New NEEQ listed companies broke through 100 pilot sites and achieved a successful expansion opportunity (VC331)

In the first half of 2011, the listed companies achieved a total operating income of 4.66 billion yuan, with an average increase of 30% year-on-year

On December 2, six companies in the Zhongguancun Demonstration Zone entered the agency stock quote transfer system (commonly known as the "new three board") collective listing and financial service ceremony was held in Beijing. After the listing of these six companies, the number of companies listed on the New Third Board exceeded 100, reaching 101. Industry analysts believe that the listing of 100 companies on the NEEQ marks the initial results of the pilot work, which not only accumulated experience for the construction of a national over-the-counter OTC market under unified supervision, but at the same time, the time for expansion was mature.

It is understood that since the launch of the Zhongguancun agent's share quotation transfer pilot program in January 2006, the number of pilot companies has continued to increase, runs smoothly, and is in good order. At present, 152 companies have participated in the pilot; 32 companies have completed or initiated 38 targeted capital increases and financing The total value is 1.71 billion yuan, and the average price-earnings ratio is 22 times. Among the listed companies, Jiuqi's software has been listed on the small and medium-sized board, and Beilu Pharmaceutical, Century Real, Jiaxun Feihong, and Ziguang Huayu have been listed on the GEM.

The data shows that the listed companies achieved a total operating income of 4.66 billion yuan in the first half of 2011, with an average increase of 30% year-on-year, and a total net profit of 340 million yuan, an average increase of 14% over the same period last year. Among them, 11 companies have a year-on-year growth rate of more than 100%, and 10 companies have a year-on-year growth rate of more than 50%, which reflects the high-growth characteristics of Zhongguancun agent listed companies. While achieving good performance, the dividends of listed companies have also been recognized by the market. Over the past few years, listed companies have returned cash to shareholders in various forms such as direct cash distribution, share transfer or stock transfer.

At the same time, the New Third Board provides an orderly share transfer platform for non-listed companies in the demonstration area. While building a platform for direct financing of enterprises, it also establishes a channel for the withdrawal of venture capital. Venture shareholders before the company's listing can exit through the agency system, which also promotes the gathering of venture capital and equity private equity funds. There have been multiple venture capital institutions participating in the targeted capital increase of listed companies. In Zhongguancun attracted and gathered a group of venture capital institutions, strategic investors and brokers.

According to statistics, in the six years of pilot operation, the total share capital of the company listed on the New Third Board was 3.707788 billion shares. A total of 3,520 transactions in history, 363.7 million shares were traded, and the transaction value was 1.93935 billion yuan. The average turnover rate of traded listed stocks is 22.44%, and 38 of them are over 10%. The transfer price is generally higher than the net assets. Comparing the closing price on November 23, 2011 and the 2011 mid-year report data, the transfer price averaged 6.12 yuan, while the net asset was 1.82 yuan, which means that the transfer price is 3.36 times the net asset.

"After nearly six years of experimentation, the Zhongguancun charge d’ affaires share quotation transfer system has gradually become a platform for the smooth flow of equity in technology-based non-listed stock companies, a gathering center for venture capital and private equity funds, and an" incubator "for listed resources in multi-level capital markets. "Reservoir" and a practice ground for information disclosure of quasi-listed companies. "Guo Hong, director of Zhongguancun Management Committee, said that overall, the pilot has achieved two positive results. First, the role of supporting the development of independent innovation enterprises in the demonstration area is preliminary. It appears that the second is to accumulate experience for exploring the establishment of a national over-the-counter market under unified supervision. It is understood that the pilot work has also been fully affirmed by the leadership of the State Council.

While achieving remarkable results in the pilot, the expansion of the NEEQ is also on the line. Previously, the industry expected that the expansion plan for the NEEQ would be announced before the end of the year. Especially after the State Council put forward a policy to further promote the construction of the exchange market and the OTC market as a way to expand the financing channels for small and micro enterprises, the expansion of the NEEQ will only accelerate. "The breakthrough of 100 companies listed on the New Third Board also means that the pilot has achieved success, and expansion is imminent." A brokerage executive said. "The Zhongguancun agency's share quotation system pilot successfully and effectively promoted the construction of a multi-level capital market, and at the same time, it was prepared for the next step to expand the scope of the pilot in the national high-tech park." Said Zhang Weixing, deputy director of the Torch Center of the Ministry of Science and Technology.