New three-board expansion LED companies welcome multi-level capital market support

[High-tech LED reporter Zhao Hui] At the end of 2013, the State Council issued the "Decision on Issues Related to the National SMEs' Share Transfer System", which clarified the positioning and functions of the Beijing New Third Board Exchange, and expanded the scope of the New Third Board listed enterprises. To the whole country.

At present, there are about 339 new-listed companies listed, with a total market capitalization of about 40 billion yuan. Some insiders expect that in the next five years, the new three boards will have about 7,000 companies listed, and the total market value is expected to expand to about 1.4 trillion yuan. The capital feast brought by the expansion of the New Third Board will benefit many parties.

Among them, the biggest beneficiaries are small and medium-sized high-tech enterprises that are difficult to meet the listing conditions of the main board, including LED, new energy and high-end equipment enterprises, and are eager to develop funds. These countries' strategic emerging industries will play an important role in the transformation and upgrading of the entire country's industries.

It is understood that the new three boards have LED highlights such as Beijing Colorful Highlights and Shanghai Dinghui Technology, and a number of LED companies are also preparing to speed up the listing of the New Third Board under the guidance of brokers.

In recent years, with the maturity of domestic LED industry technology, the cost performance of products has gradually approached that of traditional lighting, and the demand for LED lighting has been rapidly improved. However, the number of domestic LED enterprises is large and the volume is small. It is urgent to raise funds in the capital market to rapidly expand the scale and share lighting. dividend.

Even in the period when the IPO went smoothly, there were many small and medium-sized LED enterprises. Because of their own reasons, they could not meet the requirements for the listing of the main board. Among them, there are many enterprises with a revenue scale of more than 150 million, and the expansion of the new three boards is undoubted. This has brought a new financing path to these companies.

"Now the country's multi-level capital market development, the New Third Board, and the SME sector are currently highly valued by the state. It can solve the difficulties of enterprises not temporarily going to IPO. There are also some IPO companies that have higher requirements for listing. If it has deteriorated in recent years, it can be retired to the new three board, and the new three board will solve this problem.” Chen Shuman, deputy general manager of the corporate finance department of CITIC Securities, said.

In the view of Li Jiansheng, the chairman of Shanghai Dinghui Technology Co., Ltd., which has just completed the listing of the New Third Board, it seems that after the listing of the New Third Board, CDH has also bid farewell to the state of relying on its own funds to “slow jogging”. It is hoped that through the capital injection of institutional investors, the quality of products in the mid- to high-end market will be further maintained. Especially in the current fierce competition in the LED market, industry consolidation is booming, and CDH is also expected to take advantage of the opportunity of the listing of the New Third Board to seek mergers and acquisitions to become bigger and stronger.

Wu Jiufei, deputy general manager of the listing advisory headquarters of Qianhai Equity Exchange Center, believes that an enterprise development, listing is a means in the development process, a path, not a final purpose, and the ultimate goal is to grow the business from its own strength, strength and financial resources. . The New Third Board is a preparatory course before going to college. In some respects, it has not yet reached the listing standard. But other mainstream aspects are already very good, either the specification is doing very well, either the performance is doing well or the future will be doing very well. Such a company is more suitable in the New Third Board.

In recent years, although domestic LEDs have developed rapidly, most enterprises are still relatively small in scale, and there are still shortcomings in many aspects such as profitability and corporate normative governance. The new three board is undoubtedly the most suitable choice for many LED companies.

And now the local government has given a subsidy policy for the listing of the new three boards of high-tech enterprises. These subsidies are sufficient to support the funds spent on listing on the NEEQ. "In the case of Shenzhen, the policy stipulates that the subsidy for the listing of the New Third Board of Nanshan Science and Technology Park is 1.8 million yuan, and the listing fee only needs 1 million yuan."

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