“This revision aims to play the role of the innovation layer as a link between the previous and the next, not only to continue to deliver high-quality corporate resources to the Beijing Stock Exchange, but also to provide financing and development channels for companies that have not yet been listed.” “Measures for the Hierarchical Management of the National Equities Exchange and Quotations” (hereinafter referred to as the “Stratified Management Measures”) and the “Business Guidelines for Hierarchical Adjustment of the National Equities Exchange and Quotations” (hereinafter referred to as the “Business Guidelines for Hierarchical Adjustments”), National Equities Exchange and Quotations The relevant person in charge of the transfer company said in an interview with reporters.
The person in charge pointed out that with the successful opening of the Beijing Stock Exchange, the basic layer and innovation layer of the New Third Board will take on new functional positioning, which is embodied in the “reserve army”, standardized cultivation “training camp” and market ecology of the Beijing Stock Exchange. the “stabilizer”.
Tiered Access Criteria Adjustment
New R&D standards
“The adjustment of the entry-level standards this time is not to simply relax the entry-level requirements of the innovation level, but to comprehensively consider and optimize various indicators according to the current level positioning and market development.” The relevant person in charge of the National Equities Exchange and Quotations Company said. , among the various entry-level standards, the indicators have increased and decreased, and the values have increased and decreased. The setting is more suitable for the performance of listed companies in recent years. At the same time, it has opened a gradient with the listing conditions of the Beijing Stock Exchange the integrated development.
Specifically, the net profit standard appropriately reduces the ROE requirement; the revenue growth standard appropriately increases the income amount while reducing the growth rate requirement; the R&D standard is newly added, and matches the appropriate financing amount and market value requirements; among the market transaction standards, Appropriately lower the market value level, and at the same time, add transaction volume indicators for bidding companies, and reduce the number of market makers for market-making companies.
Increase the frequency of grading
Guide enterprises to rationally arrange financing plans
It is worth noting that before the new third board enterprises only had one opportunity to enter the tier once a year, this time, the frequency of entering into the tier has been optimized, and a total of 6 innovation tier entry arrangements have been set up throughout the year.
The relevant person in charge of the National Equities Exchange and Quotations said that to increase the frequency of grading, on the one hand, through the implementation of 5 grading in the first half of the year, enterprises are guided to rationally arrange financing and development plans. Once implemented, enterprises can more calmly and orderly arrange for annual report disclosure, issuance and financing, entry into the innovation layer, and preparation for listing. Second, through prudent arrangements in the second half of the year, it is only implemented once after the company’s semi-annual report is disclosed, to meet the needs of a few companies to enter the second half of the year due to capital market planning adjustments and other reasons.
In addition, this revision increases the auditing and performance requirements for semi-annual reports for companies entering the ranks in the second half of the year, so as to facilitate the entry of high-quality companies that plan to list on the Beijing Stock Exchange, and at the same time, it plays a role in preventing companies with declining performance from entering the ranks by surprise.
So in the future, will it be possible to achieve instant access to the layer when the conditions are met? The relevant person in charge of the National Equities Exchange and Quotations Company responded, “Because the necessary procedures such as self-inspection of the company and verification of securities companies are required to enter into the senior management level, it is inconvenient to implement the real-time entry into the senior management level in the strict sense. See, this time, by setting up 6 times of stratification, the company’s stratum needs can be met, and the actual effect is not much different from the instant stratum.”
Reduce the number of market makers
Cancel the requirement of not less than 50 shareholders
There are two major highlights in the “Strategic Management Measures”, one is to reduce the number of market makers to 4; the other is to cancel the requirement that there are no less than 50 qualified investors. It is understood that since the implementation of the tiered system on the New Third Board in 2016, the number of market makers with the market value standard in the entry conditions is 6. From a practical point of view, the number of market makers in a company depends not only on the wishes of both the listed company and the market makers, but also on the market environment and other factors, and needs to be dynamically adjusted according to market conditions.
“At present, listed companies with more than 4 market makers have achieved a certain degree of market recognition, and this revision lowers the minimum requirement for the number of market makers, and can also guide and encourage listed companies to adopt market making at the level of rules. Transaction method.” said the relevant person in charge of the National Equities Exchange and Quotations.
In addition, the relevant person in charge said that in the process of soliciting opinions, all market players expressed their desire to cancel the 50 qualified investors. The main reasons are as follows: First, after the adjustment of the function positioning of the innovation layer, more focus on screening Potential high-quality companies should be regulated and cultivated to provide sufficient resource reserves for the Beijing Stock Exchange. The number of qualified investors is not a key factor to measure their quality. Second, there are only a large number of companies that do not meet the 50-person requirement and some companies are of good quality, but most high-quality companies do not have the will to diversify their equity before listing. Third, the cancellation of the 50-person requirement can effectively reduce the risk of illegal operations such as raiding “together” before the listed company enters the tier.