New Third Market
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Zhongguancun Agency Share Transfer System
On Feb 29, Guo Shuqing, chairman of the China Securities Regulatory Commission (CSRC) and Guo Jinlong, mayor of Beijing visited the Shenzhen Securities Information Co Ltd in the Zhongguancun Science Park. They investigated the Zhongguancun Agency Share Transfer System known as the "new third market". Deng Yingling, vice-chairman of the Securities Association of China introduced the new third market's establishment, system, development and financing operations. Guo Shuqing said the CSRC will provide better services to boost the new third market. Time Group Inc is among the first batch of listed companies and the first financing company on the new third market. The company has been operating on the new third market for six years. Wang Xiaolan, member of the National Committee of Chinese People's Political Consultative Committee (CPPCC) and president of the Time Group Inc said, "I have prepared a proposal for the two sessions this year to promote the development of the new third market." According to Deng Yingling, unlike the traditional over-the-counter market, the Zhongguancun agency share transfer system connects securities traders through the technical Shenzhen Stock Exchange, and is a uniform market nationwide. Among the 100-odd securities traders in China, 61 of them have the qualification for agency transfer and 4,300 sales departments are entitled to engage in shares trading of Zhongguancun companies. A total of 132 enterprises have applied for listing on the new third market, with 108 of them gone public. Deng said the establishment of the new third market has facilitated the on-demand financing of small- and medium-sized, science and technology (S&T) and innovative enterprises. Last year, 29 enterprises on this market conducted target financing. Financing on the new third market can be completed within three months, with a scale ranging between 8 million yuan and 200 million yuan ($1.27 million and $31.76 million). "To be listed on the new third market can improve a company's financing ability. Companies can have easy access to banking loans as securities traders have done the investigation work for banks. Banks often raise the credit line for companies on this market," he added.
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新三板交投冷清 亿玛在线挂牌5个月欲转战他板
挂牌公司已超过8000家、越来越多的挂牌公司“出事”、交投越来越冷清…..在诸多因素的迭加下，新三板的光环正在快速消解，某种程度上甚至变成了商誉的“负资产”。在这种情况下，新三板中一些质地优良的公司不再甘于继续与很多“奇葩”公司为伍，急欲退出新三板，谋求主板上市。 8月9日，刚刚发布完半年报的亿玛在线CEO柯细兴接受《证券日报》记者采访时表示，公司的目标已经不再是进入创新层，而是要争取登陆创业板或中小板，“按我们目前的业绩增速，很快就能达到A股IPO的门槛”。 财报数据显示，2016年上半年，亿玛在线实现营业收入3.49亿元，同比增长13.72%，实现净利润1891万元，同比增长391.09%。“我们接下来还要进行大量的并购，快速扩大营收和利润”，亿玛在线CFO张荣表示。 财报显示，亿玛在线今年上半年斥资600万元参股了海淘电商“海淘1号”，持有其12%的股份。“这是我们对海淘1号Pre-A轮的投资，从战略和财务上兼有考虑。我们接下来的并购应该会比这个规模大的多”，张荣称。 而据柯细兴透露，亿玛在线正在加快向海外市场进军的步伐，仅在今年上半年，就与日本亚马逊、梅西百货、耐克、乐天、兰蔻等大型商家签约。 在业界看来，亿玛在线正在寻求多种手段扩大其营收、增厚其利润，而目的之一，就是能够尽快符合A股上市的标准。“即便是新三板的创新层，目前整体交投也很冷清，长此以往，企业在新三板挂牌的意思就不大了”，柯细兴表示。 公开信息显示，亿玛在线于今年3月23日在新三板挂牌，至今不到5个月。 事实上，与亿玛在线有相同或类似想法的新三板公司正在越来越多，而且很多都已走在了前面。 据不完全统计，截至目前，已有超过200家新三板公司发布了上市辅导公告。自今年6月份以来更是呈加速趋势，已有鸿辉光通、日新科技、扬子地板、睿思凯、昀丰科技、微创光电、华之邦、宏景电子、惠柏新材、天堰科技、宏川智慧、浙江国祥、蓝特光学、天鹅家纺、易瓦特等几十家公司宣布接受上市辅导。圣迪乐村、吉人高新、爱科迪等新三板公司已宣布暂停转让，加入IPO排队；挂牌新三板不到3个月的和力辰光则已经出现在IPO预披露名单中。 张荣也坦承，A股市场的逐步回暖以及新三板交投的冷清，是亿玛在线谋求A股IPO的重要原因之一。
兼并重组提升新三板流动性
2016年是新三板并购元年。新三板作为中国资本市场改革创新的试验田，承载着“大众创业、万众创新”的重任。继分层制度和做市商制度之后，并购重组或成为新三板市场发展的第三次历史性机遇。 随着经济结构的调整，去除过剩产能和发展新兴产业都使得并购市场需求巨大，A股上市公司并购重组意愿不断增强。同时，并购重组也是解决新三板市场中有价无市以及缺少对手盘的“僵尸股”问题的重要方式，而且能够提升企业的估值水平，提升市场的流动性。 民生证券总裁助理管清友认为，一方面，并购重组能够释放创新层优质股票的流动性，让融资更容易；另一方面，对有希望划到创新层的企业来说，其并购重组的动力更加充足，大量处于基础层的企业有可能成为被并购的对象。 兼并重组在提升新三板挂牌公司流动性的同时，也是A股公司通过横向、纵向收购壮大自身实力，构建完整产业链的过程。A股上市公司在谈及缘何布局新三板企业时，大多提到了“双方产业协调互补”、“符合产业转型升级”、“促进未来战略布局”等原因，十分看重相关交易标的企业与自身产业契合度，以及是否能够为后期转型升级提供实质性帮助。 部分A股公司以及新三板挂牌公司的兼并重组可以实现在某个细分行业的垄断地位。总之，不管是新三板企业还是A股公司，未来并购重组不会仅限于新三板市场内部的并购，也不会局限于A股公司收购新三板挂牌公司。新三板挂牌公司可能“不做猎物做猎人”，反过来收购A股公司。如九鼎投资收购中江地产，信中利子公司收购深圳惠程。 稀缺标的有望成为并购热门。新三板市场挂牌企业数量众多，但多数企业规模和质量与A股公司同类型公司相比依然存在不小的差距，无论是作为并购主体，还是作为被并购标的，在内在价值方面没有特别优势。由于制度优势和极大的包容性，新三板上拥有一批A股没有的稀缺性标的企业，如互联网金融、PE投资机构等。未来这一类有稀缺概念的新三板企业可能会成为收购的主要标的。稀缺性是指部分公司在某些行业具有稀缺性的技术或资产，它已经成为了某个细分行业的龙头企业，这样的公司很可能被主板公司并购。
Knowledge Graph
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1 2011 New Third Market OTC market expansion and the construction start for the broker is a advantage of the opportunity with the pace of expansion is coming, the Third Market of the system construction are quietly brewing.
2 2011 has just concluded two sessions, during which the Chinese multi-layer capital market system has become a hot topic of improving the natural one as the new three board industry, we are more concerned about is the new Third Market OTC market based on the construction of the relevant proposed this year, the focus of the work the Commission is monitoring the construction of a unified national OTC market, a multi-level capital market development.
3 In June 2011, Orient Irrigation was formally listed in Zhongguancun Agency Share Transfer System, known as the New Third Market.