The First Three Years Of The Reform Of The Escort Selection Layer Will Lead To Multiple Stratification.

In another month, the disclosure period of the 2019 annual report is about to end. The new three Board annual stratification adjustment time node will also come. At the same time, the new three board public offering system was launched on March 30th.

In twenty-first Century, the economic report reporters learned exclusively that the National SME share transfer system (hereinafter referred to as the "national share transfer system") made a number of policy arrangements to ensure that the selected layer and the new three board market were comprehensively deepened and smoothly promoted.

The first policy arrangement is to first try many layering times during the year, so that the underlying enterprises who fail to disclose the annual reports can not miss the opportunity to enter the innovation layer and then attack the selection layer. The second is to encourage and urge the broker to increase the strength of the qualified investors in the new three boards.

These two measures point to the sorting out of the selected enterprises and the number of investors, which is the key to support the reform of the selection layer.

Or first time multiple layering

For the new three board hierarchical system that has been running for 4 years, multiple layering is a novelty, but in fact, several systems of hierarchical management of national share transfer system have reserved space for multiple layering.

The original hierarchical management document stipulates that "the national stock transfer company shall start the adjustment of the listed company level according to the standards of stratification and maintenance standards every April 30th. National share transfer companies can appropriately raise or reduce the frequency of listed company level adjustment according to the needs of hierarchical management.

In this new hierarchical management method, the expression of multiple tiling has been perfected again. "The national stock transfer company starts the regular adjustment of listed company's market level every April 30th. After the approval of the China Securities Regulatory Commission, the national stock transfer company can increase the number of listed company level adjustment according to the needs of market development."

With the endorsement of the hierarchical management method, the reporter has learned that many stratified arrangements will be launched in the near future in the years when the national share transfer system has been brewing for a period of time.

Why should the national share transfer system be pushed multiple times this year?

Reporters understand that the background of making the regulators determined to promote the stratification is that the new crown pneumonia outbreak has disrupted the capital market arrangement of many enterprises, but the core is still hoping that there will be more high-quality enterprise reserves on the selected layer.

Shanxi, a director of the National SME share transfer system, also said: "we have noticed the impact of the new crown epidemic. Some enterprises' annual reports are more difficult to disclose, and they also encounter great difficulties in meeting the requirements of the annual reports, including the amount of investment financing and the amount of investment."

According to the current stratified management method, the new three board enterprises enter the selection layer and issue publicly, which needs to be listed in the national stock transfer system for one year, and is also an enterprise of innovation level. Therefore, for the basic level enterprises this year, starting the adjustment stratification in April 30th is undoubtedly the shortest opportunity to attack the selection layer in the time window period. If you miss the window period in April 30th, you will have to wait for another year.

"In the context of deepening reform, we hope that more enterprises can enter the innovation layer, so we are actively studying now, and are closely communicating with the relevant departments of the SFC to see how a more flexible way will enable most qualified and willing enterprises to enter the innovation layer as much as possible, and the next step can be further released to the public. Layer selection. There will be a more flexible arrangement this year. There is room for rules on whether to increase the number of layering or other ways. I believe that this arrangement will soon come out. We can pay close attention to the follow-up policy release. " Shi said.

For such an arrangement, Peng Hai, a senior researcher at new three board, told reporters: "the purpose of stratification is to reduce the cost of information collection, enhance the risk control ability, and guide the precise docking of investment and financing. At present, the new three board layering is mainly based on 430 regular and real-time layer adjustment. Due to the impact of the epidemic this year, the disclosure of enterprise annual reports will lag behind. Therefore, the adjustment of stratification can serve SMEs according to special circumstances, and further play the role of capital market in serving the real economy. "

In addition to the epidemic, according to the information learned by reporters, the regulatory layer has begun to explore the feasibility of multiple stratification during the year as early as the year ago. At the time, there was no outbreak affecting the annual reports. What the regulators wanted to promote was to advance the stratification ahead of time, that is, to promote the stratification before 430 nodes. No matter whether the number of layers is increased in advance or after that, the core is to reserve enough quality targets for the selected layer.

"The national share transfer system has begun to study the possibility of multiple stratification before the Spring Festival. After the outbreak of the epidemic, some enterprises' annual reports can not be disclosed on time, and have given more reasons for stratification for many years." A large brokerage firm in Beijing said.

Vigorously promote brokerage accounts

If multiple stratification refers to the selection of enterprise reserves, then vigorously promoting the number of new third board investors of qualified investors is the investor base for the market to form a certain scale before the selection level is opened.

Reporters learned from a number of securities dealers, the recent national stock transfer system has begun to intensify efforts to promote the new third board of securities business unit qualified investors to open accounts, and this time the promotion is no longer just a notice and slogan requirements, but to some brokerage firms set up a specific opening of the rigid index.

A small and medium sized brokerage firm in Beijing told reporters: "according to the data, some brokerage business departments currently qualifying investors to open the new three board authority account ratio is very low, so that regulators are very anxious. Therefore, this time the regulators have set some rigid indicators, such as requiring the proportion of qualified investors to open new three boards to some 40%, if they fail to meet the standards regularly or be supervised by the regulators.

A large brokerage firm in Shanghai also confirmed the statement to reporters: "there is indeed a rigid demand, but it is aimed at a lot of sales department that has done a lot worse. At the end of February, we began to increase the power to promote the qualification of qualified investors of the new three boards. The effect is good at present. There are more than 30% proportions.

From the perspective of objective data, there is some truth in the anxiety of regulators. According to the data disclosed by the national share transfer system, as of the end of 2019, 232 thousand and 800 new qualifying investors in the third board had increased by 4.18% over the end of 2018, but this is based on the data of the 5 million threshold era.

According to the statistics of the institutions, the threshold of selected layers has dropped to 1 million, and the number of potential qualified investors or 1 million -200 households has been compared by reference to the number of investors in the same period. If it is the 1 million 500 thousand threshold of innovation level trading, there will be about 700 thousand potential qualified investors.

In the context of the expected three quarter opening, it is a difficult task to attract enough qualified investors to enter the market. The number of investors will also have a great impact on the future public offering of selected sectors and subsequent two tier market continuous bidding transactions.

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