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Original title: today’s point of view: new move to the OTC market and press the “fast forward button” for equity connectivity
Tranquillity
As the specific implementation path of moving NEEQ listed companies to listing becomes clear and clear, NEEQ’s bridging functions will be further brought into play.
On November 27, the Shanghai and Shenzhen stock exchanges jointly issued the new third board transfer listing measures and publicly solicited opinions (hereinafter referred to as the measures). The measures included issues such as transfer listing conditions, share sale restriction requirements, listing review and listing sponsorship. Specific regulations specify the implementation path for the transfer of listed companies to listing.
The author believes that the issuance of the measures means that the transfer of NEEQ to listing will enter the practical phase, which not only opens an upward channel for the development and growth of small and medium-sized enterprises, but also facilitates the further development of NEEQ market bridging functions and opens up multiple tiers of capital The “last mile” of market interconnection will improve the organic whole of the multilevel capital market and greatly enhance the capital market’s ability to serve the real economy.
On the one hand, the transfer of companies to the New Third Board at listing will help pave the way for the growth of small, medium and micro enterprises, further play the demonstration effect of leading companies and better serve companies. At the same time, it will also improve the overall quality of listed companies and accelerate their formation to meet both investment and financing needs. Good market ecology.
The transfer system is one of the fundamental measures to fully deepen the reform of the new third council. It combines with the multi-level mechanism of “selected level, innovation level and grassroots level” to build a market structure that is connected up and down, which is conducive to stimulating market vitality through the transmission mechanism. To better serve the growth and expansion of SMEs.
The Measures clarify the path of transition to listing and provide a good opportunity for growth and development to selected listed companies. As the selection level is convergent with the foreign exchange market in terms of trading rules, liquidity levels and corporate oversight, the listed companies have publicly disclosed information and standardized governance through the NEEQ market, then entered the foreign exchange market through transfers. . Its standardization and operational quality After the NEEQ inspection, expectations are clearer and will effectively improve the overall quality of listed companies.
At the same time, select-tier companies that meet the transfer requirements can no longer apply directly to the Shanghai and Shenzhen stock exchanges via the IPO process. This adds a new listing option for select-tier companies, which is beneficial for companies across different market tiers and sectors Independent choice between market tiers and sectors saves time and financial costs for company listing, which helps focus of the company on the development of the main business, and strengthen confidence in the long-term stable development of SMEs.
On the other hand, the transfer of companies on the NEEQ has built a bridge for the interconnection between the multilevel capital markets. By playing the role of the NEEQ market as a link between highs and lows, the interconnection channels between multilevel capital markets have been further unlocked and market liquidity and resource allocation have been improved. Effectiveness.
At present, China’s multilevel capital market system has clear levels. The main board, the small and medium-sized board, the ChiNext board, the scientific and technological innovation board, the new third board and the regional stock market have a clear positioning, forming a model of different objectives, complements and development of the dislocation.
The opening of the transfer mechanism will give full play to the role of the new three-axis market as a link between the previous and the next, creating the real interconnection between the multilevel capital markets. Different companies can list and raise funds in the corresponding level of the capital market according to their development stages and financing needs. The multi-tiered capital market provides differentiated and cost-effective services for companies at different stages of development, which improves the efficiency of market resource allocation and accelerates the development of a high-quality market ecology. module.
The author believes that with the clarification of the specific path for the transfer of companies listed on the NEEQ, the effectiveness of the global deepening of the NEEQ market has become more significant. The new multilevel capital market interconnection model will further activate the vitality of the NEEQ market and accelerate the formation of a new third board market. An ecologically balanced market environment increases the ability of the capital market to serve the real economy.
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