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Original title: The selected layer of the initial weapon fired! Accept application materials on April 27.
Finally, the selection layer is about to enter the “practice” stage.
April 24, Capital News, according toChina Securities Regulatory CommissionDeployment of the party committee, national transfer of sharesThe companyThe action was officially launched on April 27.Qualified investorAcceptance and review of the public offering and listing business in the selected layer (hereinafter, public offering of shares and listing in the selected layer). At that time, the sponsor can send the request through the commercial support platform of the national share transfer systemBusinessApplication documents.
“Everything is ready” began accepting materials on April 27
The National Equity Exchange said that on April 27 it officially launched the public offering of shares to unspecified qualified investors and is listed in the selection layer. Currently, the relevant preparations for listed companies to publicly issue shares to unspecified qualified investors are complete. The application documents will be accepted from 00:00 on April 27, 2020.
The National Stock to Stock Transfer Company implemented all business rules related to the public issuance of shares and quotes at the selected level, established a department for public offerings and review of quotes at the selected level, formed a timely review team completed and released public acceptance and acceptance Review System and Public Subscription Business Processing System; the listing committee will also complete the training in the near future. Preparations for business, staff, technology, etc. involved in the public issue of the stock and the listing in the selected layer are ready.
After the acceptance and review work begins, the acceptance window of the national share transfer company will primarily review the integrity of the issuer’s application documents in accordance with the procedures and requirements specified by the rules, and will take a decision on whether to accept the request within two business days of submission of the materials. The acceptance check mainly refers to whether the application documents are consistent with the document catalog specified in the relevant rules, if the name of the document is consistent with the content of the document, if the signature or signature of the document is complete, clear and consistent, and whether the document font design and other formats comply with relevant regulations. In accordance with the principle of “acceptance and disclosure”, application documents will be automatically disclosed on the official website of the National Stock Transfer Company after acceptance of the application, and the market will be automatically disclosed. Investors and other market entities can verify the issuer’s application documents in the official website area. Review progress, review queries, review results, issuance, and other information.
The publicly listed company will prepare the application documents in accordance with the relevant regulations of the China Securities Regulatory Commission and the National Stock Transfer Corporation, and will entrust the sponsor to submit the application through the listing review system BPM system selection layers. Application documents must be submitted in PDF and WORD format, of which the public offer statement must be usedRunnerThe XBRL Edition Reporting Tool compiles and exports and sends files in XBRL, WORD and PDF formats.
Listed companies must follow the “NationalSMEThe stock transfer system listed the suspension of company sharesResume tradingCommercial implementation rules and other relevant regulationsSuspensionFor companies, if the application documents are submitted before 24:00 on the same day, the publicly listed company will request the suspension of trading on the following trading day.
Sponsors must add digital certificates (USB
Password) The permission of the selected layer listing review system and send the application documents under the menu item “Selected layer listing review system” of the BPM system (https://bpm.neeq.com.cn ). Both trading days and non-trading days can be shipped throughout the day, and will be accepted by national equity transfer companies during business hours on trading days.
13 companies passed inspection and acceptance
On April 23, Runnong Water Saving (830964.OC) received the “Letter of Non-Disagreement on the Public Offering of Shares of Hebei Runnong Water Saving Technology Co., Ltd. and the listing in the layer selected for the advisory work” issued by the Hebei Securities Regulatory Office. Company inInvestment in construction CITICUnder the direction of Securities Co., Ltd., it has passed the inspection and acceptance of the Hebei Securities Regulatory Office.
So far, through April 24, a total of 12 companies preparing for the selected layer, including Runnong Water Saving, have approved the advice and acceptance. It is worth mentioning that on March 24, MicroPort Optoelectronics (430198.OC) issued a selection of the proposed application. Call signAdAccording to the Hubei Securities Regulatory Office “Notice on Implementation of Advisory Work and Acceptance of Public Offers for Listed Companies”, it has been completed at the Hubei Securities Regulatory Office
IPO advice and acceptance of publicly listed companies, sponsors can declare directly, without retraining and accepting.
That is, a total of 13 companies in minimally invasive photoelectricity in the Hubei epidemic areas have completed the selection and acceptance of advice. In this way, the first batch of selected layer companies submitting application materials will appear from these 13 companies.
How about the selection layer?Hitting new?
The selection layer is also called “Small IPO”. The selection layer begins accepting documents. Can investors start preparing for a new one? So how do you make a new one? Featured layer playing new andScience and Technology BoardWhat is the difference between A shares?
Shen WanhongyuanThe analysis believes that:
The new rules for playing at selected levels are different from actions A.
1) The upper limit of the statement, the upper limit of the offline broadcast is the initial offline broadcast. The initial offline emission amount is 60% ~ 80% of the total emission amount, and the science and technology board is 70 ~ 80%.
2)Callback Mechanism. If the online subscription is 15 to 50 times, the offline will return 5% online and the subscription for more than 50 times will return 10%. So this is roughly calculated, when the online profit rate is less than 2%, 10% will be returned;
3) High brand regulations. There’s also a high-scoring rule when listing: The science and technology board has a high direct score of 10%, and here is more than 15 times subscription, just 10%. Subscriptions less than 15 times are 5% high.
The selection layer is pure cash, with no market value required.. This will have a major impact on the entire market.
1) The calculation of the winning rate is very different from A shares. Because almost all A shares are filled by market value, but here it depends on how much cash you have. As in the example just mentioned, the 300 million yuan issuance plan, it is impossible for everyone to use 180 million yuan to make new not so much money. The prediction of the winning rate here depends first on how much money is out of the market, not how many accounts there are.
2) The new shares of A shares depend on the growth of the number of accounts, but the number of new accounts in the selection layer does not need to increase, and the amount of incoming and outgoing funds can be very large, so the rate The decrease in its winning rate will be special. Quickly, the corresponding profit effect will decay more quickly than the actions of A.
3)productsNew revenueThe rate will vary greatly. Investors must freeze their funds for three days when they start a new one. If there are many shares issued within these three days, should they hit A or B? How many funds does A allocate and fewer funds does B allocate? Different strategies will lead to great differentiation in product performance.
4) There will also be an opportunity cost for full payment, resulting in a much higher expected profit rate. The winning rate of about ten thousandths of A shares is acceptable, because once you win, you are making money and do not need to withdraw funds in advance. But this side is completely different, because money freezes from real money and has a high cost.
The rules for playing new online are very different. The online selection layer is the same as the offline one, they are all placed in proportion. So from this perspective almost everyone can get a match. There is also an online “Time Odd Stock Preferential Distribution Rule” online.
“For example, if you get rid of it, you can only get 50 shares, or 68 shares, which is a very strange piece of shares. So I won’t give it to you first, but put all these scattered shares together into something like 10,000 shares , I divided it into 100 shares, 100 shares, and 100 shares, and then I assigned those 100,100 shares to those who were fractionally withdrawn over time. Therefore, some people may be withdrawn 50 shares, and they were eventually assigned 100 may enter stocks. So it’s good to buy online early. “
Selected layer that plays a new existence and some other different rules of A shares. 1) No brokerage tracking investment. Brokers cannot track the investment, and some funds associated with the primary subscriber cannot participate; 2) The blocking period is shorter than that, the war investment blocking period is 6 months and the science and technology board is 12 months.
Fierce competition between runners
Pursuant to the current provisions of the share transfer system regarding the sponsorship system of the selected layer, companies listed on the New Third Board will enter the selected layer through a public offering. The sponsoring broker must be the same institution as the sponsoring broker.
Shen WanhongyuanLiu Jing, the New Third Board’s chief investigator, believes that the New Third Board’s sponsorship system stipulates that the sponsoring broker must be the sponsoring broker. If the sponsoring broker does not have the qualification to sponsor, the controlling undersigned sponsoring subsidiary may conduct the sponsorship business. That is, the securities company that provides sponsor services for the issuer and the ongoing monitoring service provided by the securities company must be the same institution or have a controlling relationship.
In view of this, many publicly traded companies that intend to enter the tier choose to “separate” themselves from sponsor brokers to find suitable sponsor brokers for themselves.
According to incomplete statistics, this year, there have been around 50 new companies listed on the third board that have changed their sponsoring brokers due to listing preparation on the selected floor.
This also led to the layer selection not having started yet, but the couponBusiness opportunityThe structure has started to steal the project fiercely. Even brokerage firms are willing to abandon the “nuggets” of profit.
Investment bank analysts believe that, generally, listed companies have to pay a certain fee to change the sponsored brokerage. The new broker taking over as a sponsored broker will give the company a certain discount on the sponsorship fee. “Potential layer of business.”
Launch Launch Featured Positive Impact
The national share transfer system said that the comprehensive deepening of the reform of the new three boards is an important measure to promote the reform of the allocation of elements based on the market, complement the capital market to serve SMEs and the private economy, and better serve the high-quality development of the real economy.
Currently, all basic and innovation level reform measures have been fully implemented, financingM & AMoM growth and listingCorporate financeThe cost is reduced, the efficiency of investment and financing coupling is improved, the secondary market is gradually recovering, the market has responded well and the expected results have been achieved.
Start the acceptance review of the public issue of shares and listing in the selected layer, organize and implement the reform measures related to the public issue of shares and listing in the selected layer, and fully implement the reform of the New Third Board, which is conducive to further enhance the resource allocation function of the market Improve market liquidity, increase financing andTransaction efficiencyIt is conducive to opening the “ceiling” of the system, clarifying the path of growth and development of SMEs and promoting the interconnection of multi-level capital markets. It is an important measure for the capital market to help “six stability” and “six guarantees”.
National equity companies adhere to the “disclosure-focused” review concept, follow the principles of legal compliance, openness, transparency, convenience, and efficiency, and check whether the targeted issuer meets the issuance conditions public, the entry conditions of the selected layer and the related disclosure requirements WrongBusiness investmentJudging by value, the main concerncorporate governanceStandardization, clarity of assets and capital ownership, independence of commercial operations, legal compliance of commercial operations,AccountingTo address issues such as accuracy, financial authenticity, financial standardization, and continued profitability, we will urge the issuer to truthfully, accurately, and fully disclose the information by asking questions, and we urge sponsors and securities agencies to ask disclosure of information effectively. Verify liability, urges the issuer and its sponsors, and securities agencies to effectively improve the quality of disclosure, so that investors can make investment decisions when the information is sufficient. After the national stock transfer company is approved, it will submit a public offering request document to the China Securities Regulatory Commission on behalf of the issuer.
In the next step, under the leadership of the China Securities Regulatory Commission, the National Stock Exchange will adhere to the principles of trading and rule of law, adhere to the principle of steady progress, do a solid job of accepting and review of the public offering of shares and quotes at the selected level, and will organize all efforts, including the implementation of various reform measures, including the public issuance of shares to unspecified qualified investors, will increase New Third’s market activity Board will enhance the ability to serve the real economy and provide greater support for the comprehensive restoration of the economic and social order. In the process of advancing work, the National Equity Exchange will maintain close communication with issuers, intermediaries, and other parts of the market, fully listen to opinions and suggestions, study and improve work on time, and provide good services for the public issue of shares and quotes of listed companies in the selected layer. Jointly care for the stability of the new third-party board market.
(Editor in charge: DF524)
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