Pledge of new three board equity or halted market liquidity test – Sohu Finance-polartec

The new board of equity pledge or halted market liquidity by test – Sohu finance new three equity pledge or halted market liquidity by Zhou Hongda test according to Wind information statistics, this year, three new board total equity pledge since 1732, has more than two times last year, this year there are 897 of the shares of the listed company shareholder to mortgage, pledge value reached one hundred billion yuan scale] liquidity problem of the new third market participants continued to bring the test, and the new policy may make the market further strained nerves. The day before, there are three new board listed companies related sources to the "First Financial Daily reporters, the national share transfer system has been suspended for listed company to broker equity pledge business application audit, and Chinese Securities Depository and Clearing Corporation Limited (hereinafter referred to as the" board ") also suspended for all the pledgee is the new board brokerage or securities holding company pledge matters. However, there are authorities related to reporters said, and there is no document to indicate the suspension of the new three board mortgage loan business matters. Hengtai securities business director Hu Zhenggang told reporters, at present, the management has not yet expressly provides that brokers can not do new three board equity pledge, but the difficulty of equity pledge has been much larger than before, regulators will take total control of equity pledge. For the above statement of equity pledge business pause, the reporter to the stock transfer system to verify, but as of press time, has not yet received a response. The equity pledge kept hidden risks of a new board listed companies related sources told the "First Financial Daily reporters, shares of the company may worry about the controlling shareholders of the listed company will most of the shares pledged to the securities company’s securities companies in the disposal of settle a matter by leaving it unsettled, the pledge of equity, will damage the interests of small investors. Hu Zhenggang believes that the restriction of equity pledge in addition to the "pledge after the boss run away" and other malicious deceptive pledge related cases, but also with the recent opening of private equity market related. He said, "with private gradually entering the new three board market, regulators worry that private market will induce malicious speculation stock price, and then through pledge cash, the interests of the transmission, the market will have a bad impact." According to Wind information statistics, this year, the new three board of equity pledge occurred 1732, has exceeded two times last year, this year, 897 listed company shares were pledged to pledge loans to shareholders, the market capitalization reached 100 billion yuan scale. As the pledge of equity is relatively fixed, the approval process is more simple, while the financing scale has been reduced this year, while the new three board equity pledge appears contrarian growth. Not told the "First Financial Daily" reporter of Hangzhou bank Zhongguancun branch president assistant floor, enterprise landing three new board, with the capital market early education, experienced intermediary adjustment and sort out, in the financial and legal aspects are relatively standardized, this is the basis for the new board pledge business. However, the pledge risk events occur frequently this year. In February this year, Wei Qinghua (835494) chairman and general manager of the company held all the shares pledged after losing contact, until May to send the resignation report by express way. In March this year, East medicine.

新三板股权质押或被叫停 市场流动性受考验-搜狐财经  新三板股权质押或被叫停市场流动性受考验   周宏达   [据Wind资讯统计,今年以来,新三板共发生股权质押1732起,已经超过了去年的两倍,今年有897家挂牌公司的股份被股东用来质押贷款,质押市值达到千亿元规模]   流动性难题对新三板市场的参与者带来持续的考验,而新的政策可能令市场神经进一步紧绷。日前,有新三板挂牌企业相关人士向《第一财经日报》记者透露,全国股转系统已经暂停了挂牌公司向券商质押股权的业务申请审核,而中国证券登记结算有限公司(下称“中登”)也暂停办理所有质权人是券商或券商控股公司的新三板质押事项。   不过,有权威部门相关人士对记者表示,并没有文件指明暂停券商新三板质押贷款业务的事项。恒泰证券业务总监胡正刚告诉记者,目前管理层尚没有明文规定券商不能做新三板股权质押,但是股权质押难度已经比以往大很多,监管者会对股权质押采取总量控制。   对于上述股权质押业务暂停的说法,本报记者向股转系统方面求证,但截至发稿,尚未获得回应。   股权质押存风险隐患   一家新三板挂牌企业相关人士告诉《第一财经日报》记者,股转公司可能担心有挂牌公司控股股东将大部分股份质押给证券公司后不了了之,证券公司在处置质押股权时,中小投资者的利益会受到损害。   胡正刚则认为,限制股权质押除了与“质押后老板跑路”等恶意欺骗性质押案件相关外,还与近期将开放私募做市有关。他表示,“随着私募逐步进入新三板做市,监管者担心私募做市会诱发恶意炒作股价,然后通过质押套现,发生利益输送,对市场会产生不良的影响。”   据Wind资讯统计,今年以来,新三板共发生股权质押1732起,已经超过了去年的两倍,今年有897家挂牌公司的股份被股东用来质押贷款,质押市值达到千亿元规模。由于股权质押相对定增审批流程更简便,在今年定增融资规模下滑的同时,新三板股权质押出现逆势增长。   杭州银行中关村支行行长助理楼月未告诉《第一财经日报》记者,企业登陆新三板的过程中,受过资本市场前期的教育,经历过中介机构的调整和梳理,在财务、法律等方面也相对来说比较规范,这是新三板质押业务的基础。   不过,质押风险事件在今年频频发生。今年2月,哥仑步(835494)董事长兼总经理魏庆华在将所持有公司的股份全部质押后失联,直到5月才通过快递方式寄来辞职报告。今年3月,东田药业(834435)三名股东在将公司100%的股份质押给银行获得2500万元后旋即申请摘牌,金蝉脱壳。   胡正刚认为,在去年企业挂牌的热潮中,部分企业虽然不完全符合挂牌条件,但是在中介机构的专业“辅导”下部分企业也登陆新三板。可当企业挂牌后才发现需要公开财务信息,税务负担大幅增加,定增也不如想象中的容易,于是有的企业可能会用质押的方式,抱着赌一把“能还就还,还不上就跑”的想法,进行套现。   胡正刚表示,券商做股权质押会充分考虑市场风险,并且青睐创新层中有交易量的企业,如果企业整体盈利能力下降,券商的风控也会更加严格,保护自己的资金安全。他表示,目前新三板质押率普遍较低,从市场早期的四成降到目前两成甚至更低。   实际上,今年1700多起质押案例中,证券公司为质权人只占7起。由于证券公司需要使用自有资金做质押贷款,因此质押业务量也要取决于券商筹措资金的能力。   监管者及时提示风险   9月14日,股转公司出乎市场意料地发布了合格私募做市商评审方案,开启了私募做市试点。私募做市意味着在新三板流动性日趋低迷时终于有新的资金入场,被认为是分层方案公布以来首个政策利好。   与此同时,股转公司对个人投资者发出了风险提示,建议投资者不要相信不法机构和人员通过电话、微信、互联网等方式虚假宣传新三板挂牌公司拟IPO、转板、并购或定向发行股票等信息,当心从现有股东高价受让股票,成为“接盘侠”。   尽管新三板行情本月以来持续反弹,三板做市指数从1073点回升到1094点,但是新三板本轮“政策行情”能够延续多久尚不确定,市场回暖面临基金产品集中到期、限售股解禁高峰两大障碍。   关于基金产品集中到期对市场的影响,第一财经今年7月对包括投资机构、挂牌公司、中介机构在内的市场人士进行了问卷调查,结果显示,82%的被访者担心基金到期会形成市场抛售的压力,认为2+1(2年投资期加上1年退出期)型基金不适合新三板市场。绝大多数被访者表示,市场将无法消化这些产品。   安信证券新三板研究负责人诸海滨认为,基金产品到期是新三板市场最大的“定时炸弹”,可能导致市场急跌。他对第一财经表示,“只是考虑公募和资产管理类产品的话,大量产品是两年期、三年期的。今年年底大概会有20~30个产品会到期,到明年的上半年就会集中出现,大概数量接近100只。到今年6月30日,这批产品中约有55%的产品净值都在一块钱以下。”   原始股东也有可能成为市场抛售的主力,由于大量去年登陆新三板的企业完成股改已满一年,限售股解禁也在迎来高峰期。据安信证券研究中心统计,从今年7月份到明年2月份,新三板每个月限售股解禁金额能达到400亿~500亿元。   一家提供新三板垫资开户的机构销售人员向第一财经记者透露,“下半年到明年,新三板基金产品退出和股东抛售压力很大,需要用市值管理帮助他们退出,把市值做上去,然后拉投资者进来接盘。”   不过,新三板市场在从去年开始的漫长下跌后也正在接近许多市场主体心目中的底部。北京洪泰君成投资管理有限公司合伙人曹水水认为,产品到期投资机构被迫退出的确会对个股产生剧烈冲击,但这同时也是其中的投资机会。就交易策略而言,核心是在市场波动中买入低估资产并及时出清。他建议跟踪产品到期的时间,关注长期下跌、暴跌的明星股,以及拟IPO的挂牌企业。   在上市公司眼中,一些新三板公司估值达到了“并购底”。据安信证券统计,今年上半年,A股上市公司也大笔买入创新层企业,上半年增持幅度达45%,半年增加了0.97亿流通股。上半年,阳光私募手中的新三板筹码也增加了4倍,到6月底共持有3.39亿创新层流通股。相关的主题文章: