New Third Board Selection Competition Venue: Li Kui, Li And Ghost Must Distinguish Between Small And Medium-Sized Brokerages.

The enthusiasm of the new three board listed companies has been thoroughly ignited.

According to the twenty-first Century economic report reporter statistics, as of March 5th, 73 companies have announced the intention to express the selected layer / public offering, of which 53 have been coaching (including the former IPO firms that have been cooperated with the SFC).

A new three board senior investor interviewed by reporters pointed out that "the current trend of the selection of the enterprises is a bit like the grand occasion of the listed companies turning to the market, which proves that the enthusiasm of the new three board enterprises is recovering."

The new three board market has climbed out of the extremely cold state, and the enthusiasm of the enterprises has also recovered a lot. But investors are beginning to face new problems. How should we choose the companies that choose to select the best ones? How many of them are hot spots?

Reporter investigation and understanding, recently, the preparatory layer of enterprise preparation has appeared many murmurs, and the market has gradually appeared to be a selection layer enterprise is Li Kui or Li Gui's discussion.

In another dimension, the selection policy has fallen to the present level. So many companies are beginning to choose the best choice. For small and medium-sized brokerages, the new third board selection layer is also considered an opportunity for small IPO, which is expected to create a new moat under its new format.

True and false layer

The more than 70 selected companies will be dazzled by investors who are in the early stages of the layout. And there are plenty of companies that are full of enthusiasm and hot spots.

Related personnel of the stock transfer system also told reporters that at present, a small number of companies have problems such as inaccurate disclosure of timing, insufficient risk disclosure, and timely disclosure of progress.

"Now there is a lot of noise in the market, what kind of enterprises are beginning to give out messages or suggest that they should attack the selection layer. In fact, judging from the existing standards, even if there are many enterprises in the more than 70 existing enterprises will have stuck in the future process, it is very prudent to judge the investment of the fine selection enterprises."

So how do we identify Li Kui and Li Gui? The reporter has also fully communicated with many senior research and investment personages of the new three boards.

Yun Zhou Capital Partners Xi Qingqing shared their experience with reporters. He told reporters: "we screened the attention of the selected layer mainly whether he was the first batch of selected enterprises, not only to meet the rigid financial standards of the exchange, but also to meet the innovative level of enterprises, and also pay attention to the preparation progress of the enterprise selection layer. Industries and enterprises that disclose the 2019 annual report as early as possible will most likely be landed in the first batch of selected layers. Considering that the first batch of selected enterprises display the "Facade" of the exchange, we rank the top quality enterprises and give priority to the selection of the head or leading enterprises.

Zhou Yunnan, the founder of Beijing Nanshan investment and the new three board senior investor, suggested that five key points should be grasped: "first, select the progress of the level, from the intention announcement, the board of directors, the newspaper counseling, the shareholders meeting, the guidance summary to the final acceptance, the different announcements correspond to the different selection levels; the two is the market price; the more intensive the selection level is, the greater the certainty will be. A relatively higher P / E ratio; three is the industry attribute, which mainly distinguishes between strategic emerging industries and traditional industries; the four is financial data, as far as possible to choose more companies than the corresponding standards; five is standardization, and try to avoid companies involved in litigation or being punished by the SFC and the national share transfer.

The chaos of the listed companies in the listed companies has also been concerned by regulators. The national stock transfer system has begun to focus on the preparation of public offerings and the relevant information disclosure activities at the selection level, and set up advisory service hotlines to provide advisory services to the market participants.

Prior to that, the national stock transfer system issued a notice to the securities companies in time for further standardizing the listed company's preparation for public issuance and entering the relevant information disclosure behavior at selected levels (hereinafter referred to as the notice).

Specifically, the national stock transfer system requires no substantive progress in the preparatory work of the listed company specification, and there are still disclosure requirements that have not yet been eliminated.

The relevant person in charge of the national stock transfer system also said that we should constantly improve the relevant announcement templates for preparing public issuance and entering the selection layer, so as to facilitate listed company and hosting securities companies to better comply with the disclosure requirements, standardize relevant information disclosure from the source, and work together with all parties in the market to create a good market atmosphere, laying a solid foundation for the follow-up work of the new three board reform.

Opportunities for small and medium brokerages

But whether Li Kui or Li Gui is behind the blowout of the selected companies, the securities company is still the biggest driving force.

From the data trend, in 2020, when the IPO business is not expected to grow too much, the new three boards are the new heights of investment banking business. Different from the current IPO and Ke Chuang board market, the head broker controls most of the resources, while the new three board is a chance to expand the investment banking business for small and medium brokerages.

According to incomplete statistics from reporters, there are more than 70% of the selected enterprises in the hands of small and medium-sized brokerages. Obviously, small and medium-sized brokerages are also struggling to get a share in the selection layer.

But it is worth noting that from the perspective of the number of single firms, the head traders still occupy the first few positions, and CITIC investment and Guoxin Securities currently have a large number of recommended selection enterprises.

Before the new three board sponsorship business, China and Thailand securities, open source securities and so on have not yet made efforts. As of now, the number of potential sponsor selection enterprises is relatively small, but the continuous supervision enterprises are the important resources of the selection layer and the potential selection layer. The securities dealers holding many new three board listed corporate supervision resources will increase the conversion rate of selected enterprises in time.

At the same time, there is a provision which is also considered as an important reason for small and medium-sized securities firms to hold on to the selected projects. That is, the regulation stipulates that during the past 3 years, the listed company co sponsor has served as project coordinator to meet the qualification requirements of the sponsor representative, and can apply to the China Securities Association for registration as a sponsor representative.

This provision will greatly enhance the enthusiasm of small and medium brokerages to accept the new three board selection layer: "in contrast, IPO projects will not necessarily be in the hands of small and medium-sized brokerages, not to mention the hands of the insured generation, and the cycle of IPO projects will still be longer. Under such circumstances, the public offering of selective selection is a very good choice." A medium-sized brokerage firm of investment banking in Beijing said.

Li Tianlu, a leading non negotiable securities analyst, also believes that for small and medium-sized brokerages, business opportunities in 2020 will focus on the new three boards, the Chuang Chuang board and the convertible bonds business.

The new three board selection layer and the new three board are the main battlefield of small and medium brokerages. For the small and medium sized brokerages who have laid the new three boards ahead of time, the pre accumulated projects will form a selective competitive advantage, which is expected to bring business development space to small and medium brokerages.