3 Years, Nearly 100 Enterprises IPO New Three Board "Turn Plate" Restless Again

With the approaching of the registration system of gem, the anticipation of the new three board transfer board has begun to rise.

"At present, there are still too many unrealistic fantasies about the policy of" turning the board ", and it is the most likely way of landing that we can form a policy of transferring the board to one of the boards of one of the exchanges. The reform of the registration system for gem is imminent. This is a good window for the implementation of the new three board transformation policy. The head of a medium-sized brokerage firm in Southern China believes that

In fact, in the past few years of IPO normalization, a large number of new three board listed companies have successfully IPO, which also provides the best practical soil for the new three board and A shares' substantive "transfer board" policy.

Transfer board expectations

However, before the launch of the pilot policy, there are still many problems facing the new three board transfer board.

First of all, the biggest obstacle to the transfer board system is the Securities Act. Many revisions do not involve the contents of the "transfer board", which also brings challenges to the top-level design of the relevant reforms.

The "transfer board" mechanism must be built on the basis of the law, and the market segments are relatively perfect, their positioning is clear, and the valuation is smoothly butted, so as to establish a transfer channel or pilot. Southern China securities dealers said.

It is worth noting that the three trial of securities law has been completed this year. This time, the focus of the securities law revision is registration system reform. With the overall reform as a whole, we should straighten out the contents of the multi-level capital market relationship or the scope of the next revision.

The second difficulty faced by the transfer board is the public opinion about the fairness of the separate channels of the transfer board, that is, how to balance the dissatisfaction of the queuing enterprises at this stage.

However, the problem is much smaller under the registration system. If the registration system can be pushed forward quickly, the original audit system will be broken, and the transfer board system will not be dissatisfied with other queuing enterprises.

For this obstacle, Huang Pu, a senior investor of the new three board, believes that the reform of the existing IPO system is also an important direction of the "transfer board policy". "If IPO companies are to be listed on the new third board for a period of time, so that the market can test the value and compliance of the company, then qualified enterprises can automatically become listed companies in the main board, gem or small and medium sized boards (which is now over), and the situation will be much better."

Apart from the legal basis and fairness, another worry for the market is whether it will rebuild a separate level to accept the transfer board business, but at present, this possibility is relatively small.

Taking charge of preparatory function

Although the "transfer board" policy is not yet determined, the IPO normalization issue has allowed many listed companies in the new three board market to see a new policy window period.

"The rise and fall of the new three boards is directly linked to the rhythm of the IPO audit of the A shares, when the number of new three board enterprises has expanded again and again, many of which are affected by the closure of IPO and the strict auditing of IPO. With the normalization of IPO audit rhythm, these enterprises have IPO throbbing again. Memories of a large brokerage firm in Beijing.

According to the twenty-first Century economic report reporter statistics, in 2017, there were 352 new three Board companies to open the way of IPO listing guidance, 38 new three boards to IPO enterprises, and 24 of them were successful. In 2018 and 2019, the number of new IPO enterprises was 24 and 26 respectively, and this year's 26 IPO successful enterprises also include several new three board enterprises that have successfully listed on the board.

Despite the fact that there has not been a practical transfer channel, the new IPO company has established a practical link between the two plates.

"At the very beginning, the new three board enterprises encountered many problems when they attacked IPO, for example, the accounting rules were not unified, and the three types of shareholders were unresolved. But these problems have been solved in the past few years. The completion of listing by many enterprises means that the IPO channel of new three boards and A shares has been opened. " A new three board listed company has successfully listed on A shares.

All along, the new three board positioning ambiguity, independent market and preparatory board market calls, but in the past few years, the new three boards have already undertook the function of the reserve board market. If the real "transfer board" policy falls to the ground in the future reform, the controversial three new board positioning problems will usher in a resolution day.

"For market participants, the short term has been unable to wait for the new three board market to become an independent market that can compete with the Shanghai and Shenzhen stock exchanges. At present, it is clear that market positioning is a good thing for all market participants, because only when the market positioning is clear, can policy formulation and supervision be truly matched and effective." Huang Pu said.