New third board "liquidity" is not enough: short-term expansion or little impact on A shares (VC310)

According to statistics from Shenyin & Wanguo, as of June 14, there were 85 listed companies on the New Third Board. So far, 90 companies have listed on the New Third Board. In addition, the new three board plan is still being improved, and the direction of improvement is focused on risk control and how to deal with the relationship with the property rights exchange.

OTC market is the main body

"The stock exchange-the on-site market is just the core of the securities market, and the main body of the securities market is the broader over-the-counter market." He Qiang, director of the Securities and Futures Research Institute of the Central University of Finance and Economics, recently hosted the OTC market on the Internet. Said at the seminar.

He said that only by vigorously developing the OTC market can the capital market be truly multi-level, "True multi-level capital markets should be multi-level between the on-site and off-market markets. Establishing a link mechanism between the on-site and off-market markets can increase the flexibility of the capital market. Increase safety. After the OTC market matures, all companies that want to list on the Main Board will trade through the OTC market. "

In addition, He Qiang believes that the development of OTC markets can solve the problem of financing difficulties for SMEs to a certain extent. The thresholds for the SME board and the GEM are relatively high, and the market capacity on the market is also limited. However, incomplete statistics show that there are more than 29 million SMEs in the country. It is difficult for enterprises to finance, and the low threshold and large capacity of the OTC market are conducive to promoting the development of VC / PE, which will also enable VC / PE to further directly finance SMEs.

Guo Feng Securities researcher He Fengjie believes that the current financing system in China is not very beneficial to enterprises, and financing for SMEs is more difficult. This is not only a problem of the banking business model. "The formation of interest exchanges between financial oligarchs and enterprises not only discriminates against SMEs, but may also discriminate in other areas. The introduction of the OTC market will compete with the existing banking system."

Lack of liquidity

He Fengjie said that the current range of investors involved in the NEEQ market is very narrow, and the stock is also limited by the number of shareholders. The size limit makes the NEEQ not particularly active. "Some data I obtained during the survey show that the NEEQ market Some stocks have no trading volume in a day. "

"On the one hand, companies do not have a great enthusiasm to participate in the New Third Board, on the other hand, investors do not have a great enthusiasm for participation. If the enthusiasm of buyers and sellers is not very high, it is difficult for intermediaries and brokers to make a big difference." He Fengjie said.

Gui Haoming, director of market research at Shenyin Wanguo Research Institute, also pointed out that due to regional restrictions on listed companies, lack of a reasonable pricing mechanism, and low listing standards, there are still some hidden restrictions. The appeal is still insufficient.

However, Shenyin Wanguo is optimistic about the development of the New Third Board, "As of June 13, the total market value of the market is 21 billion yuan, and the market value of the New Third Board is expected to exceed 30 billion yuan in 2011. The next 10 years will be a period of rapid development, with an average annual The growth rate will reach 30% to 40%. "

Short-term expansion may have limited impact on A shares

In view of the above reasons, Shenyin & Wanguo recommends that the New Third Board adopt a market maker system to achieve continuous quotation of recommended brokers and bargaining with investors outside the system. Qualified securities brokers and self-employed merchants can also accept customer commissions for trading or Proprietary trading; It is recommended to introduce individual investors, establish a reasonable threshold for participation, and adopt an appropriate management system for investors to avoid systemic risks and protect the interests of small and medium investors.

In response to the "new rise" of the New Third Board, financial commentator Pi Haizhou said that he must be vigilant about the performance of the New Third Board, and it does not rule out the possibility of making accounts behind the outstanding performance of the New Third Board. Board, and only if it shows a higher growth, it is possible to smoothly turn the board.

"The amount of capital occupied by the expansion of the New Third Board is not large, and it is incomparable with the current Main Board and GEM. The short-term expansion has not particularly great impact on the A-share market. Stocks that lack performance support in the A-share market and rely solely on speculation will be greatly affected, "said Xu Yiding, deputy general manager of the National Securities R & D Center.

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