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What is the significance of building a "new three board"?

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What is the significance of building a "new three board"?

Published: 2016-07-27 Author: Click:

Building a "new three board" is the need to develop a multi-level capital market system


As an important part of China's multi-level capital market system, the “New Third Board” market is the foundation and front-end of the main board market and the small and medium-sized board market. The ideal model for China's capital market in the future is from the three-board market to the small and medium-sized board market or the GEM market, and then to the pyramid shape of the main board market.


Since China's Shanghai and Shenzhen main board market has a long history of development and good maturity, it can be combined with the exit of high-quality companies from the second and third board markets and the exit of existing bad companies, and gradually establish China's "securities boutique market." The market is mainly for large and well-known large enterprises with large scale and good performance. The source of the company should mainly come from the second and third board markets. Under certain conditions, such as the company's asset-liability ratio, company size, profitability and growth, certain requirements are met. It is also possible to issue additional shares or refinance in the main board market, but companies that fail to meet these targets cannot refinance through the main board market, especially in the form of equity refinancing, so as to fully guarantee the main board market company. Quality, reducing the risk of this market.


At the same time, with the launch of the GEM in 2009, a group of companies with high growth qualities have entered the eyes of investors and become the “new darling” of the capital market. In the upcoming 2010, China will shift the focus of capital market construction to the establishment of the three-board market. Sliding guide


For the establishment of the three-board market system, more experts now believe that the adoption of the “block and block” model is more reasonable, with a centralized and unified OTC market and a regional equity and property rights trading market. To develop China's OTC market, it is necessary to learn from the experience of developed countries to achieve regional network operation, centralized quotation, decentralized transactions, and unified accounting. At the same time, after accelerating the development of the over-the-counter market, it should also actively regulate regional equity trading centers. China has successively formed a local equity trading market in which more than ten cities, such as Wuhan, Zibo, Tianjin, and Shenyang, have publicly listed their shares. However, most of these markets are formally or informally approved by local governments, and are vulnerable. The intervention and control of local administrative forces imposes enormous risks on the supervision of the financial system. The central government should standardize and legalize local spontaneous equity transactions in recent years, opening up a new and more convenient financing channel for the healthy development of small and medium-sized enterprises in China. In addition, in order to solve the problem of property rights transactions and transfers of high-tech enterprises, it is also necessary to actively and steadily develop the local property rights trading market. Starting from China's national conditions, the local science and technology property rights trading market should take into account the common needs of high-tech, new technology and moderately adaptable technologies, and become a universally applicable SME property rights trading market. It can even be built into special counters in places where conditions are ripe. The market, thus laying the foundation for the formation of a multi-level capital market system.

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