A-share registration system promotes the impact of the new three-plate geometry

Near the end of the year, the New Third Board market is hard to calm down. The tiered plan will be implemented soon, and the market expansion will be fully accelerated, helping the new three-board market to enter a new stage of development. Under the double stimulus of incremental expected stimulus and asset allocation shortage, the market focus of equity investment has increased, and the investment in the New Third Board has revived.
At the same time, the State Council executive meeting recently announced that it will authorize the registration of the securities law of the Shanghai and Shenzhen Stock Exchanges before the revision of the securities law; this will also create certain competition for the new three boards that have the advantage of the system. In addition, the new three-board market is also facing new challenges such as corporate differentiation and the emergence of “zombie stocks”.
"In the context of asset shortage, the era of equity investment will start, and the investment space of the New Third Board will be huge. In the next two years, the new three board market can accommodate 30-400 billion yuan. Short-term arbitrage is no longer possible, and it is necessary to choose high-quality growth enterprises. Long-term investment," said Niu Yuming, senior analyst for small and medium-sized market research at Haitong Securities.

The registration system is coming, don’t panic, the new board will bet on the growth bonus.
The trend of asset allocation is still continuing, and the development of equity investment is on the horizon. The New Third Board market has also received much attention from the market due to its institutional advantages. However, at the State Council executive meeting on December 9, the relevant draft was passed, and the stock issuance registration system is expected to be launched before the revision of the Securities Law. Whether or not a diversion will be formed becomes the focus of recent market attention.
Some market participants have pointed out that the biggest challenge for the New Third Board is to improve liquidity, and this problem can only be solved through institutional improvement; this means that reform expectations are still an important support for market development. However, there is also a person in charge of the market department of a large domestic securities market, saying that the reform of the New Third Board market is not only to stimulate the active trading of the market, but to better achieve the financing of SMEs; The phenomenon of market activity will be reduced in the future.
More market views tend to clarify the positioning and awareness of the NEEQ, and it is not appropriate to continue speculation about institutional reform expectations. Niu Yuming emphasized that the market has misunderstandings about the New Third Board, and often regards the New Third Board as a secondary market. After the stock market crash, the market needs to strengthen its understanding of the equity function of the New Third Board.
"After the Spring Festival this year, there has been a violent rise in the New Third Board. Many funds have swarmed in. In March and April, many new three-board products were launched, 77% of which lasted for 2 to 3 years, and 13% of the products lasted. More than 4 years. The first wholesale line of products escapes the obvious purpose, but the future will certainly be long-term funds to win, the future is not a short-term arbitrage market."
"The New Third Board is still in the process of discovery and rediscovery. The market has already shown ups and downs." Dingfeng Asset Partner Wang Shaoyan said that the development of the New Third Board has three institutional historical opportunities, namely the listing opportunity. , stratification opportunities, M&A opportunities; and currently in the period of great opportunity created by the tiered system. It emphasizes that the process of industry development from non-standard to normative, industry information experience from non-disclosure to open process, this process itself is a huge investment opportunity.
It also emphasizes that the NEEQ is a high-threshold platform, and listed companies must have the ability to innovate and continue to innovate; for those companies that do not have the ability to innovate and continue to innovate, although they can be listed, it is difficult to achieve financing and development. "At present, the supervision of the New Third Board is indeed not strict, and the market sentiment is still clean. So far, no big fraud cases have been reported. However, it is necessary to be vigilant that the number of listed companies will be huge in the future, and the problem of irregular governance will become increasingly prominent."
In response to specific investment strategies, Niu Yuming also suggested that small-scale and distributed investment should be made. “The New Third Board market is financing in batches and financing on demand. After the expected cashing, investors will continue to increase investment after the increase in confidence; the organization needs to track the company for half a year to one year. First, a small amount of tentative investment, and then follow-up investment based on the expected performance of the period. This is a fair and reasonable approach for both investment and financing."

New three-board market expansion, speed increase, incremental funds can be expected
The policy overweight is a direct boost to the resurgence of the new three-board market at the end of 2015. On November 20, 2015, the CSRC issued the “Several Opinions on Further Promoting the Development of the National SME Equity Transfer System”, and the stratification plan that has received much attention from the market is clear. The comments also exceeded the expected release of the listing to encourage listing and financing.
While the market is accelerating expansion, incremental funding is another important expectation for the future development of the NEEQ. As of this week, the number of listed companies in the New Third Board market totaled 4,546, and only 139 have been added since December. Niu Yuming also said that as of the end of November this year, the investment in the investment in the New Third Board was about 100 billion yuan; among the new three-board products issued in the market, there were 619 private equity funds, accounting for 60%, and the market size of securities companies was about 40 billion.
In Niu Yuming's view, the funds invested by the New Third Board are very small compared to the secondary market. The policy is beneficial to many times to increase the number of documents and support the development of investment in the new three boards. The potential funds will increase rapidly in the future. “There are currently more than 9,000 institutions that are allowed to enter the market. In theory, nearly one trillion of potential funds can be invested in the new three boards.”
Sun Jianbo, chief strategist of Galaxy Securities, predicted that there are still 378 companies to be listed and 1,561 companies to be reviewed in the new three-board market. According to the current listing speed and the project reserve of various brokers, the NEEQ listed company is expected to reach 20,000 in the next five years.
Niu Yuming further analyzed that as of the end of November, there were 1,017 new three-plate market-making companies with an average market value of about 700 million. It is expected that there will be 2,400 and 3,600 companies in the market in 2016 and 2017 respectively. Assuming a market capitalization of 20%, it is expected to accommodate a total of about 330 billion yuan and 500 billion yuan in 2016 and 2017. “The amount of potential funds does not match the amount of funds that can be accommodated in the market, which indicates that the current market is still relatively niche and there is still a lot of market potential to be tapped.”

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