Liao, a researcher of usufructuary trust who specializes in analyzing trust and private equity management plans, also noticed that in recent months, special plans for the New Third Board have become active, with trust companies, Public Offering of Fund subsidiaries and ordinary small and medium-sized private equity funds as issuers.

A private equity fund in Shenzhen has just raised the first New Third Board fund, with a scale of about 40 million yuan, mainly investing in private placement of listed companies in the New Third Board, with a lock-up period of 3 years. They believe that there is a high probability that a few high-quality companies in the New Third Board will be listed on the board. In the future, with the active market of the New Third Board itself, there will be a security premium for transaction withdrawal. This private equity fund is very optimistic about the prospect of the New Third Board, and the expected annualized rate of return to customers can be as high as 30% or more.

The products sold by the above-mentioned private banks come from a large and medium-sized trust company with an asset plan of 30 million yuan. Their selling point is also the prospect of the new third board transfer. "This is equivalent to investing in high-quality PRE-IPO projects." One of them said.

China Railway Baoying, a subsidiary of Baoying Fund, launched the "Baoying CSI Phase I Plan" in March, and plans to invest in new third board listed companies with high growth, market-making and high delivery expectations, mainly targeting TMT, medical health, energy conservation and environmental protection, high-end equipment [0.82%], new materials and other industries.

In fact, among the industrial investment funds, as early as 20 12, Wuhan Donghu Venture Capital, which was invested by the Ministry of Science and Technology for 30 million yuan, established the first equity investment fund named "New Third Board" in China with a total scale of 500 million yuan; Jinshi Investment, a direct investment company under CITIC Securities [-0. 15% fund research report], has also invested 5 million yuan to set up a special fund to invest in new third board enterprises. At this stage, Bosera's subsidiaries, China Merchants and Industrial Fund and a number of brokers have issued or are preparing to issue New Third Board funds, invest in New Third Board companies or invest in smaller-scale entrepreneurial projects that will be merged into New Third Board companies.

Generally speaking, the number of such products is still difficult to count, and the scale is generally small, ranging from 30 million to 50 million yuan, and the threshold for investors is 6,543,800 yuan or 2 million yuan.

The biggest feature of the New Third Board is that the standards of listed companies are low and the threshold for investors is high. The CSRC has made strict and clear regulations on the appropriateness of investors in the New Third Board: the market value of securities assets under the name of natural persons at the end of the previous trading day is more than 5 million yuan. As of the end of the first quarter, the number of accounts opened by NEEQ investors was only 13920. Therefore, the main body of the New Third Board transaction is institutional investors, and a large number of individual investors are blocked from the door.

Smart institutional investors interact with each other, which is also one of the reasons for the light trading of the New Third Board. There are voices calling on the New Third Board to lower the threshold for investors, but judging from the statement of the CSRC, this seems unlikely. Yao Gang, vice chairman of China Securities Regulatory Commission, said recently that it is not appropriate to discuss the New Third Board with exchange thinking. The threshold for the listing of the New Third Board is low, and the threshold for investors is high, which is in line with the direction of reform.

These New Third Board funds are becoming important financiers of the New Third Board.

In fact, earlier, some companies in the New Third Board used equity pledge to finance the sponsoring brokers. There are also financial institutions that specialize in M&A funds to launch the New Third Board M&A Fund, mainly for a single project. They sometimes ask listed companies to sign buy-back clauses to reduce risks, or take leverage as the main body to finance and invest in a single New Third Board project, which is equivalent to LP (Limited Partner), that is, the investment priority of ordinary investors after M&A fund managers contribute, and get lower agreed income after meeting a certain period.

Compared with the above two forms, this kind of private financing plan in which individual investors participate has more dispersed investment in the new third board enterprises, but in fact it is more risky. It is a pure high-risk private equity fund to regard the new third board market as PE investment of PRE-IPO.

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