New Three Boards: Establish A Hierarchical Supervision System As Soon As Possible

Recently, it is reported that the new three board listed Internet companies and high-tech enterprises can transfer to the gem. However, regulators do not have a clear position.

Although the new three boards are often seen as "garbage markets" by the market, there are many companies with potential for development. To promote the orderly development of new three boards, there should be a seamless link between the gem, the new three boards and the local equity trading market.

Generally, there are two types of transfer boards in the capital market: voluntary transfer boards and compulsory transfer boards. The voluntary application board is a kind of enterprise with good management status and high level market requirements. It can voluntarily apply to the high level capital market, usually in the case of rising board; the compulsory transfer board is due to the bad operation of the listed companies, the decline of performance, no longer meet the standard of the continuous listing of the market or the disclosure of information in accordance with the required requirements, which leads to the forced delisting and the forced transfer into a lower level market. Of course, the level of the transfer board can not be limited to the upper and lower levels, especially for a particularly good enterprise, as long as its business condition continues to a certain tier of high capital market listing standard, it can also allow the skipping transfer board.

Last December 22nd, Stock transfer system Deputy general manager Sui Qiang has revealed that after 2015, the new three board bidding system is expected to go online, while the market stratification plan will be consulted in the three quarter of 2015. According to the current stock transfer to senior caliber, Bidding price The trading conditions are still immature, and the threshold of investors has been reduced "not yet considered". The only major system reform that has been relatively determined in the year is only one of the internal layers of the market.

However, it needs to be clear that the basic regulatory rules should be clear for enterprises that need financing in the OTC market. The information of enterprises can be used for effective comparison, and the specialized agencies shall supervise the comprehensiveness, authenticity and timeliness of information disclosure. For example, in information disclosure On the question, regardless of which market it is in, it must disclose its financial situation and operational information for the past 2 years, so as to ensure that investors have a basic grasp of the business situation. At the same time, an effective punishment clause must be formed for violations of information disclosure regulations, and the relevant enterprises can be ordered to withdraw from the market for major and bad behavior.

From the recent "Zhongshan Guang'an Ju" account irregularities were taken regulatory measures, to the market leader in Haiyang was investigated, nearly a month, the management of the new three board market frequently illegal behavior. As of May 12th, the number of Listed Companies in the new three board market has reached 2395, and the market size is bigger and bigger. Meanwhile, there are many problems in the OTC market. Therefore, it is urgent to deal with them seriously and solve the contradictions and problems. This is of great significance for the healthy development of the new three boards, the implementation of the state's efforts to encourage public entrepreneurship and innovation, support the development of small and medium sized enterprises, and promote the upgrading of quality and efficiency of the economy.