Original title: The birth of the first company to be transferred to the new third board concept stocks to celebrate. Source: Securities Times
After the official announcement on the evening of August 11 that it became the first company to be transferred to the select layer, the share price of Guandian Defense surged 24% on the 12th, and other transfer concept stocks also changed. Popular transfer concept stocks such as DaDa have risen by more than 10%, and their intraday stock prices have also reached record highs.
The birth of the first company to be listed on the transfer board means that the transfer of the select layer has officially entered the practical procedures. Many experts interviewed by a reporter from the Securities Times believe that within the year, the first batch of successful companies that have officially transferred to the market may be seen, or about 3 to 5; on the other hand, although the transfer of listing is conducive to enhancing the attractiveness of the NEEQ , But there are also concerns about the loss of high-quality companies. Experts generally believe that only when the transfer is opened can the selection layer have a large amount of source water, and the positive effect will be greater. At the same time, “transfer to the market is an option, not a necessary option.” .
Collective change of transfer stocks
There may be the first transfer before the end of the year
On the evening of August 11th, the NEEQ’s “Guandian Defense” took the lead. The announcement stated that the company had considered and passed the “Proposal on the Company’s Application for the Transfer of Listing on the Sci-Tech Innovation Board of the Shanghai Stock Exchange”. One shot.
Affected by this stimulus, Guandian Defense increased its volume on the 12th. The transaction released a huge amount of 142 million yuan. It hit 18.98 yuan during the intraday, setting a record high. The closing price rose by 24.03%, which has doubled the public offering price.
Other stocks on the transfer board have also followed up, and the first batch of selected stocks have gone crazy: a total of 21 selected stocks have increased by more than 5%, of which 18 are the first listed stocks, Longzhu Technology, Yongshun Biotech, Fujitec, Tongxiang Technology, Datang Pharmaceutical and Airong Software all increased by more than 10%. The share prices of Longzhu Technology, Yongshun Biological, Fujitec and Sanyou Technology hit new highs since their listing.
The industry predicts that after Guandian’s defense officer announces that it intends to sprint to the Sci-tech Innovation Board, the second and third select-tier companies may apply for the transfer of listing.In fact, also on the evening of August 11, Yingtai Biotechnology issued an announcement to reduce its holdings, with 65.51% of the shares heldWinbond HealthIt is planned to reduce Yingtai’s holdings in half a year from September 1, 2021 to March 1, 2022Biological sharesNo more than 280 million shares, accounting for 22.84% of the total share capital, the reason for the reduction is “collaborative company’s future development plan.” Winbon Health had previously stated on the investor interactive platform that it was preparing to promote the transfer of Wintech Biotech. This reduction was interpreted by the industry as further reducing Winbon Health’s shareholding ratio in Wintech, making it eligible for spin-off and listing. .
“We expect that the first batch of listed companies on the transfer board may be transferred to the market as early as the fourth quarter of this year. Since the transfer listing needs to be traded on the select layer for the first anniversary, the current conditions are mainly met by the first batch of listed companies on the select layer. 32 companies. Of these 32 companies, 17 and 21 meet the requirements for SSE, GEM and spin-off listing respectively, and are expected to become the first batch of companies to be listed on the transfer board.” Assistant to the President and Research Institute of Kaiyuan Securities Long Sun Jinju said.
Zhang Keliang, general manager of Intime Securities’ stock transfer system business department, believes that according to the current pace, the company that intends to transfer to the board will disclose the semi-annual report, and then go through the internal procedures of the board of directors, shareholders meeting and other internal procedures. The submitted application materials, “Because it is the first batch, the review process should be faster. It is expected that the first batch of transfers to the market will be officially transferred before New Year’s Day as soon as possible.”
Shen Wan HongyuanLiu Jing, head of research on the New Third Board of the Securities Research Institute, also believes that the first batch of transfer listings also need to go through the shareholders meeting, material preparation, and exchange review and feedback. The simplification of the IPO application materials is limited, and it is expected that the company will not officially land in A shares until the end of the year at the earliest.
Fu Lichun, an economist and founding partner of Yuntai Capital, and Zhu Weiyi, a veteran of the New Third Board market and general manager of Guangdong Power Equity Investment Fund Management Co., Ltd., agree that the first batch of transfer companies should be completed by the end of the year, and the number is 3 to 5. Left and right, “As for whether it is the ChiNext or the Science and Technology Innovation Board, it depends on the review speed of the two exchanges.”
How much space is there after the transfer?
In fact, the select stocks have gone through multiple rounds of the market this year, and a group of companies have experienced considerable gains.
Wind statistics show that as of the close of trading on the 12th, a total of 22 selected stocks have increased by more than 30% this year, and 5 of them have doubled their gains. They are Fujitec, Longzhu Technology, Changhong Energy, Beiterui and Bingyang Technology. , Lude Medical and Datang Pharmaceutical also nearly doubled their growth rates.
In this case, how much arbitrage space is left after the transfer of the selected layer?
In this regard, Zhou Yunnan, a senior NEEQ commentator and founder of Beijing Nanshan Investment, believes that the arbitrage space after the transfer depends on four factors: one is the price of the secondary market when the company is suspended; the other is the growth of the company when it is successfully listed. The third is the average valuation level of the industry in which the company is located at that time; the fourth is the market trend and new sentiment of the Sci-tech Innovation Board or ChiNext at the time of listing.
Zhang Keliang believes that because the transfer listing is different from the direct IPO, the direct IPO is limited to the sale of old stocks and the cost of circulating shares is the same, so there is room for speculation on the day of listing; however, there is no new share issuance for the transfer listing, and apart from the actual controller and the company Most of the stocks of directors, supervisors and senior executives are not restricted. From this perspective, speculation can be curbed. But on the other hand, the A-share market is more active than the select layer. This is another advantage. “Different companies, different industries, and different markets are more difficult to judge.”
“After the selection layer has gone through multiple rounds of market, the arbitrage space of the simple transfer is gradually decreasing. We are more optimistic about the future growth opportunities of the companies on the transfer board.” Sun Jinju said that the selection layer will have a valuation after the transfer. And liquidity premiums, but with the gradual implementation of transfer expectations, the valuation of select-tier companies has begun to gradually converge to similar companies on the Sci-tech Innovation Board and ChiNext.
Fu Lichun believes that specific circumstances need to be analyzed in detail. Some transfer companies have already made enough gains before the transfer, but after listing, they will have little room to rise, or even break their shares. This possibility is also possible; another possibility There are some companies that announced the transfer, but did not transfer as scheduled or did not successfully transfer, so there is also room for the stock price to go down, and it will be relatively large.
Zhu Weiyi believes that the ability to transfer the board does not mean that there is investment value, because the valuation of many companies has actually overdrawn the profit after the future transfer.
Zhu Weiyi suggested that if you invest in selected stocks, the transfer is a good one. It is recommended not to invest if you cannot transfer; secondly, the investment value of stocks that can be transferred should be further evaluated. If there is no investment value, it is recommended not to invest.
Liu Jing does not approve of arbitrage thinking and emphasizes the need to set a reasonable price for the company from the perspective of growth. In the short term, from the perspective of funding, the intervention of incremental funds will cause the short-term market to be stronger than expected.
“Transfer listing is optional.
Not a required option”
There has always been a voice in the industry for a substantial step towards the transfer of selected tiers: whether the transfer of listing will cause the loss of high-quality companies on the NEEQ, and it will also have a certain impact on the new IPO shares.
“The transfer of listing on the NEEQ has a greater positive effect than a negative one. The loss of high-quality companies will not be lost because of the transfer. Many companies have tried to attack the IPO or leave the NEEQ in other ways, even if there is no transfer mechanism. In fact, it will also be lost, so I think that the transfer mechanism will have a greater coverage effect. Now that the transfer mechanism is available, the company will stay on the NEEQ for at least one or two years.” Fu Lichun believes that the overall appeal of the NEEQ will be It is said that it has increased, and the current mechanism is more complete, providing an option for many companies that need to incubate or for the growth period-if they cannot directly IPO, they will be listed on the New Third Board, and they will be incubated and listed. This path is more smooth, so that the attractiveness of the new three boards is further enhanced.
Zhu Weiyi said that the transfer of the board is good for the entire market. “Only when the transfer is opened, the selection layer can live, the selection layer can survive the New Third Board, and the new third board can only survive for small and medium-sized enterprises.”
Zhu Weiyi emphasized that China’s economy will improve only when small and medium-sized enterprises survive. Therefore, it is necessary to switch the board to open up this path. This is a powerful supplement to the entire IPO queue. However, the transfer of listing will not cause too much loss for the high-quality enterprises of the entire NEEQ. The companies that remain in the select layer continue to carry forward. There are 10 companies on the transfer board, and then 100 companies on the selection layer. Finally, 1,000 companies are listed on the NEEQ, and there are more companies in the reserve. This “ten hundred thousand” actually constitutes the most important part of the multi-tier capital market. An integral part.”
In Liu Jing’s view, the transfer of listing is a double-edged sword. It is reasonable for the industry to worry about the loss of high-quality companies, but if there is no transfer, there will be no high-quality companies willing to come to the selection layer, and the flow of the selection layer The performance and valuation cannot move closer to the A-share market, playing a true role in incubating and serving small and medium-sized enterprises.
Sun Jinju also agrees that in the short term, the transfer of listing will reduce the number of select-tier companies, but the implementation of transfer-listing will greatly improve the valuation and liquidity of select-tier companies, thereby attracting more innovative and entrepreneurial small companies Moving to the selection layer will further increase the number of high-quality companies in the selection layer.
“Transfer listing is the orderly flow of high-quality companies in the multi-level capital market. It is only the rise of companies from the NEEQ selection layer to the larger capital stage of A-shares. It will not necessarily cause the loss or blood loss of the NEEQ. Stimulate more potential companies to grow rapidly.” Zhou Yunnan said.
As for the impact on IPO new shares, Fu Lichun and Zhou Yunnan believe that compared with the current normal IPOs of A shares, the total annual amount of transfer listings is very small, and does not constitute any impact or threat to the IPO. “The current number and frequency of transfers include the market. The influence is still relatively limited, and the select-tier companies did not issue new shares in the initial stage after the transfer, which has no real impact on the amount of market capital.”
Zhu Weiyi and Sun Jinju believe that the transfer of listing has created an additional source of high-quality companies on the Science and Technology Innovation Board and the ChiNext. In Zhu Weiyi’s view, companies from the NEEQ accounted for about one-third of the IPO queues each year. For example, there were about 500 listings this year, of which 150 to 170 companies came from the NEEQ; Sun Jinju It is further stated that after the listing financing and growth verification of the selected layer, the quality of the transferred-listed company will be relatively better.
Zhang Keliang pays more attention to the service function of the selection layer for small and medium-sized private enterprises specializing in special new development. “For selected-tier companies, the transfer of listing is an option, not a necessary option; and the selected-tier has its own disadvantages compared to the main board, but it also has its own advantages. In general, the selected-tier After the company grows, it is transferred to the main board. This is what everyone wants to see. Because the selection layer has a lot of source water, there is no need to worry about the loss of high-quality companies due to the transfer. Instead, I think that because the selection layer serves specialization The institutional advantages of special new enterprises will attract more high-quality enterprises to select layers of financing and development.”
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