Science and technology board gradually approaching the market to reach four points of consensus

Science and technology board gradually approaching the market to reach four points of consensus
■ Reporter Lu Jiangtao On January 23, the sixth meeting of the Central Committee of Comprehensive and Deepening Reform was held in Beijing. The meeting adopted the “Overall Implementation Plan for Establishing a Science and Technology Innovation Board and Pilot Registration System in the Shanghai Stock Exchange”.Implementation Opinions of Shanghai Stock Exchange on the Establishment of Science and Technology Innovation Board and Pilot Registration System.  Flush iFinD data shows that after the above news was released, 3 securities firms published 5 research reports on the same day, and yesterday, when the Securities Daily reporter was released, another 16 securities firms published research reports, of which Tian Tian SecuritiesThe number of research reports on the science and technology board exceeds the total of the past month.  According to the statistics of this reporter, the main focus of the brokerage research report is many details to be discussed in the bone market, such as whether to accept the red-chip structure and the VIE structure, how to price and set prices, and the design of the trading system (T + 0, limit of fluctuation)), Listing standards, whether to accept different rights for the same shares, etc.  The market reached a four-point consensus. Yesterday, the discussions on the science and technology board and the registration system of the securities firm were further fermented. Within a day, 16 securities firms issued research reports. According to the listing standards of the science and technology board, the trading system and other details.  Among them, the National Gold Securities strategy team believes that the market has reached a basic consensus on at least four points regarding the positioning of the science and technology board and the design of trading procedures: First, the important on-market market is incremental reform, not stock;The second is that the registration system does not perform audits. The core of the registration system audit is information disclosure; the third is that the Science and Technology Board will implement a strict delisting system; the fourth is to “in line with national strategies, master core technologies, and high market recognitionEmerging industries and strategic emerging industries “.It is expected that the “first batch” of listed companies on the science and technology board will be mainly “hard technology”.  According to the statistics of the “Securities Daily” reporter, the merger securities firm also expressed similar views in the research report, and has become an industry that investors can focus on.  For example, the research report of Huatai Securities pointed out that the acceleration of the listing of science and technology board may promote the prosperity of the “hard technology” industry represented by aerospace, optoelectronic chips and new energy, and China ‘s “high-end manufacturing” and “hard technology” representing the future direction.It is expected to become a new driving force to drive the economic growth of developing countries, and win in the gradual development of the industry to become one of the main lines of the market.Horizontal comparison between China and foreign countries, the domestic “high-end manufacturing” sector leader may welcome historical changes and is expected to grow into a large market value company with global influence.The conditions or parcels and openness of the IPO under the registration system, because some companies may have good growth, but are currently not profitable; or because the company’s core competitiveness of “hard technology” is the first in the country, noAppropriate comparable companies cannot be estimated simply by traditional PE or DCF estimation methods.This issue may promote the innovation of the estimation system, or the market inquiry system determines the pricing of new shares issuance.The only way to increase the concentration of the high-end equipment industry or to gradually mature the industry.  In CICC’s research report, it is mainly concerned that in the future, the science and technology board will prominently attract small Chinese overseas stocks or unicorn companies to be listed.CICC said that in the long run, the launch and smooth development of the science and technology board is expected to make a positive contribution to enriching the level of the capital market, trying to improve the supervision of the capital market, improving the pressure on SME financing, and promoting technological innovation and economic transformation.  The construction of the core IT trading system will promote the impact of the establishment of the science and technology board on the brokerage industry. Bohai Securities believes that the impact has three main aspects: First, it challenges the business capabilities of the brokerage investment bank, because the registration regulatory authority only discloses information about the issuer.Supervision is conducted, and issuance pricing is not audited. Therefore, the introduction of the registration system challenges the understanding of the investment bank team of the brokerage firm on the market, pricing capabilities, and underwriting capabilities, which is good for professional brokerage firms.To a certain extent, it also facilitates the direct investment business of securities companies.The M & A and reorganization of the previous stage of the Securities and Futures Commission has quickly expanded the exit path of investment funds in a small amount to a certain extent. Now it has launched a science and technology board and expanded its venture capital launch channels again, which is conducive to the development and growth of emerging industries.The revenue of brokerage-related businesses increased; third, it brought the cake of incremental business to the brokerage. With the implementation of the registration system of the science and technology board, it brought a certain amount of incremental business to the entire business chain of the brokerage. Boots increased the revenue of the brokerage.  In addition to the above-mentioned “conventional topics” that have caused heated market discussion, reporters from the Securities Daily noted that the alternative securities firms such as Haitong Securities and Shenwan Hongyuan all mentioned in the research report yesterday that the science and technology board and registration system 武汉夜网论坛 will lead to new financialIT needs.  Shen Wanhongyuan believes that the new trading environment of the science and technology board will promote the construction of core IT trading systems.There are no clear official documents on the rules of the science and technology board (according to T + 0, limit of increase and decrease, market maker system), but it is certain that the board will be issued, traded, delisted, and appropriate for investorsA series of new systems have been implemented in areas such as gender, and new business requirements mean new financial IT requirements.The advancement of the science and technology board is the national core strategy. It is expected that the brokerage firm, funds, insurance, bank wealth management and ten billion private placements will all choose to update the science and technology board module.