Upon acceptance, the audit process is entered. The front end does not have any rhythm control; the content of the audit is information disclosure materials, and the substantive profitability of the company is not checked. The New Third Board has already started the “Registration Systemâ€.
According to relevant persons from the National Small and Medium Enterprise Share Transfer System (hereinafter referred to as “share transfer systemâ€), the number of listed companies will exceed 1,100 in the near future, and the access conditions will not increase due to the increase in the number of declared enterprises.
With the rapid increase in the number of listed companies, the participating entities also expect the market to enter a new active stage under the stimulation of market transfer (market maker trading). A spokesman for the Securities and Futures Commission, Deng Wei, told the newspaper on Friday that the securities companies had performed positively on the market-making business. As of July 30, 66 sponsored securities companies submitted applications for market filing, of which 46 were filed.
“Preparation work includes technical level, business level and market level. As far as I understand the preparations, the progress is good. There should be no problem in launching the market transfer at the end of August.†The relevant person said to the newspaper.
Access conditions are not due to "line up" to improve its <br> <br> three new board expansion, the number of shares of the company to apply for listing of the transfer system is growing rapidly. Especially since May this year, the number of companies applying for listing has risen sharply. Since April, nearly 600 companies have applied to the stock transfer system for listing.
As of August 1, the number of listed companies in the stock transfer system reached 8,98, covering 28 provinces, municipalities (municipalities) and autonomous regions except Inner Mongolia, Qinghai and Tibet, with a total share capital of 35.856 billion yuan. At the same time, the share transfer system has issued letters to the 217 companies that have signed up for registration and related procedures, which means that the number of listed companies will exceed 1,100 in the near future.
At present, there are nearly 300 companies applying for listing in the stock transfer system, which are in the review process of issuing feedback, implementing feedback and feedback review.
It seems that there is a phenomenon in the new three-board market similar to the “backlog†of IPO queuing in the A-share market. In addition, recently, brokers have raised the selection criteria for listed companies, and some enterprises that meet the requirements for listing of the stock transfer system have not been listed.
In response, the share transfer system spokesperson Qiang Qiang made a clarification yesterday. He said that the stock transfer system "does not exist to improve the conditions for listing access", and the sponsoring securities firm adopts the standard higher than the bottom line of the stock transfer system, which is a market-oriented choice.
“Organization brokers often consider market-based means to select enterprises based on lifelong supervision, market transfer, follow-up services, etc., based on the bottom line of the national share transfer system listing conditions.†Reluctantly, this is the independent choice of market players. In line with the market-oriented philosophy adhered to by the share transfer system.
He said that the enterprise to apply for listing in the share transfer system, and enter the review process upon acceptance. There is no rhythm control in the front end; the content of the review is information disclosure materials, and no substantive review of corporate profitability is conducted. As for some companies, the review process is fast, and some of the review processes are long, mainly because of two factors. On the one hand, the stock transfer system will provide feedback on the company's application materials and the sponsoring brokers and listed companies. The communication between the two parties may affect the auditing time of the company. On the other hand, if the company's information disclosure materials cannot fully reveal the risks and reflect the business model. The stock transfer system will require additional materials. Therefore, whether an enterprise can pass the review as soon as possible depends more on whether the enterprise's material preparation is complete and whether the risk disclosure is sufficient.
The newspaper was informed that the current application to the stock transfer system for listing, from the receipt of the application materials to the share transfer system, to get a letter to agree to the listing, the average cycle is 38 working days (excluding the time for enterprises to implement feedback), compared to last year 44 working days were further shortened.
According to reluctance, the staff of the company's business acceptance and review in the past two months have been working overtime and completed the listing audit of more than 300 companies. The “National Share Transfer System Business Support Platform Listing Review Systemâ€, which will be put into trial operation on August 4, is also to realize the electronic submission and review of the listing application materials, improve the efficiency of listing examination, and achieve “no queuing and no backlogâ€.
Market making transfers in late August launch <br> <br> in many industry view, do the transfer system a landmark for the city of three new board market. At this point, market players and regulators have also agreed.
Deng Wei told reporters on Friday that the stock market transfer method will bring positive effects to many market players such as listed companies, sponsor brokers and investors.
For listed companies, market makers provide relatively professional and fair valuation and quotation services for listed companies, and provide important pricing references for listed companies to introduce external investors, apply for bank loans, and conduct equity pledge financing. Improve the efficiency of investment and financing, and create more convenient conditions for listed companies to finance, mergers and acquisitions.
For the sponsoring brokers, the market-making business will increase the new business and profit opportunities for the sponsoring brokers, and help the sponsoring brokers to comprehensively improve the service level of valuation pricing, investment research, customer marketing, etc. Business transformation, building an investment bank's entire industry chain to open up a broader space.
For the New Third Board market, market makers trade their own funds with stocks, and through price double-quotation and trading to stabilize price fluctuations, can effectively enhance the liquidity, stability and attractiveness of the market, and create more investment for investors. For a favorable environment.
According to Deng Wei, the stock transfer system has organized 78 sponsored brokerage firms to conduct three rounds of market-making business simulation tests, and tested and improved the market-based technical systems and business operations of the sponsored brokers. As of July 30, 40 listed companies have initiated internal decision-making procedures for stocks to adopt market-sharing methods. At present, the first round of the whole network test of the market-making business is already underway. The next step will be to strengthen the training and promotion of the market participants, and “strive to launch the market-making business as planned at the end of Augustâ€.
“Preparation work includes technical level, business level and market level. As far as I understand the preparations, the progress is good. There should be no problem in launching the market transfer at the end of August.†The relevant person of the stock transfer system told this newspaper yesterday.
According to relevant persons from the National Small and Medium Enterprise Share Transfer System (hereinafter referred to as “share transfer systemâ€), the number of listed companies will exceed 1,100 in the near future, and the access conditions will not increase due to the increase in the number of declared enterprises.
With the rapid increase in the number of listed companies, the participating entities also expect the market to enter a new active stage under the stimulation of market transfer (market maker trading). A spokesman for the Securities and Futures Commission, Deng Wei, told the newspaper on Friday that the securities companies had performed positively on the market-making business. As of July 30, 66 sponsored securities companies submitted applications for market filing, of which 46 were filed.
“Preparation work includes technical level, business level and market level. As far as I understand the preparations, the progress is good. There should be no problem in launching the market transfer at the end of August.†The relevant person said to the newspaper.
Access conditions are not due to "line up" to improve its <br> <br> three new board expansion, the number of shares of the company to apply for listing of the transfer system is growing rapidly. Especially since May this year, the number of companies applying for listing has risen sharply. Since April, nearly 600 companies have applied to the stock transfer system for listing.
As of August 1, the number of listed companies in the stock transfer system reached 8,98, covering 28 provinces, municipalities (municipalities) and autonomous regions except Inner Mongolia, Qinghai and Tibet, with a total share capital of 35.856 billion yuan. At the same time, the share transfer system has issued letters to the 217 companies that have signed up for registration and related procedures, which means that the number of listed companies will exceed 1,100 in the near future.
At present, there are nearly 300 companies applying for listing in the stock transfer system, which are in the review process of issuing feedback, implementing feedback and feedback review.
It seems that there is a phenomenon in the new three-board market similar to the “backlog†of IPO queuing in the A-share market. In addition, recently, brokers have raised the selection criteria for listed companies, and some enterprises that meet the requirements for listing of the stock transfer system have not been listed.
In response, the share transfer system spokesperson Qiang Qiang made a clarification yesterday. He said that the stock transfer system "does not exist to improve the conditions for listing access", and the sponsoring securities firm adopts the standard higher than the bottom line of the stock transfer system, which is a market-oriented choice.
“Organization brokers often consider market-based means to select enterprises based on lifelong supervision, market transfer, follow-up services, etc., based on the bottom line of the national share transfer system listing conditions.†Reluctantly, this is the independent choice of market players. In line with the market-oriented philosophy adhered to by the share transfer system.
He said that the enterprise to apply for listing in the share transfer system, and enter the review process upon acceptance. There is no rhythm control in the front end; the content of the review is information disclosure materials, and no substantive review of corporate profitability is conducted. As for some companies, the review process is fast, and some of the review processes are long, mainly because of two factors. On the one hand, the stock transfer system will provide feedback on the company's application materials and the sponsoring brokers and listed companies. The communication between the two parties may affect the auditing time of the company. On the other hand, if the company's information disclosure materials cannot fully reveal the risks and reflect the business model. The stock transfer system will require additional materials. Therefore, whether an enterprise can pass the review as soon as possible depends more on whether the enterprise's material preparation is complete and whether the risk disclosure is sufficient.
The newspaper was informed that the current application to the stock transfer system for listing, from the receipt of the application materials to the share transfer system, to get a letter to agree to the listing, the average cycle is 38 working days (excluding the time for enterprises to implement feedback), compared to last year 44 working days were further shortened.
According to reluctance, the staff of the company's business acceptance and review in the past two months have been working overtime and completed the listing audit of more than 300 companies. The “National Share Transfer System Business Support Platform Listing Review Systemâ€, which will be put into trial operation on August 4, is also to realize the electronic submission and review of the listing application materials, improve the efficiency of listing examination, and achieve “no queuing and no backlogâ€.
Market making transfers in late August launch <br> <br> in many industry view, do the transfer system a landmark for the city of three new board market. At this point, market players and regulators have also agreed.
Deng Wei told reporters on Friday that the stock market transfer method will bring positive effects to many market players such as listed companies, sponsor brokers and investors.
For listed companies, market makers provide relatively professional and fair valuation and quotation services for listed companies, and provide important pricing references for listed companies to introduce external investors, apply for bank loans, and conduct equity pledge financing. Improve the efficiency of investment and financing, and create more convenient conditions for listed companies to finance, mergers and acquisitions.
For the sponsoring brokers, the market-making business will increase the new business and profit opportunities for the sponsoring brokers, and help the sponsoring brokers to comprehensively improve the service level of valuation pricing, investment research, customer marketing, etc. Business transformation, building an investment bank's entire industry chain to open up a broader space.
For the New Third Board market, market makers trade their own funds with stocks, and through price double-quotation and trading to stabilize price fluctuations, can effectively enhance the liquidity, stability and attractiveness of the market, and create more investment for investors. For a favorable environment.
According to Deng Wei, the stock transfer system has organized 78 sponsored brokerage firms to conduct three rounds of market-making business simulation tests, and tested and improved the market-based technical systems and business operations of the sponsored brokers. As of July 30, 40 listed companies have initiated internal decision-making procedures for stocks to adopt market-sharing methods. At present, the first round of the whole network test of the market-making business is already underway. The next step will be to strengthen the training and promotion of the market participants, and “strive to launch the market-making business as planned at the end of Augustâ€.
“Preparation work includes technical level, business level and market level. As far as I understand the preparations, the progress is good. There should be no problem in launching the market transfer at the end of August.†The relevant person of the stock transfer system told this newspaper yesterday.
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