Start the new third board expansion venture capital concept to welcome the spring breeze (VC296)

The "two sessions" will be held soon, and proposals related to the "two sessions" have become the focus of the market. In the "Proposal on Leading Hot Money into Emerging Industries to Promote the Development of the Real Economy", the DAB recommended that the expansion process of the "new three boards" should be started as soon as possible, and the agency share transfer system should be piloted in more high-tech zones with better basic conditions. Venture capital concept stocks in the market were heard and performed well.

"New Third Board" expansion into the proposal

On February 28th, in the proposal submitted to the Fourth Session of the Eleventh National Committee of the Chinese People's Political Consultative Conference by the CDB, attention was paid to GEM and emerging industries. In the "Proposal on Strengthening the Construction of the Growth Enterprise Market", the CDB suggested that the growth of the GEM market should be improved from the perspective of system construction to create a fair market atmosphere and provide a good external environment for the stable and healthy development of the GEM market.

On the one hand, the huge private capital lacks investment channels; on the other hand, the real economy represented by emerging industries faces a lack of funds. In response to this phenomenon, in the "Proposal on Guiding Hot Money into Emerging Industries to Promote the Development of the Real Economy", the CDB recommends that "lost currency" or "excess currency" be directed to strategic emerging industries that need investment most. "Devil" is an "angel", which promotes the development of the real economy.

The proposal proposes to further relax restrictions on private capital's entry into funds, financial leasing, trusts, guarantees and other industries, and actively promote asset securitization channels for strategic emerging industries to provide opportunities and conditions for private capital to enter strategic emerging industries. Build a complete investment chain for entrepreneurship and innovation in the development of emerging industries, implement an active stock market policy, promote capital market expansion, and strive to build a risk diversification mechanism and a financing mechanism that is different from traditional finance through financial innovation to realize the relationship between emerging industries and financial capital Benign interaction. At the same time, it is necessary to start the expansion process of the "new three boards" as soon as possible to promote the pilot project of the charge-back share transfer system in more high-tech zones with better basic conditions.

Park expansion: building a multi-level capital market

The "new third board" market specifically refers to the Zhongguancun Science Park Non-listed Co., Ltd. entering the agency share system for the transfer pilot, because the listed companies are high-tech companies and are different from the delisting companies in the original transfer system and the original STAQ, NET system listed companies Therefore, it is called "new three boards" vividly. The new third board concept stocks are the stocks in the Shanghai and Shenzhen stock markets that are related to the new third board market.

The expansion of the "new third board" speeds up, and the high-tech parks benefited first. At present, the pilot scope of the "New Third Board" is limited to the Zhongguancun Science and Technology Park. In the past five years since its establishment, only 76 companies have been listed, which has a large gap compared with the GEM, SME and main board markets. The capital market structure is even further away. In 2011, the CSRC will focus on launching the expansion of the Zhongguancun pilot area as one of its key tasks.

The number of pilot parks increased, and the expansion of the "new three boards" accelerated. China's national high-tech parks have now increased to 83, and the first batch may have 15 to 20 participating in the pilot. According to data from the Ministry of Science and Technology, there were 53,692 companies in 56 national high-tech parks in 2009, and the GDP accounted for more than 20% of the city ’s GDP. A large number of growing high-tech enterprises have reserved high-quality resources for the expansion of the "New Third Board".

Due to the low listing conditions of the "New Third Board", enterprises can apply as long as they have been in existence for two years; and use a filing system instead of an approval system for review, which shortens the process to 4 months; Successful applicants will be awarded 500,000 to 1.5 million yuan to subsidize a considerable portion of the listing cost. These measures lowered the threshold of the "new three boards" and expanded the coverage of enterprises.

As the basis of the multi-level securities market, the "new third board" can raise funds through targeted capital increase. Since 2006, 13 companies have successfully raised nearly 550 million yuan of funds through targeted capital increase. Although the overall amount is not large, it has initially reflected the function of the "new three boards" as an innovative enterprise financing platform, enhancing the company ’s The willingness to list on the New Third Board.

Three main lines run through the "new three boards" concept

Huatai United Securities stated that the expansion of the "New Third Board" will benefit three types of stocks. First of all, the pilot parks will increase, and the expansion of the "new three boards" will speed up, and the high-tech parks will benefit first. The comprehensive strength is strong, and the top fifteen parks are planned to be listed. Shanghai Zhangjiang, Xi'an, Tianjin, Chengdu, Wuxi, Guangzhou, Changchun, Wuhan, Shenzhen, Suzhou, Dalian, Nanjing, Changzhou, Hangzhou, Jinan are expected to take the lead Included in capacity expansion pilot. The beneficiary listed companies include Zhangjiang High-tech, Haitai Development, East Lake High-tech, Suzhou High-tech, High-tech Development and Nanjing High-tech.

Secondly, the market maker system is expected to solve the problem, and the outbreak of the "new third board" business is expected to become a new performance growth point for brokers. The 24 sponsoring brokers with first-mover advantage in the "New Third Board" market, such as GF Securities, CITIC Securities, Haitong Securities, Qilu Securities, China Merchants Securities, China Everbright Securities and Northeast Securities, are expected to benefit.

Third, opening up channels between multi-level capital markets is an inevitable demand for the development of the "new three boards". The establishment of a green transfer board system may not be achieved overnight, but if there is a breakthrough, it will be beneficial to invest in the "new three board" venture capital companies, including Ziguang, Beijing New Building Materials, China Baoan, robots, Venus Star, Shuanglu Pharmaceutical, Zhongyuan Special Steel .

Guosen Securities reminded that it is optimistic about the trading opportunities brought by the expansion of the "new third board" to the "high-tech zone concept stocks", and it is recommended to focus on Zhangjiang Hi-Tech and Electronic City. In the context of the country's increasingly strict regulation of the commercial housing market and the expansion of the "new three boards", the profit model with the real estate development as the core will reflect its unique advantage of not being regulated by the property market, and is optimistic about Zhangjiang Hi-Tech and Electronic City.

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