5 companies collectively listed at New Third Board in Shenzhen Stock Exchange
Keytec Computer&Information, Caixun Technology, China Continent & Property, Zhongxing Tong and Ding-Cape Technology jointly held ceremony for listing at Zhongguancun Stock Transfer Agent System (also referred as the New Third Board) at the Shenzhen Stock Exchange (SZSE) today, the ever-largest collective listing since the establishment of the Third Board market, indicating rapid development of the board.
Principals from the SZSE expressed that there have been 69 companies participated in pilot of the ‘Third Board’. 30 out the 69 companies have been listed while other 7 were under preparation. The SZSE hopes that the board could soon be applied to a wider area basing on the practice experience from the Zhongguancun pilot.
The Third Board was officially launched on 23 January 2006, and it has been performing well till now.
Companies participated in the pilot had an overall smooth operation and regulation, and finally met basic requirements for risk resistance, and has formed a bidding and transfer system with investment-oriented transaction as the core. The pilot improved regulated management and healthy development of those companies whose asset operation efficiency, solvency and profitability advanced obviously than before.
28 listed company aggregately achieved business income of 58.75 million yuan for the first half of 2008 and net profit of 5.03 million yuan, up 40.03 percent and 22.28 percent year on year respectively.
The board functioned well in value-exploration and on-demand financing with high efficiency and low cost. The average exchange rate for 25 transacted stocks is 7 percent, and the transfer prices are higher than net asset. Companies listed at the board accomplished 1167 deals with volume of 557 million yuan and the average transaction price is 5.60 yuan, an increment of 66.8 percent than the average opening price of the first trading day. 8 companies have started directed additional offering with total amount of 116 million shares and raised 460 million yuan.
Non-listed company share transfer supervision system and basic operation mode have been found. And related institutions have become experienced in cooperating with others to bolster the piloting. The China Securities Regulatory Commission is in charge of overall coordination while the Securities Association of China is responsible for recording of company listing and supervision over undertakers. The Zhongguancun Management Committee was entrusted by the Beijing Municipal Government to take charge of qualification review, risk handling and company organizing. The SZSE provides technological supporting systems and scrutinize information disclosure. Experts said that above-mentioned experience lays good foundation for deepening the pilot, and construction of unified supervision system.
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