Kechuang board has huge risks, and retail investors should never touch it.

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Kechuang board has huge risks, and retail investors should never touch it.

2019-01-31 10:25:29 23 ℃

: Qi Junjie read Finance and Economics

last night, the SFC and the Shanghai Stock Exchange suddenly issued the implementation opinions of KIB, this time finally came an official version of the rules. At Davos, Fang Xinghai, vice chairman of the SFC, said that the faster the KIB, the better, but still surprised the market, knowing it would be fast, but did not expect so fast. Today we'll look at the key points of the science creation board and what problems may arise from these points.

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1, the threshold of listing is basically consistent with the previous market rumors, there are five sets of standards,

p>a standard, the market value is not less than 1 billion, two-year net profit is 50 million, or one-year revenue is over 100 million,

b standard, market value is not less than 1.5 billion, revenue is not less than 200 million, R&D investment in the last three years is not less than 15%

c standard, market value is not less than 2 billion, market value is not less than 2 billion. Revenue is no less than 300 million, operating cash flow in the last three years is no less than 100 million

< p > d, market value is no less than 3 billion, revenue in the last year is no less than 300 million

< p > e, market value is no less than 4 billion, access to well-known institutional investment

< p > From this threshold, the smaller the market value, the higher the threshold, the stronger the performance requirements, the more relaxed the threshold, but there is also a question. Title: 4 billion market value, enterprises endorsed by well-known institutions, may also die ugly. For example, our previous example of ofo, which has a maximum valuation of more than 20 billion yuan, is sure to meet the threshold of the e-standard for investment by many star institutions. If Kechuang board was introduced two years ago, Xiaohuang car would surely be on it, but now it will surely be feathered with chicken feathers. The death rate of scientific and technological innovation is difficult to grasp, but now all the hotter projects are basically e-standard. Abcd is hard to play a substantial role.

p>2, investor threshold, 500,000 plus 24 months trading experience, how can there be 500,000, as long as the average value of stock assets 20 days before the opening of the account is not less than 500,000? This is the same as previous estimates, basically blocking 95% of ordinary investors in the company's innovation board. Yesterday, a friend said that borrowing 500,000 yuan on the account for 20 days would not solve this problem? It's okay for you to borrow 500,000 yuan, but it doesn't count on your account. You have to buy stocks and put them in those 20 days. I'm afraid few people dare to do this. People without this strength, if they are so opportunistic, may lose a lot before opening an account, not only paying interest, but also possibly encountering a loss of stocks. So this policy is to tell you, retail investors do not play! If you have to play, buy through the fund, the reason why investors are so protected is because of the above problem, the speed of technology innovation death is too fast. Ordinary investors who buy centrally may not be able to afford losses at all, which may be more sour than running P2P and collapsed digital currency.

3, no increase or decrease in the first five trading days of listing, so that prices can release quickly, and then rise or fall by 20% every day. The purpose is to encourage long-term investment of institutions and reduce the liquidity of market speculation. This point is also illustrated by the fact that T+0 has not been opened, but the T+1 system has continued to be used. < p > < p > 4. The most stringent delisting system in history has added two new delisting indicators: negative non-net profit deduction and negative net assets. The suspension of listing and resumption of trading have been cancelled, and the delisting time has been shortened to two years. That is to say, the first year will be st if it fails to meet the standard, and the second year will not be able to withdraw directly. In a word, if the trading indicators such as trading volume, stock price, market value and number of shareholders of Kechuang company touch the criterion of termination of listing, the stock should terminate listing. The specific criterion is stipulated by the exchange. If the company loses its sustainability and its financial indicators touch the criteria for termination of listing, the stock shall be terminated from listing. It should be said that the delisting system is still very strict, because retail investors participate very little, the number of shareholders and trading volume of these two criteria may become a killer weapon, once business fails, institutions have fled, or no one to take over, volume decline, or someone take over, the number of shareholders will decline, which will lead to delisting risk. And delisting can't come back. It is also a huge challenge for institutions. < p > < p > 5. Reduction lock-in, senior management team lock-in for 36 months, if it is not profitable after 3 years, then lock-in for another 2 years, the annual reduction of directors can not exceed 1%, unless it is transferred in private. This is still to prevent cash-outs from going public. A technology company has not made money for five years. Unless it has a very promising future, it is estimated that there will be no market value, and there should be no chance to cash-outs at that time.

p> 6. Securities firms follow up with their own funds, with a ratio of 2-5%. After two years'lock-in and setting up a self-regulatory committee, it is clear that the exchange is guarding against securities firms, making false packaging, and finally making a pile of garbage to harm investors and exchange backpots, which is equivalent to letting securities firms self-guarantee, if you do not properly push your money in. Recommend projects, the loss is greater than the cost of earning sponsorship.

Generally speaking, KIB embodies the idea of risk prevention everywhere, which should be regarded as the result of neutral preference for A shares. It is not as bad as previously imagined that KIB will come out and A shares will be finished. But now, it seems that KIB is limited and 95% of investors are blocked out of the door, so the real impact of KIB is the new three boards, but not the new three boards. It's GEM, where there are huge risks. Even if there are tricks to advance funds to open accounts, it is estimated that 1-2 years, it will be stripped out of the market. Lao Qi can tell you responsibly that the equity market is never played by retail investors. Even if it is a large institution, the success rate is 60%. If you invest in 100 projects, 40 projects will die. The retail investors can only die more ugly. Most of these ventures are losing money, and they are operating losses. The impairment of goodwill in these main board markets can be complete. Not the same, there is no formed business model, some have been able to do a total of 1-2 years, which may fly out of the Golden Phoenix, but will certainly be a success. It's not much different from winning the lottery. Therefore, it is better to advise ordinary investors to keep their ability circle and never go to this water. If they have to invest, they should buy it through institutional funds. Although it may lose money, it is at least decentralized. Don't lose too much in a short time.