A wonderful review of the New Three Boards and Thousands of People's Investment Conference: Collision of Collision and Collusion

The new three boards in the first half of 2017 can be described as "half sea water, half flame". After entering the era of Wanjia, the New Third Board first appeared in the government work report and the securities law, and its status was further clarified. The good news about bidding transactions, block trades, and selections was also released. On the other hand, the market-making index fell, liquidity shrank, investment returned to rationality, market supervision strictly exposed a large number of problematic enterprises, and the market hoped that the long-term reduction of investor thresholds was expected to fall. There was a voice that the New Third Board began to enter the cold winter.

In such a large environment, the new three-board professional portal is launched by the blog, and the information service platform is jointly sponsored by the enterprise, and the three-board investment conference of the three-board, the customer, and the Internet as the strategic partner. It was successfully held in Shanghai on July 4. Representatives of government departments and representatives from the New Third Board of investment institutions and individuals, outstanding business leaders, well-known financial experts and scholars, authoritative media representatives and other nearly a thousand people, brainstorming, and the development of the new three boards.

The conference was hosted by Zhao Yurun, founder of Heling Technology, and Li Yue, founder of Yuejia Finance. The new three-board scholar Bu Naxin, the founder of the New Third Board, Liu Zimu, and the chairman of the leading capital, Yang Fei, respectively, served as the theme "2017 is The new three board investment window period? "Reducing the threshold can improve liquidity?" "The market is ready to go, the bonus can be expected" roundtable forum hosted.

At the meeting, the big coffees expressed their own understanding and suggestions on the status quo, future direction and development of listed companies, investment and financing, etc., around the "new starting point, new vision, new height".

The new starting point

Zhao Guangjun, deputy director of Shanghai Economic and Information Committee: At present, China is in the period of profound industrial transformation, facing many changes in new industries such as information technology, artificial intelligence and new materials. Many SMEs and new three board companies are facing better opportunities at this time.

Zhou Xuefeng, co-founder of the digging shell network: 1 out of every 4 new three board companies raised financing last year. In the first half of this year, 806 companies raised a total of 42.2 billion yuan. Last year, 7750 companies achieved positive growth and 20% revenue increased by 50%. . The data verified that the financing and growth of the new three-board enterprises are no problem.

From the overall data, the valuation of the new three board PE is about 20 times, the same is true for the innovation layer, and the valuation is far lower than the GEM and the small and medium board.

In the post-10,000 era, the New Third Board ushered in a new normal, and the investment logic of the New Third Board is also undergoing new changes. The New Third Board is already in an era of change. The New Third Board needs to be determined. What is needed is to reject short-term temptation and become a firm value investor.

Gu Zhipeng, a partner of Jiuding Group: There is a big difference between the new three board and the A-share market. The demand for A-shares is greater than the supply. The supply of new three boards is greater than demand, but the stocks of the new three boards are also highly liquid.

Zhao Xia, founder of Qiku Jinfu: The new three-board enterprise is like Tang Yan. In the process of getting through, there are both noble people and some chaos.

The New Third Board has gradually formed. With the rapid increase in the number of listed companies in the New Third Board, market participants have gradually expanded from the core sponsoring brokers, market makers, investment institutions, capitals to research institutions to the periphery including media, financial intermediaries, and information agencies. Even with financial public relations, the NEE service participant system is gradually enriched and matured.

Guo Zhiqiang, director of the New Third Board business of the Investment and Financing Department of Great Wall Securities: As a broker, the benefits of the New Third Board to brokers are very small. This is a market situation. As a company, the services of the capital market are also extremely small.

Changjiang Securities 000783, Zhang Zeng, deputy general manager of the New Third Board business headquarters: The New Third Board market is still a policy-driven market. The most important thing is to let investors have expectations for the New Third Board. After expectation, everyone wants to invest money.

Ding Xuepeng, general manager of Zheshang Ventures New Third Board: The new three board market is indeed very hot, but it is very cold.

The average PE valuation of the New Third Board is estimated to have some problems. The new three board loses more enterprises and flattens the data. The new three-board enterprises that are investing and researching in the market have nearly doubled the PE ratio of normal investment, but the stocks of the GEM and the small and medium-sized board are 30 or 40 times, which can get a relatively good target.

Li Chang, Vice President of Bohai Capital: The investment in the New Third Board depends on faith. First of all, the New Third Board is the most democratic and dynamic part of the Chinese capital market, and the competent authorities will not intervene too much. In addition, capital, capital, and market are always smart, and capital will always flow to excellent companies. The third is that the gold will shine, and in the big market of more than 10,000 companies in the new three boards, there will be a number of great companies.

Jun is the founding partner of Capital Capital Zeng Qiao: The New Third Board is a market dominated by professional institutional investors. The investment organization's efforts to promote the company will force the company to grow and think: how will the future business direction and future business structure be optimized? How to develop capitalization?

New horizon

Gu Zhipeng, a partner of Jiuding Group: If enterprises want to make good use of the new three-board platform to achieve their own development, there is no shortcut to the magic bullet. The key is to do business well, and communicate with investors and intermediary regulators, and then be familiar with the new three board rules. Among them, the most important thing is to do a good job.

He Peijun, managing partner of Tianxing Capital: 9000 basic-level enterprises can be divided into four roads. One type of high-quality enterprises that have temporarily failed to enter the innovation layer due to common standards only need to wait. The second type of enterprises that have no problems in continuous operation but are more difficult to enter the innovation layer can continue to stay in the New Third Board. They can make mergers and acquisitions as soon as possible through mergers and acquisitions. The three types of quality are relatively poor, the listing cost is greater than the income, and it is hopeless to enter the innovation layer as soon as possible to take the initiative to delist. The four types of listings are only for government subsidies, and it is recommended to sell the shells as soon as possible.

If a company cannot be funded after the listing of the New Third Board, it will not be able to be listed. The listed ventures that do not affect the development of the company and will not declare IPOs in the short term should be listed as soon as possible. Some qualified start-ups are not listed, and may be afraid of supervision. This type of corporate investment institution should be vigilant.

I want to say that a certain number of companies with no contract spirit in the New Third Board should establish their own credit when carrying out a series of economic activities. They are worthy of shareholders, worthy of the market, and worthy of themselves.

Tang Jie, Director of Sales of Orient Securities: The threshold for lowering investors should be combined with the policy of re-stratification of the New Third Board. After clearing the stratification standard and carrying out the second tiering, the threshold can be lowered and the liquidity of the transaction can be improved. Can protect investors.

Guo Zhiqiang, director of the New Third Board business of the Investment and Financing Department of Great Wall Securities: Now the institution is the mainstream of investment in the New Third Board. If the mainstream is the institution, the short-term funds of the institutions are being withdrawn or even reduced, and the long-term funds are increasing. In this case, liquidity must be affected, and the New Third Board is not an A share after all.

The investment opportunities of the New Third Board may be far better than the opportunity for companies not to have a new board.

Jun is the founding partner of Capital, Zeng Qiao: The New Third Board first solves the problem of normative development and formalization for listed companies.

Pan Wei, Managing Director of Sequoia Capital: Reducing the threshold is a technical issue that may be a necessary condition, but not a sufficient condition.

If you want the liquidity of the New Third Board to reach the status of the A-share market, the more fundamental problem is that more outstanding companies are listed in the three-board market and attract more investors. There are many people involved, and there are many corporate targets, and liquidity will play a role as a sufficient condition.

Ge Xiantong, the founding partner of Jingcai Capital: Don't expect too much from the liquidity and the threshold. The threshold must be the last card. Do a lot of preparation work, including improving the quality of information disclosure. Clean the house and welcome the guests. .

(Before improving liquidity), ask yourself if your company is not worthy of this liquidity? Has it reached this level?

Tian Fei, deputy general manager of Luzheng New Angel: measures to improve the liquidity of the New Third Board. Other measures are corners and corners. Reducing the threshold is the only core measure. As long as the threshold is improved, the liquidity will improve. This is undoubtedly one thing.

If the threshold is lowered and the New Third Board can become an independent market, the structure will be more abundant, and speculators will come in. If there are no speculators in this market, there is no way for investors to play, nor is it a mature market. Investors It also needs diversity.

Tao Yunxia, ​​the founder of Huiwen Capital: Lowering the threshold of investors and having more participants, this market is active. However, there are many non-professional employees involved, which also affect equity investment.

Zheng Hengguo, managing director of open source securities: Reducing the threshold is a technical problem. To lower the threshold unilaterally, it should bring certain liquidity in the short term, but it is definitely not the fundamental method and method to solve the problem, and it is not the only way. And if you don't do well, it will cause confusion.

The innovation layer can try to lower the threshold, and the base layer not only does not fall but adds a little better.

Liquidity will definitely get better and it will take patience to wait for the release of the policy dividend.

Wang Zhenan, partner of Jiuyishanhe Fund: IPO may provide a lot of resources for the exit path of the new three-board enterprises, especially the exit route of mergers and acquisitions. Comparing a good side is equivalent to stretching the upper layer.

Insights Capital founding partner Du Mingtang: Dividends are dividends to shareholders when the company has a profit.

When there is no bonus, it is actually the biggest bonus. When everyone feels the bonus, there may be no bonus.

Zhao Xia, founder of Qikujinfu: What kind of dividends do you expect to earn in the market?

Returning to the true nature of investment, now look at some new three board companies, will become calm, will become mature, will more communicate from the perspective of the value of investment itself, everyone suddenly face the original gameplay including investment logic, financial services, etc. The new three boards are not playing in the existing market, and they are all thinking about how to adjust. This may be the biggest dividend in the market now that returns to rationality for investment.

Weng Sunhua, Chairman of Dingzan Fund: The biggest bonus we make is the cost of time. The bonus is actually there, but the time has not yet arrived.

Chen Bo, senior analyst of Heli Investment: The most important dividend for investment institutions is that there are good companies in the market.

Northeast Securities 000686, General Manager Zhang Keliang of Shandong Branch: The opportunity for the New Third Board to participate in the capital market for small and medium-sized private enterprises is itself a very huge dividend. Enterprises must pay attention to the intellectual dividend. In addition to the integration of money, other dividends required for the development of business management concepts should also be taken seriously.

New height

He Peijun, managing partner of Tianxing Capital: Under the current situation of the New Third Board, investment institutions should not speculate on policies and gambling policies. They should jump out of the three boards and invest in three boards, and must go deep into the industry to make value investments. How to vote when there is no new three board, how to vote now.

At present, the investment in IPO enterprises on the New Third Board is a hot investment direction, but now the heat of IPO investment seems to make me see the scene of the new three board in the first half of 2015. Investors still have to polish their eyes, otherwise one or two. After the year may also be a chicken feather.

Qian Xuefeng, chairman of Hanli Capital: The investment in the new three-board transfer enterprise is promising, perhaps the next blue ocean in the Chinese capital market. However, the individual's transfer investment is not recommended. If the individual uses the secondary market to speculate on stocks, the game will be lost.

Tang Jie, Director of Sales, Oriental Securities: In an enterprise development process, investment institutions with different investment preferences at each stage accompany it to grow. The New Third Board is the most promising market for reforms in the capital market.

Zhang Jianqiang, deputy general manager of the New Third Board business headquarters of Changjiang Securities: It is necessary to adjust the investment philosophy and investment strategy at different times, and there are still many opportunities in the new three board market.

Liu Yumeng, founder and CEO of Vision Jinfu: The New Third Board is a first-class market, but many investment institutions have not used this investment thinking to make investments. They are passive waiting to find a company with a net profit of 30 million, but never I haven't thought about how to turn a company with a net profit of 10 million into a company of 30 million and go in the direction of the IPO.

The problem of financing difficulties in the New Third Board is not a fundamental problem. The investment really needs to return to the industrial perspective, rather than the game of valuation arbitrage in the three-board market and the A-share market.

Cheng Hao, President of Orient Huifu Huafu Innovation: Good companies have no window period.

Discover the value in the long river of time and discover the value in the long river of structure. All opportunities lie in your professionalism. If you are not professional enough, maybe it is not a chance to call risk. Without professionalism, empty talk can't find value.

Ding Xuepeng, general manager of Zheshang Ventures New Third Board Department: Some ideas of Zheshang Venture Capital are also the idea of ​​introducing Buffett's logic and value investment. However, this does not mean that value investment can work in China.

At present, the market is very busy, and the valuation company that is 20 times more expensive does not recommend investment. If there is no growth, the secondary market valuation will be adjusted after entering. The primary market is still at such a level. From the perspective of return on investment, it may not be as good as depositing a bank. Losing money is not enough, but it is of little significance.

When investing, you can relax the profits of the company, pay attention to the subsequent growth of the company, and the valuation can be adjusted relatively. In addition, no matter how busy the market is or how many organizations have shown a strong interest in the company, the investors themselves must do a good job of risk control, and risk control is very important.

Li Chang, vice president of Bohai Capital: If you want to invest in a company with investment value on the New Third Board, it is obviously more suitable for traditional investment institutions, especially equity-based investment institutions. Traditional PE investment institutions have their own natural advantages in the New Third Board. It is easier and easier to find and solve problems in the process of completing the adjustment, and you can see which companies have a real IPO willingness.

Jun is the founding partner of Capital Zeng Qiao: To achieve the long-term effective wealth effect, the essence is to return to industrial thinking. IPO can't cure capital, and not all corporate IPOs can solve the problem of limited refinancing.

Tao Yunxia, ​​the founder of Huiwen Capital: Investing in a new three-board enterprise, there is no certain professional discriminating ability. The risk of investment increases the market risk, and various difficult situations will emerge.

Western Securities 002673, the head of the supervision director Ge Shuang: I hope that investors can look at the deeper new three board listing companies, and more flexible transfer of funds, I hope that good investment institutions can look at some enterprises more, because good investors The introduction will drive the introduction of other people in these markets, which will have a more impact on the market.

Du Mingtang, the founding partner of Insight Capital: either invest in a quality company or turn a “small seedling” into a quality enterprise.

Zhang Keliang, general manager of Northeast Securities Shandong Branch: The investment concept of the New Third Board needs to be changed, and the financing awareness of listed companies must be changed. The new three board market should adhere to value investment, and value investment is the soul of the new three board.

(Editor: HN666)