In 2021, The New Third Board Will Be Connected With The Science And Technology Innovation Board And The Growth Enterprise Market

"396 companies, 470 billion yuan", just past 2020, IPO performance of A-share market is eye-catching.

According to wind statistics, a total of 396 companies in the A-share market achieved initial listing in the whole year, with a total financing amount of 469.963 billion yuan, a new high since 2011. The number of IPOs and the amount of financing increased by 95.07% and 85.57% respectively.

Not only the IPO data, but also the IPO data in 2020 has reached a historical high. In that year, the development and Examination Committee of the Securities Regulatory Commission, the municipal Party Committee on the science and technology innovation board and the growth enterprise market examined 633 companies, of which 604 passed the meeting, and the overall passing rate reached 95%.

It is worth mentioning that 171 of the 604 listed companies were delisted and re listed in the new third board market, becoming a group that can not be ignored in the IPO market.

And for the new three board listed enterprises, the long-term market call for the transfer board system has entered the practical stage.

At the end of 2020, Shanghai and Shenzhen stock exchanges successively solicited opinions from the market on the measures for listing on the stock exchange. It is pointed out that enterprises which have been listed in the selected layer of the new third board for more than one year and there is no situation that should be transferred out of the selected layer in the latest year, can apply for listing on the science and technology innovation board and the gem. This also means that companies listed on the new third board do not have to delist and re list, and the channels linking the A-share capital market can be unblocked.

Xie Geng, chairman of the national equity to equity company, pointed out in an interview with the 21st century economic report that the establishment of the board transfer mechanism not only provides enterprises with a new path of "financing, trading and listing at the same time", but also can take into account the development of the main business and the capital market planning, making the development expectation clearer and the rising track more coherent. It also makes the convergence between the various sectors of the capital market more smoothly, realizing dislocation development, mutual cooperation and organic coordination.

IPO contribution proportion of new third board enterprises continued to increase

Comparing the historical data of IPO vertically, in 2020, when the registration system is gradually spreading, 604 participating enterprises and 95% meeting rate have reached the highest value since 2011.

Among them, the science and technology innovation board and the growth enterprise market, which took the lead in pilot registration system, carried a large number of new shares. In 2020, the number of entrepreneurs approved by the relevant municipal committee reached 218 and 209 respectively. In contrast, only 177 companies have been approved by the issuance and Examination Committee of the main board and the small and medium-sized board, and the expansion effect of new shares under the registration system is obvious.

According to the statistics of Anxin securities, among the 604 enterprises that have been listed on the new third board, 28.31% have contributed to 171 enterprises. Among the IPO enterprises on the main board of small and medium-sized board, science and technology innovation board and gem, the former new third board companies accounted for 18.64%, 29.36% and 35.41% respectively.

After excluding the enterprises whose market value was less than 500 million yuan at the time of delisting from the new third board, the average first day return rates of the former new three Board companies listed successfully after delisting in 2020 were 529%, 241%, 361% and 211%, respectively.

"From these data, we can see that the previous new third board market is not lack of valuable excellent enterprises." Cao Gang, Zehao's investment partner, said that after the registration system relaxed the financial audit conditions and the science and technology innovation board included the growth enterprises into the listing targets, a large number of the original middle and early-stage enterprises in the new third board market had the opportunity to link with the A-share market.

"Moreover, judging from the large amount of data reported by the original new third board companies for listing on the science and technology innovation board and the growth enterprise market, there is no lack of enterprises with science and technology innovation attribute in the new third board market. From the perspective of the rate of return, the scientific and technological innovation value of these enterprises has also been recognized by investors in the secondary market of a shares. " Cao Gang said.

Transfer board, science and technology innovation board, growth enterprise market more smooth

In the future, after the implementation of the new three board transfer system, the channels for listed companies to link the A-share market will be more smooth.

Wang Junguo, chairman of the guide fund, pointed out that from the perspective of enterprises listed on the new third board, before the implementation of the selective layer transfer policy, the IPO of new third board enterprises needs to complete the IPO through a long IPO queue as ordinary enterprises. After the introduction of the listing policy, the listing of enterprises will be more convenient. "The new third board companies can apply to the exchange for board transfer after one year of listing at the selected level, and the exchange will give an official reply within two months, so the listing efficiency is much higher, and enterprises also save a lot of listing expenses.".

In addition, according to the reporter's observation of the 21st century economic report, compared with the impact on the A-share market after delisting, the enterprises listed on the new third board are more inclined to achieve listing directly through the transfer board.

"At present, the company is in line with the gem listing standards, but not much higher than the standard. So also want to be listed first, select layer, in the market stable operation for a period of time, directly to the board listing. " Have Beijing area new 3 board innovation layer enterprise Dong secretary said.

"Recently, there has been a significant increase in the number of selected projects that we have reserved. The securities companies are not very keen to suggest what path the enterprises should take. Most of them are based on their own choices." There are domestic small and medium-sized securities companies, new third board business personnel also said.

However, some investors in the securities industry pointed out to the reporter of the 21st century economic report that at present, the enterprises listed on the new third board are more inclined to be listed on the second board, because the quality of the enterprises is relatively poor. "Before can IPO directly all delisted, should go up. The remaining enterprises still need sufficient development period, and the new third board selection layer just provides such a platform. ".

But in any case, the "gap" between the new third board and the A-share market is about to open. According to the current rules, the new third board enterprises must meet the rigid conditions of "listing for one year at the selected layer", which also leads to the hot pursuit of the selected layer by listed enterprises. According to the data of stock to company, 244 companies have disclosed relevant announcements about preparing for public offering and entering the selection layer. A total of 120 companies have been accepted. More than 70% of the innovative companies plan to enter the selective layer in public offering within 1-3 years.

In the view of market participants, there are still problems to be solved in the detailed rules of transfer board at the stage of soliciting opinions, and the channel of transferring board is not completely unblocked.

"At present, the selection level audit reflects the spirit of the registration system, and most of the enterprises absorbed have the attribute of scientific and technological innovation. Financial enterprises like Yongan futures are not allowed to list on the selective level. For example, Yongan futures, a leading futures company, can only apply for IPO after delisting. From this point of view, the channel between the new third board and a shares has not yet been fully opened. " There are senior investment banks in Beijing securities companies said.

At the same time, he pointed out that at present, the stocks obtained by the innovation layer and the basic layer of the new third board are exempt from individual income tax when they are sold in the selected layer? This may be the details that investors are most concerned about, and it is also where the regulatory authorities need to further refine and clarify. "

In addition, many market participants are also worried about whether the "market value" of selected layer listed enterprises will block their listing on the board.

According to the measures for listing on the transfer board, the estimated market value in the relevant market value indicators of the company shall be subject to the lower of the arithmetic mean value of the closing market value of the 20 trading days, 60 trading days and 120 trading days before the application date of the company's application for listing on the stock exchange.

"On the whole, the stock prices of the selected listed companies are relatively low, and there are many small cap stocks, which makes it difficult for their total market value to meet the minimum market value requirement of 1 billion yuan listed on the science and technology innovation board or gem." There are securities companies new third board practitioners said.

According to the closing price on January 27, 23 of the 45 selected listed companies have a total market value of less than 1 billion yuan. However, it is worth mentioning that the standard of gem listing under the registration system does not require the market value of the enterprise. It only needs that the net profit of the enterprise in recent two years is positive, and the accumulated net profit is no less than 50 million yuan.

"This may lead to more cases of selective enterprises seeking gem to be listed on the gem in the future, and from the perspective of the requirements for the scientific and technological innovation attributes of enterprises, the gem is relatively more relaxed." The above practitioners said.

Investment institutions compete to set up concept companies

However, in recent years, there has been some "spring agitation" in the selection market, and the "market value problem" of listed companies may be solved with the improvement of market activity.

From the public data point of view, the two enterprises listed in the selection layer have good performance recently. Among them, Gaishi food, which was listed on January 12, opened high on the first day and went high, which directly increased by 33.05%, with the highest rise of 60%, triggering a temporary stop. On January 25, the driving force was officially listed in the selected layer, and the share price was also high, with the closing price up 51.6% compared with the issuance price. In addition to the above-mentioned two new shares, including tongshare technology, Bingyang technology, Fujida, Liancheng CNC and other selected layer stocks also recently set a new high after the listing of the selected layer.

As for the recent active performance of the select layer market, Liu Jing, the research director of the new third board of Shenwan Hongyuan Securities Research Institute, believes that in addition to the good leadership of Liancheng numerical control and other fundamentals, the recent new shares of the selected layer are also relatively active, and the profit-making effect of the selection layer is significantly improved.

"Select layer began to appear speculation new signs, stock performance forecast also provides support for the stock price." Zhou Yunnan, founder of Beijing Nanshan investment, said.

Wang Junguo also pointed out that Gaishi food and its driving force have the common characteristics of low fund-raising, low expected P / E ratio, less equity, low market value, and certain themes. "From the perspective of chips, according to our calculation, after the initial issuance, the circulation market value of Gestalt food and driving force is 93 million and 104 million respectively, which is at the tail of the circulation market value of all selected companies. From the basic point of view, Gestalt food has the concept of fishing on the sea bottom, while the driving force is expected to increase greatly. Such chip distribution and more sexy themes have great attraction for new funds. "

Just on January 27, the selection layer also ushered in the first batch of strategic investors holding the placement shares to be lifted. Previously, market participants have been worried that the batch lifting of the ban on war investment will put pressure on the stock price of the whole plate. But judging from the market data of the day, the market as a whole runs smoothly, and individual stocks rise and fall. "The biggest drop in stocks did not face the pressure of lifting the ban, more profit taking after the recent increase." Cao Gang said.

What is more worth mentioning is that in addition to the selected layer, the new third board fixed increase market also shows signs of recovery in the near future.

According to wind statistical data, since the fourth quarter of 2020, the number of companies issuing fixed increase plans has increased significantly. Since the beginning of 2021, 42 enterprises have issued fixed increase plans, and 77 enterprises have issued plans in November 2020. Before that, most of the companies listed on the new third board which issued the fixed increase plan in a single month were single digits.

"The new third board needs the active selection layer to activate the entire market." According to Wang Junguo's analysis, the clear policy of selecting layer to board has increased the attention and activity of the selected layer, investor confidence is being activated, and investment has a more clear and convenient exit way. Some high-quality companies in the innovation level and even the basic level have stable fundamentals, clear track and strong competitiveness, which meet the requirements of the selective layer and even the listing on the transfer board. The willingness of investment institutions to participate in the investment of relevant stocks through fixed increase and other means is increasing.

On the other hand, for investment institutions, Wang Junguo believes that after the invested enterprises are listed on the selective layer transfer board, there is no lock-in period, and they can be sold directly on the first day of listing, which can greatly shorten the investment period and increase the flexibility of investment exit. This has also stimulated a number of institutions to preempt the layout of the new three board listing companies with the concept of transfer board.

"The most ideal state is that under the stimulation of the transfer board system, the selection layer can meet the direct financing needs of listed enterprises, and enterprises that have reached a certain stage of development will consider listing on the stock exchange." Cao Gang said.