On May 27th, the Shanghai Stock Exchange issued the announcement of the first review meeting of the 2011 Subcommittee of the Science and Technology Development Board, and will review the issuance and listing of Suzhou Tianzhun, Anji Microelectronics and Microcore Bio on June 5. Application. Since then, the previous work of the science and technology board from the preparatory period to the receipt of the enterprise declaration has smoothly entered the stage of the upcoming opening.
According to the relevant regulations, the Listing Committee mainly focuses on reviewing the audit report issued by the Shanghai Stock Exchange and the listing application documents, and fully discussing the contents of the audit report and the preliminary review opinions submitted by the listing and listing review institutions. The principle of subordination to the majority forms a deliberation opinion that agrees or disagrees with the issuance of the listing.
Industry insiders expect that the probability of the launch of the Kechuang board will be in July. For companies that are listed on the board, the organization believes that the valuation of the company will further intensify, which will bring great challenges to all participants in the capital market. As a researcher, the preparation of the science and technology board also needs to increase the ability of three aspects, the first is the knowledge reserve, the second is the ability to communicate with the primary market participants, how to give a valuation before the investment, how to look at the project, etc.; the third is Control of rules, including trading rules and listing rules. In his view, there are many challenges, such as the courage to say "a stock is not good."
The first batch of 3 companies from the company
On May 27th, the Shanghai Stock Exchange issued the announcement of the 1st Review Meeting of the 2011 Committee of the Board of Directors of the Science and Technology Board, and will hold the 1st Review Meeting on June 5 to review Shenzhen Microchip Biotechnology Co., Ltd. and Anji Three companies including Microelectronics Technology (Shanghai) Co., Ltd. and Suzhou Tianzhun Technology Co., Ltd. issued listing applications.
According to the disclosure, Microcore Bio is an innovative biopharmaceutical company, which plans to raise 804 million yuan to invest in 6 projects including innovative drug research and development centers and regional headquarters projects. The company's listing application was accepted on March 27. The company replied to three rounds of inquiries on April 23, May 14, and May 20.
The other two companies have only experienced the "two questions." Focusing on the measurement, vision and automation of smart industry, Tianzhun Technology plans to raise 1 billion yuan of funds. The company's listing application was accepted on April 2, and the first round and the second were returned on May 5 and May 20 respectively. Round inquiries. The main business of Anji Technology is the research and development and industrialization of key semiconductor materials. The proposed fund raising is not less than 303 million yuan. The company's listing application was accepted on March 29, and the first round was returned on April 30 and May 17. And two rounds of inquiries.
Tianzhun Technology, which was listed on the New Third Board, has the serial number of “34†in the science and technology board acceptance enterprise, and “16†and “25†respectively. According to the reporter's calculation, from the date of acceptance of the listing application to the end of the inquiry response, Microchip, Tianzhun Technology and Anji Technology lasted 36, 32, and 33 working days respectively.
Wang Yuyue, a former senior sponsor of securities companies, said frankly that the list of the three companies was a bit unexpected. Although the three companies belonged to biomedicine, semiconductor, and high-end equipment, they were the key areas supported by the science and technology board, but the three companies looked at the texture. It is not the best among the applicant companies, nor is it sponsored by the so-called head brokers of Sanzhongyihua, nor is it one of the nine companies accepted in the first week. "Therefore, the first batch of these three companies will not be selected by the Supreme Exchange Board of the Shanghai Stock Exchange. The only reason is that the inquiry response has passed, and the review process is completed first, and naturally it will be first."
It can be seen that the full, consistent and understandable disclosure of information is the yardstick for the speed of the enterprise. In the audit under the registration system, the actual situation of the enterprise is clearly stated and explained, and the content of the information disclosure can meet the needs of investors' investment activities, which is far more important than the order of queuing.
The review meeting of the Board of Directors of the Science and Technology Board will be organized in accordance with the existing rules. Each review meeting consists of five members. The convener adopts a rotation system. The members are determined by lottery and must meet the relevant professional and sectoral structural requirements. Before the review meeting of the Listing Committee, the participating members write the working papers of the members and submit questions to be asked to the issuer as needed.
It is reported that when the Listing Committee deliberated, it focused on whether the auditing organization's auditing inquiries have any major omissions, whether the respondent's and intermediaries' responses are sufficient, the formation process of the preliminary opinions formed by the auditing organization, and whether the judgment basis is reasonable, and relevant information disclosure documents. Whether it is conducive to market judgment and investor decision-making perspective, play a role in check and supervision. The listing committee participating in the review will also review the information disclosure documents such as the prospectus, and raise the issues that need to be consulted by the issuer and the intermediary, and submitted to the listing committee for discussion, but it is necessary to avoid unnecessary and comprehensive repetition of the issuer's information disclosure documents. Sexual review.
Corporate valuation differentiation or further intensify the test of the strength of investment
At present, Science and Technology Board has released a prospectus for more than 100 companies. At the same time, a scientific board sponsor pointed out that from the statutory time projection, the listing commission was notified on May 27, and the opening of the board at the end of June was theoretically impossible. The high probability of the launch of the Kechuang board is in July.
In the context of the countdown to the opening of the science and technology board, the layout of major brokerages has also become the focus of attention. Shen Zhengfeng, head of Shenwan Hongyuan Securities Strategic Business and sponsor representative Tu Zhengfeng said on May 24th that the “Football Forum and Rich Country Fund 20th Anniversary Capital Market Forum†stated that the property of the company’s science and technology is very obvious, especially the research and development. The strength of the overall proportion is higher than the GEM. In addition, the company's valuation levels disclosed today are quite different. "Our investment bank is the first to value the science and technology properties when we are researching the enterprise, and secondly, we will consider the conditions for issuing and compliance."
However, Tu Zhengfeng said that although these 100 companies have the characteristics of science and technology, but the industry sector is different, the industry cycle is different, the pricing differentiation will be very strong, the pricing will appear first and then the process of decline, the future will certainly differentiate, for investment institutions In this case, it is to screen out a really good company, but this must be handed over to the market.
Hu Youwen, director of the Essence Securities Research Institute, also believes that after the emergence of the science and technology board, the valuation of the company will further intensify. In this process, the biggest challenge is the comprehensive test of the seller's research capabilities. He said that the previous round of computer enterprise pricing was driven by the rules of traders and the market funds were promoted. Now that the listed companies' pricing investment banks are involved, the restructuring of the next round of valuation market system will play a decisive role. For participants in the secondary market, the investment bank's report, including the seller's report, is a very important basis. “These challenges for seller researchers are unprecedented, and there is an unprecedented opportunity for analysts to participate in historic moments. This is a very big opportunity.â€
Specific to the challenges faced by the seller's researcher, Xu Jialu, general manager of the Center for Health and Consumption Research of the Industrial Securities Research Institute and chief analyst of the pharmaceutical industry, believes that as a researcher, the preparation of the science and technology board needs to increase three aspects. The first is the knowledge reserve. Second, the ability to communicate with people in the primary market, how to give a valuation before the investment, how to look at the project, etc.; the third is the control of the rules, including the trading rules and listing rules. In his view, there are many challenges, such as the courage to say "a stock is not good."
Multi-round testing to do a good job in the science and technology board protection work
Since May 11, the company has conducted the first full-network test. Every Saturday, the Shanghai Stock Exchange will organize the participants in each market to conduct the entire network test. According to the brokerage, the customs clearance test will be carried out in early June. If the customs clearance test goes smoothly, it means that the trading system of the SSE is ready.
Last Saturday, the main content of the third network test was to verify the functions of the board's depository receipt business and the science and technology board transfer business (including strategic placement shares).
As far as the test content is concerned, this test simulates the transaction and settlement of 1 full trading day. It mainly covers four aspects: the science and technology depository certificate business test, the science and technology board financing and securities lending and refinancing business test, the main board product commissioning declaration test, and the science and technology board business function test.
Regarding the business test of the science and technology depository receipt certificate, the Shanghai Stock Exchange arranged for online subscription of three science and technology depository receipts; the company arranged for six science and technology board depository receipt products for qualified investors to make order declaration, withdrawal and settlement. The test content includes bidding transactions, block trades, after-hours fixed-price transactions and clearing settlements.
Regarding the business innovation of the company's two financial and refinancing businesses, the company mainly tested the real-time transaction integration of unrestricted tradable shares, strategic placement of shares, and real-time trading integration, and also tested the integration of non-real-time transactions. The fund-raising and securities lending and deposit-financing business of the board of depository.
"It's quite smooth, and the market trading function has been verified once and it's basically correct. If you optimize it, you can seal it." After the test of the whole network on Saturday, the head of the information technology department of the big brokerage in the north told reporters. The closure is the end of the App-based development board test, the function is ready.
Brokers expect that the company will conduct customs clearance tests on June 8. If the customs clearance test is successfully completed, the trading and clearing system on behalf of the exchange will be formally prepared. According to the reporter's calculation, if all the tests are carried out smoothly, the whole network test, special test and customs clearance test of the Science and Technology Board have gone through 9 rounds of tests.
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