Supporting Policies Can Be Implemented As Scheduled Is The Real Good.

The final version of the market awaits a long layering plan will be announced at the end of May. At the same time, the time for the formal implementation of the layered system is also determined in June 27th. The new three board market has ended for months.

Just this past weekend, when the new three board market was jubilant, there were also many sober market observers.

In June 27th, the hierarchical system will be formally implemented. From then on, the new three board market will enter the two level stratification of basic level and innovation level.

The supply of relevant policies will also enter the era of differentiation.

There is no doubt that to some extent, the innovation layer will enjoy preferential dividend policy.

At the time of issuing the layered draft, the national stock pfer system said that the innovation market will continue to promote system innovation with the core of improving market efficiency, giving priority to the innovation of financing system and trading system.

In addition, the listed company will set up an approved and phased implementation of the storage rack issuing system and an authorized issuance mechanism for the implementation of the phased implementation of the board of directors, and strengthen the management of financing pricing guidance, the management of restricted sales and the use of fund-raising funds, and explore the feasibility of mergers and acquisitions and acquisition funds.

Gao Zhen Ying, deputy general manager of the stock pfer system of China, said that stratification is not simply divided into good and bad, excellent and inferior. The aim is to provide listed company with a suitable platform for capital market in different stages of development and different market demands. Whether it is innovative or basic level listed company, we will provide capital market services that are compatible with his stage of development.

First of all, the supply side. Li Xiaoxuan said he could look forward to the liberalization of the new 35 shareholders. Especially after stratification, companies that aim at the innovation level, such as the simultaneous increase in listing, may refer to the similar IPO process.

The more critical significance of the 35 people's release is that the new three boards can move from non - public offerings to public offerings in the short term, because this is a change in legal status, but this may be the most fundamental breakthrough at the legal level and in the basic system level in the future.

And demand side, she further expressed the need for a variety of institutional investors to bring different expectations, different market expectations can be reflected in the market of different trading decisions, in order to activate the liquidity.

So we have been advocating the introduction of different types of investors with different risk preferences.

Yes

For participants, mobility is the most concerned problem.

Before the layering plan has not yet come out of the two market sentiment will be forced to freezing point.

Now the new three board layering plan finally landed, and some market participants also think that the follow-up liquidity improvement problem should be put on the agenda.

Just as

It is said that pluralistic investors are expected to activate liquidity and the new three board market should encourage multiple investors to enter.

In fact, the stock pfer system has begun to act.

The first thing to bear in mind is the launch of the private sector market making experiment announced last Friday along with the layering.

Guan Qingyou, executive director of Minsheng Securities Research Institute, pointed out that at present, there are only more than 100 brokerages in mainland China, while only 85 brokerages in the new three board market making business.

The monopolistic position of market makers directly led to the alienation of the new three board market making system, including market makers taking votes, taking votes and matching pactions, bringing certain risks to the normal operation of the market and ultimately affecting market liquidity.

Hu Yali group of CITIC Securities pointed out that there are many reserve policies to push forward the new three board reform. At this point, regulators choose to launch private equity funds to participate in the new three board market making experiment, which means regulators try to change the number of market makers unable to keep up with the pattern of market expansion.

On the other hand, after the layering is settled, the other way to break the liquidity is to introduce public funds.

According to the November 2015 issued by the securities and Futures Commission on further promoting the national small and medium enterprises

The deployment of some opinions on the development of the system will guide the public fund to invest in the new three boards in the future.

However, there is always a dispute between eggs and chickens for the new three board market, "liquidity first, or the first public offering fund entering the market".

A private person has said that although the layering can not directly point to the public fund market, but regardless of the background of raising the proportion of direct financing, or from the A share registration system and the strategic emerging board delaying, or based on the new three board market itself to strengthen the supervision and standardization of the various participants in the market, incremental funds to enter the new three boards are facing better and better opportunities.

Today, the layered mechanism will be formally implemented to create better conditions for the admission of public funds.

Zhu Wei, chairman of Zhongke fertile soil, said: "after layering is conducive to long-term capital (especially public offering fund) entering the market, for the public offering, 2 hundred million of the fund is the minimum scale of raising. Considering the liquidity and valuation and investment efficiency, it is impossible to spend a lot of time in the field investigation like PE, and can only invest in innovative enterprises that are screened by the market.

Stratification is also conducive to lowering the threshold of investors next, and implementing different thresholds at different levels to ensure that the threshold of investors in the innovation layer or the preferred level can be compared to A shares.

A number of public funds have been ready for public offerings in the future, and will be submitted to the SFC only after the relevant guidelines are issued.