167 IPO "Reserve Forces" Waiting For Growth Enterprise Registration System Reform Is Imminent.

The new third board selection plan is ready to come out, and the gem reform is also in the firing line.

In November 4th, the regulators again declared that they should stick to the positioning of the science and innovation board, support and encourage the listing of "hard and technological enterprises". At the same time, we should press ahead with the reform of the gem, and try to register the system, reform the new three boards, promote the quality of the listed companies, and guide the medium and long term funds to enter the market, so as to better implement the barometer function of the capital market.

At the same time, the pace of enterprises embracing the growth enterprise market is becoming more and more intense. In November 4th, another Limited by Share Ltd, Dongyue organic silicon material Limited by Share Ltd, which is going to be listed on the gem, is pre disclosed in the official website of the SFC. Wind data show that as of the evening of November 5th, the gem queuing enterprises were 167.

In addition, the newly recorded enterprises are also very active. Data show that in the first half of 2019, there were 191 new record counseling companies in the first half of the year, while in the second half of the 4 months, the number of new tutoring companies reached 166.

"Do not regard IPO as the reason for the decline of market index. This is wrong. In fact, there are many new increments in the listing of enterprises. A listed company in a certain place has a great promotion effect on all aspects of the local market, far greater than the tax reduction and reduction in policy, because the vitality of the enterprise is rising. What entrepreneurs create is known, and his mind is stimulated. A large brokerage firm in Beijing pointed out.

Gem reserve team continues to expand capacity

Although there is no clear answer to whether there will be "industry restrictions" or "new and old delimitation" in the registration system reform of gem, this has not affected the enthusiasm of enterprises to declare gem.

Specifically, the total number of enterprises listed in the gem is in line with normal queuing up to 167, of which 6 are in the state of registration and registration, accounting for 3.5%, 94 of which have been feedback, accounting for 56.2%, 10 enterprises have been accepted, accounting for 5.9%, and more than 57 enterprises have been pre reported, accounting for 34.1%.

These enterprises come from 29 provinces and cities, with the largest number of enterprises in Jiangsu Province, up to 31, and Beijing in second. Altogether 20 enterprises are queuing up, and 17 enterprises in Zhejiang, Shenzhen and Guangdong provinces (except Shenzhen) are planning to enter the gem.

Compared with Ke Chuang Chuang, the types of enterprises listed on GEM are more abundant, which come from 47 SFC industries. There are many housing industry, Agro food processing industry, entertainment industry, press and publication industry.

However, high-tech and strategic emerging industries still have absolute quantitative advantages. Among them, the number of computers, telecommunications and other electronic equipment manufacturing enterprises is the largest, up to 22, the software and information technology service industry ranked second, the number of enterprises is 16, and the specialized equipment manufacturing industry and the special equipment manufacturing industry are third respectively in the number of 11 enterprises.

In addition, there are 6 strategic emerging industries, such as pharmaceutical manufacturing and automobile manufacturing.

"The gem should be in line with some of the innovative cities in Shenzhen. It is not limited to the six major industries of the science and technology board. It is more inclusive. This can also form the appropriate factors for dislocation competition. The gem must be different from the" Chuang Chuang board "," new three boards "and" motherboard ". The differentiation is more conducive to reform and sustainability. Beijing a brokerage investment bank department pointed out.

As opposed to the growing queue of gem, the pace of IPO audit this year has been quite stable.

So far this year, as of November 5th, the number of enterprises examined by the trial committee has been 214 times, of which 188 have been listed, accounting for 87.8%. The 57 applications will be audited on the GEM listed companies, and the proportion of the 43 enterprises will be 75.44%. In addition, in the past two weeks, 14 enterprises will be audited, two of which are reporting enterprises for gem.

This year, as of November 5th, 38 enterprises have successfully landed on the market. Most of the first three quarters of the net profit level has increased significantly, achieving the double growth of performance and share price.

Among them, "Daniu" Zhuo Sheng Wei has risen to 712.10% as of now, and realized net profit of 321 million yuan in the first three quarters of 2019, an increase of 136.07% over the same period last year.

Looking forward to the registration system reform of gem

With the central high level intensive emphasis on promoting the reform of the gem, the market is looking forward to the reform of the gem, and the industry is also conjectures the path of the gem reform. Among them, the "new and old delimitation" and "industry inclusion" proposed by the "registration system" are the hottest topics in the market.

"The core of this gem reform is the registration system. If we want to make a registration system on the gem, unlike the science and technology board, it is a new market. The gem has been running for ten years. On this basis, the reform is more complicated and involves a lot, so we can make a stratification." Another large broker pointed out.

However, unlike the industry requirements of the science and technology board, many people in the industry expect the gem to be more inclusive in the industry.

"GEM has a unique advantage, which can be more inclusive in terms of access to the industry. It is not only companies with strong attributes, but strong growth companies. Some traditional enterprises are also growing well, and businesses that are innovative in business models can also be listed if they can grow well. The broker said.

In addition to the registration system, market participants also have many expectations for the merger and reorganization system and the lock up period of the gem.

The broker said, "the lock up period for pre listing shareholders is not so long. Many PE have been with the company for several years. The regulatory object should be the controlling shareholder. If the controlling shareholder is reduced to a certain proportion, the controlling power will be changed, or there is no actual controller. But in general PE institutions, the restrictions can not be that long.

In response to mergers and acquisitions and refinancing of listed companies on GEM, a large brokerage firm in Beijing pointed out that the refinancing function of GEM has not been fully realized, and the financing conditions need to be relaxed.

Specifically, many market participants pointed out that specific measures to relax mergers and acquisitions and refinancing include reorganizing the audit to the exchange, releasing restrictions on the floor price of the transaction, approving and issuing stocks for a number of times, financing and completing payment in stages.

Insiders pointed out that if the future gem reform is to set up a new standard (to adapt to the new enterprise), then the listed stock enterprises can make use of the means of refinancing, mergers and acquisitions that have been launched, so that the stock companies of the original market will gradually reach the new standard.