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壹、各地证监局陆续启动验收工作

2月7日，北京证券局一马当先，发出2020年全国首份挂牌公司公开发行辅导验收工作通知。此后，各地证监局遍地开花般紧跟其后，纷纷发布了挂牌公司公开发行辅导验收工作的通知。

2月14日，深圳证监局发布消息称，开展辖区新三板公司公开发行并挂牌精选层的辅导验收工作，并且所有申报材料均可以电子材料申报（后期逐步采用系统报送方式，届时另行通知）。

为切实推进精选层工作进展，深圳证监局规定，已IPO辅导备案的企业，保荐机构仅需向我局提交书面说明，无需撤回重新申请辅导备案。

对已完成IPO辅导验收的挂牌公司，保荐机构可直接申报，无需重新辅导验收。

截至日期，除北京、深圳外，浙江、河北、安徽、山东等多省均已启动新三板公开发行辅导验收工作。

“精选层作为市场结构性机会的重要推动因素，市场各方对新三板精选层抱有极大的期待。随着新三板全面深化改革第一批业务规则发布，标志着新三板全面深化改革正式落地实施。可以预期，精选层在今年上半年落地实施的确定性较强。” 博星证券研究所所长邢星在接受环球网采访时表示。

贰、股转技术测试

2月14日，全国中小企业股份转让系统官网正式发布通知《关于开展全国中小企业股份转让系统公开发行和连续竞价业务第三轮仿真测试的通知》。

为验证各市场参与者技术系统对于公开发行和连续竞价等业务的技术准备情况，全国中小企业股份转让系统有限责任公司（以下简称“全国股转公司”）联合中国证券登记结算有限责任公司（以下简称“中国结算”）、深圳证券通信有限公司（以下简称“深证通”）共同搭建测试环境供市场进行仿真测试。

（一）参测机构

全国股转系统、中国结算、深证通、中证指数、中国证券业协会，各主办券商、做市商、信息商、基金公司和托管行。

（二）参测时间

本次仿真测试时间为2020年2月17日至2020年2月28日，周一到周五全天开放测试环境。

（三）参测内容

验证市场机构核心技术系统已按照《全国中小企业股份转让系统交易支持平台数据接口规范(V1.43)》等技术规范的要求对发行和连续竞价业务进行改造，达到基本要求。

（四） 测试 工作要求

1、各主办券商开展全国股转系统业务的经纪系统、做市系统、自营系统、资管系统必须参加本次测试。

2、经纪系统须确保至少有两种交易终端（其中至少有一种为非现场方式）和两种行情（其中至少有一种为非现场方式）终端能满足业务要求。

3、资管系统参加本次测试的，应当同时通知为其开展托管结算业务的托管行参加测试。

4、仿真环境具备测试条件的基金公司应参加本次测试，同时通知为其开展托管结算业务的托管机构参加测试。

5、各提供全国股转系统行情服务的信息商必须参加本次测试。

据悉，当前阶段业务技术系统仿真测试结束后，将进行后续的全网测试和通关测试等。

叁、精选层考生备案密集

根据全国股份转让系统官网数据显示，目前新三板挂牌企业有8826家，其中创新层664家。

据不完全统计，已有将近40家新三板挂牌企业披露了拟公开发行股份并进入精选层的公告，绝大多数来自创新层。

在统计的近40家新三板公司中，有7家企业申请由首次公开发行股票并在主板上市变更为向不特定合格投资者公开发行股票并在精选层挂牌。

首家宣布转战精选层的长江文化（837747）近日表示：2020年2月17日，公司变更辅导上市板块申请报告获北京证监局邮件回复收悉。

此外，和长江文化做出同杨选择的还有还有佳先股份（430489）、环宇建科（831873）、方大股份（838163）、新安洁（831370）、红山河（831367）、麟龙股份（430515）。

（一）进入辅导期的企业

在2月18日晚间，明石创新（832924）、中航泰达（836263）、麟龙股份（430515）、红山河（831367）、流金岁月（834021）、颖泰生物（833319）等6家公司对外发布了关于精选层挂牌辅导备案的消息。

还有羌山农牧（833302）、飞利达（871540）、观典防务（832317）、东亚装饰（430376）、国源科技（835184）、贝特瑞（835185）也已经进入辅导期。

（二）拟辅导状态企业

与此同时，处于“拟辅导”状态的企业也有近22家。

2019年12月16日，奥迪威（832491）发布公告，宣称拟冲击精选层，是国内公开表明冲击精选层首例。

在奥迪威之后还有连城数控（835368）、森萱医药（830946）、蓝山科技（803815）、金洁水务（871936）、佳合科技（872392）等企业也纷纷表示冲击精选层。

粤开证券分析师魏彬近日在接受环球网财经采访时表示：“随着多批新政策出台，新三板深化改革的节奏明显加快。”

随着时间推移，将会有更多符合精选层准入标准的明星企业加入拟申报的阵容中。这充分体现了优秀创新层企业对进入精选层的迫切性，同时也将使得精选层挂牌辅导将进入常态化。

肆、精选层落地

从政策角度，每年分层变更都是在年报披露完成之后，但今年由于疫情影响，一些新三板企业申报精选层的前期准备工作受到了一定的影响。

股转公司也针对目前企业的实际情况出台了相关的解决政策，以期帮助分层工作的展开和推进，而且各地证监局同样也出台了不少政策帮助企业开展辅导备案工作。

鉴于此，不少新三板资深研究员判断，精选层在2020年上半年落地的可能性较大。

（一）精选层推进进程

安信证券新三板研究负责人表示，进入精选层挂牌交易需要经历三个环节、七个步骤。

借鉴科创板公司的推进进程，首批25家公司从受理到上市平均用时109天，常态化发行之下科创板公司从受理到上市平均用时212天。

如果精选层进程较顺利，首批公司或将用时3-4个月可推出交易。

（二）精选层上市标准

1、市值不低于2亿元，最近两年净利润均不低于1500万元且加权平均净资产收益率平均不低于8%，或者最近一年净利润不低于2500万元且加权平均净资产收益率不低于8%。

二是市值不低于4亿元，最近两年营业收入平均不低于1亿元且增长率不低于30%，最近一年经营活动产生的现金流量净额为正。

三是市值不低于8亿元，最近一年营业收入不低于2亿元，最近两年研发投入合计占最近两年营业收入比例不低于8%。

四是市值不低于15亿元，最近两年研发投入合计不低于5000万元。

伍、准保代转正

北京、深圳、浙江等地证监局在《关于辖区新三板挂牌公司公开发行辅导监管工作的通知》中明确表示：最近3年内在挂牌公司公开发行项目中担任过项目协办人，满足保荐代表人资格条件的，可申请注册为保荐代表人——简称为“准保带转正”。

根据《证券发行上市保荐业务管理办法》（简称保荐办法）第十一条，个人申请保荐代表人资格应当具备的条件包括：“3年以上保荐相关业务经历；最近3年内在保荐办法第二条规定的境内证券发行项目中担任过项目协办人；参加中国证监会认可的保荐代表人胜任能力考试且成绩合格有效”等。其中，“保荐办法”第二条规定的项目包括：IPO、上市公司发行新股、可转债以及证监会认定的其他情形。

据悉，鉴于《非上市公众公司监督管理办法》规定，发行人在新三板公开发行股票，应当聘请保荐机构履行保荐职责。因而，新三板保荐业务应属于“保荐办法”第二条规定的“证监会认定的其他情形”。由此，最近3年内在挂牌公司公开发行项目中担任过项目协办人，且满足保荐代表人资格的，可申请注册为保荐代表人。

据上海证券报记者于相关部门了解到，证监会已下发了相同规定，目前各证监局皆有相同 的政策，只是具体内容的表述稍有差异。

图片来源：荷兰加勒比证券交易所官网

想要获得保荐人资格需要通过考试，通过后才能被称为“准保代”——准保荐代表人。“准保代”需要具备担任公开发行项目的协办经验，才能转正。但由于现实情况下，股票市场的IPO和再融资项目数量有限，“准保代”想要转正并非易事。

而上述出台的新规定将大大提升“准保代”转正的机率。

这一方面是新三板公开发行项目周期相对较短；另一方面，新三板的企业基数大，得到签字机会的概率更高。

按照此前市场对精选层企业的预测，假设每个项目配备一名项目协办人，或可帮助300多位“准保代”转正。

可以预见，“准保代”承做新三板精选层项目，将会爆发更大的热情和积极性。

咨询顾问：大伟 David

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TCG

迅实资本作为长期从事中国企业境外上市的国际投资银行，已帮助大量的中国企业在境外成功上市，积累了丰富的案例经验。

主要业务包括香港、纳斯达克、英国、澳洲、荷兰等境外上市辅导顾问服务和投融并购服务。

公司的合作机构包括：平安金控、软银中国、启明、深创投、达晨、启迪、平安新投、中投中财、黑石集团、鼎晖投资、 启明创投、国药集团等。共与国内300余家投资机构、100多家基金公司、50余家会所律所、30余家券商、十余家银行以及多家金融产业园区有紧密合作。

团队的核心成员均具有多年跨行业的从业经验，在实业和金融领域积累了丰富的经验；团队拥有广泛的资源和渠道，力求为发展中企业提供一站式多方位的服务。

TCG

Full speed promotion of IPO of new third board select layer

I. all local securities regulatory bureaus have successively started the acceptance work

On February 7, Beijing Securities Bureau took the lead in issuing the first nationwide notice on guidance and acceptance of public issuance of Listed Companies in 2020. Since then, the securities regulatory bureaus around the country have followed closely, releasing the notice of public offering guidance and acceptance of listed companies.

On February 14, Shenzhen Securities Regulatory Bureau announced that it will carry out the guidance and acceptance work of the new third board company in its jurisdiction for public issuance and listing of the selected layer, and all the application materials can be applied for electronic materials (in the later stage, the system submission method will be gradually adopted, and a further notice will be given at that time).

In order to effectively promote the progress of the work of the selected layer, Shenzhen Securities Regulatory Bureau stipulates that for the enterprises that have been filed with IPO guidance, the sponsor only needs to submit a written explanation to our bureau, and does not need to withdraw and reapply for guidance filing.

For listed companies that have completed the IPO guidance acceptance, the sponsor can directly apply without the need for a new guidance acceptance.

As of the date, except for Beijing and Shenzhen, Zhejiang, Hebei, Anhui, Shandong and other provinces have started the new third board public offering guidance and acceptance work.

"As an important driving factor for market structural opportunities, all parties in the market have great expectations for the new three board selection layer. With the issuance of the first batch of business rules for comprehensively deepening the reform on the new third board, it marks the formal implementation of the comprehensive deepening reform on the new third board. It can be expected that the implementation of the selection layer in the first half of this year is more definite. " Xing Xing, director of bosing Securities Research Institute, said in an interview with global.com.

II. Test of stock to technology

On February 14, the official website of the national small and medium-sized enterprise share transfer system officially issued the notice on carrying out the third round of simulation test of the public issuance and continuous bidding business of the national small and medium-sized enterprise share transfer system.

In order to verify the technical preparation of each market participant's technical system for public issuance, continuous bidding and other businesses, national small and medium-sized enterprise stock transfer system Co., Ltd. (hereinafter referred to as "national stock transfer company"), China Securities Depository and Clearing Co., Ltd. (hereinafter referred to as "China Clearing"), Shenzhen Securities Communication Co., Ltd. (hereinafter referred to as "Shenzhen Stock Exchange") ）Build test environment together for market simulation test. - Quote

（1） Measuring mechanism

National stock transfer system, China Clearing, Shenzhen Stock connect, China Securities Index, China Securities Association, all of which are sponsored by securities companies, market makers, information companies, fund companies and custodian banks.

（2） Test time

The simulation test is from February 17, 2020 to February 28, 2020, and the test environment is open from Monday to Friday.

（3） Test content

Verify that the core technology system of market institutions has been transformed to the issuance and continuous bidding business in accordance with the requirements of technical specifications such as the data interface specification for the trading support platform of the national small and medium-sized enterprise stock transfer system (v1.43), to meet the basic requirements.

（4） Test work requirements

1. The brokerage system, market making system, self operating system and asset management system of the national stock to equity system business of the sponsoring securities companies must participate in this test.

2. The brokerage system shall ensure that at least two transaction terminals (at least one of which is off-site mode) and two quotations (at least one of which is off-site mode) can meet the business requirements.

3. If the asset management system participates in this test, it shall also notify the custodian bank that carries out custody settlement business for it to participate in the test.

4. The fund companies that have the test conditions in the simulation environment shall participate in the test, and notify the custodian institutions that carry out custody settlement business for them to participate in the test.

5. All information providers that provide the market services of the national stock exchange system must participate in this test.

It is reported that after the completion of the simulation test of the business technology system at the current stage, the subsequent network wide test and customs clearance test will be carried out.

III. intensive filing of candidates at the selected level

According to the data on the official website of the national stock transfer system, there are 8826 enterprises listed on the new third board, including 664 innovative ones. According to incomplete statistics, nearly 40 companies listed on the new third board have disclosed the announcement that they intend to issue shares to the public and enter the selection layer, most of which come from the innovation layer.

In the statistics of nearly 40 new third board companies, 7 companies applied to change from initial public offering and listing on the main board to public offering to non-specific qualified investors and listing at the select level.

Changjiang culture (837747), the first company to announce the transition to the selected layer, recently said: on February 17, 2020, the application report of the company's change guidance listing board was received by the email reply of Beijing Securities Regulatory Bureau.

In addition, Jiaxian Co., Ltd. (430489), huanyujianke Co., Ltd. (831873), Fangda Co., Ltd. (838163), xin'anjie (831370), hongshanhe (831367) and Linlong Co., Ltd. (430515) made the same choice with Changjiang culture.

（1） Enterprises entering the coaching period

In the evening of February 18, 6 companies, including Mingshi innovation (832924), AVIC Taida (836263), Linlong Co., Ltd. (430515), hongshanhe (831367), liujinnian (834021), Yingtai Biology (833319), released the news about the listing guidance and filing of the selection layer.

In addition, qiangshan agriculture and animal husbandry (833302), feilida (87154), Guandian defense (832317), East Asia decoration (430376), Guoyuan Technology (835184) and beiteri (835185) have also entered the guidance period.

（2） Enterprises to be tutored

At the same time, there are nearly 22 enterprises in the state of "to be tutored".

On December 16, 2019, Audi Wei (832491) announced that it intended to impact the selection layer, which is the first example of impact on the selection layer publicly in China.

After Audi Wei, companies such as Liancheng CNC (835368), senxuan Pharmaceutical (830946), Lanshan Technology (803815), Jinjie water (871936) and Jiahe Technology (872392) have also expressed their strong influence on the selection layer.

Wei bin, an analyst with YueKai securities, said in an interview with global finance recently: "with the introduction of a number of new policies, the pace of deepening the reform of the new third board is obviously accelerated."

Over time, there will be more star enterprises that meet the admission criteria of the selection layer to join the list to be declared. This fully reflects the urgency of excellent innovation level enterprises to enter the selection level, and at the same time, it will make the selection level listing guidance enter the normalization.

IV. selection floor landing

From the policy point of view, each year's hierarchical change is after the completion of annual report disclosure. However, due to the impact of the epidemic this year, some new third board enterprises' preliminary preparations for the application of the selection layer have been affected to some extent. The stock transfer company has also issued relevant policies to help the implementation and promotion of hierarchical work in view of the actual situation of the enterprise, and the local securities regulatory bureau has also issued many policies to help the enterprise to carry out the guidance and filing work.

In view of this, many senior researchers of the new third board judged that the selection layer is more likely to land in the first half of 2020.

（1） Progress of selection layer

Zhu Haibin, head of research on the new third board of Anxin securities, said that it takes three links and seven steps to enter into the selection layer listing.

Referring to the promotion process of science and Technology Innovation Board companies, the average time from acceptance to listing of the first 25 companies is 109 days, and the average time from acceptance to listing of science and Technology Innovation Board Companies under normal issuance is 212 days. If the selection process is smooth, the first company may take 3-4 months to launch the transaction.

（2） Listing standard of selected layer

There are four sets of standards in the selection layer:

1. The market value shall not be less than 200 million yuan, the net profit of the last two years shall not be less than 15 million yuan and the weighted average return on net assets shall not be less than 8%, or the net profit of the last year shall not be less than 25 million yuan and the weighted average return on net assets shall not be less than 8%.

Second, the market value shall not be less than 400 million yuan, the average operating revenue in the last two years shall not be less than 100 million yuan and the growth rate shall not be less than 30%, and the net cash flow generated from operating activities in the last year shall be positive.

Third, the market value is no less than 800 million yuan, and the operating revenue in the latest year is no less than 200 million yuan. The total R & D investment in the last two years accounts for no less than 8% of the operating revenue in the last two years.

Fourth, the market value is no less than 1.5 billion yuan, and the total R & D investment in the last two years is no less than 50 million yuan.

V. transfer to regular post

Beijing, Shenzhen, Zhejiang and other local securities regulatory bureaus clearly stated in the notice on supervision and guidance of public issuance of listed companies on the new third board of their jurisdiction: those who have served as Project Co organizers in the public issuance projects of Listed Companies in the past three years and meet the qualification conditions of recommendation representatives can apply for registration as recommendation representatives. ——Abbreviated as "quasi insurance belt to regular".

According to Article 11 of the measures for the administration of securities issuance and listing recommendation business (hereinafter referred to as the recommendation measures), the conditions for an individual to apply for the qualification of a recommendation representative include: "at least 3 years of relevant business experience in recommendation; in the past 3 years, he has served as a project coordinator in the domestic securities issuance projects specified in Article 2 of the recommendation measures; and the recommendation representative recognized by the CSRC is competent Ability test and the result is qualified and effective. Among them, the items specified in Article 2 of the "recommendation measures" include: IPO, issuance of new shares by listed companies, convertible bonds and other situations recognized by the CSRC.

It is reported that, in view of the provisions of the measures for the supervision and administration of unlisted public companies, an issuer shall employ a recommendation institution to perform the recommendation duties when it issues shares publicly on the new third board. Therefore, the recommendation business of the new third board should belong to the "other situations recognized by the CSRC" specified in Article 2 of the "recommendation measures". Therefore, those who have served as project coordinator in the public offering projects of Listed Companies in the past three years and meet the qualification of recommendation representative can apply for registration as recommendation representative.

According to the reporter of Shanghai Securities News, the CSRC has issued the same regulations. At present, all the CSRC have the same policies, but the specific contents are slightly different.

If you want to obtain the qualification of sponsor, you need to pass the examination, and then you can be called "quasi sponsor representative". The "quasi insurance agent" needs to have the experience of being a co organizer of public issuance projects before becoming a full-fledged one. However, due to the limited number of IPO and refinancing projects in the stock market, it is not easy for the "quasi insurance agent" to change to a regular one.

And the new regulations will greatly improve the probability of "quasi insurance generation" becoming a normal.

On the one hand, the period of public issuance projects on the new third board is relatively short; on the other hand, the enterprise base of the new third board is large and the probability of getting a signature is higher.

According to the previous market forecast for selected enterprises, it is assumed that each project is equipped with a project coordinator, or it can help more than 300 "quasi insurance agents" to become regular.

It can be predicted that the "quasi insurance agency" will undertake the new third board selection layer project, which will generate more enthusiasm and enthusiasm.

TCG

As an international investment bank engaged in overseas listing of Chinese enterprises for a long time, fast capital has helped a large number of Chinese enterprises to successfully list overseas and accumulated rich case experience.

Its main businesses include overseas listing advisory services and investment and financing M & A services in Hong Kong, NASDAQ, UK, Australia, Netherlands, etc.

The cooperative organizations of the company include Ping An financial holding, Softbank China, Qiming, Shenzhen Venture Capital, Dachen, Tus, Ping'an xintou, CIC Zhongcai, Blackstone Group, CDH investment, Qiming venture capital, Sinopharm group, etc. It has close cooperation with more than 300 domestic investment institutions, more than 100 fund companies, more than 50 Club law firms, more than 30 securities companies, more than 10 banks and a number of financial industrial parks.

The core members of the team have many years of cross industry experience, and have accumulated rich experience in industry and finance; the team has a wide range of resources and channels, and strives to provide one-stop and multi-directional services for developing enterprises.

咨询顾问：大伟 David

咨询热线：156 1833 0219（微信同号）

Consultant: David

Hotline: 156 1833 0219（Wechat）

内容/排版:Ian&Leo 校稿/初审:Leo 美工/审核:Josh

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