The impact of the new three-board tiered era on super-hard companies?

Just as the boots hanging in the air landed, with the attention of many listed companies, investors and intermediaries, the new three-board tiered era came.
Since June 27th, the National Small and Medium Enterprise Share Transfer System Co., Ltd. officially implemented layered management of listed companies. The new three boards have since been divided into two layers: the innovation layer and the base layer. 953 of the more than 7,600 listed companies in the country entered the innovation layer, and the remaining companies automatically entered the basic layer. Among them, 33 of the 263 Henan Xinsanban listed companies entered the innovation layer.

Split two camps?
"We personally feel that investors and securities research institutions have seen a significant increase in company research. There are constantly investment institutions and brokerages inviting us to conduct roadshows. The company's stock trading volume and market attention are also increasing." Fu Nike Superhard Materials Co., Ltd. Li Lin, secretary of the board of directors and deputy general manager, said that since the list of listed companies in the innovation layer was announced, they have received much attention as companies entering the innovation layer. After the implementation of the stratification, I believe that the company's reputation and reputation will be further enhanced.
"Stratification is conducive to investors' choice. The original 7,600 listed companies are together, and they are mixed and difficult to distinguish." Xiao Yuhang, general manager of Hexin Gu Securities Consulting Headquarters, believes that the stratification of the new three boards will directly lead to the emergence of two camps. From the more than 7,600 companies, it will attract investors.
Xiao Yuhang said that entering the innovation layer can enhance the company's brand value. Those companies with stable business performance will be concerned by institutional investors, and fixed-income and debt-issuing financing activities will be more recognized by the market.
However, entering the innovation layer also means strengthening supervision.
"I personally noticed that the national share transfer company regulates the board secretary system of the listed company, and requires the secretary of the board of directors of the listed company to obtain the qualification certificate of the board of directors of the national share transfer system." Li Lin feels that with the rapid increase in the number of listed companies, the share turns The company has gradually strengthened its supervision of listed companies. As a listed company entering the innovation layer, Fu Nike is also in the process of revising and improving a series of related systems for sound corporate governance in accordance with the requirements of the share transfer company.

Retaining quality companies?
“The three criteria of profitability, growth, and liquidity must meet one of them. Most companies that can enter the innovation layer are good-quality enterprises.” Zhang Yong, general manager of Chenwei Technology, another new three-board company in our province, said that they did not Enter the innovation layer and strive to enter next year. “We have a compound growth rate of more than 50% last year and are expected to exceed 50% this year, so that next year we will meet the criteria for entering the innovation layer.”
Zhang Yong believes that now, the average revenue and growth rate of more than 900 innovative companies are not weaker than GEM companies, while the average P/E ratio of GEM companies is 100 times. In contrast, innovative companies are investing in land. I hope to attract investors' attention.
Wind data statistics also support this statement. According to statistics, there are 144 listed companies with a revenue of more than 1 billion yuan in the current three boards, and 145 companies with a revenue of more than 1 billion yuan in the GEM. In addition, the new three board listed companies with revenues exceeding 500 million yuan There are 362, and there are only 308 GEM.
Xiao Yuhang pointed out that the biggest problem for the New Third Board is that the long-term trading continues to be sluggish. Last week, the three-board market-making index hit a new low since July 9, 2015, and the three-board index is shrinking. In the first half of last year, the daily trading volume reached about 5 billion yuan, but now it is only about 1 billion yuan.
“With the decline in the activity of the secondary market, it has already affected the primary market. The transaction is small, the cycle is long, and the valuation is lower.” Wang Yinjie, general manager of the New Third Board business headquarters of Zhongyuan Securities, said that listed companies are more difficult to finance, and some have been listed. The companies in the New Third Board are also considering the issue of “going” or “staying”.
According to the data of Dongfang Fortune Network: From 2015 to June 21, 2016, a total of 196 companies in the New Third Board issued a notice for the company to submit for listing counseling. Henan is no exception. The information released by the Henan Securities Regulatory Bureau shows that six Henan listed companies have embarked on the road of sprinting A shares.
However, the road to A shares is not smooth. At the beginning of the year, there were more than 800 companies lining up for the A-share issuance. According to the current daily trading day, the average number of companies is one, and the number is more than 200 a year.
"When there is stratification, I will turn the wine and ask for shares. I don’t know what the auction is for, but what time will I wait for? I want to turn around and I’m going to wait in the queue, and I’m going through the years...” A new three-board company’s secret secretary The oily poems have a heartfelt mentality.

Can I activate the new three board?
"Stratification is only the first step, and it does not solve the problem of insufficient liquidity." Wang Yinjie believes that after the stratification, there will be supporting policies to reverse the market downturn and activate the new three boards. In addition to enjoying a higher valuation level and liquidity premium, companies entering the innovation layer can also be prioritized as an innovation pilot for financing systems and trading systems.
Wang Yinjie cited some specific policies, such as the innovation layer and then split the bidding transaction layer; the investment threshold was lowered, and the living water was introduced; the market makers expanded, and the private equity fund was proposed to be expanded to the public fund.
For the trend of the new three-board market after stratification, Xiao Yuhang said that the market is expected to be active in the short-term downturn, but the impact is limited. Because the trading system and investment threshold of the New Third Board are unlikely to change in the short term.
"But since the innovation layer is divided, there will be preferential incentives to promote development." Xiao Yuhang believes that stratification is opening a series of new changes in the new three-board system, and it is expected to gradually change the current sluggish trading situation.

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