Guandian defense (832317. BJ) became the first board transfer company of Beijing stock exchange.
On January 27, the announcement of the results of the 7th review meeting of the municipal Party committee in 2022 on the science and Innovation Board showed that Guandian Defense met the listing conditions and information disclosure requirements. The first direct board transfer company in China’s capital market was born 99 days after Guandian defense submitted the application document from board transfer to science and Innovation Board on October 20, 2021.
On June 3, 2020, the CSRC issued the guiding opinions on the listing of companies listed on the National SME share transfer system, and the direct listing system was officially released. According to relevant regulations, the board transfer belongs to the change of the place where the shares are listed, does not involve the public offering of shares, and does not need to be approved or registered by the CSRC according to law. The Shanghai Stock Exchange and Shenzhen Stock Exchange shall review and make a decision according to the listing rules
from the new third board to the science and innovation board
According to public data, Guandian defense is a national specialized and new “little giant” enterprise. It is a leading UAV service provider in China and the first enterprise in China to engage in the R & D and service industrialization of UAV anti drug products. Its main business is UAV flight service and data processing, the R & D, production and sales of UAV system and intelligent defense equipment.
According to the report on the listing of Guandian defense board, its business covers drug control, counter-terrorism, resource investigation, environmental monitoring, emergency rescue and other fields. It has obvious advantages in the field of drug control. Relevant scientific research projects have won the second prize of science and Technology issued by the Ministry of public security.
In February 2020, Guandian defense, which is still listed on the new third board, submitted IPO guidance materials and plans to log on the gem of Shenzhen Stock Exchange; In April of the same year, the selected layer applied to open the gate, Guandian defense became the first company to submit the listing application of the selected layer, and became one of the first selected layer enterprises in July; In August 2021, the first batch of selected tier enterprises met the time limit requirements for listing on the board, Guandian Defense announced to turn to the science and innovation board, and submitted the application documents for listing on the board to the Shanghai Stock Exchange in October of the same year; In January 2022, Guandian defense became the first direct board transfer company in China’s capital market after being deliberated and approved by the municipal Party Committee on the science and innovation board.
It is worth noting that the trading of Guandian defense will be suspended the next day after submitting the application document of transferring the board to the science and innovation board to the Shanghai Stock Exchange on October 20, 2021; The Beijing Stock Exchange opened on November 15 of the same year; On the opening day, 71 companies listed on the selected layer of the new third board, including Guandian defense, moved to the Beijing stock exchange.
According to the data, from 2018 to 2020, Guandian defense achieved revenue of 105 million yuan, 146 million yuan and 180 million yuan respectively, and net profit of 20.5706 million yuan, 41.7042 million yuan and 53.4608 million yuan; In the first three quarters of 2021, Guandian defense achieved a revenue of 175 million yuan and a net profit of 61.2309 million yuan.
Shenwan Hongyuan Group Co.Ltd(000166) analyst Wang Yuqing’s team believes that the “first taste” of the Kandian defense food transfer mechanism of listed companies on the Beijing stock exchange has become the first enterprise to transfer the board. The overall transfer process is smooth and orderly. The audit time from acceptance to the meeting is less than three months, which is far lower than the average 286 days of the exchange review time of the science and innovation board in 2021. In the research report, it said that there are two reasons for the smooth progress of the first single board transfer: first, the company has excellent quality, belongs to the field of high-end equipment, conforms to the positioning of the science and innovation board, and the market value and profit volume are significantly higher than the selected listing standards; Second, by giving full play to the joint force of supervision and sharing the results of the audit and continuous supervision of the new third board, the board transfer audit of Shanghai Stock Exchange focuses more on the key points and recent changes
dislocation development and interconnection
The CSRC once said that the establishment of the Beijing stock exchange needs to deal with “two relations”: first, the Beijing stock exchange, the Shanghai and Shenzhen Stock Exchange and the regional equity market adhere to the dislocation development and interconnection, and give full play to the listing function of the improvement board. Second, the existing innovation and foundation layers of Beijing stock exchange and the new third board adhere to overall coordination and institutional linkage to maintain the balance of market structure.
Now, after Guandian defense becomes the first board transfer company, Hanbo hi tech (833994. BJ) and taixiang Co., Ltd. (833874. BJ) are in the review process of board transfer listing.
Previously, the sponsor representative of a securities firm told the economic observer that the Shanghai and Shenzhen Stock Exchange intends to attract high-quality enterprises listed on the new third board and companies listed on the Beijing stock exchange to transfer to the board, but the listing conditions required by the former still have a certain threshold. However, people close to the Beijing stock exchange once said that the Shanghai and Shenzhen Stock Exchange prefers enterprises with large scale, stable operation and hard technology attributes. At present, the guidance of the CSRC on the board transfer of the Beijing stock exchange has been implemented, but the detailed rules on the board transfer of the three major exchanges in Beijing, Shanghai and Shenzhen and zhongdeng have not been officially released.
Wang Yuqing’s team believes that considering the risks and benefits of board transfer, the enthusiasm of the enterprise needs to be observed. In terms of risk, the listed companies on the Beijing stock exchange are small in size and have large performance fluctuations. There are also differences in the audit caliber between the stock transfer and the Shanghai and Shenzhen Stock Exchange. Under the board transfer mechanism, enterprises still face high audit risk; In terms of income, at present, the legal status of the Beijing stock exchange has been improved, and it has converged with the Shanghai and Shenzhen Stock Exchange in terms of trading rules and liquidity level. The cross market valuation difference needs to be verified by the transferred enterprises. At the same time, due to the differences in investor structure and investment style, the valuation judgment of individual stocks also needs to be verified.
In addition, the key nodes of the board transfer process are consistent with the direct IPO, which does not occupy a time advantage. With the landing of the first single board transfer project and the steady progress of the board transfer pilot, the board transfer is expected to become a normalized and standardized mechanism. The transfer listing process includes three links: preparation, review and listing. From the perspective of operation cycle, it takes up to two and a half to three years from listing the new third board to transfer to a shares. Compared with IPO counseling + declaration, it has no time advantage. However, considering that the direct IPO of major shareholders and actual controllers needs to be locked for 36 months, the board transfer listing has the advantage of liquidity.
Zhou Yunnan, founder of Beijing Nanshan investment, said that the meeting of Guandian defense board listing has created the history of China’s capital market, which means that the interconnection between multi-level capital markets is true, but it does not mean that this is the road that must be taken after the development and growth of enterprises of Beijing stock exchange in the future. The three major exchanges in Beijing, Shanghai and Shenzhen have a misplaced competitive relationship in terms of listing threshold, industry characteristics, public offering, market trading and preferential policies, which is to meet the listing needs of enterprises at different levels; However, the focus of competition is misplaced listing. After listing, there is little difference in financing function, pricing function and trading function among major sectors, which determines that board transfer is not a necessary question for enterprises of Beijing stock exchange.
