"In fact, I don't want to stay. Actually, I want to go. " It may be the most authentic dialogue in the hearts of investors who enter the new third board market for gold.
According to statistics, as of September 13, there were more than 9,000 companies listed on the New Third Board, but the turnover of the Third Board Index was only 6130,000 yuan, accounting for 1.0 1% of the turnover of the Growth Enterprise Market Index of 60.399 billion yuan. It is worth noting that there are only 538 companies listed on the GEM.
In the case that the trading volume of the New Third Board is not ideal, some new third board funds and asset management plans that have expired or are about to expire have already faced multiple-choice questions of "yes or no". Do you choose liquidation? Or renew the contract?
Guide Jun browsed the website of China Asset Management Association, and found that the asset management planNo.1rated by the New Third Board and No.2 rated by the New Third Board have decided to extend the term and issued an announcement to the holders.
It is understood that the initial scale of the above two products is 654.38+60.93 million yuan and1770,000 yuan respectively, the filing dates are 2065.438+2065.438+February 3, 2005 respectively, and the original contract term is 18 months.
Regarding the reasons for renewal, the relevant person of Jiutai Fund said that it was decided to renew the above two products after fully considering the interests of the holders and obtaining the consent of the holders.
Since the beginning of this year, the New Third Board market has continued to be sluggish, and some products traded in the New Third Board are at a loss. In this case, some products with short contract period, expired or about to expire may have some helplessness in choosing to continue investing.
The third reason for calling for the establishment of a block trading platform: market liquidity needs to be improved urgently
The liquidity of the New Third Board has been criticized.
Agreement transfer and market-making transaction are the two most important trading systems for resource flow in the New Third Board market. Among them, the agreement transfer is widely adopted by the new third board enterprises, and the market-making transfer is the main trading method promoted by the national share transfer system, which is more active than the previous market-making transfer transactions.
However, for a long time, only securities companies in the market have the qualification to make a market. But in fact, market-making enterprises have the inherent needs of multiple market makers, and the most direct result of these needs is that a single market maker serves multiple market-making enterprises at the same time. However, even if all 126 securities companies in China become market makers, it is difficult to meet the actual needs of many market-making enterprises.
Furthermore, market makers may collude for the benefit, and the ideal competitive quotation relationship for market-making transactions may not be realized. Therefore, it is difficult to meet the needs of shareholders of listed companies to sell large stocks, and it is even more difficult to meet the needs of investors to buy large stocks at ideal prices.
Although, the National Stock Transfer System issued the Professional Evaluation Plan for the Pilot Market-making Business of the National Stock Transfer System of Private Equity Institutions, which released the qualification of private equity institutions to participate in market-making. However, Gui Dejun believes that the centralized bidding system is also indispensable for the New Third Board market.
Because the block trading system can help the new third board listed companies to merge and reorganize in the secondary market and improve the efficiency of resource allocation in the new third board market. The introduction of block trading system can simplify trading means, control transaction costs and enhance the liquidity of the New Third Board trading market.
There are traces to follow, and the block trading platform may be launched soon.
To sum up, Gui Dejun believes that in the face of the strongest wave of lifting the ban, some funds have to be evacuated centrally, and the liquidity of the New Third Board market needs to be improved urgently. In order to prevent centralized bulk selling from impacting existing market transactions, it is the key to improve the trading mechanism of the New Third Board. Among them, launching a block trading platform is the most urgent need.
In this regard, Cheng Xiaoming, Dean of Enterprise Nest New Third Board College, suggested that half an hour should be set aside after three o'clock in the afternoon as the time for bulk trading. He particularly emphasized that large-scale transactions should not be conducted in intraday trading, but should be conducted after the close.
"Improving the trading mechanism of the transfer of the New Third Board and bulk platforms is a policy that may be launched during the year." Fu Lichun, chief researcher of Lianxun Securities' New Third Board, made such a prediction.
In the questionnaire issued by the national share transfer system to brokers, one question is "how to reform the current agreement transfer method", and the option is to completely cancel the agreement and adopt the call auction method instead; Click the transaction unchanged and put the transaction after the market; Optimize click trading and increase competitive factors; Put the handle on the transaction tray and cancel clicking the transaction mode, leaving only four options for the handle transaction mode to choose.