While fighting the impact of the new crown pneumonia epidemic, the preparation of the selected layer of the new third board is also in full swing.
According to the notice of the Beijing Securities Regulatory Bureau, the Beijing Securities Regulatory Bureau will start the public offering acceptance work of the listed companies in the jurisdiction, and from February 10, 2020, it will accept the counseling filing materials from the sponsoring institutions, which also means that the public offering of the selected layer in Beijing will be fully launched. Zhou Yunnan, founder of the New Third Board Investment Institution and Beijing Nanshan Investment, said that this is the first notice of the selection layer counseling and acceptance work issued by the local securities regulatory bureaus across the country, which allows the local securities regulatory bureaus to have a direct reference sample, and also allows the counseling brokers to have a policy basis, and many new third board enterprises to select the layer have taken a reassuring pill.
Up to now, there are 23 enterprises such as Beiterui, Su Axis Shares, Fangda Shares, Huanyu Jianke, Sihan Technology, Lierda, Anruisheng, Huayang Variable Speed, EasyMarketing Technology, Hailong Nuclear Branch, Yuwang Jianneng, Xinanjie, Audiwei, Suzhou Bearing, Kangping Tieke, Meilan Shares, Tonghui Information, Qiangshan Agriculture and Animal Husbandry, Jiaxian Shares, Techen Technology, Tiangong Shares, Xinrongchang, Isai Beef and so on.
Among them, some companies have issued indicative announcements on the listing of the selected layer counseling filing, such as Bertrui has submitted to the Shenzhen Securities Regulatory Bureau on January 23 the counseling filing materials for the public offering of shares to unspecified qualified investors and listing on the selected layer, and the counseling filing has been accepted by the Shenzhen Securities Regulatory Bureau.
The new third board selected layer counseling filing was launched
The public offering of selected layers in Beijing has been fully launched. The Beijing Securities Regulatory Bureau issued a notice clarifying that sponsoring institutions will be accepted to submit counseling filing materials from February 10, 2020.
The Beijing Securities Regulatory Bureau will focus on the acceptance of the effect of the sponsor institution's training on the integrity awareness, self-discipline and legal awareness of the securities market of the directors, supervisors and senior management personnel, shareholders holding more than 5% of the shares and the actual controller (or their legal representatives), and after the acceptance is passed, the "Letter of No Objection to the Counseling Work" will be issued to the sponsoring institution.
For a listed company that has already been counseled for the record, the sponsoring institution only needs to submit an application for the proposed change of the target plate, and there is no need to withdraw the re-application for the counseling filing, and the Beijing Securities Regulatory Bureau will no longer issue a new acceptance letter; for the listed company that has completed the counseling acceptance, the sponsoring institution can directly declare without re-counseling and acceptance.
According to the relevant personnel of the national stock transfer company, companies that have passed the acceptance of the A-share sector such as the ChiNext board can directly transfer to the selected layer without re-counseling.
Zhou Yunnan pointed out that this will greatly shorten the New Third Board enterprises that are already in the IPO counseling process, which is a policy benefit for the New Third Board enterprises in the IPO counseling process, the companies listed in the IPO queue and the New Third Board enterprises that have just terminated the IPO queue.
As of February 11, a total of 23 companies have announced the declaration of the selected layer, of which Beiterui and Su Axis have successively announced that they have entered the counseling stage of the selected layer; Fangda shares and Huanyu Jianke have launched the public offering before the listing of the selected layer; and 18 new third board companies have passed the board resolution to enter the selection layer.
Regulatory research on the New Third Board companies is also underway. China Construction Information recently announced that Lu Qian, deputy director of the Beijing Supervision Bureau of the China Securities Regulatory Commission, Yin Hao, director of the Science and Technology Finance Division of the Zhongguancun Management Committee, and Yin Shu, deputy director of the National Stock Transfer Company, have carried out research work on the company. Lu Qian learned more about the company's operation and encouraged the active use of the capital market to serve the economic development of the capital.
According to the analysis of Yuekai Securities, according to preliminary calculations, more than half of the above-mentioned listed enterprises temporarily meet the access standards of the selected layer. The brokerage firm expects that with the passage of time, more enterprises that meet the access criteria of the select layer will be expected to join the lineup of proposed declarations, which fully reflects the urgency of excellent innovation layer enterprises to enter the selected layer.
According to the rules, the counseling filing is the first step in the preparation of the selected layer, after which there are also procedures such as csrcover counseling, national stock transfer company review, and CSRC review before it can be publicly issued.
The implementation of the policy is expected to make further efforts
"The epidemic has still had a certain impact on the preparation of the selected layer." An investment banker of a securities company said that the development of audit work and the implementation of the sponsorship work of the sponsoring securities company require on-site participation, including market training, counseling acceptance, and due diligence are currently in a semi-stranded state, which requires further clarification of policies and improvement of technical methods.
The market has generally expected that the first batch of selected layer enterprises will be listed or postponed, "because the time of the end of the epidemic cannot be predicted, the counseling period must have on-site research and other links, the work efficiency of regulatory authorities and sponsoring institutions will also be affected, and the launch of the selected layer may be delayed, catching up with the stratification time point in May." The listing person said.
At present, there are already some policy support, such as the national stock transfer company to clarify the epidemic prevention and control period, all the declaration materials of the new third board are changed to electronic declaration, using off-site, green channels, special personnel docking and other new methods and new means to promote the implementation of reform, especially the landing of the selection layer policy and the listing of the first batch of selected layer enterprises, after the end of the epidemic to restore normal declaration methods; the Beijing Municipal Government introduced the "16" measures to promote the development of small and medium-sized enterprises, clearly pointing out that actively promoting the IPO of listed companies, The innovative layer enterprises of the New Third Board apply for the counseling and acceptance work of the selected layer, and adopt flexible and efficient methods such as off-site counseling and acceptance.
At present, for listed companies in Hubei and other serious epidemic areas and listed companies that raise funds mainly in the field of epidemic prevention and control and intend to apply for public issuance of shares and list on the selected layer, from now until the end of the epidemic, the national stock transfer system opens a green channel for consultation, sets up a special consultation telephone for enterprises in the above regions and fields, and has special personnel answer and answer consultation questions, and special personnel connect with the above-mentioned declaring enterprises and intermediaries to conduct special research and special answers to their special difficult problems in the due diligence and declaration process. Help enterprises to prepare for filing as soon as possible.
At the same time, flexible measures adopted by the National Equity Transfer Company to allow the application for the extension of the issuance of the private placement, the application for the extension of the disclosure of major asset restructuring, and the application for the extension of the disclosure of the periodic report can also solve the phased difficulties faced by the listed enterprises. In the long run, the implementation of a series of deepening reform measures with the selected layer as the core, improving the financing efficiency of small and medium-sized enterprises, and optimizing the financing structure of small and medium-sized enterprises will be the most effective support for epidemic prevention and control and enterprise development.
Xu Ming, general manager of the National Stock Transfer Company, issued a signed article on February 6, pointing out that he firmly believes that the epidemic will not continue for a long time, and the measures and direction of the reform of the New Third Board will not change because of the temporary difficulties caused by the epidemic. However, the implementation of the rules also needs to be implemented, and the industry generally recommends that the off-site method should be flexibly used.
The person in charge of the investment banking department of Guodu Securities said that at this stage, the New Third Board can solve the technical problems of the IPO of the proposed listed company and the innovation layer of the New Third Board in the stage of epidemic prevention and control by adopting off-site methods for counseling and acceptance, and requires local governments to coordinate enterprises to cooperate with them, such as expanding the online service platform.
Some insiders suggested that local governments can also actively guide qualified innovation-level enterprises to report to the selected layer, and the basic layer can use the annual layer adjustment opportunity to enter the innovation layer and establish a green channel to help enterprises solve problems in project approval, environmental protection, and taxes. At the same time, we will promote the listing of unlisted high-quality enterprises, make good use of the reform dividend, and strengthen the docking of existing listed companies.
In addition, it is worth noting that the select layer concept stocks have been sought after by the market, according to the statistics of Yuekai Securities on the company's stock trend performance, the average increase of enterprises that temporarily meet the access criteria of the select layer is 17.6% in the first trading day after the announcement, while the average increase of enterprises that do not meet the access criteria of the select layer is only 3.5% in the first trading day after the announcement, so investors need to be more cautious about the concept stocks of the selected layer, judge the possibility of the company being truly selected in the selected layer, and invest from the perspective of value.
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