The final target of the new Sanbanxi is the OTC year-end listing of more than 80 companies expected

In the China Securities Association June 12 issued the Zhongguancun Science Park, the unlisted shares offer transfer pilot measures, to participate in Zhongguancun agency system share price transfer pilot work of the industry, said June 24, as soon as possible to organize a group of enterprises into the agency system listing,　　Finally, a unified supervision of the OTC trading system.　　At the same time, the new Sanbanxi has highlighted its unique investment and financing value, through the "new Sanbanxi" financing to become an efficient, convenient and low-cost sustainable financing approach. At the end of the year, the listed companies are expected to improve the system of more than 80 agency systems, which is another major step to promote the construction of multi-level capital market after the China Securities Regulatory Commission has issued the IPO management method. Zhongguancun agency System stock Quote transfer pilot was officially launched in January 2006.　　Over the past 3 years, the number of listed companies gradually increased, the overall operation of a smooth and orderly, basically achieved the expected objectives, supporting the development of independent innovation enterprises in the park's role in the preliminary. On the 24th, Zhongguancun agency system share price transfer pilot work, Deng, vice president of the Securities Industry Association, according to the new system, especially the conditions of the listed companies from the three-year period to adjust to two years later, there will be more enterprises to meet the listing conditions, to study the promotion of pilot listed enterprises in the development of relevant policy measures　　, as soon as possible to organize a group of enterprises into the agency system listing, and actively promote the establishment of agent transfer system listed enterprises to the Gem and the main board of the Green Channel and board mechanism. Chenhong, deputy general manager of Shenzhen Stock Exchange, said that it would gradually expand the scope of the pilot project on the basis of the pilot project of the Zhongguancun Sci-tech park, and eventually set up an over-the-counter trading system under unified supervision. SSE will join the market to provide value-added services for the listed enterprises, and strive to promote the quotation system to become a platform for the smooth circulation of unlisted stock companies, venture capital and equity private equity fund gathering center, multi-level market listing resources "incubator" and "cistern".　　Temporarily unable to listed enterprises can be in the system in advance, through the training of information disclosure and the guidance of intermediary agencies, and gradually meet the listing requirements. Up to now, a total of 85 enterprises to participate in the pilot, which has been listed and through the filing of 57 companies, is the filing of 10 enterprises, the end of the listed enterprises are expected to be more than 80.　　Listed companies cover software, bio-pharmaceuticals, new materials, cultural media and other emerging industries. Highlight the unique investment and financing value on May 5, the 2008 Annual report of the "New Sanbanxi" published by China Securities Association announced that the 55 companies listed in Zhongguancun stock Transfer quotation system, 18 were in line with the listing conditions of gem.　　According to this, many people think that the new Sanbanxi will become the gem and the reserve of the SME board.　　and statistics show that the new Sanbanxi 9 listed companies completed a total of 10 of the directional issuance of shares, financing 466 million yuan, an average of 16.38 times times P/E. In this respect, Zhongguancun Management Committee deputy director Guo Hong recently in the Chinese Securities newspaper reporter interview special tip, "new Sanbanxi notOnly the motherboard and the reserve resource pool of the SME board, also has the unique investment and the financing value. "The new Sanbanxi is an embryonic form of OTC market in China, which is different from the traditional stock exchange market in terms of the supervision concept, system design and investors, for the enterprise service with various financing demands." "The new Sanbanxi is similar to the Nasdaq market in the US, and Nasdaq is not the reserve repository for the NYSE."　　Guo Hong said, choosing to be listed in the new Sanbanxi, or in the gem, the key lies in the institutional arrangements can meet the financing needs of start-up enterprises, because the new Sanbanxi more and more show the institutional advantages and provide financing services for enterprises, do not rule out the future of many companies will only stay in the new Sanbanxi listing. According to the introduction, the new Sanbanxi is a market degree is higher, the regulatory concept is relatively new, emphasis on information disclosure of a market.　　In the new Sanbanxi, can be listed mainly by the Securities brokers decided, the securities dealers undertook a great role in the host, the responsibility is very large. In addition, the listing after the financing is very convenient. Guo Hong said that venture capital needs have its characteristics, often the need for a small scale, and sometimes efficiency than the cost of financing more important. Now through the listing to "a One-to-many" way to discover the value of the enterprise, through private placement can achieve high efficiency, low-cost, sustainable financing needs, listed companies have been investment institutions and organizers of the concern, financing efficiency can be improved, really efficient on-demand financing. "Therefore, through the new Sanbanxi financing is an efficient, convenient and low-cost sustainable financing approach." "Guo Hong said.