[Text / high-tech LED Yue Mengdi] "We are not on the new three board." In the past 2015, several business owners said. After the new three-board fever of the year, their freshness and curiosity about the new three boards have passed. After calming down, the benefits of the new three boards are not as good as expected.
In fact, it is better to say that it is no longer just listed for listing.
Today is the last day of 2015. Many media in the capital sector have summarized the development of the A-share market and have foreshadowed some changes and trends in 2016. Among them, the most attractive ones are the implementation of the registration system, the tiered system of the New Third Board and the launch of the strategic emerging board.
In March 2016, the IPO registration system was implemented. The marketization of securities has gone further, and the capital market has entered a new historical stage, and its status and role in the national economy have undergone major changes.
"The only thing that can save a company is capital. If a company wants to survive, it must seek development through financing." Li Cheng, deputy general manager of Guoxing Optoelectronics (002449.SZ) pointed out that he was in the spotlight.
At the end of this year, Guangxing, the largest shareholder of Guoxing Optoelectronics, became the actual controller of Foshan Lighting (000541.SZ), and the attractiveness of listed companies is evident.
The implementation of the registration system is more conducive to the entry of some powerful enterprises into the capital market. The phenomenon of always IPO, such as Op, Infineon, etc., will also be alleviated.
The deeper significance lies in the view that the implementation of the registration system will have a major impact on the reconstruction of the overall market ecology, the reconstruction of stock values, and the reconstruction of investment ideas. The development of the LED industry is related to the national economy and the people's livelihood. The overall market ecology is good, the economic environment is good, and the value of enterprise value is higher than the concern about concept hype. LED as a physical manufacturing industry will naturally get better development assistance.
In May 2016, the tiered system of the New Third Board will be implemented. It will be roughly divided into three layers: innovation layer, cultivation layer, and base layer, while the innovation layer is the highest level, and the standard is relatively high: First, the average net profit for the last two years is required to be no less than 25 million, and the return on net assets is not low. At 10%, the average shareholder number in the last 6 months is not less than 200; Second, the compound annual growth rate of operating income is not less than 40% in the past two years, the average income is not less than 50 million, and the total share capital is not less than 30 million yuan; Third, the market value of the last six months is not less than 600 million, the latest shareholder's equity is not less than 50 million yuan, and the market makers are not less than 6. Overall, the standard is higher than the GEM listing criteria.
It is understood that about 500 of the more than 5,000 companies listed on the New Third Board are eligible.
Some people speculate that there will be bidding transactions and other similar trading methods such as the main board and the GEM. There are not many new three boards in the LED industry. The latest ones are Huapu Yongming, Hangke Optoelectronics, Yitong Electronics, and Stellar Gaohong. “There is really little expectation for financing,†a company official who listed the new three board last year told Gaogong LED, “mainly for the standardization and internal cohesion of the company. Of course, at the level of bank loans, there are also very Great benefit."
The strategic emerging board is expected to have a breakthrough before July 2016. On December 23, Premier Li Keqiang presided over the State Council executive meeting. The meeting decided to promote the establishment of the Shanghai Equity Exchange Strategic Emerging Board, increase the number of listed companies in the national SME share transfer system, and launch a pilot project to transfer to the GEM.
Strategic Emerging Board services focus on “innovation†and “emerging†and are inextricably linked to the LED industry. The strategic emerging board "dilution of the listing standard will dilute the profit requirement, mainly focusing on the company's sustainable profitability", is undoubtedly a dawn for most LED companies struggling in the low-margin red sea.
It is understood that the strategic emerging board has set four sets of criteria: one is market value + cash flow + income; the second is market value + income; the third is market value + net profit; the fourth is market value + shareholder equity + total assets. The market value is the core requirement of the “upper boardâ€. While expanding the listing path of LED enterprises, it also puts forward higher requirements for the related operations and sustainable profitability of enterprises.
In 2016, the impact and impact of capital on the LED industry will not be less. With the help of capital, China LED will further influence the world.
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