Preparing for the market maker, the new three board epoch-making start countdown
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"From 8:00 in the morning to 10:00 in the evening, the technical staff will guide the whole process. All of them will cooperate with each other. It is an unforgettable Chinese Valentine's Day." A Beijing brokerage official who participated in the whole network test told reporters that August 9 A second full network test is also required.
On August 25th, the market maker system will be officially launched, and an epoch-making curtain of the New Third Board will be slowly opened.
"In fact, we have been really bitter in these years. What kind of life has we been engaged in in IPO? Many of the securities companies have been unable to collect the continuous supervision fees for the new three boards this year. Companies that are in arrears with listing fees and refinancing fees All, plus the market makers have high requirements for the construction cost of the brokerage computer system. Everyone insists on this regardless of cost, because it values ​​the future of market makers and the New Third Board," said the Beijing brokerage.
Although the market maker has entered the countdown stage, it can be used as a new trading method. In the country, only a lot of people have heard it, but no one has ever played it.
"It can be said that the opportunities and risks of future market makers come from the market's perception of the nature of the market and the profit model." Cheng Xiaoming, dean of the Zhongguancun New Third Board College, told this reporter that even if it has reached the current sprint, most of it The listed company has not realized the relationship between the market maker and himself, and only regards it as a broker and an exchange. And even many of the brokers are still doing market makers in accordance with the direct investment and self-operated thinking.
"The gap in professional level will definitely lead to the polarization of securities companies in the New Third Board business." Cheng Xiaoming said.
Market maker misunderstanding
The data shows that as of July 30, 66 sponsored securities companies have submitted to the National Share Transfer System Company (hereinafter referred to as the share transfer company) for the preparation of the market making business, and 46 of the sponsored securities companies have obtained the market making business record.
The reporter learned that for the market-making business, all major brokerages have been gearing up and invested a certain amount of manpower and resources. At present, CITIC Securities has placed the market-making business in the Derivatives Department. The GF Securities Market-making business is all placed in the counter trading department. China Merchants Securities has set up a market-making department under the OTC Market Department. The Guangzhou Securities Market-making business is placed in the investment bank. Ministry, Dongxing Securities' market-making business is a self-operated department.
From the market-making system on the line, now there are only less than 20 days left, what is the progress of the brokers?
The person in charge of the New Third Board of Dongguan Securities revealed to reporters that they are now deploying according to the requirements and rhythm of the stock transfer company. “The listed companies that we are now exposed to are more active in making market transfers, but they have an understanding of the market making system. Not yet deep. At present, we have prepared 2-3 companies to adopt the market transfer method."
"Now the company is expected to be relatively high, and it is relatively strong when it comes to price, but we will also refer to the ticket price when we choose a market-making company." The person in charge said that he mainly refers to the company's selection criteria for market-making enterprises. The growth and the price of stocks are not required for corporate profits.
Ping An Securities said in a reply to reporters that they are simultaneously promoting OTC business through the OTC business team and the investment bank account manager team. As of the end of July, the company has listed about 10 in the New Third Board and has signed about 70 projects.
According to Lu Xiande, the head of the New Third Board of Guoxin Securities, among the listed companies, there are currently 5-6 companies that have the willingness to make the first market. “In the selection of market-making enterprise standards, we generally value the comprehensive capabilities of enterprises. Valuation, growth, and no fixed rules on profitability."
Although the brokers interviewed all said that there is no hard requirement for the company's operating profit, the reporter noted that most brokers still regard profit as an important factor in selecting a company.
According to the above-mentioned Beijing brokerage sources, their team attaches great importance to profits, because it is not meaningful to find a profitable company. "For example, the new three board is the vegetable market, we are vegetable sellers, the listed company is the dish, the market maker investor is the buyer. The market is just open who is not willing to sell the best food to earn a reputation, but to the first sacrifice A bunch of rotten cabbage?"
For this rotten dish theory, Cheng Xiaoming believes that it confuses the real meaning of the market maker's activation of the market. "Many brokers I have come across are still equating the market-making business with self-operated, direct investment and sitting, so the profit is very high. The business, the thinking has not changed. The market maker system is the valuation guide investors to find value, its positioning is the intermediary, self-operated and direct investment only need to always consider the maximization of their investment income, the vouchers direct investment thinking The selection of a company is actually a misunderstanding of the concept of a market maker. It has also caused many listed companies to do market transfer today, but they cannot find a market maker at all."
Cheng Xiaoming said that this professional misunderstanding will inevitably lead to the polarization of brokerages in the future. "The smart market makers will earn more and more, and the thinking will not change, the road will become narrower and narrower, and it will definitely suffer."
Is the listing company ready?
According to the latest data, as of July 30, a total of 40 listed companies have initiated internal decision-making procedures for stocks to be transferred to the market.
For many listed companies, although the market transfer is to be submitted to the stock transfer company before August 15, the market maker is still a completely strange concept for them.
“Many companies are very blindly thinking that I have to go because of new things. We also rejected some companies when we did the project. He said that you can do whatever you want. I just want you to make a market for me.†Said first.
Cheng Xiaoming said that only 20% of enterprises now find two brokers to be market makers, and the remaining 80% can't do it. "They are not not active. They don't know that they should be active, because if it is an agreement. There is no point in the transfer. Then some companies start to worry when they understand it, but then they will encounter the direct investment selection criteria of the brokers, and their chances of being selected are even lower."
Cheng Xiaoming’s words point out the importance of preparing for the market maker system, and the early bird’s chance of eating the bug is indeed much greater.
In the interview, the reporter learned that the first listed company in Xingzhu, which was selected for the market transfer in the New Third Board, has completed the work, and only waits for the brokers to go through the process. "We should be able to catch up with the market maker system on August 25th." Zhao Xingling, director of Beijing Xingzhu Information, told this reporter.
On July 7, Xingzhu Information released a stock issuance plan and became the first company in the New Third Board to choose to make a market. On July 23, the company issued a stock issuance subscription method, and three brokers subscribed for a total of 2.6 million shares. This also means that CITIC Securities, GF Securities and Shenyin Wanguo [Weibo] have become the market makers of the company.
In the case that other listed companies are hard to find, the Xingzhu information is sitting on three market makers, which can be said to take the lead.
"Our first thing is really unintentional. Because the New Third Board trading method is nothing more than three types, bidding transactions, agreement transfer and market makers, bidding now has no direct pass in all aspects of the market, the agreement is transferred because of the trading rules. The reasons are not active, so we decided to make a market transaction early in the morning, and then prepared according to this, I did not expect to become the first to eat crabs." Zhao Xiangling said.
When the reporter asked about the specific transfer plan, Zhao Xiangling said that those are still only intentions, and the road is still growing.
The reporter found that Xingzhu Information's 2013 annual report showed that the company's net profit was about 27.52 million yuan, and its annual operating income for 2013 was 148 million yuan, and the net assets per share was 2 yuan. Such performance is still very high in the listed companies of the New Third Board. This also reflects the fact that market makers have higher requirements on the profit threshold of listed companies when they choose stocks.
There are no rules for the transfer
On August 1, the China Securities Regulatory Commission announced at a regular press conference on Friday that it would improve the GEM and establish a separate level on the GEM to support the unprofitable Internet and high-tech enterprises to go to the GEM one year after the listing on the New Third Board. Listing, further support the financing needs of independent innovation companies.
When the news came out, it caused a heated discussion in the market. Since the market opened this week, the GEM index has also shown a three-continental trend. On August 5, the single-day gain of the GEM index also reached 2.32%.
However, market participants are generally confused about this policy. The main point of the challenge is to go public on the GEM one year after the listing of the New Third Board, which means that the independent market of the New Third Board has become a “prepared tire resource poolâ€. Once an unprofitable company enters the GEM, the GEM does not have a market maker system to price its valuation. How should investors choose not to vote? Moreover, giving the green light to the Internet and high-tech enterprises on the GEM is tantamount to artificially creating more institutional differences, which may make the situation more chaotic.
The reporter called the stock transfer company and asked if there is any implementation rules for the “one-year transfer†system. The market development department of the company responded to the reporter: “This is an important instruction of the CSRC to implement the spirit of the State Council’s executive meeting. However, there are no specific implementation rules yet. If there is any future, it will be announced."
There has been a long-standing dispute over the transfer of the New Third Board. Some brokers have pointed out to reporters that there is a paradox in the operation of the transfer board. It may be necessary to amend the Securities Law to lift this paradox.
In addition to the issue of the transfer, some doubts about the New Third Board policy, including the market maker system, are currently plaguing many brokers.
The general manager of the market department of a large-scale voucher mall in Shenzhen admitted to the reporter that now all the brokers are crossing the river by feeling the stones to write the relevant system.
"The new three board market makers are actually an investment business. At present, brokerage firms do not have a set of real implementation methods. This is not a matter of preparing materials. For example, I must have a set of stock selection criteria for stocks. Must be fully prepared, can not say that the system will go to the price when the system is online the first day." The general manager of the above-mentioned large-scale vending mall market said.
He believes that for the regulatory authorities, the market maker system is online and their mission is an important part. But by then, the market is also inactive. "Because we have not yet formed a decision-making process system for selecting market-making transfers, nowadays, many brokers do not have these things."
In this regard, Lu Xiande also believes: "The risk point of brokers' market makers is whether anyone in the market is willing to trade with you. If no one is willing to trade, they will become inventories, and the number will be less."
Lu Xiande said that in fact, the price of securities companies through the market-making stocks is not equal to the price formed after the market makers trade in the future. "For example, if I look for the stock you bought for 5 yuan, I may not climb the 5 yuan from the first day of the market. It is possible that the price of the first day is 8 yuan, 10 yuan, which is based on the market. In this sense, the formation of prices by brokers and institutions is two different things, not necessarily consistent."