Growth Enterprise Market considers opening the price limit

Jiang Nan, chief representative of Beijing Representative Office of London Stock Exchange, revealed yesterday that Shenzhen Stock Exchange has been discussing whether to open the price limit on Growth Enterprise Market.

Jiang Nan made the above remarks at the 5th Asia-Pacific Investment Summit held in Beijing that day. The Morning Post reporter asked the Information Office of the Securities and Futures Commission for verification yesterday afternoon, but it was not confirmed.

asymmetric ups and downs?

Jiang Nan said that there is no limit on the price of the GEM or the main board in the UK market. Because in mature markets, this restriction affects pricing and cannot reflect the true value of enterprises.

"The Shenzhen Stock Exchange has been discussing the issue of opening the price limit, but the regulatory authorities in China still give more consideration to protecting the interests of small and medium investors." At the same time, Jiang Nan pointed out that "there is a reason for price limit in some stages of China stock market".

It is worth noting that some insiders have recently proposed that the GEM stock trading should implement an asymmetric price limit system, with the price limit range of 1% of the main board and the price limit range of 2%, so as to expand the risk exposure of GEM trading, strengthen the risk warning to investors and curb excessive speculation on the GEM.

Qian Xuefeng, chairman of Hanli Capital, is opposed to this proposal. He said, "If only a little rise is allowed, and the decline is infinite, then some stocks will fall too much, and the small and medium-sized investors will eventually be affected. Small and medium investors should not be reminded by market lessons. "

two difficult problems in the growth enterprise market

There are many failed lessons in launching the growth enterprise market in the world. In this regard, Jiang Nan believes that the success of China Growth Enterprise Market depends on several factors, such as the source of funds, the demand of listed companies, and the activity of the secondary market. At present, there is no shortage of funds in China. There are two major problems faced by China Growth Enterprise Market: First, the investor group is not mature enough and there are too many retail investors; The second is the integrity of the company.

"The investor group is not mature enough, which makes the CSRC have to carry out some very specific supervision."

Yang Ge, chief representative of new york Stock Exchange's Beijing Representative Office, reminded on the same occasion that South Korea, Japan and other countries failed to launch the Growth Enterprise Market because the industries of listed companies were too concentrated at that time, and basically concentrated in the Internet industry. "With the bursting of the Internet bubble, most companies fell, and the Growth Enterprise Market was devastated."

"Growth Enterprise Market is not equal to high-tech board, and the high-tech board itself covers a wide range." Yang Ge said, "I think now that China is launching the Growth Enterprise Market, it can choose a wider range of industries, not necessarily high-tech industries. The concept of entrepreneurship is very broad, which can be high-tech enterprises, traditional industries or some high-growth industries. "

Market-oriented pricing

In addition, Yang Ge is also worried that the first batch of companies listed on the GEM will be fried. "After the stock price is fried very high, the funds will be withdrawn, and some investors who follow the trend will be trapped inside, resulting in a market collapse. According to the previous experience of China stock market development, this kind of worry is still necessary. "

"This is related to the mechanism of issuing new shares." Yang Ge cited the American IPO mechanism as an example, saying, "Pricing is completely determined by the market, and the imbalance between supply and demand will not be shown until after listing, but will be shown when IPO pricing. On the first day of listing, the relationship between supply and demand will basically reach a balance, and there will be no stock price speculation. "

Liu Gang, general manager of Shenzhen Innovation Investment Group, also warned at yesterday's meeting that if it is a non-market pricing mechanism, it may soar 1 times on the first day.

According to previous reports from many media, the start of GEM may be after the reform of IPO.

Growth Enterprise Market may be pushed in July and August

Earlier this month, Shenzhen Stock Exchange released the draft measures for the administration of listing on Growth Enterprise Market. Xiu Xiaoping, deputy director of the Torch High-tech Industry Development Center of the Ministry of Science and Technology, said on Thursday that the GEM may be launched in July and August, but the final time has not yet been determined.

according to available data, in March this year, the CSRC announced the management measures for initial public offering (IPO) of GEM enterprises. At that time, Yao Gang, vice chairman of the CSRC, made it clear that the real listing of GEM enterprises might wait until August. (Oriental Morning Post)

All circles focus on six hot spots

The public consultation on the Listing Rules of Growth Enterprise Market (Draft for Comment) will end today. The deadline for soliciting opinions on the listing rules indicates that the GEM has entered the "countdown" stage. When will the GEM really appear? Who will become the first batch of GEM listed companies? A series of problems have become the new focus of the market.

hot spot 1: the growth enterprise market is expected to be launched around August this year.

On 14th, the Measures for the Administration of Securities Issuance and Listing Sponsorship and the Measures for the Issuance Audit Committee of China Securities Regulatory Commission were officially released, which indicated that the main supporting system documents of the growth enterprise market were basically complete.

It is understood that there is still a long way to go from the detailed rules of the Growth Enterprise Market to the listing of listed companies on the Growth Enterprise Market. He Qiang, director of the Institute of Securities and Futures of China Central University of Finance and Economics, said that the GEM is expected to be launched around August.

according to the interim measures for IPO (initial public offering of new shares) on the growth enterprise market, enterprises that land on the growth enterprise market must meet the following conditions: a joint stock limited company established according to law and continuously operating for more than three years; It has been profitable continuously in the last two years, and its accumulated net profit in the last two years is not less than 1 million yuan, and it has been growing continuously, or it has been profitable in the last year, and its net profit is not less than 5 million yuan; The operating income in the last year is not less than 5 million yuan, and the growth rate of operating income in the last two years is not less than 3%; The total share capital of the enterprise after issuance is not less than 3 million yuan.

according to the survey of relevant institutions, there are about 15 qualified enterprises, including Tianya Community, Jiangtong Animation, Bishuiyuan, Shanghai Haiding and Guangxun Technology, which are expected to land on the Growth Enterprise Market in the first batch.

hot spot 2: the shares held by the controlling shareholders of GEM companies can only be transferred after three years

The system of restricting the sale of shares is one of the important issues concerned by the GEM market. On the one hand, the time limit for the sale of shares should not be too short, so as not to affect the relative stability of the company's equity structure and operation by the early withdrawal of the sponsors' shareholders; On the other hand, the time limit for the sale of shares should not be too long, so as to meet the appropriate withdrawal needs of shareholders and guide venture capital to increase investment in early-stage start-ups On the basis of comprehensive consideration of the above two aspects, the Listing Rules stipulates the following restrictions on the sale of shares:

1. The shares held by the controlling shareholder and actual controller shall be promised to be transferred after three years from the date of listing of the shares of the voluntary pedestrians, so as to maintain the stability of the company's equity and operation. The practice of requiring the controlling shareholder and actual controller to hold shares for three years is consistent with the provisions of the main board market.

2. For the shares held by other shareholders, if the shares are increased and expanded within six months before the issuer applies to China Securities Regulatory Commission for initial public offering (based on the official acceptance date of China Securities Regulatory Commission), the shares of Spontaneous Pedestrian cannot be transferred within 12 months from the date of listing, and it is promised that the shares that can be sold within 12 months to 24 months from the date of listing of Spontaneous Pedestrian's shares will not exceed 5% of the shares held; Twenty-four months later, the remaining shares can be sold.

3. For the shares held by shareholders other than the above two types of shareholders, according to the provisions of the Company Law, it is necessary to transfer them after one year from the date of listing.

Hot spot 3: GEM companies will start the fast delisting procedure in three situations

According to the Listing Rules, GEM companies will be delisted directly after terminating their listing, and they are no longer required to enter the agency share transfer system like the main board. In order to improve the efficiency of market operation, shorten the delisting time and avoid meaningless long-term suspension, the rapid delisting procedure will be started in the following three delisting situations.

First, in order to emphasize the legal obligation of listed companies to disclose periodic reports, for companies that fail to disclose annual reports and interim reports within the legal time limit, the fastest delisting time is shortened from six months on the main board to three months;

Second, the delisting situation with negative net assets. In order to urge listed companies to solve existing problems as soon as possible and restore their asset operation ability, after the suspension of listing, whether to withdraw from the market is decided according to the interim report instead of the annual report;

thirdly, the delisting of audit reports with negative opinions or refusal to express opinions on financial accounting reports. In order to urge listed companies to solve existing problems as soon as possible and improve the value of financial information, after the suspension of listing, whether to delist is decided according to the interim report rather than the annual report.

Hot spot 4: GEM implements the after-the-fact disclosure system of 1% increase and decrease

According to the Listing Rules, in order to regulate the behavior of shareholders and actual controllers to sell shares and avoid the huge impact on the secondary market transactions caused by the centralized sale of shares by shareholders and actual controllers, GEM implements the after-the-fact disclosure system of 1% increase and decrease based on the experience of overseas markets and small and medium-sized boards.

that is, shareholders and actual controllers holding more than 5% of shares are required to buy and sell shares of listed companies through the securities trading system. When the proportion of increase or decrease reaches 1% of the total shares of listed companies, the relevant shareholders, actual controllers and information disclosure obligors shall make an announcement on this matter within two trading days from the date of this fact.

hot spot 5: The GEM listing rules clearly prevent the risk of speculative attacks on new shares

In order to prevent the risk of speculative attacks on the first day of listing, if the news spread by the public media on the first day of listing may or has had a great impact on the company's stock price, the company's stock will be temporarily suspended and the company will be required to issue a clarification announcement in real time.

In order to prevent the risk of excessive speculation on the first day of listing, the GEM has strengthened the supervision of information disclosure:

First, after the prospectus is required to be published, the issuer should continue to pay attention to the relevant reports or rumors of the company by the public media (including newspapers, websites, stock forums, etc.) and get to know the real situation from relevant parties in time. If it is found that there are false records, misleading statements or major matters that should be disclosed but not disclosed, which may have a great impact on the company's stock price, a risk warning announcement shall be published on the first day of listing to clarify relevant issues and remind the company of the main risks;

second, if the news spread by the public media on the first day of listing may or has had a great impact on the company's stock price, the company will temporarily suspend trading and require the company to issue a clarification announcement in real time.

hot spot 6: gem will implement the current sponsorship system to adjust individual uncomfortable clauses

a spokesman of CSRC recently said that gem will implement the current sponsorship system. In addition, make appropriate adjustments to individual clauses that are not applicable to the Growth Enterprise Market, so as to effectively play the role of sponsors in the construction of the Growth Enterprise Market and improve the quality of listed companies on the Growth Enterprise Market.

the spokesman said that according to the overall arrangement of the GEM market construction, considering that the qualification management, business organization and coordination of the sponsors and sponsors on the GEM are generally consistent with the main board, and the principles, concepts and contents of sponsorship are not significantly different from those on the main board, the GEM will implement the current sponsorship system. However, considering the characteristics of start-up enterprises and their unique requirements for sponsorship business, in order to better play the role of the sponsorship system and strengthen market constraints and risk control, the "Sponsorship Measures" should be appropriately revised, on the one hand, to strengthen the sponsors' responsibility for the issuance and listing of GEM; On the other hand, make appropriate adjustments to individual clauses that are not applicable to the Growth Enterprise Market, so as to effectively play the role of sponsors in the construction of the Growth Enterprise Market and improve the quality of listed companies on the Growth Enterprise Market.

As of the deadline for soliciting opinions on the IPO rules of the Growth Enterprise Market, there are still five major concerns in the market

Chinanews. com May 22 nd, Shenzhen Stock Exchange's "Listing Rules for Growth Enterprise Market (Draft for Comment)" closed for public comments today. The Measures for the Administration of Securities Issuance and Listing Sponsorship and the Measures for the Issuance Audit Committee of China Securities Regulatory Commission were officially released as early as 14th, and the main supporting system documents of GEM are basically complete. However, there are still some concerns in the industry about how the GEM will affect the market after its official launch.

worry 1: does gem divert funds from the main board and then hit a shares?

As the A-share market in China is still in a recovery period, many people are worried that the launch of GEM at this time will divert funds from the main board, thus impacting the stability of the stock market. However, according to the opinion quoted by Xinmin Evening News, the launch of GEM will not have a substantial impact on the market supply and demand level, whether from macro confidence or micro essence.

According to the analysis, on the one hand, the "diversion effect" of GEM financing on the main board market is also limited. According to industry estimates, the average initial financing amount of GEM enterprises is expected to be between 1 million yuan and 2 million yuan after the launch, and its financing scale may be smaller in the initial stage. On the other hand, the idle social funds in the market are abundant, and the China stock market is not short of money. Growth enterprise market, a new investment market, may attract more social incremental capital instead of just taking a slice of the main board market.

Worry 2: Does the direct delisting of GEM companies harm the interests of retail investors?

GEM listed companies will be delisted directly when they meet the delisting conditions, and there is no need to transfer the board. An article in the Economic Information Daily pointed out that the industry is worried that this arrangement will be more market-oriented and prevent the risk of speculation by using shell resources in the market, but there are still some places to be improved.

In this regard, Yu Hua, general manager of Morgan Stanley Huaxin Fund, said that once a listed company withdraws from the market, retail investors or institutional investors may be locked in the end under the condition of opaque and asymmetric information. It is suggested to ensure the openness, fairness and justice of information disclosure in the delisting process from the mechanism to avoid serious damage to the interests of retail investors.

Worry 3: Are the shares of GEM companies overvalued on the first day of listing?

investors have been worried that the first day of listing on the Growth Enterprise Market (GEM) has been over-priced. First, because the number of GEM stocks is small, but the demand is great; Another reason is that the price difference between the issue price and the secondary market exists objectively.

In this regard, Song Liping, chairman of Shenzhen Stock Exchange, recently said, "The measures to prevent speculation in the system are as follows: First, if the stock price rises too high, it will be suspended, such as stopping for 3 minutes, so that investors can digest whether the stock price should be so high." On the other hand, the Shenzhen Stock Exchange will monitor the irregular declaration behavior in real time.

worry 4: the risk of being manipulated by listed companies on the growth enterprise market?

Due to the small scale of companies listed on the Growth Enterprise Market, whether there is the risk of being manipulated artificially is one of the focuses of investors. In this regard, Watson, president of Yanjing Huaqiao University, said in an interview with Beijing News that in order to reduce market manipulation, it is impossible to completely eliminate market manipulation by strengthening supervision and improving relevant systems. When foreign GEM was just launched, it also had a history of speculation. With the easier listing and market-oriented operation, investors will gradually become rational and speculation will be weakened.

worry 5: the launch of the growth enterprise market has caused