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The first batch of select-tier companies may be released at the end of April.

来源:证券日报 2020-01-21 07 : 16Source : Securities Daily

Host Di: On January 19, the national stock transfer company issued the third batch of new three-board comprehensively deepened reform of the relevant business rules. Today's newspaper focused on the new third board reform, sorted out the rhythm of the implementation of the new third board reform documents, and interviewed experts and scholars from the perspective of the transfer board system and the third batch of new third board deep reform rules.

Our reporter Wu Xiaolu

On January 19, the national stock transfer company issued the implementation of the third batch of new third board to comprehensively deepen the reform of relevant business rules. At this point, the seven basic business rules that have been profoundly modified by the New Third Board have all been released and implemented, and qualified enterprises can carry out the application at the selection level.

Industry insiders predict that the earliest batch of select-tier companies will land as soon as the end of April or early May this year. Because it will take a year for select-tier companies to apply for transfer listing, the transfer listing rules that the market is concerned about will not be announced too soon.

Since the CSRC announced the launch of the new third board reform on October 25, 2019, less than three months, the CSRC and the national stock transfer company have announced the implementation of the new third board reform supporting rules and deep-change business rules in three batches. A public consultation fund has also issued a draft of the new third board selection layer.

On December 20, 2019, the CSRC revised the "Measures for the Supervision and Management of Non-listed Public Companies", issued the "Measures for the Management of Information Disclosure of Non-listed Public Companies," and issued and implemented two basic documents for the reform of the New Third Board. The release series laid the foundation for deep-changing business rules. On January 13 and January 19, the China Securities Regulatory Commission successively issued letter format requirements for targeted issuance, innovation and basic company annual reports, and public issuance.

On December 27, 2019, the National Equity Transfer Company announced the implementation of the first three business rules of the New Third Board, including hierarchical management, trading rules and investor suitability rules. On January 3 and January 19, the National Equity Transfer Company It has successively issued and implemented the rules of targeted issuance, letter and corporate governance, and the rules of public issuance, issuance underwriting and sponsorship. At present, the seven basic rules of the new third board have been efficiently and gradually implemented.

Zhu Haibin, head of research on the new third board of Anxin Securities, told the Securities Daily reporter that since the Securities Regulatory Commission announced the launch of the new third board reform, in more than two months, the Securities Regulatory Commission and the National Stock Exchange have announced three batches of reform policies. It's very fast and the rhythm is very stable.

"The reform of the New Third Board Selecting Layer is a one-off change that will affect the whole body. After success, it will drive the innovation layer and the basic layer, and even the new third board market will form a new ecological balance." Zhu Haibin said that the CSRC had previously held on multiple occasions. As well as the focus of work in 2020, the importance of the new third board reform has also been mentioned, and it has been raised to an unprecedented height. It is necessary to ensure the smooth implementation of the new third board reform.

According to industry insiders, before the application process of the selection layer is completed, the companies that are expected to meet the conditions of the selection layer have contacted the intermediary agency for guidance to prepare to apply for the preliminary work of the selection layer. The application of the selection layer generally requires 2 Months completed.

In addition to the application of select-tier companies, the transfer of listing is also the focus of attention in the industry. Earlier, the relevant person in charge of the national stock transfer company stated that companies that have been listed on the select layer for one year and meet the requirements of the Securities Law and the relevant provisions of the exchange can no longer follow the traditional path of public offering and go directly to the exchange. Apply for transfer listing.

"The transfer listing process, time, transfer arrangements, and exchange review points are all the market's focus." Zhu Haibin said, "According to existing regulations, there will be only the first batch of transfer listed companies in 2021. So the transfer listing rules will not be announced too soon. "

"At the time of the deep reform and launch of the New Third Board, the topic that most companies ask most and most importantly is the issue of transfer board. The next wave of dividends of the New Third Board should be listed on the transfer board." "Securities Daily" reporter said.

Bu Naxin believes that the design of the transfer listing system is the focus of the new third board. After the implementation of the new "Securities Law", the registration system will be gradually implemented. China's securities market will face a "dual-track system" for a period of time. The market will simultaneously accommodate and co-exist a registration system and an audit system. The next step of the NEEQ is likely to be a " "Bridge", will be the most in-depth docking and link review system and registration system.

"Securities Daily" reporter According to Oriental Fortune Choice statistics, as of January 20, a total of 92 NEEQ companies have listed A shares, of which 16 are science and technology board. In addition, 7 NEEQ companies have already applied for the listing of the science and technology board, and 3 of them have submitted registration.

Zhu Haibin said that these companies that have already transitioned have proved that there are quite a few high-tech innovative companies in the New Third Board. In addition, after the transition, these companies have also brought better returns to original investors, Also brought some fresh blood to the A-share market.

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(Responsible editor: Wei Jingting)