The New Third Board welcomes two major gift packages What are the differences in the post stratification era

5month27In the afternoon, the New Third Board received two major gift packages successively. Firstly, both the China Securities Regulatory Commission and the China Securities Regulatory Commission (CSRC) have announced their plans to launch a pilot project for private equity market making on the New Third Board; Secondly, the highly anticipated layered implementation plan has been announced, and the national stock transfer system has fulfilled its previous obligations5Monthly launch commitment.
Compared to the draft for soliciting opinions, the six revisions emphasize more on enterprise investment transactions and financing value. There have been changes to Standard One and Standard Three in the differentiation standard; From a common standard perspective, the final version of the hierarchical plan is much stricter than before, especially with requirements for financing amounts, which are clearly defined as1000More than ten thousand.
Although the simultaneous landing of two major gift packages exceeded market expectations, the short-term impact on the market should not be exaggerated. There are still four "boots" that have not yet landed, and it is highly likely that the New Third Board will focus on "balancing the market" in the next three months. Real investment opportunities may open in the fourth quarter of this year.
one. The layered system will reconstruct the valuation system of the New Third Board
At present, the dust has settled on the layering of the New Third Board. A stable stratification directly contributes to the formation of a stable valuation system, which is conducive to the long-term stability of the New Third Board. After stratification, the listed companies on the New Third Board will change the current uneven situation, achieving "tailored to local conditions" and "tailored to the times". Under differentiated arrangements, enterprises in different development stages will stabilize at their respective levels, and the previous "one size fits all" valuation system will also change accordingly.
1Create a celebrity effect and incubate more high-quality enterprises.
The leading enterprises on the current New Third Board have significant advantages in terms of scale, operation, and profitability compared to general enterprises, and there are also significant differences in these fundamental aspects among the companies to be listed. However, before stratification, the current New Third Board is a whole, so the listing costs faced by enterprises are consistent. If there is an internal stratification of the New Third Board, mature enterprises can directly list at a higher level, reducing time costs and making it easier to connect with the main board, small and medium-sized board, and ChiNext board. In the early stages of development, enterprises can choose to list at lower levels, bear less costs, gradually grow and then move to the next level. In this way, dividing and governing enterprises at different stages of development can create a star effect and incubate more high-quality enterprises.
2Balancing the decision-making costs of both investment and financing parties.
The decision-making costs of both parties in the current New Third Board investment and financing are very unbalanced. On the one hand, the threshold for listing on the New Third Board is relatively low, with a large number of listed companies. On the other hand, the investment threshold on the New Third Board is relatively high, resulting in fewer individual investors and insufficient participation of institutional investors in the secondary market. So for investors, there are two difficulties in investing on the New Third Board. Firstly, there are many listed companies, but regardless of trading or stock issuance, the single transaction amount is small, resulting in high decision-making costs for unit investment research; The second reason is that the quality of listed companies is uneven, and the degree of market information asymmetry is high, which also leads to high investment and research decision-making costs.Foreign exchange gold
After stratification, enterprises at different stages of development enter different levels, which on the one hand balances the situation of information asymmetry; On the other hand, it can make it easier for investors to find suitable investment targets at the level they are interested in, and provide a more reliable reference system for valuation, reducing investment decision costs.
3Reduce regulatory costs for regulatory authorities.
The current situation of one game of chess among companies listed on the New Third Board has brought many inconveniences to the regulatory authorities for effective supervision. Due to significant differences in the development stages of enterprises, implementing the same regulatory standards for different enterprises is obviously unfair. However, for regulatory authorities, there is no basis for differentiated management of non tiered trading platforms. Therefore, after effective stratification, regulatory authorities can develop tailored regulatory standards, especially information disclosure standards, based on the characteristics of each level and tailored to local conditions, in order to achieve targeted classification supervision.



two. The innovation layer also faces three tests, and only when the waves wash away the sand can one show their true heroism
According to the preliminary calculation of the layered implementation plan for the New Third Board, there are a total of800、900Enterprises are squeezing onto the first bus of innovation. But these enterprises are not once and for all, able to quickly enjoy the benefits of a tiered system, but must face at least three tests.
1The market has already used foot voting, and stratification will not fundamentally change investors' judgment of the long-term investment value of stocks
The market has long been concerned about7000Multiple listed stocks are voting with their feet. It is difficult for donkeys to effectively scare off lions solely by relying on their kicking skills. The serious liquidity differentiation on the New Third Board is far from severeAStocks,5month24The daily cross-sectional data indicates that the transaction amount ranks among the top1%The proportion of the third board stocks to the total transaction amount is as high as78.5%, andAStock only accounts for12.0%The liquidity of the New Third Board is severely imbalanced.5The average daily transaction amount since the beginning of the month has been500Only those over ten thousand60Multiple companies,100Above ten thousand, only260Multiple companies. The scarcity of stocks with real liquidity on the New Third Board is the result of market foot voting rather than the reason. Simple stratification is only based on official standards such as revenue, net profit, market value, market makers, and transactions, and will not change the long-term investment value of the stocks themselves.
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