for the first time, the “new third board” enjoyed the government job report.at 9:00 am on march 5, the fifth meeting of the 12th national people's congress opened at the great hall of the people in beijing. premier li keqiang made a report on government work. in the key work tasks in 2017, the government work report mentioned that it is necessary to deepen the reform of multi-level capital markets, improve the basic system of the main board market, actively develop the gem and the new third board, and standardize the development of regional equity markets.
this is the first time that the "new third board" has been clearly written into the government work report. in the past five years of government work reports, the words "new three boards" have not been directly proposed, and the general reference to "multi-level capital markets" is common.
in this regard, the head of the macro strategy department of the essence securities research center and the head of the new three board research, zhu haibin bluntly told the news (www.thepaper.cn), which means that the status of the new three board is improved - for the first time, the new three board is juxtaposed with the gem. previously, the multi-level capital market was in the same line as the four boards.
assistant to president of minsheng securities and executive director of the institute guan qingyou: analysis of the news: putting the new third board into the government work report, this means that there may be more promotion work for the new third board this year, which is a whole for the capital market. highlights, while turning and stratification are still under consideration.
the “new third board” is a common name for the national sme share transfer system. it is a national securities trading place approved by the state council. the national small and medium enterprise share transfer system co., ltd. is its operation management organization. the establishment of a national sme share transfer system is an important measure to accelerate the development of china's multi-level capital market. the new third board has a lower threshold for listing, and there is no hard profit requirement; the investment threshold is high, and the individual investor is 5 million yuan. in recent years, the scale of the new third board market has expanded rapidly, and there are more than 10,000 listed companies. however, long-term problems such as insufficient liquidity and lack of transfer mechanism have also plagued the development of the new third board.
yuan ji, chief analyst of guangsheng hengsheng new third board, told the news that the new third board was included in the government work report, indicating that the entire multi-level capital market has been improving in the rapid development of the past two years. in 2016, especially in the second half of the year, from the perspective of the state council and the securities regulatory system, many arrangements have been made to promote the further improvement of the new three-board market. now, the government work report mentions that the development of the new three boards is in the same line. next, the mechanism construction and development of the entire new three-board market should be further upgraded and play a more active role.
xinding capital ceo zhang chi also believes that this is a huge boost to the entire capital market, and many policies will land this year, faster than originally expected.
"we originally expected that it might be slower, but premier li keqiang’s clear statement in the government work report is equivalent to pointing out a clear direction. therefore, most of the favorable policies for the new third board will be introduced in may and june this year." it is pointed out that the multi-level capital market reform was also mentioned in the past, but it has not been specifically developed. this time it is really clear. how to deepen multi-level capital market reform? judging from this passage, the key point is very clear. the most urgent thing to do in 2017 is to actively develop the gem and the new third board.
zhang chi further explained that what the gem can do is to expand the gem, or to speed up the ipo. it is expected that the introduction of the selection layer and the bidding transaction in 2017; the launch of the block trading platform; the policy of public funds and insurance funds entering the innovation layer; the adjustment of the agreement transfer and market transfer may all land in 2017.
gu lifeng, deputy general manager of the off-market marketing department of soochow securities, said that the government work report mentioned for the first time that the new three-board market can be interpreted from three aspects: one is the issue of the new three board at the national level. after all, the entire new three-board market has been vigorous in the past two years. the development has accumulated more than 10,000 companies and gathered a large number of entrepreneurs to form a major group.
second, the entire new three board market has also experienced many problems in the rapid development process, and the voice in the industry is growing.
the third is that the new third board market has played a certain role in the economic transformation in the past few years. although the overall liquidity of the new third board market was not high last year, some people calculated that the financing amount should exceed the gem. the financing effect of the entire neeq market is gradually being exerted.
in this regard, gu lifeng believes that in the next two to three years, deepening the reform of the new third board, including the selection layer that has been mentioned recently, will have some better policies.
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