What is the impact of Kechuang board on A shares?

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What is the impact of Kechuang board on A shares?

2018-12-12 10:25:15 260 ℃


Recently, the science and technology board has become the focus of the market. The Shanghai Stock Exchange has not only completed the draft plan for the establishment of the science and technology board and the pilot registration system, but also recently convened a meeting of members and supervisors to hold a forum for the establishment of the science and technology board and the pilot registration system. In the secondary market, the concept of venture capital stocks fell sharply due to the impact of the media's approval of hot money.

Since the high level indicated that the Shanghai Stock Exchange will set up a science and technology board and pilot the registration system, the preparations for the science and technology board have progressed rapidly. For example, in the listed enterprise resources, Shanghai, Hubei and other places have opened the "draft" work of the science and technology board enterprises. The work of the Shanghai Stock Exchange is also in full swing. From the introduction of the draft to the consultation of the market, everything is carried out step by step. According to media reports, in the first half of next year, the science and technology board is likely to debut.

After the establishment of the Shanghai and Shenzhen Main Boards, the Shenzhen City Small and Medium-sized Board and the Growth Enterprise Market in the A-share market, and the establishment of the Science and Technology Board in the Shanghai Stock Exchange, the significance behind it is obviously not as simple as setting up a sector. Although the GEM has already been launched, due to institutional and policy reasons, many outstanding domestic enterprises, especially some Internet companies and bio-pharmaceutical companies, cannot be listed on the GEM due to factors such as AB shareholding structure and losses. More to say, it is listed on the motherboard or small and medium board.

The establishment of the Science and Technology Board will open the door to financing for technology-based innovation and entrepreneurship companies that cannot be listed on the Shanghai and Shenzhen Stock Exchanges within the institutional framework to support the development and growth of these companies. Finally, it will serve China's economic transformation. Moreover, these enterprises are listed on the Science and Technology Board, which is also conducive to domestic investors to share the development achievements of science and technology innovation enterprises, to avoid the recurrence of the tragedy of companies such as Alibaba and other companies that have to go public in the United States. Therefore, the significance of the establishment of the science and technology board is very significant.

However, the establishment of the science and technology board is, after all, a major event in the Chinese capital market. Moreover, after the final launch of the science and technology board, it will inevitably involve many interests. This requires that before the launch of the science and technology board, there is a need to do a good job in institutional arrangements, at least not a farce like the GEM. When the GEM was first launched, it was undoubtedly intended to build China's "Nasdaq". However, many years of practice have proved that the GEM is far from China's "Nasdaq" and it is difficult to take up. The heavy responsibility of China's "Nasdaq".

As an important part of China's capital market, Kechuang Board will definitely have a certain impact on the A-share market after its official launch. Personally, the establishment of the Kechuang Board will be in the future for the A-share market. The impact will be multifaceted.

For example, after the listing of Science and Technology Board, it will have an impact on the funds of the A-share market. The China Securities Regulatory Commission previously recommended that small and medium-sized investors participate in the science and technology investment by purchasing public funds, which also indicates that the investment science and technology board will face certain thresholds. Even if small and medium-sized investors can't invest in the board, the impact of the board's funds on the A-share market still exists. After all, the A-share market has a "new" complex, and the Science and Technology Board will attract the inflow of funds from eligible investors. Moreover, small and medium-sized investors who purchase investment funds to create a public fund will also divert funds from the A-share market.

Another example is the impact on venture capital stocks. After the news of the establishment of the science and technology board was disclosed, the concept of venture capital stocks in the Shanghai and Shenzhen stock markets was heard, and the rise of many venture capital concept stocks was very alarming. Although it also brings wealth effects to the depressed market, the market's crazy speculation has also attracted the attention of the regulatory authorities. If the science and technology board is finally listed, it will inevitably affect the stocks of the relevant stocks such as the venture capital stocks in the Shanghai and Shenzhen stock markets. Moreover, the CSI A-share venture capital stocks, technology innovation stocks, etc., may follow the trend of the science and technology board ups and downs.

In addition, the registration system will be piloted in the science and technology sector in the future, and it is also an important factor that cannot be ignored. Although the registration system has been said for many years, it has been far from the market, and with the registration system being opened in the science and technology board, and with the success of the pilot, the stock issuance system in the A-share market will usher in a major change. If the registration system is fully launched in the A-share market, it will have a far-reaching impact. The shell-like resource stocks will be seriously devalued, and the market investment philosophy may undergo major changes.

In addition to the registration system, the implementation of the T+0 revolving transaction in the Kechuang board also caused market discussions. As with the registration system, if the T+0 trial is effective in the science and technology board, then the T+0 revolving transaction in the future may re-enter the “Shanghai” board, the small board and the GEM. If so, the T+0 revolving transaction will be fully implemented in the A-shares. The change in the trading pattern of the A-share market is also an important aspect that we cannot ignore.