Events: New Three-rich tool for board expansion of new office
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Text | staff reporter He Chunmei Source | "Talents" magazine issue of April 2011
No prospect of an international board, "three new board," but on the noisy dust.
Recently, three new board expansion of the hot news as intertwined interests: local governments have landing rights in exchange for various high-tech zones have been the pilot for the list of finalists, the size of brokerage firms have qualified for market makers, institutions have to snatch
Related stock movements Zhongguancun GF Securities Zhangjiang Hi-Tech East Lake High-tech Suzhou High-tech
Listing of resources ...
However, the "two sessions" Commission Chairman Shang Fulin said the expansion of three new board has been basically put in place relevant institutional arrangements, there are some technical details need to be addressed. This implies that the expansion is imperative but three new board will take some time. But the A-share market-related stocks have occasion to do the city, has become the recent strength of A shares led the gains. Even by the impact of the earthquake in Japan 9, when the index correction, Luxin high (600783S H), Zhongguancun (000931.SZ) and other new three-panel stocks, there have been soaring.
As China's capital market reform in 2011, the No. 1 project, the market launch of three new board as soon as possible the expectations of expansion, in fact, expressed the Chinese to build a unified national OTC market under the supervision of the urgent. Some people worry that expansion of three new board will not become another tool for making the rich? New three-panel pilot nearly five years in Zhongguancun has been no bigger, what factors lead to? These factors will be the same for the expansion of three new board after the impact? Transfer system is still brewing in the new three boards, whether anticipated after the introduction of attractive?
System-level breakthrough
And other sections than in the three new board listing the high-growth SMEs, as long as the pilot high-tech business park, as long as two years of its existence, to complete share reform can apply for listing, there is no clear financial indicators requirements. Threshold was low, three new board in Zhongguancun pilot nearly five years, its development has been tepid, the transaction is not active, processing efficiency is not high, financing capability useless.
An industry source told the "excellence" correspondent, in the three panels on the market, "in addition to GF Securities and other brokerage firms make a fortune, the majority of businesses in three new board has been unable to get profitable securities firm."
This time, three new board expansion has brought a breakthrough in three institutional levels: the individual will have certain conditions, investors and opening up, issuing and listing will be a registration system, the introduction of market-maker system.
Allow individual investors to enter, there will be conducive to an active market; and issuing and listing, a registration system, do not have layers of scrutiny, the board will undoubtedly improve the efficiency of SMEs is a big plus; but even more pleased undoubtedly broker . Under the rules, "the new three-panel" The introduction of market-maker system, each listed company may have to do two or more _select_ed host city status as a market maker broker. Two-way prices will be market makers, investors and market makers choose whether based on transaction price, investors entrusted not directly match the transaction, the smallest unit price will be split into 1,000 shares / hand.
Undoubtedly, the market maker broker business will bring new profit point. From CSC reports that three new board in addition to trading for brokers who bring revenue (market maker and commission income), but also bring underwriting fees and registration fees, direct investment and business income.
U.S. investment banking and securities brokerage fee income to total OTC stock fee revenue of about 15.5%. OTC market making income / OTC stock fee income on average about 40%. CSC believes that three new board after the expansion and system improvement, OTC domestic brokerage business will bring more than 15% of the performance contribution. Taking into account the underwriting fees and direct investment and business opportunities, the level of benefit will be greater.
In addition, such institutional arrangements, but also to solve the thin trading on the market, activity is not high. Because market makers can be traded at any time, without going through buyers and sellers, as long as the market makers to come forward and take responsibility for the other party, the transaction can be carried out. Therefore, the market maker system to ensure there is always a continuous trading activity, and not subject to market influence.
"Most brokers have _set_ up a special three new board to do the business of the company. Brokerages sure to make money, on the one hand the government pay listing fees, sponsor fees other brokerages as well, before the pilot, when the park there are subsidies for brokerage because there is uncertainty whether trading after listing, sometimes even counseling can be a subsidy of 100 million, which it not a big cake? "above the industry so to" excellence "reporter expression.
However, there are a number of brokerage firms and institutional investors believe that the new three-panel "profit is not." Ministry of Science and Technology Investment Institute Guo Rong told "excellence" correspondent, in the rapid expansion of the GEM can not be the case, in order to develop the capital market in rhythm, we must have three new board test system such as the expansion of the pilot arrangements. But China's financial foundation is weak, the new three-plate imaging is now the board can not do, or Growth Enterprise mobility is so high, "not so much hype and speculation in space, may also be present, some investors are not interested in reason."
Transfer the temptation enough
Since the board of the new expansion was announced three years, the domestic high-tech industrial development zones in 83 have made for more than 40 goals to become the first expansion of the park. Many industry insiders believe, the expansion in more than 40 parks, including Zhangjiang Hi-Tech, Wuhan East Lake High-tech, high-tech Suzhou, Chengdu Hi-tech Park and three other most promising first expansion into the list.
"We are actively doing the financial work to do, prepare for the new three dozen corporate boards, follow-up of the nursery period of dozens of enterprises." Chengdu Hi-tech industrial park development plan by the Secretary Tangji Jiang told "excellence," said the reporter, .
Currently, Shanghai, Suzhou, Chengdu, Xi'an, Chongqing, Guangzhou, Wuhan and other places of high-tech parks are preparing three new board butt, and the first expansion of the pilot may be in the 15-20 home park.
"Business on the board after three, one of the most important impact is that the information found through the capital market function more opportunities to win After the calculation of the capital market, the value of small and medium enterprises will be better uncovered, agencies need to know It is worth to invest in him. "Guo Rong believes that this is now a lot of science and technology enterprises responded positively to the new three-panel causes.
But how to explain when the pilot had Zhongguancun science and technology enterprises in the three panels are not active on the phenomenon? "Zhongguancun gathered about 20% of Chinese high-tech enterprise, but the pilot engaged in a little bit special in Zhongguancun, Beijing is a high cost of land, coupled with talent is also very expensive, so many of the park's small business goal is listed. Current Zhongguancun is the country's listed companies more densely populated areas, because the bad economic enterprises in Zhongguancun not stay. "Guo Rong believes that the pilot engaged in Zhongguancun more sense is to explore a system, strong demand and no other park.
Tang Jiqiang from another perspective to the "excellence" correspondent interpretation, in addition to his board that the three new high-tech SMEs is a big plus, but it has another important function also is a reasonable guide the current market liquidity. "The new three-panel, or will become China's economic development mode shift in an important measure now, we suppress the mobility of real estate inside, speculative, it is also necessary to solve a problem, these liquidity going? Expansion of capital markets is no doubt these liquidity, a reasonable place for speculative, so three new board for the country to mobilize the financial resources to promote innovation-oriented nation-building. "
Although the market for a new three-panel high hopes, but also expressed concern. As of the end of 2009, a total of 110 enterprises to participate in the pilot agency share transfer system. Securities Association of China agency share transfer system in 2008, statistics show that when 92 listed companies, market capitalization of only $ 7.8 billion, the whole trading scheme, compared with only $ 1.8 billion. As the "three board" listed in the stock less variety, and most of low quality, to go to the Main Board listing is also very difficult, so not much attention. So far, only four companies listed on the final three panels to be in the small board, the GEM IPO market.
Gobi Partners Xu Chen accept the "excellence" reporter, believes that the current investor demand for the new three board may not be so great, because the fundamental problem of three new board to switch board mechanism is not clear, still in the pipeline. Meanwhile, the board may be up or down between the mechanisms have not formed, if the problem is not solved, the role of three new board will be greatly reduced. "Individual investors can not bear the full risk to this level, but once the lift mechanism, including the motherboard exit mechanism is not well resolved, the introduction of three new board would not attract many investors, of course, this will affect the business enthusiasm. "
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