Direct participation: Did the cow come out?
According to the current trading rules of the New Third Board, there are three main ways for qualified natural persons to directly participate in the investment intervention of listed companies.
First, during the period after listing and before market-making transactions, investors should buy shares of listed companies through agreement transfer, that is, investors must entrust the sponsoring brokerage firm to buy and sell shares on their behalf, and if they need to entrust another sponsoring brokerage firm to buy shares, they must go through the formalities of transferring shares to custody.
Second, when a listed company turns into a market-making transaction, investors buy stocks from the continuous quotations issued by market makers.
The third way is to increase the shareholding.
It is worth mentioning that, as the main way of stock financing for new third board enterprises, there are many institutional innovations in the new third board. Including: for enterprises that meet the exemption conditions, targeted issuance does not need to be audited; Investors can negotiate with enterprises to determine the issue price; There is no lock-up period for directional issuance of new shares.
It is precisely because of these characteristics that the financing of the New Third Board has become increasingly hot. According to the data released by the share transfer system, in February this year, 86 new third board companies issued additional issuance plans, raising a total of 654.38+962 million yuan. The enterprises to be financed are mainly distributed in high-tech fields such as computer, electronic manufacturing and professional equipment manufacturing. Among them, the New Third Board was completed 52 times in February, including 46 times for listed companies and 6 times for the mode of "listing first and then increasing", with a total issuance financing of 135438+0 billion yuan.
Natural persons often appear in these fixed income projects. Take Dongdian Innovation as an example. In the fixed-income plan launched when the company went public in February 20 13, 3.5 million shares were issued to1/natural person at the price of 2 yuan per share. With the fixed increase of Gong Jianhua Chuangchuang (430020), as many as 2 1 person (the total number of institutions and natural persons cannot exceed 35) will participate.
However, enterprises do not charge money. Enterprises choose natural persons to participate in the fixed increase, considering whether it will promote the future development of enterprises. These natural person investors can either provide industrial resources for enterprises in the upstream and downstream of the industry, or they are cattle people in the fields of finance and capital. Among them, there are many Niu San who appear on the A-share main board or GEM. For example, in early March, Super Bull Peng Sanni Xing subscribed for 6 million additional shares of Cinda Intelligent (830937) with cash12 million yuan; In February, Niu Sanyao Ding Jian subscribed for (430733)652 1.7 million shares of Imperial Garden at the price of 4.6 yuan per share, amounting to 30 million yuan.
Indirect participation: investing in products through channels.
The entry threshold of 5 million has blocked many individual investors from the New Third Board, but through various financial product curves, the entry threshold has been greatly reduced.
Public Offering of Fund is undoubtedly the first institution to smell the huge business opportunities of the New Third Board. 20 14 April, Baoying Fund established a special asset management plan of "China Railway Baoying-China Securities New Third Board Series (1)" through its subsidiary. The fund became the first new third board product in the domestic fund industry, with a scale of 3 1 10,000 yuan, which successfully seized the opportunity. At present, the floating profit of the fund has reached 64%.
Since the second half of last year, Public Offering of Fund, such as China Merchants Fund, Huaxia Fund, Haifutong Fund and Xingye Global, have also laid out their first products in the New Third Board through subsidiaries or special accounts.
It is noteworthy that, because the policy has not liberalized the investment in Public Offering of Fund New Third Board, at present, Public Offering of Fund New Third Board products are mainly established through fund subsidiaries. In addition, special accounts have become another channel for fund companies. For example, the New Third Board products related to the special account of China Life Insurance Fund are also issued through this channel and are currently being raised.
Comparatively speaking, at present, the scale of a single new third board asset management product launched by fund companies is generally small, mainly around 30 million to 50 million yuan. Compared with Public Offering of Fund's caution, the private equity fund with a keen sense of smell is ready to do a big job. Due to the unexpected rapid development of the New Third Board market, many private equity institutions have set up theme funds on the New Third Board. For example, Ding Feng Investment and Licheng Assets already have many new three-board products, raising hundreds of millions of yuan. At the beginning of this year, Suzaku Investment also successfully issued the first new third board fund product. Since March, with the continuous increase in the turnover of the New Third Board, the private placement of new third board products has accelerated.
Among them, the scale of Ding Feng's investment in the New Third Board has reached about 654.38 billion yuan, with 8 products, ranking among the top in the industry. The investment direction is mainly TMT, big consumption, big health and high-end equipment [3.35%].
Generally speaking, the threshold for investing in the New Third Board through funds is 6.5438+0 million yuan, which is far lower than the threshold of 5 million yuan for direct investment in the New Third Board.
Investors can also participate in the feast of the New Third Board through brokerage asset management business and trust channels. For example, on February 5th this year, "CITIC Fish Road 1", the first new third board investment collective trust plan in the national trust industry, came out. The investment threshold of these financial products is also around one million yuan.
In addition, through equity crowdfunding, the threshold can be lowered even lower. On February 1 1, the New Third Board Company Chinese Tiandi (830898) launched a fundraising plan, totaling 27.6 million yuan. In addition to the famous director Zhang Jizhong, part of the funds were raised by crowdfunding mode, which became a highlight. According to the disclosed information, one of the targets of its issuance is Shenzhen's "referendum and investment", which is an enterprise that invests in the form of equity crowdfunding. The minimum investment of this fixed-income product for individual investors is 200,000 yuan.
Exit path: various ways.
No matter which way you invest in NEEQ stocks, there are many ways to quit.
First of all, you can exit through daily market transactions, including agreement transfer or selling stocks through market makers on the exchange.
Secondly, the characteristics of the new third board enterprises are high growth, and it is easy to enter the field of vision of mergers and acquisitions of listed companies. Last year, nine companies in the New Third Board market stopped listing due to mergers and acquisitions, namely COVID-19 Billion Carbon, Yi Rui Information, Jinhao Pharmaceutical, Yitong Information, Hong Jie, Ferguson, Carpenter, Ames and Boya Information. In addition, Cai Xiang Securities, Easy Star and Laser Equipment also issued merger and acquisition announcements.
After these companies are merged by listed companies, their shares are converted into shares of listed companies, thus obtaining greater liquidity, accompanied by the rise of stock prices. Among them, Cai Xiang Securities was acquired by Great Wisdom [8.84% Capital Research Report], and Great Wisdom resumed trading on June 23rd, 65438. As of March 9, its share price soared from 5.98 yuan before the suspension to 24.8 yuan, an increase of 3 14%.
Third, exit through the turntable. During the "two sessions" this year, regarding the transfer mechanism, Xiao Gang, chairman of the China Securities Regulatory Commission, said: "The multi-level transfer mechanism between markets is a complex issue. This year, research and pilot will be conducted, and it will not be fully promoted. At present, it is considered to pilot the transfer mechanism between the New Third Board and the Growth Enterprise Market, and it is one of the important tasks of this year's reform to formulate a transfer plan. "
He also mentioned that the CSRC is currently investigating the development of the regional equity market, which is also very complicated and varies from place to place. At present, the development plan of the regional market is still being worked out, and we will strive to form opinions on the standardized development of the regional market this year.
At present, there are some regional equity trading places in Tianjin and Shanghai (Tianjin Equity Exchange and Shanghai Equity Custody Trading Center). Theoretically, these enterprises listed in the regional equity exchange market can also apply for listing in the national share transfer system after completing the delisting procedure.
In particular, it needs to be reminded that the current popularity of the New Third Board market stems from good expectations of policies, while the inherent defects such as insufficient maturity, small enterprise scale and imperfect information disclosure of listed companies in the New Third Board are easily overlooked.
Especially since this year, with the rising tide of popular companies, the investment cost of many funds is also increasing. Last year, institutions were able to get shares of unlisted companies at the price of 10 times the price-earnings ratio, but it soon rose to 20 times and 30 times. Now good companies have to pay 40 to 50 times the price, and the investment risk is gradually increasing.