Over time, LED display The development trend of the industry has gradually become clear.According to the market economy environment, the general rise of manufacturing raw materials and the national policy, industry and other factors affect the ecological environment, at present, LED display Screen enterprises to step up layout, planning and development, the entire industry has shown a positive trend of development.At the same time, in recent years, LED display The concentration of the screen industry further improved, more and more enterprises realized the accumulation of capital, through the listing (the board or the new board) access to more powerful financing capabilities, prompting the emergence of the industry part of the capital strength of the 'capital players.' For some In the fast-growing LED screen enterprises, the new three board is still an attractive fertile ground, especially the "new three board" that has undergone various systems such as 'hierarchical management'.
In recent years, the new three-listed LED companies have increased year by year, the relevant data show that in 2016 the LED industry has been a dozen companies listed one after another, and in 2017 there have been several LED companies to log in the new three-board, and even the realization of the IPO, then Down, with the development of the industry, more LED companies appear in the list of listed companies will be the inevitable trend.
Therefore, the reform of the new three boards has become the LED panel enterprises must be a high degree of concern. Recently, the reform of the new three boards officially landed.
The National Share Transfer Company released the newly formulated Administrative Measures on Stratified Management of Listed Companies in the National Equities Exchange and Quotations System (referred to as the "Stratified Management Measures") and the "Rules on Stock Transfer of the National Equities Exchange and Quotations System" (the "Transfer Rules" ) And the Information Disclosure Rules for Listed Companies of the National Equities Exchange and Quotations System (abbreviated as "Rules"), marking a crucial step in deepening the reform of the "three new-board reforms."
According to the document, a number of changes have been made to the new three-tier system, with more adjustments in the financial standards for the access to the innovation layer. At the same time, collective bids have been introduced to cancel the transfer of intraday agreements. In addition, in terms of information disclosure, Information disclosure frequency, innovative company new 'performance Express' and 'performance notice' system.
The biggest attraction is the introduction of the collection auction
According to the paper, the reform includes four aspects in the trading system:
First, the introduction of a set of auction trading system, the original way to take the agreement to transfer the way of trading intraday unified adjustment for the collection auction.
The second is the classification to ease the transfer of the agreement for a single application for not less than 10 million shares or transfer of not less than 1 million yuan in transactions, the agreement can be transferred through the trading system; for specific issues of the agreement transfer needs, you can Apply for specific matters agreement transfer business.
The third is to improve the way of market making transfer, take stock transfer by way of market making, increase arrangements for the transfer of agreements under certain conditions, reform the closing price determination mechanism and enhance price stability, and fourthly, incorporate the declared effective price range stipulated in the notification form in the prior period Transfer Rules.
Experts said that the biggest surprise of this reform is the reform of the trading system, which is in line with the liquidity conditions of the new three-board market and the liquidity demand after the reform at the current stage, laying the foundation for the continuous improvement of liquidity and reserving space.
Market participants generally believe that the bidding and market making methods are the mainstream trading methods of the major exchanges in the world. The abolition of the agreement transfer is a big step forward that is conducive to international standards (approaching the Nasdaq).
As the trading system changes, some high-quality companies may run out. Reforming the market through price-fixing means a path of screening good companies. It is understood that the transaction system implemented on January 15 after the launch of the new system; stratified implementation of the same time for the next April 30; details of information disclosure from the 2017 annual report.
The revision of the stratification system laid the foundation for the follow-up reform
Another important aspect of this reform is the improvement of the stratification system, which is to adjust part of the innovation layer's accession and maintenance of standards, promote more high-quality enterprises to gather at the innovation layer and enhance the public-oriented level of innovation-oriented companies.Specifically, The revision includes the following three points:
First, in the differential access standards, reduce net profit standards, improve operating income standards, new bid market value standards.
Second, the requirement of adding "no less than 50 qualified investors" to the common entry criteria shall be added.
The third is to focus on improving the stability of the innovation-level company and preventing "big business and big business", and to change the standard of maintenance to legal compliance and basic financial requirements.
Among them, with particular attention to profitability.The original provisions of 'continuous profitability in recent years, and the annual average net profit of not less than 20 million yuan, the average weighted average return on equity over the last two years, not less than 10% average. "In order to expand innovation Layers on the coverage of high-quality companies, the net profit from the average of two years not less than 20 million yuan to not less than two years were not less than 10 million yuan, return on net assets from not less than 10% to not less than 8%. To prevent the scale is too small, unstable operation of the company into the innovation layer, an increase of 20 million yuan minimum equity requirements.
Adjusted innovation layer to maintain conditions, not only embodies the inclusiveness of small and medium-sized micro-enterprise management features, but also grasp the bottom line of risk control.According to the arrangement, the national share transfer company will be April 30, 2018 to start the 2018 market Stratification adjustment in 2017 listed companies have entered the innovation layer, as long as the line with the "stratified management approach" to maintain the conditions of the innovation layer, you can continue to remain in the innovation layer; basic listed companies, in line with the "stratified management approach" The provisions of the innovation layer access conditions, enter the innovation layer.
From the above can be clearly seen that the management of the next three boards will be more standardized and rationalization of the current LED display industry is more competitive, companies want to thrive, we must have some strength, not only the market can be LED Display enterprises to bring more capital, but also to create a more powerful brand, especially in the era of brand consumption, LED screen enterprises capitalization trend is also growing.
Of course, in order to achieve long-term and favorable development, enterprises that are already listed or are going to be listed must pay more attention to the establishment of a more standardized and detailed management mechanism and pay close attention to the changes in the relevant management systems in the capital market (platform) , To facilitate the better realization of capitalization.
