The New Third Board Selection Scheme Is On The Horizon: To Set Up A Number Of Parallel Standard Investors To Follow The Science Innovation Board, The Threshold Will Drop Sharply.

It has been more than a week since the SFC announced the launch of a comprehensive reform of the new three boards. In twenty-first Century, the economic news reporter learned that the most important reform of the new three boards is to set up the relevant schemes of selected layers and selected layers or to seek advice from the market soon.

Before the arrival of the selection layer, the stock of new three board market has been active in many potential selection targets. This week, there are 140 stocks in the stock market of innovation level, which account for more than 100 thousand shares, accounting for 20.7% of the total stock of innovation stocks. The week before the reform policy was issued, there were only 65 innovative stocks with more than 100 thousand shares in the week.

However, the selection of selected and selected layers is only a small number of new three board markets, and is the core of the overall reform. But the new three board reform, like the overall reform of the capital market, is not focused on single point reform. That is to say, in addition to the establishment of selective reform that the market is looking forward to, there will be a great change in the system of innovation and basic level.

Select layer guess

Before the launch of the selection reform plan, many market participants have guessed the reform system of the selected layer. According to the current market situation and the statement of the regulators, it has described the possible appearance of the selection system.

In the details of all the reforms in the selection layer, the market is most concerned about the selection threshold.

Zhou Yunnan, a senior investor of new three board, has chosen the selection standard from the perspective of the new three board innovation layer, the science creation board, the gem competition and the complementary point of view. "The standard of the new third board selection layer should be higher than the existing innovation level standard, which is lower than the standard of the science creation board standard and the future registration system of the gem, and the industry should be basically consistent with the requirements of the innovation layer for the industry."

Zhou Yunnan put forward four sets of parallel entry threshold standards: for example, the market value is more than 300 million, and the net profit in recent two years is not less than 15 million yuan (calculated on the basis of the lowest figure before and after deducting non recurring gains and losses); the weighted average return on net assets in the last two years is not less than 8% on average (excluding the non recurring gains and losses before calculating the basis); the total capital stock is no less than 30 million yuan; if the net profit is not considered, the market value is more than 600 million.

Zhang Keliang, general manager of the Department of stock conversion system of Yintai securities, believes that the selection layer can refer to the conditions of the science and create a set of profit and market value standards. "The selection layer may be similar to the science creation board, and there will be several sets of standards. Such as the market value standard, the lowest standard of the science and technology board is 1 billion yuan, then the selected layer will be lower, or there may be a coincidence. The threshold of investors in the selected layer may be lower, otherwise the number of investors will be too small, and the activity of continuous auction will be affected.

Another important issue is the investor threshold. Reporters learned that from the early stage of policy formulation, the selection of the threshold is much lower than the market expectations.

According to the reporter's understanding, the threshold of the selected layer or the reference threshold of the science and technology board is located in the interval of 500 thousand to 1 million. "Regardless of 500 thousand or 1 million, compared with the 5 million threshold has been greatly reduced, to a large extent, can enrich the structure of investors and improve the market transaction activity."

There are also ways for enterprises to enter the selection layer. Some market participants believe that this is related to the focus of the new three board reform mentioned by the securities and Futures Commission, which is to optimize the issuing and financing system and allow eligible innovative enterprises to issue shares to unqualified qualified investors.

"What we understand is that the public offering of innovative enterprises is the way to enter the selection layer. That is to say, the enterprises that meet the selected level enterprises finish the" small IPO "through public offering, and not all enterprises with innovative level can have the opportunity to issue publicly, which is quite different from the interpretation of the current market. Huang Pu, a senior investor in Beijing, said.

So how many companies will enter the innovation layer in advance? In this regard, Zhou Yunnan said: "as the selection layer is a new thing, many new three board enterprises, especially those in line with the A share IPO standard, may continue to queue up for IPO, or wait and see, so the first batch of listed companies can be the quality companies in the new three board head enterprises temporarily unable to go to A shares IPO. The first batch of enterprises will be from 30 to 50, and 100 will be listed next year.

Reform takes account of basic level and innovation level.

But the selection layer is not the whole of the new three board reform. In the face of the huge number of innovative and basic level enterprises, the demand for the supply of incremental system and the optimization of stock system is also urgent.

"Since the launch of the innovation layer, there has been no substantial dividend policy. Some other policies that have been running for several years also have much room for adjustment, such as the richness of the financing products and the convenience and frequency of transactions." Beijing area, an innovative enterprise, said Dong Wei.

Regulators also pointed out that the reform is systematic and systematic, and there will be corresponding institutional arrangements in the issuing system, supervision and market exit.

"The reform of basic level and innovation level is still the core issue of two aspects, that is, the lowering of investor threshold and the change of trading system. Of course, stock reform is also needed, but if the two core elements remain unchanged, the enterprises of the basic level and innovation level will not be able to enjoy the bonus of reform." Huang Pu pointed out.

The reporter understands that the threshold and trading system of basic level and innovation level will have considerable innovation, for example, the threshold of investors in basic level and innovation level will also drop sharply.

Chen Yongmin, deputy general manager of the National SME share transfer system limited liability company, also said in November 3rd, "we should further improve the differentiated system at different levels."

He said: "according to the characteristics and rules of the development of small and medium-sized enterprises, we can adapt the different investors' appropriateness through differentiated institutional arrangements, so that these enterprises can gradually adapt to the capital market, form a standardized behavior pattern, and make effective use of the capital market. Therefore, the companies in the basic level and the innovation layer do not have the same IPO system as the main board and the gem, but adopt a small and flexible directional financing system, as well as a matching trading system and investors' Appropriateness. They also need to abide by the basic norms of the capital market in terms of information system and corporate governance. The characteristics of this system arrangement are to pay attention to the construction of the capital market's main body and the formation of the behavior mode, and do not need the enterprise to carry out a "breathtaking jump".