"China Economic Weekly," reporter Liu Yonggang | The two sessions in the field report on the gem, the new Sanbanxi (Agent share transfer system) will undoubtedly become the mainland China's capital markets this year's top priority. "China Economic Weekly" learned that the Zhongguancun agent for the transfer system based on the new Sanbanxi expansion plan has been formed, now has the expansion of the pilot scope of the basic conditions, the initial plan will be this year "two sessions" after the publication of the draft, and in July before and after the first batch of listed companies. CPPCC members, the Central University of Finance and economics professor Qiang told the "China Economic Weekly", the current stage of expansion of new Sanbanxi is very appropriate, the key is to do a good job of supervision and improve the system. According to the introduction, the new Sanbanxi in the scale of expansion, trading system, investor qualifications and other institutional innovations are beyond market expectations. In the expansion scale, the new Sanbanxi will be based on the original Zhongguancun Science Park pilot, extend the scope to other state-level High-tech parks with qualifications, and in the trading system, the market maker system will be introduced synchronously, while the first batch of pilot market makers will give priority to the existing agent system, and at least recommend a securities company listed by the company. In the investor qualification, the investor minimum quotation unit from 30,000 shares/hands, is expected to drop to 1000 shares/hand. It is reported that Qiang a year ago to the new Sanbanxi expansion issue as a proposal submitted to the national "two sessions." He believes that if the new Sanbanxi development for China's unified OTC market, will be a solution to the financing of SMEs in China a good way. It is expected to expand to Wuhan, Shanghai, Xi ' An and other areas are understood, the current new Sanbanxi listed company limited to Zhongguancun Science and Technology Park with High-tech qualified companies. According to the Zhongguancun Management Committee statistics show that up to the end of November 2010, a total of 119 enterprises involved in the transfer of shares of the system pilot, of which 76 have listed enterprises, covering software, bio-pharmaceuticals, new materials, cultural media and other emerging industries, 20 listed companies carried out 24 directional additional shares, Financing 1.173 billion yuan. With the expansion of the voice of the increase, the scope of the listing this year is expected to expand to Wuhan, Shanghai, Xi ' An and other national-level High-tech Park enterprises. In this respect, Zhongguancun Management Committee deputy director Liu said, Zhongguancun Science and Technology Park hope that the scope of the pilot can be expanded as soon as possible to improve China's multi-level capital market contribution. He also said: "Zhongguancun Science Park and the future of other pilot Technology Park is not a competitive relationship." "Shenzhen High-tech Park, said the relevant people, they began in 2006 to prepare for the listing of enterprises in the area, and hope to become the first batch of expansion of the park." Jinan High-tech zone listing office related officials said that the development of independent innovation enterprises need a variety of financial means of support. Since the end of 2007, Jinan High-tech zone to declare the country's new Sanbanxi expansion of the pilot Park as an opportunity to measures simultaneously, strong promotion of enterprise listing. Chengdu High-Tech Zone Management Committee deputy director Huaqing also said that Chengdu High-tech zone has gathered nearly 80% of the High-tech enterprises in Sichuan Province, the number of listed companies accounted for about half of the city. In fact, in late September 2010, the State Council newly approved 13 provincial high-tech zones upgraded to state-level High-tech zone, plus the original 56 national High-tech zones, yangling Demonstration zone (yangling Agricultural high-tech zone), at present, national High-tech zone for 70. 44 Dealers to eat "feast" learned, the future of the new Sanbanxi issued to adopt a "registration system", its operation will follow the Zhongguancun agency share price transfer system implementation of the record-making practice, that is, the local government to the listed enterprises for the qualification review, by the organizers of due diligence and recommendation, China Securities Association to implement the self-regulatory management, Through the relevant departments of the SFC can be issued after the record, enterprises in the new Sanbanxi listed to the implementation of the IPO period, will be the sponsor of the implementation of lifelong sponsorship. The head of a beijing-based brokerage investment banking Department told China Economic Weekly that the new Sanbanxi would be the biggest profit point for a broker in the coming years. The person said, the new Sanbanxi expansion, the number of listed enterprises will be greatly increased, a year of new listed enterprises will be more than 200, they not only for the organizers to bring sustained underwriting income, but also for the direct investment of securities brokerage department to provide a rich source of direct investments. Guo Xin Securities industry analyst Liu Yang told the "China Economic Weekly", the new Sanbanxi in the direction of additional, equity transfer will bring huge profits to the brokerage. Market participants said that, with the new Sanbanxi business and the gradual loosening of innovative business such as financing and margin, the "Commission war" dragged the investment value of the brokerage sector has emerged, this year is expected to run to win the big city. According to the introduction, with the new Sanbanxi expansion is imminent, the securities companies are also actively apply for the licensing brokerage license. Since Citic Investment in April 2009 to become the 28th company to obtain the agency system to host the securities brokerage business, in more than a year, the Securities Industry Association has not issued any relevant qualifications. But from May 2010 onwards, the qualification issued by the Securities dealers again, the qualified brokers increased significantly. Through the Bulletin of China Securities Association, it is easy to see that the approval speed of the organizer is obviously accelerated. According to the Data of China Securities Association, a total of 44 brokerages have obtained the business qualification of Agent system sponsor. "New Sanbanxi" mechanism mature market personage revealed that the new Sanbanxi reform pilot program may establish a special "transfer board mechanism", that is, in the new Sanbanxi market for High-quality Enterprises to provide "lift board" to the motherboard market "green channel." At present, the new Sanbanxi listed trading enterprises, without the approval of the CSRC, as long as through the organizer to the Chinese Securities Industry Association for the record, can be listed transactions. Therefore, if the "rising plate mechanism" is indeed one of the measures of this reform, it will undoubtedly be born a huge melting pot of wealth. But after the implementation of the reform, the new Sanbanxi will change from the current Securities Industry association, the CSRC. July 2009, the new Sanbanxi company long its software (002279.SZ) after the IPO smoothly in the SME market, long its software become "new Sanbanxi" The first successful transfer board company. After that, the North Land Medicine (300016.SZ) also new Sanbanxi job-hopping to the gem. Beijing Chaoyang District deputies, Beijing Road can be specialLaw firm director Liu Guanghu lawyer told China Economic Weekly, the new Sanbanxi mechanism conditions are not fully mature. He believed that the motherboard, the board, the Gem and the new sanbanxi between the lifting mechanism should be indispensable, otherwise can not be called a multi-level capital market organic whole. But the current new Sanbanxi after all is only a pilot, the real OTC market framework to be further clarified, under the existing conditions, enterprises directly from the new Sanbanxi to the gem, the SME board is not realistic. Liu Guanghu that the new Sanbanxi give small and medium-sized High-tech Enterprises the opportunity to enter the capital market in advance, standardize the development, speed up the bigger and stronger, early in line with the listing of SME board, gem market conditions. It can be said that there is a green channel effect in the new Sanbanxi, but there is no green channel for listing. The origin of the term "new Sanbanxi" as an alternative market, Sanbanxi has not been concerned about mainstream investors. The official name of Sanbanxi market is "agent share transfer System", its original intention is to properly solve the "historical legacy" problem of net and Staq system. NET, the Staq system is in July 1992 and April 1993 respectively starts to run the legal person stock trading system, because in the transaction process, the considerable number of individuals violates two system stipulation to enter the market, causes the two system circulation legal person stock actually already to be personalized. The two systems ceased trading in 1999. From the angle of standardizing the market and taking the investors ' interests into consideration, the regulatory department has been looking for a solution of "win more efficiency". "Agency Share transfer system" came into being. "New Sanbanxi" refers to the Zhongguancun Science Park as a non-listed company to enter the agency's share system transfer pilot, because the listed enterprises are High-tech enterprises and different from the original transfer system in the enterprise and the original Staq, NET system listed companies, it is known as the "New Sanbanxi."
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