The First Batch Of Enterprises Accepting The Third Quality Inspection Board Of Quality Inspection: First, The Audit Speed Up, The Valuation Differentiation Is Coming.

The reform progress of selected layer is steadily advancing.

In May 11th, Xu Jie Technology (836149) issued a notice announcing the suspension and indicated that it had submitted to the national stock transfer company a declaration document to apply for public issuance of shares and to list on selected levels.

As a matter of fact, this is only one of the most recent listed company declarations and the IPO for qualified investors. According to the twenty-first Century economic report, according to public data statistics, since April 24th, the selection of layers has been accepted, and 17 companies have received the acceptance of the stock transfer system, of which 5 companies have completed the examination and consultation at the end of April.

It is worth mentioning that in the current issuers of selected layers and small IPO, some of the companies that belong to traditional industries such as agriculture and building materials are also on the list. In the view of the industry, the board of science and innovation board is currently tilting against industries such as emerging industries, which may affect the expected valuation of listed company in traditional industries.

In addition, there are also insiders pointed out that in the current part of the queuing audit in the selected layer enterprises, some of the company's share price has gone up, and once passed the audit, the final issue of pricing results are also highly concerned by the market.

Insiders pointed out that for the current part of the selected enterprises that have been in the queue audit, once the audit is passed, the final issue price will be highly concerned by the market. Visual China

Speed up of "entry" audit

More and more seed selections are being added to the queuing force.

In twenty-first Century, the economic news reporter noted that as of May 11th, there were not less than 17 selected enterprises to formally enter the examination stage.

It is worth mentioning that this system is only 17 days away from the selection of the stock transfer system, which means that every day a company has accepted it.

In the industry view, this acceptance speed shows the speed and determination of the selective layer reform.

"After starting the declaration audit, the average daily acceptance of a company is actually very fast, because we should also take into account the factors of the May 1 holiday." An investment bank close to stock transfer system said, "with more and more publishers completing the counseling and acceptance, the company will continue to increase the number of materials quoted."

According to an analysis of the investment bankers who are close to the stock transfer system, the new rate of the number of declarations selected companies will be further accelerated in May.

"The speed of acceptance may be speeded up because many companies in the early days have made adequate preparations, but there may be discrepancies in the choice of specific time points." "We anticipate that this month (May) will go smoothly if we predict that the selected companies will reach 40, that is to say, it will be faster than every day," said a broker dealer in Beijing who is close to the stock transfer system.

"Some projects have actually been declared in March, but they have not been accepted uniformly. After a unified audit started in April 24th, a lot of projects that communicate and declare in advance can quickly enter the audit process." The investment bankers said.

In its view, the reason for accelerating the admissibility is partly due to the preparation of some companies, on the other hand, the "forced" reform of the gem, and the potential competition between the trading venues for quality projects, which may promote the stock transfer system to more actively promote the transition layer and small IPO reform.

"The reform of the gem has begun. If these months can be pushed forward very quickly, it will not be excluded that some issuers who meet the requirements of the selection layer will still be concerned about the opportunities of the gem, because there is still a big gap between public companies and listed companies in terms of external negotiations, credit, financing mechanisms and liquidity." The above investment bank analysts said, "so if the selection layer wants to accept more good companies and make the plates better, it is obvious that we need to promote the reform with a more market-oriented rhythm and better service attitude."

Impact traditional industries?

Although the enthusiasm of the listed companies is higher than that of the selected ones, the industry of the listed companies is different.

For example, it includes new technology companies such as state resources technology, beatrey, Jia Xian share, and technology sharing, but also includes traditional industries such as Suzhou shares, Iraqi grain products, and morning and Vietnam construction and management.

However, in the face of the upcoming gem reform and the selection of the expected turnover, the division of influence among different industries is emerging.

According to the established policy of transfer board, the company that successfully realized IPO and landed on the selected layer can apply for the board or gem after a year of continuous operation. As a result of the focus of "hard technology" positioning, the number of people who expect to rely on the selected layer reform curve to achieve the listing of the transfer board will turn their attention to the gem.

But the gem has also made more precise institutional arrangements for the positioning of the plate.

A few days ago, the Shenzhen Stock Exchange drafted the Provisional Regulations on the issuance and recommendation of listed companies on the Shenzhen Stock Exchange (Draft) (hereinafter referred to as the draft), and solicited opinions from the sponsors. According to the regulations, the location of the gem will be characterized by high and new technology companies and strategic emerging industries.

These include agriculture, forestry, animal husbandry and fishery, agricultural and sideline products processing, mining, food and beverage, textile and clothing, ferrous metals, power and heat gas, construction, transportation, warehousing, postal service, accommodation and catering, finance, real estate, residential services and repair.

Although there are voices pointing out that the relevant "negative list" does not mean that traditional industries will not be able to land on GEM in the future, but in the industry, it is likely that the level of selection of companies belonging to traditional industries will be improved in the future.

"From the board location of gem and gem, some listed company in traditional industries hope that it will become more and more difficult to realize the transfer board through the selected layer, but the applicability of the" Chuang Chuang board "is relatively narrow, and the growth enterprise board has expanded some, but from the negative list, it may not support the traditional industry publishers. An investment bank official close to regulators said.

In its view, the listed company will not exclude some traditional industries in the future, but will not choose to transfer to the stock market.

"At present, there are still some potential issuers who do not meet the requirements of the industry if they are to make the transfer board based on the gem and the" Chuang Chuang board ". Assuming that the relevant system remains unchanged, the companies may have to stay longer in the selected layer in the future. The investment bank pointed out, "but if this happens, it will further promote the differential positioning between different sectors and market levels."

Valuation differentiation now

It is worth mentioning that at present, some industries in the traditional industries have exposed similar industry problems.

For example, in the declaration of cable production enterprises, the ball cap cable has received the normative questions about the industrial structure adjustment of the stock transfer system.

For example, whether the current production line and production process do not conform to the current guidance list of industrial structure adjustment, and whether the fund-raising investment and future development plans conform to the requirements of industrial policies have become the first problem.

"The cable industry and infrastructure have a relatively high degree of correlation, but in fact they are part of the new infrastructure. They will not be cut across the board, but there will still be corresponding inquiry links to ensure the quality of listed company." A group of investment bankers in Shanghai said, "however, even if such a company has completed the transfer layer, it is still necessary to draw a question mark about whether it can realize the listing of the transfer board in the future."

The industry also pointed out that in the future many traditional industries in the selected layer companies can achieve the listing of the transfer board, and probably bear the potential valuation pressure.

"Traditional industries and emerging industries have large valuation differences. This policy direction is likely to lead to further differentiation in the valuation and market heat of the two types of companies." The investment bankers said.

In fact, around the different industries, the market value of the declared selection layer before the suspension is different.

For example, the dynamic price earnings ratio before the suspension of Suzhou shares was only 20 times, and the dynamic P / E ratio of Iraqi agricultural products was only 22.9 times; compared with that of many emerging industries, the technology stocks had higher pre valuation, such as the dynamic price earnings ratio of beatrey, which served as the leading supplier of power battery market, was 30.3 times higher than before.

A strategist from a listed brokerage firm in Beijing also said: "although from the investment threshold, the selected level of 1 million yuan is lower than the current level of innovation and basic level, and is expected to have better liquidity. However, the potential valuation of the traditional industries and non-traditional industries in the selection layer is indeed likely to lead to obvious differentiation in the valuation and capital operation difficulties of the two parties."

Although emerging industry companies are likely to get higher valuations under policy guidance, buyers also worry about how listed company valuation has affected the pricing of shares before the suspension.

"At present, some companies have set the issuing base price, and some companies have set up the issuing interval, but at present, one characteristic is that many companies are super high in the stage of innovation, some companies may have already far exceeded the issuing price, or even break the ceiling of the issue price. How to solve this problem in the process of issuing pricing is still to be observed. A Shanghai private equity agency official said.

"On the one hand, whether the market price based on this price can be widely accepted in the inquiry process is uncertain because there is no precedent in the selection process and there is no comparable valuation reference. Two, it is possible that the price uncertainty will be difficult for the selection layer to underwrite. The first wave of the company estimates that there is nothing wrong with it, but how to ensure sufficient after that? The supply of primary market funds may become a real challenge. " The person in charge said.