Suddenly, like the spring breeze of the night, the backdoor listing 'flowering' came.
On the evening of June 20, the CSRC announced that it would solicit public opinions on Amending the administrative measures for major asset restructuring of listed companies (the following administrative measures). Deregulate the rules of M & a system from four aspects. Firstly, the management measures shorten the calculation range of the "cumulative first time principle" from 5 years to 3 years. Secondly, it is clear that backdoor listing on the gem is no longer prohibited, which means that the backdoor listing channel on the gem is about to be opened. In terms of specific operation requirements, the requirements related to net profit in backdoor standards are deleted. Finally, the amendment also plans to add backdoor supporting financing.
An investment banker from South China said that the liberalization of the backdoor policy has simplified the backdoor procedures for more qualified enterprises, and some listed companies can free up the shell and inject 'fresh blood'.
"Happiness came too suddenly, first the opening of the science and innovation board, then the backdoor listing of the gem, and there were two more exit channels." After the cold winter of the whole industry in 2018, a pevc person sighed.
Although many institutions applauded the policy adjustment, some people also put forward calm thinking.
Some insiders said that IPO will continue to be normalized, and the reform is to further ensure the smooth entry and exit of the capital market. " In the past, the IPO cycle was too long in terms of time and cost, but at present, the IPO barrier lake has been cleared, and the registration system has been on the science and Innovation Board & lsquo; Assay & rsquo;, Once successful, IPO will become the mainstream trend. " The source said.
Another senior market person reminded that the regulatory authorities still crack down on the speculation of ST company, ST company and shell company, 'the tone of strict supervision on cracking down on shell speculation and shell raising has not changed, and shell stocks are still worthless.'
How much do you know about the gem 'shell'
The strategic team of CSC believes that the relaxation of M & A is conducive to improving the quality of listed companies and prospering the capital market. Due to the liberalization of backdoor listing on the gem, once the assets are injected into the shell companies on the gem, the quality of the gem will be greatly improved and the overall valuation of the gem will rise.
According to wind statistics, a total of 25 enterprises completed backdoor listing in 2016 and decreased to 8 in 2017. In 2018, there were only three successful cases of backdoor listing, namely Lingyi manufacturing (002600. SZ), 3600 (601360. SZ) and Dongfang Shenghong (000301. SZ). This year, the number has warmed up. Since 2019, four enterprises have successfully backdoor listed.
In fact, the number of small and medium-sized companies with market value on the gem has increased sharply in the past two years. At the end of 2018, the number of companies with market value of less than 2 billion on the gem had reached 113. As of June 20, there were 763 companies listed on the gem, with a total market value of 5.0973 trillion and a circulation market value of 3.2199 trillion. Among them, in addition to geeya technology and Qianshan pharmaceutical, there are 82 Enterprises on the gem with a total market value of less than 2 billion yuan.
The shell resources of gem have become the focus of the market for a time.
According to the data compiled by the new era Securities Research Institute on June 21, there are 17 non ST companies with net assets of more than 100 million, net profit of less than 2 million and total market value of less than 1.5 billion.
The strategy team of CSC is optimistic about the future market for a long time, and also proposes that the relaxation of M & A will bring more business opportunities to securities companies, especially the head securities companies. According to the ranking of operating performance of securities companies in 2018 released by China Securities Association, Huatai Securities, CITIC Securities and CSC occupy the top three positions in terms of M & a consulting business income.
More strict supervision
For the relaxation of the policy, the above-mentioned investment bankers said it was expected, 'this policy adjustment can be said to be an expected wait. If you remember the relevant questions and answers on whether the IPO is taken as the underlying asset to participate in the restructuring of listed companies issued by the CSRC last February, which requires & lsquo; After the IPO is rejected, the enterprise should run for at least 3 years before planning reorganization and listing & rsquo;. Then in October last year, the three-year period was shortened to six months. From this logic, the regulators are a trend of gradual relaxation.
However, the investment banker suggested that while relaxing the access standards on the listing opening, the more we should strengthen, 'in the short term, the shell concept stocks on the gem will fluctuate, especially the junk stocks may increase significantly, but soon the market enthusiasm will cool down, and these stocks will be beaten back to their original shape. Therefore, the speculation of St stocks and shell stocks should be dealt with more severely. "
"At present, the illegal cost of listed companies is too low, so listed companies can make mistakes and never change." A scholar studying the capital market previously said in an interview with the first financial reporter that if we can improve the regulatory means, strengthen delisting and the legal awareness of listed companies, the level of China's capital market will be greatly improved.