The New Three Board Preferred Stock Pilot Scheme Details Will Be Released Soon After Reporting To The Securities And Futures Commission.

Following the start of the transfer of market share in the National SME share transfer system (commonly known as the new three board), the new three boards are trying to land the preferred stock. Recently, a person close to the national stock transfer system told reporters: "the details of the specific operation level of the preferred stock have been drafted and need to be reported to the SFC, which will be released soon."

The new three board pilot preferred stock will provide another financing mode for listed companies. The new three board listed enterprises, Jiangsu Provincial Railway Development Limited by Share Ltd (Jiangsu iron hair) Dong Wen Tan, told reporters: "at present, Jiangsu iron hair is looking for some M & A projects, and then will raise funds through private placement or preferred stock."

According to the reporter's understanding, Jiangsu iron hair was listed on the new third board in March 28th this year, and became the first listed company to have landed more than 200 shareholders.

The new third board is attracting the "motherboard" enterprises because of its various financing channels in the future.

According to reporters recently informed from the sources, the national stock transfer system will introduce SME private debt filing, information disclosure and other operational details, the relevant rules will be issued in the near future.

Not long ago, Yang Xiaojia, chairman of the national stock transfer system, revealed in Ningxia that the next step is to further intensify the work of the national share transfer system, gradually improve the market function, develop convertible bonds, small and medium-sized private debt, preferred stock and other financing methods, and do a good job of financing services for listed companies.

And motherboard, Medium and small plates , Gem In addition to the zero threshold advantage, the new three boards are evolving into integrated financial services platforms and are opening up diversified financing channels. Since the beginning of this year, listed company has mainly financed through stock issuance and bank credit.

In order to improve Transaction activity In August 25th this year, the new three boards launched the way of market making transfer. At the same time, the head of the national stock transfer system said that, as one of the three transfer modes of the new three boards, the national stock transfer system is studying the implementation conditions of the auction transfer mode, the determination of the bidding transfer mode and the relevant change requirements, so as to actively prepare for the implementation of the bidding transfer method.

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In October 15th, the Bank of China's preferred stock abroad successfully completed the issue pricing and became the first domestic listed company to issue preferred shares. This offshore preferred stock is the first issue under the China bank preferred stock financing project plan. It is the first other capital tool issued by domestic commercial banks in line with Basel III standard, which fills the gap of other tier one capital of domestic commercial banks.

The bank's overseas preferred shares are denominated in Renminbi, and the US dollar is settled. The final issuance scale is US $6 billion 499 million 800 thousand (about 40 billion yuan), the coupon rate is 6.75%, the subscription multiplier is 3.35 times, and the market response is enthusiastic. The offshore preferred stock is by far the largest single tier capital instrument in the world. It is also the largest single US dollar fixed income security issue in the world. It shows the good financial strength and development prospects of Chinese issuers to the global capital market.

The successful issuance of the Bank of China marks the initial achievement of the pilot work of China's preferred stock and has important milestone significance. Since the promulgation of the State Council's Guiding Opinions on the pilot scheme for preferred shares and the management of preferred stock pilot, many domestic listed companies have announced the issuance of preferred shares. The Bank of China, adhering to the concept of "taking the social responsibility and being the best bank", gives full play to its advantages and takes the lead in exploring and finishing the issue. It has accumulated valuable experience for the issuance of other capital instruments of Chinese funded institutions, and is of pioneering significance.

According to the arrangement of Bank of China's preferred overseas stock issuance, this issue is sponsored by Bank of China international financial advisor and global coordinator. It is co hosted by Bank of China, Paris Bank of France, China Merchants Securities (Hongkong), CITIC Securities International, Citibank, Credit Suisse Bank, HSBC, Morgan Stanley and Standard Chartered Bank. The offshore preferred stock is expected to be awarded the Moodie "Ba2" rating and the standard & Poor's "BB-" rating, which will be listed on the Hongkong stock exchange recently and will be traded on the OTC (OTC) platform.