it is worth noting that there are two ways to list the innovation layer. Enterprises can first list the basic layer, meet the conditions and then transfer to the innovation layer; if they meet the conditions of directly listing the innovation layer, they can also directly enter the innovation layer.
Last night, the new three-board market tiering system was announced. In the evening, the listed companies of the national share transfer system for small and medium-sized enterprises announced the "measures for the hierarchical Management of the listed companies of the National share transfer system for small and medium-sized Enterprises (for trial implementation)" (hereinafter referred to as: the new three-board hierarchical Management measures). Since June 27, 2016, the National Stock transfer Company has formally implemented hierarchical management of listed companies, setting up innovation layer and foundation layer.
it is worth noting that there are two ways to list the innovation layer. Enterprises can first list the basic layer, meet the conditions and then transfer to the innovation layer; if they meet the conditions of directly listing the innovation layer, they can also directly enter the innovation layer. If the performance of the company does not meet the requirements after listing the innovation layer, it is also possible to return to the basic layer from the innovation layer. Adjust the level of listed companies on the first transfer day of the last trading week in May every year according to the conditions of the new third board research team of Anxin Securities, according to the conditions of the "new third board hierarchical management method", about 16% of the high-quality listed enterprises can enter the innovation layer, and 1124 meet the requirements. Fang Minjie, partner and deputy general manager of Shanghai Xinghong assets, said to Mustang Finance that the introduction of the hierarchical system is of great help in standardizing the new third board market, which was mixed before, and some companies that cash out and cheat money in the name of equity financing are harmful to the market. Now stratification can distinguish some really innovative enterprises and get more resources and financial support, which is conducive to the healthy development of the market. but Sheng Xitai of Hongtai Fund believes that instead of raising liquidity from the source, it is probably a palliative rather than a permanent cure for the already meagre liquidity to be directed to the "innovation layer." however, the market generally believes that the introduction of the hierarchical system marks a new stage of development of the new third board market. On the one hand, excellent companies with real potential will be born in the innovation layer, and supervision will be gradually strengthened from this sector, and the market will move towards standardization. On the other hand, because they do not enter the innovation layer, the stock prices of ordinary enterprises will fall, and many enterprises will have investment value when prices are low, which will attract more institutional investors, and the market liquidity will be improved objectively. Today's transaction data of the new third board market are very popular for the landing of the hierarchical system. Today, the new third board market-making transfer of 744 shares, the number of shares: 66.4191 million shares, the transaction value of 326 million yuan; the agreed transfer of 200 shares, the number of shares: 82.9772 million shares, the transaction value of 308 million yuan. The total transaction volume was 634 million yuan, exceeding the recent daily turnover of 450 million yuan. < strong > Capital and Policy tilt Innovation layer < / strong > according to the reporter's understanding, the national share transfer system for small and medium-sized enterprises (hereinafter referred to as: stock transfer system) has organized several rounds of technical tests prepared for layering, and a simulation test of preferred stock transfer has been carried out this week. as early as November 24 last year, the stock transfer system issued the "layering Plan for listed companies of the National Stock transfer system (draft for soliciting opinions)". The new third board listed companies are initially divided into innovation layer and basic layer, and differentiated institutional arrangements will be implemented after layering. With the development of the market, the relevant levels are optimized and adjusted. the tiering scheme disclosed this time, there are three thresholds for entering the innovation layer from the ordinary layer, and you can directly enter the innovation layer if you meet one. However, if an enterprise has never completed a transaction since its listing, has never carried out financing of more than 10 million yuan, or has been subject to administrative punishment by the China Securities Regulatory Commission because of violations of information disclosure, corporate governance, trading, and so on, or is being placed on file for investigation, even if it meets the standards of the innovation layer, it shall not be selected. according to the new third board investors interviewed by Mustang Finance, these three sets of standards assess the different capabilities of enterprises. the first set of standards takes enterprise profitability as the assessment index: the average net profit in the last two years is not less than 20 million yuan, and the return on net assets is not less than 10%; the second set of standards assesses the high growth of enterprises: the equity is not less than 20 million yuan, the average operating income in the past two years is not less than 40 million yuan, and the compound growth rate is not less than 50%. the third set of standards is the market recognition of enterprises: the shareholders' equity in the last year is not less than 50 million yuan, the average daily market capitalization in the past three months is not less than 600 million yuan, and the number of market makers is not less than 6. At the same time, there are not less than 50 qualified investors. Xia Chunxi, chairman of Century Longwen, a new third board company that focuses on "value management", told reporters that it accords with the index of innovation layer. He said that after entering the innovation layer, regulators will implement differentiated institutional arrangements, tilting towards innovative companies in terms of resources and capital, and the company will usher in opportunities for great-leap-forward development. Wang Jingan, chairman of China Control Zhaopin, said that he originally planned to install his consumer treasure business in the field of Internet finance into the new third board company, but it was not pretending due to the regulatory influence that similar financial institutions could not list and raise funds. Last year's data do not meet the requirements of the innovation layer, and we need to continue our efforts this year. Zhao Jun, a market analyst on the new third board, believes that enterprises that enter the innovation layer will have a preferential advantage in terms of funds and policies. < strong > Private placement to solve liquidity < / strong > as of May 26, there were 7377 companies listed on the new third board, an increase of nearly two times over the same period last year, but the new third board market-making index has been down all the way since its peak of 2673 points in April 2015, and has hovered around 1200 points in the last six months. Today, the intraday low was 1181.44 points. In 2015, the daily transaction volume was about 200 million yuan. Throughout the year, 2895 companies did not trade, accounting for about 50 per cent of the market at that time. while 1200 points is considered to be the break-even point for market makers on the new third board last year, falling below 1200 points, market makers are basically "losing money and making money". According to the Economic Herald, there has been a phenomenon of institutional investors leaving the market on the new third board: as of April 30, the number of investment projects of institutional investors on the new third board has dropped sharply to 62 from 1190 at the end of December last year, and the amount of investment has dropped sharply from 15.2 billion yuan to 600 million yuan. recently, Zhang Xiaojun, spokesman for the Securities Regulatory Commission, disclosed that the Securities Regulatory Commission is preparing to carry out pilot work for private equity fund managers to participate in the new third board market making business. The national equity transfer system shall specifically handle the filing management of private equity institutions to participate in the pilot project, and clarify the qualification conditions from the aspects of capital strength, professionals, business plan, information system, and good faith records, in accordance with the principle of "steady start". Select the best institutions to carry out the pilot. Zhao Jun, a market analyst on the new third board, believes that allowing private equity firms to participate in market-making business and want to be players who increase the entire market will help to increase the liquidity of the new third board. < strong > Mutual funds do not enter the innovation layer for the time being < / strong > according to the announcement of the national share transfer system for small and medium-sized enterprises, after rectification and reform in accordance with the relevant regulatory requirements, those who meet the standards of the innovation layer can enter the innovation layer. Micro-loan companies, financing guarantee companies, financial leasing companies, pawnshops, commercial factoring companies and Internet finance and other special industries listed companies, until the relevant regulatory policies are clear, do not enter the innovation layer. Fang Minjie, partner and deputy general manager of Shanghai Xinghong assets, said to Mustang Finance and Economics that the information revealed by the Securities Regulatory Commission at today's press conference is similar to the idea of hierarchical management, and the door for similar financial enterprises like Internet financial enterprises to list is basically closed. Those that meet the requirements can be listed, either financial institutions or financial enterprises with concurrent licenses approved by relevant state institutions, such as financial enterprises with fund sales qualifications and insurance agency qualifications, can be listed if they meet the conditions, and specific detailed rules for the management of financial institutions and similar financial institutions will certainly be issued in the later stage. at present, there are eight companies related to Internet finance in the new third board market, and four are wholly-owned subsidiaries of the new third board listed companies. These four are PPmoney of Wanhui Jinke, Golden Egg Financial Management of soft Intelligence Technology, Tuandaiwang of Light and Shadow, and Wenshang loan of porcelain Jazz. in addition, Jiawang acquired a 30 per cent stake in Anxin loan, Jiuding Investment, the parent company of Jiuxin Financial, owns 77.02 per cent of Jiuxin assets, Zhongyingxin owns 19 per cent of Hengfu online, and Dafu Decoration owns 10.67 per cent of Lok Jin Institute. < strong > Policy liberalization after rectifying and standardizing < / strong > the signal sent out by the CSRC at today's press conference means that the new third board of similar financial institutions has been restarted. Prior to this, the relevant state departments have begun a round of rectification and regulation of Internet finance and private equity institutions. in January this year, the listing of similar financial enterprises on the new third board was temporarily suspended by the CSRC. A total of 12 listed private equity fund managers have been affected by the funding suspension, with an estimated total financing of 12.794 billion yuan, according to the 21st Century Business Herald. after the Spring Festival, local financial offices and many ministries and commissions launched a round of Internet financial rectification work. On the 19th of this month, some financial institutions have successively studied and implemented the "implementation Plan for the Special rectification of Internet Financial risks" formulated by the State Council. on the eve of the Spring Festival, the China Fund Industry Association successively issued "guidelines on Internal Control of Private Investment Fund managers", "measures for the Administration of Information Disclosure of Private Investment funds", "announcement on further standardizing the Registration of Private Investment Fund managers" and other important documents, which were called "the most stringent supervision period in history" by private equity institutions. On April 23, many bosses of private equity funds who have been engaged in private equity for many years also took the qualification examination. after the centralized rectification of these two industries, the risks accumulated in the market have been released a lot.
Edit: yvonne
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