It took only 1 1 16 days from last year when the task was put forward on October 5 to the early morning of March 2 when the complete set of documents of the science and technology innovation board was officially launched. The speed and efficiency are amazing.

Especially in the early days of the two sessions, the CSRC issued the rules of science and technology innovation board in the early morning, which shows the urgency of capital market reform and the importance attached by the CSRC.

This weekend, investors are asking when to open the board, how to open an account, how to buy technology stocks, and what if there is no 500 thousand?

Fund Jun combed 10 questions and 10 answering strategies for friends' reference.

1. When will the science and technology innovation board open?

Huatai Securities predicted the progress of science and technology innovation board, and concluded that the issuance review process in science and technology innovation board is expected to take at least 4 months and at most 7 months, and science and technology innovation board is expected to open the board in July and August this year at the earliest.

According to the requirements, the exchange shall make a decision on whether to accept the registration application documents within 5 working days after receiving them, and form an audit opinion within 3 months from the date of accepting the registration application documents. At the same time, according to the current requirements, the time for issuers and their intermediaries to reply to audit inquiries should not exceed 3 months. After receiving the audit opinions submitted by the Exchange, the China Securities Regulatory Commission shall make a decision on whether to approve or disapprove the issuer's application for registration within 20 working days.

Therefore, the release review process is expected to take at least 4 months and at most 7 months. Huatai predicts that the first batch of enterprises will be listed in science and technology innovation board as early as July and August of 20 19.

2. How to open an account?

Invest in science and technology innovation board and open an account now!

Yan Qingmin, Vice Chairman of China Securities Regulatory Commission, attended the opening meeting of the second session of the 13th Chinese People's Political Consultative Conference. Yan Qingmin said in an interview with the Shanghai Stock Exchange reporter before the meeting that investors who intend to invest in science and technology innovation board can already open accounts.

But is it the counter opening or the mobile phone self-service opening? The exact time has not yet been determined. But soon. You can ask your account broker. Generally, it will be faster and more convenient for big brokers to launch some new businesses.

3. What is the threshold for investing in science and technology innovation board?

500,000 assets and 2 years trading experience.

The business model of science and technology enterprises is relatively novel, the performance fluctuates greatly and the business risks are high, which requires investors to have corresponding investment experience, financial strength, risk tolerance and value judgment ability.

Therefore, individual investors are required to participate in the science and technology innovation board stock exchange, and the assets in the securities account and capital account are not less than RMB 500,000 yuan and have participated in the stock exchange for 24 months.

Official documents are released, investors have 500,000 assets, and the threshold of 2 years of securities trading experience remains unchanged.

When answering a reporter's question, the Shanghai Stock Exchange also mentioned that from the data calculation, the threshold of 500,000 assets and the appropriateness requirements of 2 years of securities trading experience are more appropriate. There are about 3 million qualified individual investors in the existing A-share market, plus institutional investors, accounting for more than 70% of the total transactions. Generally speaking, it takes into account the risk tolerance of investors and the liquidity of the technology innovation board market.

Fu Lichun, research director of Northeast Securities, said that the threshold of 500,000 can protect investors to a certain extent, especially when the economic situation is not good. It is expected that the game will be fierce. It was possible to make money together, but now it may be a game with each other, and the competition between investors will be very fierce.

4. What if there is no 500,000 yuan?

For small and medium-sized investors, the threshold of 500,000 yuan may be a bit high, and how to participate in science and technology innovation board investment has become the most concerned issue.

According to the latest data, there are more than 654.38 billion natural persons who have opened A-share accounts, but there are about 3 million individual investors who meet the requirements of science and technology innovation board. Do others really want to give up?

This idea is actually wrong. Without 500,000, you can buy Public Offering of Fund.

The Shanghai Stock Exchange emphasizes that the implementation of the investor suitability system is not to keep unqualified investors out of science and technology innovation board. Small and medium-sized investors can participate in the science and technology innovation board through public offering of funds and other products.

Crucially, the shares of the science and technology innovation board should be allocated to the public offering and at least 50% of the shares of other institutions are issued offline.

Looking at the fund, we can see that no 500,000 yuan can be invested in science and technology innovation board in the following ways.

First, Public Offering of Fund invested in A shares. According to the regulations of the Shanghai Stock Exchange, Public Offering of Fund can invest in A-shares or science and technology innovation board stocks. Fund Jun estimates that the total size of equity funds and other types of funds that can invest in stocks is about 4 trillion! In other words, about 4 trillion Public Offering of Fund can directly buy the stock of science and technology innovation board.

Second, six strategic placement funds. Six strategic placement funds issued in the early stage can also participate in the strategic placement of shares in the science and technology innovation board.

Since the establishment of these funds, the returns ranged from 2.9 1% to 5.4 1%. At present, most of them are allocated bonds, and the impact of stocks on their net worth is less than 3%, mainly participating in the strategic placement of PICC China.

The third is the science and technology innovation board related fund. The Shanghai Stock Exchange has indicated that it will actively promote fund companies to issue a number of Public Offering of Fund products that mainly invest in science and technology innovation board.

At present, the layout of science and technology innovation board Fund by fund companies is also a race against time. A number of fund companies intensively reported to science and technology innovation board Fund. These funds can invest in science and technology innovation board by participating in the primary market placement or buying in the secondary market.

Among them, Guo Fu Fund, Penghua Fund, E Fund, Guangfa Fund, Huaan Fund, China Merchants Fund, Huaxia Fund and southern fund Fund companies each applied for a three-year closed operation and flexible allocation of hybrid funds in science and technology innovation board.

Industry insiders predict that fund companies may continue to join science and technology innovation board Fund.

5. What is the difference between the trading system and other A-share boards?

The stock auction trading of science and technology innovation board is subject to the price limit, and the price limit is 20%.

The formula for calculating the stock price of science and technology innovation board is: price = previous closing price × (1 price ratio).

There is no price limit for the first five trading days after the initial public offering.

6. Is there a T+0 on the science and technology innovation board?

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In the process of soliciting opinions on the establishment and pilot registration system supporting business rules in science and technology innovation board, many investors suggested introducing T+0 trading mechanism.

According to the Shanghai Stock Exchange, after comprehensive evaluation, according to the principle of steady and gradual progress, the T+0 trading mechanism was not included in the business rules issued this time.

7. Will the T+1system continue to be fired?

CITIC Securities said that the T+ 1 system will still restrict the implementation of the short-selling mechanism, and the market as a whole will still focus on doing more. In the long run, it will restrict the "punishment mechanism" of the secondary market for inferior companies. It is expected that there will still be room for relaxation in the future pilot process.

According to CITIC's analysis, under the circumstances of T+ 1 trading system and the daily limit of five trading days, there is still the possibility of manipulation or speculation in science and technology innovation board.

For the hot money to speculate in new shares, it is generally only necessary to participate in the fifth trading day after the listing of new shares. Because of the T+ 1 system, all participants bought on the fifth trading day are still on the same front in essence, and the long-short game is not sufficient. Starting from the sixth trading day, the trading strategy is exactly the same as that of A-shares, except for the greater fluctuation.

Another limitation of T+ 1 is that it affects the effectiveness of short-selling mechanism. If the trading system adopts T+ 1, then the securities lending system also adopts T+ 1 accordingly. However, for the sellers of securities lending, they can't trade their positions in reverse on the same day, and there is often a great risk of being forced to short positions overnight (for example, disclosing favorable information at night or suspending trading, or opening positions directly at the daily limit the next day, and short sellers will encounter serious liquidity risks).

In addition, the decline is limited, and short sellers can't get corresponding returns in a short time, which makes the risk-return ratio of short selling obviously low. Therefore, under the current trading system of science and technology innovation board, science and technology innovation board is still a long-term market.

8. What is the impact on A shares?

CITIC Securities believes that the science and technology innovation board registration system has seven major impacts in the long run:

1) Alleviate the pricing distortion of new shares and reduce the negative impact of sub-new shares on the secondary market;

2) Improve the "metabolism" mechanism to increase the long-term growth potential of the market;

3) After the technology innovation board market matures, the valuation of similar companies may be lower than that of A shares;

4) depress the shell value and increase the proportion of small-cap companies;

5) Accelerate the institutional evolution of market investor structure;

6) reduce the minority equity premium and promote mergers and acquisitions;

7) Solve the "barrier lake" in the primary market and dredge the primary and secondary markets.

Huatai Securities believes that the core impact of science and technology innovation board on the capital market has three points:

A. Without high valuation, it is difficult to have sustained innovation motivation, and you can refer to the experience of Silicon Valley. The reform of issuance pricing system is conducive to attracting high-quality companies and promoting the spontaneous gathering of social resources in the field of science and technology;

B. The reform of trading system is conducive to improving the liquidity of growth stocks in the past, and better liquidity corresponds to a certain valuation premium;

C. In an environment with abundant macro liquidity, the demonstration effect introduced by science and technology innovation board is greater than the diversion effect.

9. What is the difference with the delisting system of other A-share boards?

There are four delisting systems for science and technology innovation board: major violation, transaction, finance and standardization.

Among them, major illegal forced delisting includes the following situations:

(a) the listed company has fraudulent issuance, illegal disclosure of major information or other major illegal acts that seriously undermine the order of the securities market and seriously affect its listing status, and its shares shall be terminated;

(2) If a listed company has any illegal acts involving national security, public safety, ecological safety, production safety and public health safety, and the circumstances are vile, which seriously damages the interests of the state and society, or seriously affects its listing status, it shall terminate its stock listing.

In addition, there are transactions that are forced to withdraw from the market, including:

(1) The cumulative trading volume of shares realized through the trading system of this Exchange for 120 consecutive trading days is less than 2 million shares;

(two) the closing price of the stock for 20 consecutive trading days is lower than the face value of the stock;

(3) The market value of the stock for 20 consecutive trading days is less than 300 million yuan;

(4) The number of shareholders is less than 400 for 20 consecutive trading days;

In addition, CITIC Securities analyzed that the living space of science and technology innovation board Shell Company dropped significantly.

10. Is there any risk in the innovation of science and technology innovation board?

For new participants, it is no longer as simple as "selling the board" in the past. The market-oriented pricing mechanism under the science and technology innovation board registration system means that science and technology innovation board's innovation bid farewell to the previous model of risk-free return in the A-share market.

According to the analysis of CITIC Securities, the market-oriented IPO pricing mechanism balances the interests of issuers (insider valuation), primary market subscribers (institutional investors pricing) and secondary market participants (including retail investors), and any pricing system that systematically damages one of them will eventually be corrected.

In addition, science and technology innovation board's registration system binds the interests of strategic investors, sponsors and senior executives in the placing process, and the pricing beyond the "4-digit range" requires additional risk disclosure, so it is difficult to see the persistently high issue pricing in the past (2009-20 12) (but it does not rule out the initial upsurge of pushing up pricing).

Therefore, the most important change of science and technology innovation board's innovation is to become a venture capital strategy. Once the market starts to break through the overpriced listing (there is no upper limit on the first day of listing), it means that the new risk-free mode of A-share market value placement, which has been running for almost five years, will become history.

There was no increase or decrease in the five days before the listing of the science and technology innovation board. For institutional investors, innovation is stock selection. Even in the mature capital market, the pricing of new shares is generally high, and it is possible to break after listing. Therefore, it is no longer as simple for new participants to "sell" as in the past without raising prices or lowering prices. Institutional investors need to comprehensively and accurately evaluate the fair value of stocks, so as to avoid the influence of market sentiment factors on their selling decisions.

Take Hong Kong stocks as an example. Since 20 10, the breaking rate of new shares on the first day of listing is as low as 20% and as high as 37%, and the lowest breaking rate is as high as 66% within three months of listing.

Everbright Securities believes that it will be more difficult for institutions to participate in the offline placement of new shares in science and technology innovation board:

1. The final pricing is no longer expected by the market, making it more difficult to declare the price and reducing the proportion of short-listed institutions;

2. The uncertainty of science and technology innovation board's IPO initial increase has increased. The five days before science and technology innovation board's listing, the price limit and the system of issuing securities on the first day all increase the uncertainty of the initial performance of science and technology innovation board's IPO.