The New Three Board Expansion Is Waiting For Five Suspense: Can It Be Listed On The Market?

According to the first draft, market maker system and continuous auction will be implemented in the new three board market. transaction The institutional arrangement for making two elections is also sponsored. Broker Either the market maker system or the continuous auction trading system will be chosen. The new three boards will implement the filing system, that is, as long as the relevant listing standards are met, they can be filed and applied. Listing 。 But the possibility of registration system will not be ruled out in the future.

In the future expansion plan of the new three boards, enterprises may still be allowed to be listed. The new three board enterprises can not only transfer to the gem, but also to the small board and the main board.

The reporter learned that the new three board expansion plan that has been completed in January this year has not yet been finalized. A person close to the new three board expansion plan drafting group revealed that, based on prudent principles, the regulatory authorities needed further investigation and solicitation for the draft. According to the Securities Times reporter, the new three board expansion is still in the market maker system, the scope of listing, audit system, listing standards, financing and transfer board 5 aspects of suspense, but it is not clear whether there are still other problems.

Suspense one: market maker system or continuous auction system?

It is understood that, in accordance with the practice of overseas markets, the OTC market usually implements a market maker system. The so-called market maker system refers to the securities companies as franchisee dealers, and at the same time, they share the information of bilateral quotations for investors to buy and sell, and buy and sell transactions with their investors with their own funds and securities at the quoted prices.

According to a person close to the new three board expansion plan drafting group, "according to the first draft, the new third board market will implement a system arrangement of market making business system and continuous auction trading system with two options", that is to say, host securities firms either choose market maker system or choose continuous auction trading system.

Such a system of two options has aroused wide discussion among brokerages. The relevant person in charge of a securities brokerage in Shanghai believes that the "two choice one system" is neither a pure market maker system in overseas markets, nor a mixed market maker system. It is suggested that adjustments should be made.

According to the reporter, the so-called mixed market maker system means that the hosting broker has two qualifications, namely, a market maker and a continuous auction transaction, and a client who hosts the broker can freely choose a market maker transaction or a continuous bidding system transaction.

"We should give customers the option rather than the broker." The responsible person said.

Suspense two: is the first pilot park 20 or 84?

According to the disclosure, "according to the first draft, as long as it is a state-level high-tech park, it can be incorporated into the scope of the expansion of the new three boards." According to the press, the number of national hi tech parks in China is 84.

However, the head of a Shenzhen investment bank believes that in the final finalization, the number of high-tech parks entering the first batch of pilot projects will be far less than 84. The expansion of new three boards is a continuous process. After the first batch, the second batch and the third batch of pilot projects will be launched quickly.

In the eyes of the heads of the investment banks, the first batch of pilot parks will be the appropriate proportion in about 20 households.

Suspense three: approval system or filing system or registration system?

What kind of listing system will be implemented in the new three boards in the future? Is it similar to the approval system of A share board, small and medium board and gem, or is it similar to the filing system of American Depository Receipts (ADR), or is it similar to the registration system of the OTC Electronic trading market (OTCBB) in the US?

According to the relevant person in charge of an investment bank in Shenzhen, "ADR is divided into three levels: one, two, and three levels. Each level has corresponding listing and trading standards. As long as it meets the standards, it can record and apply for issuing vouchers to the securities and Exchange Commission of the United States, and its procedure is essentially a record approval system."

"Overseas OTC market basically implements registration system, that is, as long as registration is allowed, it can be listed. For example, the OTCBB of the United States, and even many shell companies listed, these shell companies do not even have any business and assets exist, only to maintain the status of the legal person can be registered, so the market is a standard registration system. The person in charge said afterwards.

According to a person close to the new three board expansion plan drafting group, "according to the first draft, the new three board implements the filing system, that is, as long as it meets the relevant listing standards, it can record and apply for listing to the Securities Association. However, the possibility of registration system will not be ruled out in the future.

Suspense four: can it be listed on the market?

In accordance with the current issuance requirements, the A share market has implemented strict standards for listing and approval, and will never allow enterprises to be listed on the market.

"A problem company must thoroughly clean up the existing problems or defects before submitting the first (IPO) material. If it is concealed or packaged, it will be listed on the market and will be severely punished." Shanghai securities brokerage related business officials pointed out.

However, the new third board market will be far lower than the A share standard.

According to a person close to the new three board expansion plan drafting group, "according to the past practice, the new third board market allows defective enterprises to list, for example, enterprises with problems in history or subject qualification can be listed on the new three boards, but such enterprises can not be in the A share market."

The person then said that in the future expansion plan of the new three boards, the defective enterprises may still be allowed to appear.

Suspense five: can financing and transfer board be parallel?

"Financing and transfer board are two contradictory concepts." A person in charge of a investment bank in Shenzhen said in an interview with reporters that if enterprises were allowed to finance in the new third board market, enterprises would lose the need to transfer the board.

However, some investment bankers believe that financing and transfer boards can be in parallel with the new three boards. For example, the OTCBB market in the United States, listed companies can raise private equity financing through private placement, and if they reach the listing standards of the NASDAQ or NYSE main board, they can enter the corresponding transfer board.

Will the new three boards after the expansion allow the two institutional arrangements of financing and transfer? "According to the first draft, the enterprises listed on the new third board can conduct private placement first, while there is no prohibition on the transfer board." Those who are close to the new three board expansion plan drafting group revealed.

The personage thinks: "the new three board enterprises in the future can not only turn to the gem, but also to the small board and the main board. Through the parallel of the two systems, the new three board enterprises can not only carry out financing but also get a higher listing status.