Finance

The regulatory authorities push the new third board and New Deal: it plans to “open the gate” to select the two financing businesses, activate the market sentiment, and deliver high-quality enterprises to the main board

On July 27 of this year, the new three board hierarchical system was formally implemented, and the first batch of 32 companies listed on the new third board selected layers. In less than half a month, the new third board welcomed the favorable policies.

on August 5, the reporter of China Times learned that the pilot margin trading business of the selected layer of the new third board has been approved by the regulatory authorities. At present, the national stock transfer company has worked out the business plan for the margin trading and securities lending of the selected layer in conjunction with the relevant departments of the China Securities Regulatory Commission, and has studied and confirmed the business details with the core market institutions such as China securities registration and Clearing Co., Ltd. and China Securities Finance Co., Ltd., and the margin trading business of the selective layer is being accelerated. The news has attracted the attention of the market.

“the two financing businesses in the A-share market have been carried out for 10 years. Now, the regulatory authorities want to open margin trading business for the selected layer of the new third board, mainly to enhance the activity of market transactions, and to keep up with the gem and the scientific and technological innovation board from the aspects of trading system and policy environment, so as to give full play to the” link “role of the selective layer of the new third board, and realize the mutual capital market among different levels To enable enterprises to adapt to the market environment different from the basic layer of the new third board in advance, so as to provide more high-quality enterprises for the gem and the science and technology innovation board. ” In this regard, Sichuan Securities chief economist, research institute director Chen Li analysis pointed out.

at present, there are only 32 listed companies in the first batch of the new third board selection layer. Some people in the industry speculate that, judging from the current time arrangement, the two financing standards of the selected layer of the new third board are not enough, so it will not be launched immediately in the short term. It will only be implemented after the number of Companies in the new third board selection layer reaches a certain scale.

August 6 is the 11th trading day for 32 companies in the selected layer of the new third board. On the same day, all the selected stocks of the new third board fell, with Sanyou technology and Bio Valley falling by more than 7%, yintu.com and Tongxiang technology by more than 6%, Xujie technology, Suxiang shares and taixiang technology fell by more than 5%.

according to the industry division of the companies, 32 companies are mainly concentrated in information technology, high-end equipment, medical care and other new economic fields, and the number of these three industries accounts for nearly 70% of the first batch of companies. According to wind statistics, the growth rate of net profit of the first batch of Companies in 2019 is 17%, which is obviously faster than the level of A-share market in the same period. In 2019, the average proportion of R & D investment in revenue is 5.2%, which is also higher than the overall situation of A-share non-financial enterprises in the same period.

in the view of Yuan Ji, general manager and chief research officer of Hang Seng Securities Research Institute, it is of great significance for the market to carry out margin trading business in the new third board; in the long run, the development of the two financing business has further improved the trading mechanism of the selection layer market, and will also lay the foundation for further improving the liquidity of the selection layer. In addition, it will help to form the internal price stability mechanism in the market and improve the price discovery ability of the selection layer; in the short term, the development of the two financing business of the selection layer is expected to enhance market confidence and provide more abundant tools and resources for investors with different risk preferences.

it is worth noting that on August 4, the official media “gave a briefing” in the tone of insiders, saying that the implementation of the new three board selection layer and two financing business was mature. According to the person familiar with the matter, there are no barriers in the laws and regulations of the selective layer and the financing business of the new third board. The securities law has already made provisions for securities companies to carry out margin trading. For the rules at the implementation level, the national stock transfer companies have sorted out the regulations that need to be revised under the guidance of the CSRC, and put forward suggestions for amendment. Secondly, the market conditions are gradually mature and market-oriented The selected companies selected by the mechanism have successfully improved the equity dispersion, liquidity foundation and pricing efficiency of the selected layer companies through public offering. The above system, combined with the moderate reduction of investor threshold, has promoted the enthusiasm of investors to participate. In recent years, the trading situation of the selective layer has approached the small and medium-sized market value stocks in Shanghai and Shenzhen markets, reflecting a relatively stable market Third, the experience of the main board market provides a mature path. The successful application of the margin trading system in Shanghai and Shenzhen markets in the past ten years provides a useful reference for the development of margin trading in the new third board market. At present, the new third board market basically has the objective conditions to carry out margin trading.

“in the main board market, the two financing business is mainly a tool commonly used by institutions and large and medium-sized investors, which is unfamiliar to small retail investors. Financing transaction provides a mechanism for investors to borrow funds to buy securities, while short selling provides a mechanism for investors to borrow securities and sell them. In a perfect market system, when excessive speculation leads to a sharp rise in the price of a certain security, investors can short sell the securities by short selling securities to reduce the price of the securities; on the contrary, when the value of a security is undervalued, investors buy the securities by financing to return the price to the basic value, which is conducive to the formation of the internal price stability mechanism in the market. ” In this regard, Ding Ling, a senior private equity investor in Shanghai, told China times.

Ding Ling pointed out that the pilot financing and securities lending of the selected layer of the new third board has increased the application channels of securities companies’ own funds and securities to a certain extent. After the implementation of refinancing, other capital and securities financing allocation modes can be added to improve the utilization efficiency of financial assets.

many interviewees in the industry said that although the conditions for the selection layer to carry out margin trading business are initially mature, it is expected that the relevant development will be gradually liberalized due to the small market scale of the selection layer.

on August 6, Zhang Tao, general manager of the stock transfer business department of a large securities firm in Shanghai, told the reporter of China times that the original intention of introducing the two financial services by the selection layer was to improve the liquidity of the selection layer. The most important factor affecting liquidity is the number of investors participating in market transactions. The introduction of two financial services can not change this problem, but may be counterproductive. Since the opening of the select layer, the transaction amount of the market has decreased day by day, and the market sentiment is generally cautious. If the two financing businesses are introduced at this time, it is likely that some investors will take advantage of the market pessimism to short the market. Due to the small size of the selected layer liquidity and the poor overall liquidity, once the market is short, it is likely to cause panic type decline, which is not conducive to the healthy development of the new third board.

“whether it is the main board or the new third board, China’s capital market basically does not encourage short selling, and in the two financing business, the short selling mechanism requires that the securities dealers have enough securities in hand to lend to investors to short, which puts a great pressure on the capital of securities companies. Therefore, the number of A-share securities lending is far lower than that of financing, which is also the main reason for the high cost of securities lending. And then reflected in the selection layer, the regulatory layer also hopes to attract more investors to enter the third board market with the help of financing business in the two financing, rather than further depress the market sentiment by using the securities lending business. ” Ding Ling said.

some people in the industry also suggested that for the future development of the margin trading and securities lending business of the selective layer, Yuan Ji suggested that the development of the “two financing” business of the selected layer could be differentiated in terms of the selection criteria of the two financing targets, the source of bonds and funds, the margin and the maximum discount rate of individual shares’ margin. What is more important is that the overall scale and maturity of the selected level enterprises are still different from those of the main board enterprises. Therefore, while supporting the development of margin trading business, we should also pay attention to the effective prevention of risks.

“margin trading makes the relationship between investors and securities companies not only entrusted, but also creditor’s rights and debts. The fluctuation of stock price will bring about the change of investment income or loss, and the fluctuation of interest rate will also affect the interest and expense cost of investors. For investors participating in the new third board trading, they can consider margin trading only when they understand the characteristics and risks of margin trading, their own ability and psychological tolerance, and know themselves and their competitors. ” Ding Ling pointed out to our reporter. 5g is coming, operators finally think of the big problem of “calling”

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