganizing Various Types of Trading Sites to Prevent Financial Risks (referred to as Circular No. 38), if it meets the listing requirements, it may apply for listing on the New Third Board. Transfer of shares publicly.
According to the relevant research report of Shenyin Wanguo, for China's securities market, the construction of the transfer mechanism can realize the interconnection between different sectors; on the other hand, it can encourage more enterprises to go ahead in the lower OTC market. Listing to improve the efficiency of resource allocation in the capital market. With the accelerated cultivation in the past two years, the New Third Board and the regional equity trading market have expanded significantly in the process of policy loosening and system improvement. As a new three board connecting the on- and off-market, it should become a breakthrough in introducing the transfer mechanism. Brokers generally believe that the future of the new three boards shoulders the special responsibility of the off-site and on-market.
According to the decision of the State Council, a company that conducts non-public transfer of equity in a regional equity transfer market may also apply for public transfer of shares on the New Third Board, subject to two conditions: First, the regional equity transfer market must comply with the provisions of Circular 38; Second, the joint-stock company must meet the listing conditions of the New Third Board.
At present, the number of listed companies in the regional equity trading market has been transferred to the new three-board channel. On October 29, 2014, eight listed companies in the Qilu Equity Exchange Center were transferred to the New Third Board, creating a precedent for batch transfer of regional and national market listed companies. At present, Qilu Equity Exchange Center and the national share transfer system have reached a batch docking mechanism of “individual acceptance, priority review, early communication, centralized listingâ€.
"In the future, the New Third Board and the regional equity trading market are complementary and progressive." Li Xue, general manager of Qilu Equity Exchange Center, said in an interview that large enterprises should be encouraged to list in low-level markets first, then Establish a transfer mechanism to make the four-board market play a better foundation and complement role in the multi-level capital market system.
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