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Has the Cathay Pacific Fund: the Science and Technology Commission's Rules been released? – Fund channel – Financial circle

Finally, the China Securities Regulatory Committee published "Review of the Science and Technology Council and the Implementation of a Pilot Record System on the Shanghai Stock Exchange". Shanghai Expo in November, the science and technology committee that filled everyone's imagination has finally developed.

The Science and Technology Committee section focuses on issues such as issuance review, threshold list, pricing mechanism, trade mechanism, system cancellation and reduction of the system. Nowadays, the author can see the comic. Chinese Nasdaq.


1. Revision of the broadcast

The company has established the exchange audit and the CSRC registration. The audit team's scale is higher than today and is followed by market expectations. The review cycle was clarified. The original market had no important information, and the audit opinion had to be created within 3 months from the admission request, since the document was approved, but there was no verification of verification events.

The preliminary audit is a total of 6-9 months and the CSRC registration must be carried out within 20 working days. Compared to overseas markets, it is slightly lower than the United States and Japan (after 6 months), Taiwan, Hong Kong and the United Kingdom (4-5 months). If you look at A-shares for a long time, the progress is very high, that is, if the speed of the list is high, the non-control can be very fast.


2. List threshold

Comparing the previous market expectations and the data on the media, the company reduced its winnings and market value added to commercial value. The only change was the market value + R & D revenue and the R & D ratio from 10% to 15%. %. Clear VIE and red chip, the original hope is not prohibited, it's clear here.


3, pricing placement

Prices were fully liberalized and forecast. There are three ways to avoid predicting prices:

First of all, the sale of old shares is not involved here;

Secondly, subjects related to management and staff, according to forecasts;

Thirdly, the positioning mechanism presents strategic investments. Over 100 million shares allow investors to ignore the strategic ones, and there is no limit. 30% have to explain why it is. If there are less than 100 million shares, strategic investors may be up to 20. %.

Strategic investments can not be an investment fund. They must be self-sufficient funds and do not participate in an offline quiz. The order period is not lower than December, shorter than expected. This means that the authority authorities believe that issuing is not difficult.

In addition, the broker continues to invest, instead of voting, 2% and 5% voting. At the same time, the broker increases a new income and securities brokers should receive brokerage commissions that stock their stock through strategic or offline location shares For investments made by shareholders.


4. Trading mechanism

In the introduction threshold in the first 20 days of trading, the average daily stock assets are not less than 500,000 and two years of commercial experience. 500,000 under-investmenters do not have to worry about it, they can participate in public funds.

The price limit is not limited to the first 5 trading days, with 20% and T + 1, the first day to enter the values.


5, delisting systems, above forecasts, can be described by the most demanding mechanisms of history

1) It can not be re-listed after deletion;

2) Five security principles coincide with the new regulation on last year's shares, including commercial volume and market capitalization, as well as the end of the list at the end of the list. One of them has a turnover of less than 2 million shares in 120 consecutive trading days. A lot of shares have been made;

3) There is no permanent loss to use the end of the list indicator, using a comprehensive standard. In the financial deduction of the Delisting indicators, one of these is required to implement a delisting risk warning. First and foremost, the net or net income of the deduction is negative and the income for the last financial year is less than 100 million. The latter are assets that are net. negative This means that adjusting through profit management in the past is not applicable.


6. Restriction system

1) Shareholder control, controller, directors, managers, senior management personnel and the non-profitable technicians of the list must extend the period of blocking locked in.

2) The deadline for blocked shares of Priority Shares of the kernel should be deployed properly;

3) The executive lock is 3 years old. After 3 years it is not profitable, it will be blocked for another two years. Following the rise of the ban, if the open market exceeds 1% annually, non-public transfer is not limited and exceeds expectations.

Some agents have made a comparison between the board and the board, the small and medium table, the GEM and the new board. This table is mainly for growth science and technology companies, and it is different from the front system. The board is the first market for the registration system, and the financial requirements are more flexible.

Has the Cathay Pacific Fund: the Science and Technology Commission's Rules been released?

What will be the effect of Kechuang's table?


Guotai Fund thinks:

The emission revision mechanism is expected more than expected, and the review is approaching countries that are periodically developed, indicating the progress of the Chinese capital market.

On the one hand, the Science and Technology Council pursues the principle of "internalization", which formulates the standard classification by list, which leads to loss of quality companies, rights and shares of companies and grid chips to be public, in order to accelerate the vitality of innovative companies and facilitate market access.

At the same time, the pilot system for the registration of science and technology tables, the Shanghai Stock Exchange Inspection company, CSRC registration, which improves the Chinese multi-market structure reduces negative charges to optimize the capital market's investment efficiency.

As a frontier pilot of the incremental reform, its mechanism will be expanded after a continuous improvement and maturity, the vitality of the capital market will be strengthened.

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