The launch of the New Third Board is not only the implementation of policies to support high-tech industries, but also another expansion experiment of the Third Board market. Its more important significance is that it has actively explored the establishment of the national unified supervision of the OTC market and accumulated some experience.
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1. Become a platform for enterprise financing.
The existence of the New Third Board makes the financing of high-tech enterprises no longer limited to bank loans and government subsidies, and more equity investment foundations take the initiative to invest because of the institutional guarantee of the New Third Board.
2. Improve corporate governance.
According to the rules of the New Third Board, once the park company is ready to log in to the New Third Board, it must first carry out equity reform under the guidance of professional institutions and clarify the company's equity structure and high-level responsibilities. At the same time, the information disclosure requirements of the New Third Board for listed companies are set according to the requirements of listed companies, which promotes the standardized management and healthy development of enterprises and enhances the development potential of enterprises.
3. Provide a platform for value investment
The existence of the New Third Board makes value investment possible. No matter individuals or institutional investors, it is impossible to recover the funds invested in the New Third Board Company in the short term. Even if it is recovered, the return on investment will not be too high. Therefore, the investment of the New Third Board Company is more suitable for the form of value investment.
4. Reduce the risk of equity investment through supervision.
With the establishment of the New Third Board system, the equity investment and financing behavior of listed companies has been incorporated into the trading system, and at the same time, it has been supervised by the sponsoring brokers and the securities industry association, so it is naturally more risk-resistant than individual investors.
5. Become a new way for private equity funds to withdraw.
The establishment of share quotation transfer system has become a new way for private equity funds to invest in listed companies on the New Third Board, and listed companies have therefore become another investment hotspot for private equity funds.
6. Put pressure on A-share funds.
The reform of the trading system of the New Third Board is equivalent to adding a big market. For A shares, it will definitely divert some funds. Although short-term listed companies are financing through private placement, the more listed companies, the larger the financing scale, and will certainly absorb some funds from the market.