[Text / high-tech LED Yue Mengdi] China's State Council implementation of the reform of the stock issuance registration system, the discussion has been raging for a long time, and finally on December 27, obtained the authorization of the highest legislative body in China.
The 18th meeting of the Standing Committee of the 12th National People's Congress voted in Beijing on the 27th and passed a decision on authorizing the State Council to adjust and apply the relevant provisions of the Securities Law of the People's Republic of China in implementing the reform of the stock issuance registration system.
The decision pointed out that in order to implement the reform of the stock issuance registration system and further exert the basic functions of the capital market to serve the real economy, the 18th meeting of the Standing Committee of the 12th National People's Congress decided to authorize the State Council to propose to be on the Shanghai Stock Exchange and the Shenzhen Stock Exchange. For the public issuance of stocks listed and traded, the relevant provisions of the Securities Law of the People's Republic of China on the public approval system for stocks shall be applied, and the registration system shall be implemented. The specific implementation plan shall be formulated by the State Council and reported to the Standing Committee of the National People's Congress for the record.
Some stock market analysts believe that companies with good registration system will get better and better, and poor companies will get worse and worse. After the registration system, more performance is driving the stock price up, not the concept.
Preparations for the strategic emerging board that was proposed six months ago or introduced after the implementation of the registration system are also underway.
Huo Da, director of the marketing department of the China Securities Regulatory Commission, said on December 25 that the relevant standards and systems of the strategic emerging board are being discussed. The listing conditions, trading system, and continuous supervision should absorb the experience and lessons of the GEM, carry out institutional innovation, and be misplaced with the GEM. Development, moderate competition.
With the reform of the registration system, the establishment of the strategic emerging board will have substantial progress in 2016.
Gaogong LED read relevant information and learned that on December 23, Premier Li Keqiang presided over the State Council executive meeting, which determined to improve the multi-level capital markets such as stocks and bonds; established a strategic emerging board of the Shanghai Stock Exchange to increase the share transfer of small and medium-sized enterprises across the country. The number of listed companies in the system, the research launched the pilot to the GEM.
The strategic emerging board listing standard will dilute the profit requirement, mainly focusing on the company's sustainable profitability, and set four sets of evaluation criteria: first, market value + cash flow + income; second, market value + income; third, market value + net profit; Market value + shareholder equity + total assets.
Emerging boards are positioned lower than the main board, higher than the GEM, and can be diverted from the Shanghai stock market queuing IPO enterprises, some of the strategic emerging industries accounted for more than 50% of the revenue; some due to performance and other factors do not meet the listing conditions, but innovative "Emerging companies"; also attracted some Chinese stocks, red chips stocks return.
Emerging board services are focused on “innovation†and “emergingâ€, and will introduce market- based financial standards based on the “net profit + income†standard of the traditional sector. The favored companies can be divided into four categories: the dismantling of the VIE structure, the emerging industry leader, the emerging industry leader, the IPO queuing company, and the new three board eligible enterprises.
As an emerging industry, the LED industry has another option on the road to embracing capital.
Since the beginning of this year, there have been a few new LED boards in the LED industry. In the past two months, more than ten companies including Guangyu Lighting, Chenri Technology and Maple Yongming have been listed on the New Third Board. The heat of the new three plates has declined slightly, but it is still continuing to ferment.
At present, Qihoo 360, Ant Financial, and China Commercial Aircraft, which meet the requirements, are all encouraged by the policy. Gaogong LED believes that the entry threshold of the emerging board is slightly higher than that of the new board, which is also a big plus for LED.
In fact, the companies currently waiting to be listed in China mainly have the following types: companies that meet the A-share conditions are lining up in IPOs; companies that are dismantling VIE are studying how strategic emerging boards play; and some companies are standing on the new three boards. At the door, it is also due to the inadequacy of the trading of the New Third Board.
There is a cross between the Emerging Board, the Growth Enterprise Market, the New Third Board and the Third Board, but there is no contradiction. Enterprises wishing to enter the capital market need to consider it carefully.
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