"Specialized Special New" special board becomes smooth and multi -level capital market grasping industry: regulatory layer is studying and optimizing construction standards

31Aug

Our reporter Chang Xueyu in recent years, cultivating and developing "specialized new" enterprises has become one of the characteristics of my country's industrial policy, and its importance has been mentioned to unprecedented heights; many "specialized new" enterprises in national policies and capital With the support of the market, we continue to cultivate professional fields, enhance innovation capabilities, and add motivation to the high -quality development of China's economy. As an important part of the multi -level capital market, the regional equity market also actively explores the financial support path of the "specialized new" enterprise. By setting up the "specialized new" special board, it has continuously increased the relevant enterprises. Support, breadth, and depth. The "Securities Daily" reporter was exclusively learned in the industry that in order to improve the quality of the "specialized new" special board construction of the regional equity market, the relevant regulatory authorities have already Enterprises establish a layered gradient cultivation system, and the national securities market has been adjusted to solicit opinions to the industry for many rules such as the cooperation mechanism of special board enterprises. It is currently a new round of modification based on the feedback from all parties of the market. The "Securities Law" implemented from March 1, 2020 according to local conditions, confirmed the legal status of my country's multi -level capital market, and for the first time clarified the legal status and functions of the regional equity market, that is, the regional equity market is my country's country. Important part of the multi -level capital market. The Opinions of the Central Committee of the Communist Party of China on April 10, 2022 put forward the cooperation between the regional equity market and the national securities market sector. The top -level design is clear and the adaptability has become stronger. Luo Zhiheng, chief economist of Yuekai Securities and Dean of the Research Institute, analyzed that "'' Specialized New 'Enterprise Characteristics is in line with the service positioning of science and innovation boards, GEM and Bei Stock Exchange. , The New Third Board Innovation Floor Enterprise is the Bei Stock Exchange 'Reserve Team, and some companies have successfully transferred from the Beijing Stock Exchange to science and technology board and GEM. If the multi -level capital market wants to truly achieve seamless connection, it will need to be further opened up. The connection between the regional equity market and the national securities market sector, the importance of the "specialty new 'special board." In order to give play to the role of the local capital market hub platform, the regional equity market passes through the "specialized new" special board In other ways, it is adapt to local conditions to provide enterprises with basic capital market services and comprehensive financial services. Providing capital market training services for "specialized new" enterprises, and doing a good job of standard guidance before listing is one of the special services. Zhang Yunfeng, Secretary of the Party Committee and General Manager of Shanghai Equity Custody Trading Center (hereinafter referred to as "Shangshi Jiaotong"), said, "Shanghai Stock Exchange mainly conducts corporate capital market -related training, establishes corporate standards for governance, strengthens corporate governance capabilities, compliance levels, and levels of compliance. Development capabilities have now formed a more mature listing training system. "The relevant person in charge of the Guangdong Equity Trading Center (hereinafter referred to as" Guangdong Stock Communications ") introduced that the Guangdong Stock Exchange and the New Third Board, and high -quality securities service agencies, Continue to provide training, consulting and services for the standardized operation, corporate restructuring, listing (listing) counseling of "specialized new" special board enterprises, and assist in the special board enterprises to solve the problems encountered in the development process. At the same time, encouraging and guiding special board companies to be restructured into joint -stock companies in accordance with the requirements of corporate shareholding system transformation. Activate professional institutions such as securities firms, investment banks to participate in potential, benchmark IPO standards, establish model indicators, issue IPO assessment reports for the intended listed enterprises in the board, and formulate capital operation plans according to this to clarify the goals and make up the gap for each standard according to each standard. Measures and improvement paths. At the same time, in order to accelerate the pace of the listing of enterprises, the "specialized new" special board cultivates the capital market awareness of enterprises, and through the differentiated information disclosure system and targeted information disclosure system, the "specialized new" enterprise will tell the potential buyers " Investment story. Yu Chunhui, general manager of the Hunan Equity Exchange (hereinafter referred to as the "Hunan Stock Exchange"), said that according to the characteristics of the enterprise, the Hunan Stock Exchange's "Specialized Special New" special board formulates a special information disclosure system: In principle, listed companies can independently select the content and scope of information disclosure; listed enterprises with equity and debt financing needs, they regularly disclose information in accordance with the requirements of external shareholders and regulatory requirements. "The implementation of the upper -stock technology innovation board that implements the registration system is high, and the main reason for the recommendation agency will be calculated; the Shanghai Second Security mainly conducts data review, and the recommendation agency shall be responsible for investing firstly. Investors. At the same time, the registration system also pays more attention to publicity and strict post -post -post supervision. "Zhang Yunfeng introduced that the" specialized new "special board that is under construction will also use this model. In addition, the "Specialty Special New" special board will give the IPO review front to help enterprises deeply understand and grasp the review requirements: clear and complete records of corporate equity changes, and can be checked in the fields of equity incentives; Keep talent. "'Specialized Special New' Enterprises in the process of development, facing issues such as equity and debt financing, equity option transactions, chaos (including various generations) such as equity options, and chaos of equity changes. The sex equity market is a place where companies can help companies solve these problems.

"Beijing Equity Trading Center (hereinafter referred to as" Bei Stock Exchange ") said that the" Specialty Special "special board will focus on providing equity incentives for Beijing high -quality" specialized new "enterprises, mergers and acquisitions and reorganizations, and mergers and acquisitions. At the same time, the equity financing and equity certificates of financing products. At the same time, Beijiao also owns the only non -listed equity registration custody platform in Beijing, which can help the IPO "specialized new" enterprise regulate equity management. Shareholders' roster and equity structure are clearly sorted out. The demand for operating institutions and upgrading is to further improve the quality and efficiency of the innovation and development of the "specialized new" enterprise. And the "specialized new 'special board has reached the stage of further optimization and perfect. Insiders insiders of an operation agency revealed to reporters that at present, the relevant regulatory authorities are jointly promoting the "specialized new" special board that has promoted the establishment of a new concept of the regional equity market. There are strict requirements for net assets, talent reserves, databases, etc. of operating institutions that set up special boards. Some people in the industry admit that "most of the net assets of most operating institutions now do not exceed 500 million yuan. In terms of long -term development, there are more pressure on net asset supplementation pressure. Essence "The above insiders revealed that" for the relevant requirements of the benchmark regulatory, we are starting the capital increase and shareholding work. "It is clearly suggested that with the growth of the financing demand of" specialized specialty "enterprises, the gap between the regional equity market talent gaps will increase, and in the future, more personnel will be added with corporate listing counseling or financial services related to work experience. The new "enterprises are mostly small and medium -sized enterprises, and the content of information disclosure is not perfect. The regional equity market can establish the basic information, autonomous or disclosed information disclosed in accordance with relevant requirements, information accumulated through services and investigations, etc. Multi -dimensional information Enterprise databases provide accurate portraits and science and technology attributes for enterprises. Luo Zhiheng believes that the "specialty new" target currently traded in regional equity markets is generally low. Optimize the transaction mechanism, introduce incremental funds to the market, and set up a special new index of specialized specialty to unblock various medium and long -term funds investment "specialized new" channels, bringing market activity and valuation improvement. The system, Luo Zhiheng suggested that "the subsequent regional equity market can also establish a layered gradient cultivation system for the" specialized new "special board enterprise, providing services that are suitable for all levels of enterprises. "Looking forward to increasing policy supply, the efficient player of the" Specialty Special New "special board is still blocked. Many operating institutions expect to follow the needs of market entities and further increase the policy supply. The new "special board high -quality enterprise establishes a listing green channel to become a common demand. Zhang Yunfeng admits," Now 'specialized new' enterprises to go to the New Third Board need to be delisted in the regional equity market and re -submit relevant materials. The 'specialized new' special -board enterprise does not need to repeatedly submit the materials, and can be transferred directly to the New Third Board. Once there is a problem with the company, it can be held accountable from the operating agency. "From the perspective of the relevant person in charge of Beijiao, the seamless connection mechanism of establishing the New Third Board and the regional equity market is the primary work. Yu Chunhui said that the overall quality of existing listed companies is high. Tax discounts provide institutional support, but it is difficult to achieve under the existing system, which is not conducive to mobilizing the enthusiasm of enterprise listing to a certain extent. In addition, policy cultivation and financial resources are fully focused on the listing of companies after the listing. The efficiency of improving financing docking. "" Promoting the continuity and support of the policy of promoting 'specialized new' enterprises to regional equity market listing and financing still needs to be enhanced, especially for support policies for enterprises listed During the process, different service products are matched at different stages. "The relevant person in charge of Guangdong's shareholders said. Liu Suyi, chairman of the China Securities Industry Association's Regional Equity Market Professional Committee, and general manager of Tianfu Stock Exchange Center: The" one -in -appoint "of the regional equity market set up a" specialized new "special board. In the context of the standard of the reporter, Chang Xueyu, a reporter from this report, has achieved innovative drivers and strong chain supplementary chain in the context of new economic normal economic development. To this end, the national level and capital markets have given more attention to "specialized new" enterprises. And provide policies and funds for its development and prosperity. "Supporting 'Specialized New' Enterprise High -quality Development has become the consensus of the regional equity market. The market is standard. "The chairman of the China Securities Industry Association's Regional Equity Market Professional Committee, Liu Suyi, general manager of Tianfu (Sichuan) joint equity trading center, said in an exclusive interview with the Securities Daily that of the 35 regional equity market operations in the country, there are already 25 The home has set up a "specialized new" special board, and 9 other companies are actively preparing. Liu Suyi introduced that in the process of cultivating and development and growth of the "specialized new" enterprise, the regional equity market is playing "one body and two The function and role of Ren "Ren. First, play the functions and functions of private equity trading venues, and provide places, facilities and services for the issuance and transfer of securities for non -public issuance of" specialized in specialized "enterprises. Comprehensive use of tools such as equity, bonds, etc. to help solve corporate financing needs: First, bond financing is mainly.

Due to the small share capital of the "specialized new" enterprise, when the equity structure is not overturned and the financing needs are selected, bond financing is selected. The regional equity market develops the bond market to help enterprises solve direct financing problems in the development process. However, the insufficient guarantee capabilities of the "specialized specialty" enterprise are still a major problem in the current bond financing. Tianfu (Sichuan) Joint Equity Trading Center has launched a comprehensive guarantee system that does not need to provide guarantee products, but the overall scale is not large. The second is to revitalize equity financing. Combined with the actual needs of "specialized specialty" enterprises to hold both control and financing, they designed their equity to be listed (non -publicly adding stocks) to attract investors to transfer through stock transactions. New "companies are easily favored by investors due to their development potential, and investors can enter the bureau outside the market through equity investment. Second, the role of the regional equity market is the role of the capital market's "tower" and "nursery", collect, gather and screen for high -quality "specialized new" enterprises, and to cultivate and incubate through the proposed listing. Essence In November 2016, an operating agency set up a "specialized new" special board computing for the first time, and the regional equity market service "specialized new" enterprise for nearly 6 years. Liu Suyi believes, "After the previous exploration, the operating institution has formed a more mature approach and experience to lay a certain foundation for further upgrading and optimization and standardization." Liu Suyi introduced to implement the Party Central Committee, to implement the Party Central Committee, The State Council further supports the relevant decision -making deployment of SMEs for SMEs, and improves regional equity market service capabilities. Relevant regulatory authorities are planning to cooperate to launch the "upgraded version" of the "Special Special New" special board. Through systematic and institutionalization Comprehensive services such as selection and cultivation, compliance management, and differentiated financial products have been improved to improve the quality and efficiency of "specialized new" enterprises. "'Specialized Special New" special board develops some systematic blocking points, and improving its service capabilities is the opportunity and challenge facing the development of the regional equity market. "Liu Suyi suggested that they can make three aspects in the future: First, I hope to regulate supervision The departments strengthen the supply of regulations and systems. For example, it is difficult for regional equity market participants to enjoy the equivalent tax policies of the national securities market, and the market operation and transaction costs are high. It is recommended that the regulatory department incorporates the regional equity market into the national securities market tax preferential policy scope. The second is to hope that local governments will increase their support. At present, the support policies in some regions are seriously "ebb", which is not conducive to the role of local financial infrastructure in the regional equity market. It is recommended that local localities improve support measures for operating institutions and solve their predicament of "subsequent industry" for survival. Third, it is recommended that operating agencies improve the professional service capabilities of core business, clarify business logic and profit models, and attach importance to basic services that need to continue to invest in long -term continuous investment and public welfare nature. The "Dedicated New" special board "Number" view of the regional equity market: Listed display enterprises totaling 4,584 cumulative financing 26.651 billion yuan reporter Chang Xueyu in recent years, in recent years, the relevant policies for cultivating and developing "specialized new" enterprises have continued Add. For example, the "Fourteenth Five -Year Plan" plan and the far -reaching goal of 2035 must clearly clearly "cultivate the special specialty new 'little giant' enterprise"; the Central Economic Work Conference held at the end of 2021 requires "stimulating a large number of new 'special new' enterprises"; In 2022, the "Government Work Report" proposed "focus on cultivating 'specialized new' enterprises". Policy accurately assistance to promote enterprises to "accelerate". As of now, more than 48,000 "specialized new" enterprises have cultivated in various provinces in the country; about 9,000 new "little giants" enterprises have been specialized. The regional equity market has also played an important role in supporting the high -quality growth of "specialized specialty" enterprises. In November 2021, the Office of the State Council promoted the development of the SME Development Work Leading Group and issued the "List of Handling a Specialty for Specialized Specialty" SMEs ", and proposed" the establishment of a "special new" special board in the promotion of regional equity markets ". Under the guidance of policy, many operating institutions have set up a "specialized new" special board, or optimize and upgrade on the basis of other similar functional sectors. At present, among the 35 regional equity market operating institutions across the country, 25 have set up the "specialized new" section, listed to display 4,584 companies with "specialized specialty" enterprises, and a total of 26.651 billion yuan in financing for enterprises. "Securities Daily" reporter recently entered the market to explore cold and cold, communicate with nearly 10 operating institutions, and try to operate the operation of the regional equity market and the "specialized new" special board. The relevant person in charge of Guangdong's shareholders told the "Securities Daily" reporter that the Guangdong Stock Exchange launched the "High -growth SME Board" as early as 2019 to provide diversified services for different stages of entry enterprises at different stages. Guangdong shares have upgraded the sector from the aspects of service objects, content, measures, etc., and changed the name of the sector to the "Guangdong Specialized Special New Board". Home, 174 small and medium -sized enterprises in Guangdong Province. The Hunan Stock Exchange's "Special New" special board opened on June 30 this year, which is positioned as the "incubation port" and "accelerator" listed on the company.

Yu Chunhui, general manager of Hunan Stock Exchange, introduced to the "Securities Daily" reporter that the first batch of 21 "specialized new" enterprises was collectively listed. These companies have stable revenue and profits, and have strong scientific and technological attributes, obtain equity investment, and invest. It has the characteristics of clear listing plans. Among them, Hengxin New Materials, Merimi Technology, Runwei Smart and other companies have signed a contract with Caixin Securities and other securities firms to start the IPO. In addition, the "Specialty Specialty New" special board, such as Shanghai Stock Exchange, Beichen Jiaotao, Tianfu (Sichuan) joint equity trading center, Inner Mongolia equity trading center (hereinafter referred to as "Inner Mongolia Stock Exchange Center"), is under preparation Essence "In December 2015, Shangshi Jiaotong took the lead in launching the first implementation of a standardized registration system and specializing in scientific and technological innovation SMEs (N boards)." Zhang Yunfeng, Secretary of the Party Committee and General Manager of Shangzhong "Securities Daily" reporter said that since the opening of the industry, the Shanghai Bank has cultivated a total of 21 specialized "little giants" enterprises and 335 "specialized new" enterprises to provide strong support for the accelerated development of the regional economy. At present, Shangzhangjiao is creating a digital "specialized new" special board for "blockchain+big data", and the construction plan has been formed. Since 2017, North Stock Exchange has served more than 1,000 "specialized new" enterprises. The relevant person in charge of Beijiao introduced to a reporter from the Securities Daily that at present, the Beibei Jiaotong has mobilized the core backbone to set up a "specialized new" special board work group to step up the study and formulation of the special board construction plan and various business rules and regulations. Sun Feng, general manager of the Inner Mongolia Stock Exchange Center, told a reporter from the Securities Daily that the preparation work of the "Specialty Special New" special board of the Inner Mongolia Stock Exchange Center focused on two aspects: First, due to the wide coverage of the Inner Mongolia Autonomous Region, the enterprises were scattered. There are only 22 national specialized new "little giants" enterprises in the inside, and they are stepping up to formulate a benign mechanism for cultivating, screening and supporting the "specialized new" enterprise; On the basis of "it has been launched), combined with the characteristics of" specialized new "enterprises, it makes special services such as supplementation, expansion, strong industries, financing, and listing. The "Interim Measures for the Management of Gradient Cultivation of High -quality Small and Medium Enterprises", which was officially implemented on August 1, 2022, clarified the evaluation and identification criteria of innovative SMEs, "specialized new" SMEs, and specialized new "small giants" enterprises. At the same time, systemic requirements for the cultivation management of the "Fourteenth Five -Year Plan" period. Luo Zhiheng, chief economist of Yuekai Securities and Dean of the Research Institute, told the reporter of the Securities Daily, "Carrying out the gradient cultivation of high -quality SMEs, and more importantly, through cultivation services and guidance, help more small and medium -sized enterprises insist on walking away 'Specialized new' road, and prepare for more eligible enterprises to list and listed financing. "Recommended reading

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