2,895 new three board companies zero transactions! LED lighting companies listed broken?

According to statistics, as of January 6, 2016, the total number of new three board companies was 5,607. From January 1, 2015 to January 6, 2016, the total amount of funds raised by the new three board companies was as high as 128.734 billion yuan. , 10 times more than the total of 12.789 billion yuan in 2014.

"The opening of the New Third Board is mainly for the financing of small and medium-sized enterprises. Because it has no profit requirements, many companies have swarmed, resulting in the rapid growth of the new three-board company." A market source said that with the surge in the number of new three-board companies, The corresponding total amount of financing also skyrocketed.

However, compared with the hot listing and high-growth financing, the number of companies with zero trading data of the New Third Board Company is as high as 2,895, which highlights the lack of liquidity of the New Third Board.

Zero transaction

Although the number of companies and the scale of financing of the New Third Board have skyrocketed, the sluggish volume is still the inevitable embarrassment of the New Third Board. Previously, Tiger Sniff Technology was listed on the New Third Board for more than half a month and was traded.

As of July 31, 2015, the number of registered users of Tiger Sniff Technology Company was 1,354,200, 2,157 external authors, and 640,800 subscribers of WeChat public account.

The data shows that from January to March of 2015, the company realized operating income of RMB 3,491,100, RMB 925,780, and RMB 5,647,700, respectively, and net profit of RMB 190,600, RMB 6.565 million and RMB 783,900, respectively.

Tiger Sniff Technology was publicly listed on the national share transfer system on December 1, 2015. As of December 29 of the same year, there was no transaction record. The listing method is the agreement transfer.

In fact, there are quite a few companies that have the same experience with Tiger Snake Technology in the New Third Board trading market. The same is true for the China Post Fund, which is heavily profitable.

The data shows that from 2013 to April 30, 2015, China Post Fund realized operating income of 394 million yuan, 519 million yuan, and 283 million yuan respectively. The net profit attributable to shareholders of the parent company was 119 million yuan and 162 million yuan respectively. Yuan, 113 million yuan.

Such financial data is quite beautiful among the new three board companies, but since the listing on the New Third Board on November 24, 2015 (the agreement was transferred), the trading volume of China Post Fund is also zero.

The data shows that as of January 6, a total of 2,895 companies in the New Third Board have zero transactions, and the transfer method of the zero-transaction company is basically a transfer of the agreement.

And the number of new three-board companies with transaction value but below 1 yuan is also up to 29, Emmenti (opened on the national share transfer system from February 11, 2015, from the date of listing to December 28) Within 10 months, the company's shares only had two transactions with a transaction price of 0.01 yuan on December 24 and 25.

"The New Third Board is caught in a trading dilemma. At present, the main players participating in the new three board market are institutional investors and individual customers of more than 5 million yuan. The participation threshold is too high, resulting in insufficient investors." A market source said that The New Third Board Company has no requirements for profitability, so in the short term, the possibility of the regulators lowering the threshold for investors to enter the market is very low, and the liquidity dilemma will still exist.

Turning board dream broken?

"Although the company can also raise funds in the New Third Board, the liquidity of the secondary market in the New Third Board is seriously insufficient, which in turn causes the company's trading volume and price to be in a downturn, which makes the company's investment value unable to be reflected." The chairman of the company listed on the New Third Board said that the company expects to meet the requirements of the GEM in 2018. If the liquidity of the New Third Board is still not changed, the company will land on the GEM through a feasible way.

There are still many people who share the same ideas with the company's chairman. The practice is different. The acquisition of A-share companies is also an option. The example of this is Jiuding Investment.

Jiuding Investment, which landed in the New Third Board in April 2014, invested RMB 4.15 billion in May 2015 to acquire 100% equity of Zhongjiang Group, thereby indirectly holding 72.37% of Zhongjiang Real Estate, creating a new three-board enterprise to actively acquire A-share listed companies. The first. Since then, on November 12, Zhongjiang Real Estate has issued a 12 billion yuan increase plan, of which Jiuding Investment intends to subscribe for no more than 616 million shares.

In fact, according to the incomplete statistics of the High-tech Research Institute LED Research Institute (GGII), there were more than 60 LED-related companies listed on the New Third Board in 2015. Among them, most companies regard the New Third Board as a "springboard" for jumping to the GEM or other boards.

In mid-November 2015, the China Securities Regulatory Commission issued the "Several Opinions on Further Promoting the Development of the National SME Share Transfer System". The opinion stated that “the research and development of the national stock transfer system listed company to the GEM to pilot the pilot”. This has filled many companies with expectations. At the same time, the tiered system is also a hot spot for the market.

The above market participants said that although the acquisition by listed companies is also a way of listing, this method will make the company's major shareholders lose control. At present, the size and profitability of many new three-board companies are much better than those of the GEM companies. If the tiered system can not solve the liquidity of the new three board companies, then after the national stock transfer system listed companies are introduced to the GEM, many companies will land on the GEM through the transfer.

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