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[Expertos en las reglas detalladas para la transferencia de NEEQ: algunos indicadores financieros corporativos y de valor de mercado han alcanzado las condiciones de cotización de la transferencia]According to the general agreement of the China Securities Regulatory Commission, as of November 27, the Shanghai Stock Exchange and the Shenzhen Stock Exchange issued, respectively, the “National SMEs Measures for the Transfer of Listed Companies the Shares Transfer System to the Science and Technology Innovation Board of the Shanghai Stock Exchange (for trial implementation) (Draft for comment request) “Shenzhen Stock Exchange Measures on the Transfer of Listed Companies stock exchange in the National System for the transfer of shares for small and medium-sized companies to the market of growing companies (for test implementation)) (Draft for comments) ”(hereinafter, collectively referred to as“ Measures for the transfer of listing ”) to public comments, and the deadline for comments is December 11. (Daily Values)
marketThe long-awaited rules for the new 3rd board transfer list are here!
according toChina Securities Regulatory CommissionCoordinated deployment. As of November 27, the Shanghai Stock Exchange and the Shenzhen Stock ExchangeSMEsListed in the share transfer systemthe companyShanghai Stock ExchangeScience and Technology Innovation BoardMeasures for the transfer to the listing (test) (requestopinionDraft) “” Shenzhen Stock ExchangecompanyCompanies listed on the share transfer systemTo start a businessThe Measures for the Transfer of the List in the Directory (Evidence)) (Draft for the Request for Comments) ”(hereinafter collectively referred to as the“ Measures for the Transfer in the List ”) are open for public comment, and the date deadline for comments is December 11.
The “Measures for the transfer and listing” clarified important content such as the transfer and listing conditions of listed companies of the selected level in the Science and Technology Innovation Board or ChiNext, restrictions on the sale of shares, price review agreements and the performance of listing sponsors.
Some corporate indicators
The conditions of the transfer list have been met
Regarding the similarities and differences between the science and technology innovation board and the ChiNext board, the vice president and head of industry of the Huacai Third New Board Research InstituteAnalystXie Cai analyzed in an interview with a reporter for “Securities Daily” that the main difference lies in the differences in the initial public offering and the listing conditions between the Sci-tech Innovation Board and the ChiNext Board and the twoPositionings difference. Regardless of whether the listed company is transferred to the Sci-tech Innovation Board or the ChiNext, all companies must comply with the IPO conditions of the corresponding sector, and financial companies,Market valueThe conditions themselves are different. Listed companies must comply with the relevant sector positioning, especially for the science and technology innovation board, the company must comply with the “Scientific innovation attributes evaluation guidelines (test)” issued by the Stock Exchange of Shanghai Securities, self-assess whether it meets the science and technology innovation board positioning, and submit a special description.
Xie Cai further introduced that there are three aspects in common: First, for eligible NEEQ companies to apply for transfer to the Sci-tech Innovation Board or ChiNext, they must all comply with the listing and initial public offering conditions and the methods of transfer quote from transfer board. Compliance requirements. At the same time, according to the needs of the listing system transfer, the corresponding conversion of some IPO indicators, such as adjusting the “initial public offering index” to “publicshareholderShare ratio. “The second is that the scope of listed companies is all companies that have been included in the selected layer for a full year, and there is no case of transferring the selected layer within a year. total equity,Number of shareholders, Public participation ratio,AgreementConsistency in terms of volume and definition of market value.
Both require that the company’s total registered capital listed on the transfer board is not less than 30 million yuan; the number of shareholders is not less than 1,000; the shares of the company held by the public reach more than 25% of the total shares of the company; the company’s total registered capital exceeds 400 million yuan, The proportion of public participation reached more than 10%; the board of directors deliberated and approved agreements on matters related to the transfer of listing.ad60 business days prior (excluding sharesSuspensionThe cumulative trading volume of shares must not be less than 10 million shares; If the listing standard selected by the transfer company involves market value indicators, it must be 20, 60 and 120 trading days before the date of submission of the transfer listing request (excluding the day of suspension of shares) The lower of the arithmetic mean of the closing market value will prevail.
“according toOriental wealthElection dataStatistics show that some of the financial and market value indicators of the selected NEEQ companies have reached the conditions for transfer to the market. “Xie Cai analyzed that as of November 29, among the 36 companies listed in the selected layer, 18 companies met the financial and market value indicators for inclusion in the Science and Technology Innovation Board, representing the 50%. The market value of the first-tier listing requirements is based on the market value, which ranges from 1 billion yuan to 4 billion yuan; 19 of the 36 selected tier companies have a market value of more than 1 billion yuan, and 18 of the 19 companies have met the requirements Listing conditions of the first initial public offering.
Xie Cai further introduced that among the 36 companies listed to trade at the select level, 33 companies have met the financial and market value indicators to be listed on the GEM, accounting for 92%. Among them, 32 companies met the first listing condition of the ChiNext IPO, and among the 4 companies that did not meet the first requirement, one met the second condition of listing in the IPO. Only three companies have temporarily missed the financial and market value indicators of the growing business market.
What are the differences between transfer listing conditions and IPO conditions? Xie Cai said that in terms of financial, market value and other indicators, there is not a big difference between the transfer conditions and the IPO conditions. Because the transfer of the listing itself does not involve public offerings, but only changes in the locations and sectors of the listing, it is necessary to convert and replace some relevant indicators that involve public offerings.
“One of the most important aspects of the” Measures for the transfer of listing “on the requirements of the companies being transferred is the number of shareholders.” New Third Board ResearchjobsThe founder of the office, Liu Zimu, added in an interview with a reporter for the Securities Daily that the requirement from entry level to innovation level is 50 people.Qualified investor, The requirement from the innovation level to the selection level is 200 shareholders, while the requirement of the number of shareholders for the transfer of listing has been raised to 1,000.
Fluid multi-level capital market
Strengthen links between various sectors
Speaking about the importance of opening the transfer system to the fluid multi-level capital market and the links between the various sectors, Xie Cai said that the opening of the transfer system leads to the formation of an organic set of interconnection and interoperability in the market. multi-level capital fund from China, which is a great opportunity for Chinese companies. Establish a simple path for capital market growth It is conducive to meeting the financing needs of different scales of enterprises in various stages of growth and continuous development, helping to expand the proportion of direct financing in China and giving play to the market of capitals.Real economyThe supporting role of the capital market, especially the capital market support to science and innovation companies with high R&D investment and long R&D cycle, to meet their long-term financing needs, thus helping to improve China’s economic growth structure and promote the transition of China’s economy to high-quality growth. .
“In addition, the openness of the transfer system allows NEEQ to fully perform its function as an internal multilevel and multisectoral external internal and external communication ‘connector’.” Xie Cai further introduced that the inner core layer of the NEEQ market, the innovation layer, Multi-layer market sector selection will allow NEEQ enterprises “in and out”; in the future, NEEQ will also connect to the fourth board market to realize the Shanghai-Shanghai and Shenzhen Stock Exchange and connect to the regional stock trading market.
“The openness of the transfer system is important for the smooth functioning of the multi-level capital market in two respects. One is to give companies more options and the other is to fully protect the legitimate rights and interests of investors.” Liu Zimu analyzed that companies can join the scientific and technological innovation board. There are more channels for the ChiNext; Investors in the secondary market also have enough time to judge how to trade, reducing investor risk.
(Source: Securities Daily)
(Responsible editor: DF380)
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