Recently, the first reform policy was introduced after the stratification of the New Third Board. This reform involves stratification, transactions, and information disclosure. In the “strategy of market stratification, we will promote reforms in various aspects such as issuance, trading, information disclosure, and supervisionâ€. Under the general idea, the new three boards will enter the era of mixed transactions in 2018. At the level of the trading system, the reform introduced a set bidding, provided two types of trading methods for the transfer of after-hours agreements and the transfer of specific matters, and consolidated the market-making transfer. Specifically, the intra-investment trading method of the original transfer method is uniformly adjusted to the collective bidding. The trading method of the intraday trading period is two types: the aggregate bidding and the market making transfer. In line with the market stratification, the frequency of the combination of stocks adopting the auction bidding method is implemented. The base layer adopts one set bidding in the daily closing period, and the innovation layer adopts the aggregate bidding of one time per hour, 5 times a day. In order to meet the reasonable transfer requirements of market participants, the reform of the trading system provides two kinds of trading methods: after-hours agreement transfer and specific matters. The transfer of an agreement that meets a certain amount, amount and corresponding price limit can be reported in the trading system through the trading system, and after-hours trading; for the special transfer needs such as acquisition, gambling performance, transfer under the same actual controller, etc., can be offline It is satisfied by applying for a specific event agreement transfer. In addition, the reform also consolidates the market transfer and appropriately adjusts and improves it. Continue to adhere to and encourage market transfer, while improving the market-making transfer closing price formation mechanism, the agreement transfer method is also applicable to the listed stocks for market transfer. An industry insider recently said in an interview with the "Securities Daily" reporter that "the introduction of collective bidding and the launch of after-hours agreement transfer are all trading methods with open market characteristics. In addition, the introduction of private equity institutions and other participation in market transfer will be carried out in the future. This means that the new three-board market will enter the era of mixed transactions.†In September 2016, the national share transfer system released the “Professional Evaluation Program for the Pilot Business of the National Equity Transfer System of Private Equity Institutionsâ€, and initiated the basic work of private equity participation in market makers. In December of that year, the list of the first 10 private equity institutions participating in the pilot market operation was also announced. It is expected that after the on-site inspection and acceptance of the 10 private equity institutions in the future, the regulatory authorities will promote the private equity institutions to participate in the market. It is particularly noteworthy that the “National SME Share Transfer System Stock Transfer Rulesâ€, which will be implemented since January 15, 2018, has set aside space for continuing to promote reform and optimize the trading system. The rules clarify that "the national share transfer system can adjust the frequency of the aggregate bidding according to market needs." “In addition to the new and optimized trading system is a bright spot, this reform also involves stratification. Optimizing stratification not only lays the foundation for subsequent reforms, but also leaves the imagination for the subsequent re-stratification of the selection layer. Space," said the industry insider. The "Securities Daily" reporter learned that the overall idea of ​​the revision and improvement of the tiered system is to adjust the partial access and maintenance standards of the innovation layer under the premise of maintaining the basic structure and basic logic of the existing market. More high-quality enterprises gather at the innovation level, improve the public level of the innovation layer companies, and lay the foundation for the launch of follow-up reform measures. The above-mentioned industry insiders expect that "in general, the biggest positive expectation for this round of centralized reform is that the new three boards will enter the era of mixed transactions, optimize the stratification, differentiate the information disclosure system and the richness of the trading system, and will also pave the way for the launch of the selection layer. ."
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