At the end of 1 this year, the CSRC issued the "Implementation Opinions on Setting up a Science and Technology Innovation Board and Pilot Registration System in Shanghai Stock Exchange", which clearly mentioned that listed companies that have reached a certain scale can be split into independent and qualified subsidiaries according to law and listed on the Science and Technology Innovation Board.
Split listing can be divided into broad and narrow sense. Broadly speaking, spin-off means that listed companies or unlisted companies separate some businesses from their parent companies and list them separately. In a narrow sense, spin-off refers to the separation of some businesses or subsidiaries of listed companies and their separate public offering. After the spin-off, although the original shareholders of the parent company have not changed their shareholding ratio and absolute shareholding number, they can still enjoy the share of the net profit of the invested enterprise according to their shareholding ratio. Most importantly, if the subsidiary is successfully split, the parent company will also be able to obtain excess investment income.
At present, in the group of A-share listed companies, many companies have split their subsidiaries into the New Third Board, and at the same time, the situation of overseas listing of split subsidiaries has become increasingly common. However, in recent years, it can be said that it is rare to spin off its subsidiaries in the A-share market.
In fact, there are many factors that cause listed companies to stop in the A-share market when they are split and listed. The core problem still lies in the scarcity of listed resources. Under the current issuance system, a company achieves the goal of financing development after listing through IPO. If its subsidiary is split and listed, it is equivalent to an additional capital platform. In the past, IPO was heavily listed and even industrial capital was listed at a high price. If A shares were split and listed, it would inevitably lead investors to question the listed companies' reconstruction of shell resources, which was also contrary to the regulatory concept.
Science and technology innovation board is one of the most important experimental fields for spin-off and listing. Science and technology innovation board is mainly a scientific and technological innovation enterprise that serves the national strategy, has high market recognition and breaks through key core technologies. The key point is to support the new generation of high-tech industries and strategic emerging industries such as information technology, new energy, energy-saving and environmental protection high-end equipment, new materials and biomedicine.
Bian Xiao noted that a number of A-share listed companies, including Liaoning Chengda and china baoan, had previously operated their high-quality subsidiaries to be listed on the New Third Board, so whether relevant listed companies will spin off their subsidiaries to be listed on the Science and Technology Innovation Board in the future is worthy of attention.
However, market participants also reminded that although some listed companies have expressed their willingness and enthusiasm to participate in the spin-off, it is still unknown whether some listed companies meet the conditions and standards for the spin-off because the specific details of the spin-off have not yet been promulgated and stock investors have not yet speculated.
The daily limit of spin-off listed concept stocks is naturally due to policy reasons, but among them, stock venture investors can't ignore it. In short, if you want to make a profit in the stock market, you need to wait patiently for the time to mature, and remember not to operate blindly.