Three new board will start from three aspects to enhance mobility_Zeshan News_Zeshan(WuHan)Investment Management Co.,Ltd

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Three new board will start from three aspects to enhance mobility

Author:Zeshan(WuHan)Investment Management Co.,Ltd Upload Time:2016-01-14 Back

Future stratification, market maker expansion Wai, the public fund into the market, such as dividends is expected to gradually be honored

Improved mobility has been listed as one of the key work of the new three board in 2016, regulators do not reduce the threshold to improve the liquidity of individual investors, is gaining recognition of more new three board market participants. Recently, the transfer of shares of small and medium-sized enterprises in the national system of listed companies annual meeting, the new Sanban listed PE Institutions, Paradise Valley asset management company managing director Shao Wenhai said in view of a shares experience, very praise the new Sanban development ranks of professional institutional investors without reducing barriers to the introduction of a large number of individual investors.

Shao Wenhai has a consistent view of the market participants, including VC/PE, a considerable part of the listed companies and intermediary institutions. Shao Wenhai to lower the threshold of the introduction of retail investors to reduce the investor appeal. He questioned: "new Sanban market why must retail come in, a shares for more than 20 years, due to the mostly individual investors has brought the price distortions should be allowed to have a market is more professional investment, do not seek short-term, static under heart to develop new Sanban market."

"I very much agree with the regulators not lower the threshold of personal investors move in the now, retail investors do not come in, the market can allow delisting, the market can achieve the survival of the fittest, this is healthy circulation market." Shao Wenhai stressed.

In fact, the share transfer system multiple department person in charge said many times, market participants are not accustomed to to exchange thoughts and / or exchange indicators to measure the new Sanban market judgment, especially for liquidity, in fact, the cause the lack of liquidity of the main factors include two aspects, one is limited in listed company equity is highly concentrated, can lack of shares in circulation; second is market of qualified investors lack, structure is relatively simple, leading to market style preference convergence, lack of transaction demand.

Securities Daily reporters learned that to enhance the level of market liquidity and price discovery efficiency has been included in the focus of work in 2016. This year will enhance the market liquidity from three aspects, one is to develop a diversified institutional investors team; two is to adapt to the characteristics of the greater differentiation of listed company, adhere to and improve the diversification of trading mechanisms. If it will improve and develop the way to make the transfer of the city; three is to strengthen the organizers and organizers of the liquidity provider functions. In addition, the gradual implementation of the implementation of the market stratification and differentiation system, but also to promote the improvement of market liquidity and price discovery efficiency.

"Currently involved in the market to make the only broker, and the new three board business is not its core business, so the configuration of the team, the funds are not sufficient." Shao Wenhai proposed to expand the market maker team, so that more institutions to participate in.

For the future of the new board market liquidity, hit group senior adviser Zhang Aichao reporters on the "Securities Daily" said in May 2016, the new board will be divided into two levels, that is, the foundation, the innovation. Layered system, the new three board market to bring policy dividends". Meets the future innovation standard company, is expected to enter turn board pilot of high-quality companies will be investment institutions focus attention and dividend policy tilt, the financing efficiency will be higher; and equity trading is not active enterprises in the future the flow problem will transfer to the financing side, will be more difficult to obtain financing.

"At present the new board is still in the release of the dividend policy in the initial period, future stratification, the market maker to expand Wai, raised funds into the city, the bonus system gradually realized, improving liquidity and valuation of ascension will be more obvious, investment prospects more." Zhang Aichao stressed

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