Many brokers are eager to try, and the city's business system has become an important driving force for "science and technology breakout"

On the 17th, China Galaxy announced the proposed science and technology board stocks to do the city trading business. Up to now, many securities firms have been eager to try the business business of the science and technology board.

Many securities firms "aim" as a city business business

On the 17th, Galaxy China issued an announcement saying that on June 16, the Chinese Galaxy held the eighth meeting of the 4th board of directors (temporary) in the form of communication to pass the "Proposal on the Company's Corporation of Science and Technology Innovation Stocks for the Municipal Transaction Business". The company carries out the science and technology board stocks to do the city trading business, and authorize the company to apply for management and management according to regulatory requirements, apply for relevant business qualifications, and go through relevant approval procedures.

Since Founder Securities proposed for the first time in the shareholders 'meeting proposal to apply for a science and technology board to do the market, only less than one month, 8 brokers have mentioned in the recent shareholders' meeting or board conference proposal held by their own houses. Report to apply for the science and technology board to do the market.

Among them, the six brokers who have passed the shareholders' meeting are Founder Securities, Oriental Securities, Guoxin Securities, Guojin Securities, Soochow Securities, Caitong Securities.

At the same time, in addition to the Galaxy of China, the science and technology board reported by Zhejiang Business Securities on June 6 has also been reviewed and approved by the board of directors. From the perspective of the proposal of the shareholders' meeting disclosed on June 16, Zhejiang Commercial Securities' Science and Technology Board will be submitted to the shareholders' meeting.

According to Zhejiang Commercial Securities, on January 18, 2022, the Shanghai Stock Exchange invited 28 securities firms to mobilize and exchange science and technology board stocks as market transactions. All securities firms have expressed their positive willingness to participate in the market transaction business participating in the science and technology board stocks.

On June 18, 2020, the chairman of Yihui Manchu made the science and innovation board introduced the city business system; on January 7, 2022, the Securities and Futures Commission publicly solicited opinions on the pilot of the science and technology board; on May 13, 2022 , Securities Regulatory Commission issued the "Statement of the Securities Company Science and Technology Innovation Board Stocks of the Municipal Transaction Business". On the same day, the Shanghai Stock Exchange issued public opinions on business details.

The four major characteristics

According to the differences in liquidity and volatility of different science and technology board stocks, the Shanghai Stock Exchange classified the science and technology board stocks, and set up differentiated city obligation indicators according to this.

Specifically, every June and early December of each year, the Shanghai Stock Exchange is based on the market performance of the past half of the year, including indicators such as the average daily turnover rate, the average daily turnover, and the internal volatility of the daily. "Middle" and "low". Among them, new shares or as of the basis (May 31st and November 30th) of the new shares are automatically divided into "medium" categories.

In response to different classifications of science and technology board stocks, the Shanghai Stock Exchange has set up a differentiated obligation to do the market service quotation obligation. The difference is mainly reflected in the maximum trading price difference. First of all, the maximum trading price difference is divided into three grades, and the maximum price differences allowed to high, middle and low stocks are 1%, 2%, and 3%, respectively. Compared with overseas exchanges and New Third Board, the science and technology board's division of price differences is more detailed. Secondly, the minimum quotation units of the three types of science and technology boards are 100,000 yuan. Different from the minimum quotes of other exchanges, mostly the number of units, and the quotation unit of the science and technology board shares is mainly based on the amount unit. Again, the continuous bidding participation rate, opening collection bidding participation rate, and closing collection bidding rate of the three types of science and technology board stocks were 60%, 80%, and 80%, respectively.

"In summary, the science and technology board of science and technology boards is expected to improve the liquidity of science and technology boards, enhance price discovery, and improve stability, which is conducive to the long -term development of the science and technology board and will become one of the important driving forces of 'science and technology breakout'." Zhang Qiyao, chief strategy analyst of Xingye Securities, believes that through the comparison of overseas capital markets mainly based on the hybrid trading system and my country's New Third Board, they have sorted out the four major characteristics of the science and technology board as the city business system.

First, the Shanghai Stock Exchange requires higher qualifications for the science and technology board. Overseas exchanges have not set up special threshold requirements for city merchants, and the Shanghai Stock Exchange has standards such as net capital and rating of science and technology boards.

Second, compared to overseas exchanges and New Third Board, the buying and selling price of science and technology boards is lower. The maximum trading price difference between the science and technology board is 1%-3%, which is less than 5%of the New Third Board, Nasdaq and Lun Stock Exchange.

Third, the minimum quotation units of other exchanges are mostly units, and the quotation unit of the science and technology board stocks is mainly based on the amount unit. The number of applications for the science and technology board is 100,000 yuan, while the minimum number of other exchanges is in 100 or 1,000 shares.

Fourth, the conditions for the exit of the city businessmen are stricter than Nasdaq, but they are loose than the New Third Board. Active application for the termination of the city trading business as a city merchant, at least 15 trading days in advance can be used as a market transaction business management system or other forms recognized by the Shanghai Stock Exchange through the science and technology board stocks in advance. "Application for the Municipal Transaction Business of Board Stocks", at the same time, submitted the original paper version to the Shanghai Stock Exchange in the form of a document. In addition, if the evaluation of the city's service is too low or other violations of laws and regulations, all rights will terminate all the rights of the city's science and technology board stocks. Reporter Liu Yang

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