New three boards push two major dividend policy institutions to expand + differential taxation

Abstract “The core of improving the liquidity of the New Third Board is the admission of new funds. The introduction of incremental funds can reduce the threshold of investors and introduce more institutional funds. From the perspective of the current regulatory level, the introduction of public funds and other institutional funds into the market. The most likely. &...
“The core of improving the liquidity of the New Third Board is the admission of new funds. The introduction of incremental funds can reduce the threshold of investors and introduce more institutional funds. From the perspective of the current regulatory level, the introduction of public funds and other institutional funds into the market. The possibility is the biggest." Recently, a person in charge of the securities market's market-making department said in an interview with a reporter from Securities Daily.
On August 28th, the deputy general manager and spokesperson of the National Stock Transfer System Company said, “In terms of market access, QFII and RQFII participation policies will be launched soon, and public funds will enter the market.” This means new The three boards are further positioned in the direction of the institutional investor market.
Prior to this, the relevant documents of the China Securities Regulatory Commission and the statement of the national share transfer system will promote the introduction of more institutional funds, including the introduction of the public equity investment fund investment and listing securities system, support the public fund to enter the investment in the new three board enterprises; support commercial banks, Securities companies, fund companies and their subsidiaries, subsidiaries of futures companies and other institutions develop new products for investment-listed enterprises; promote the participation of QFII and RQFII funds in investing in the New Third Board; promote the inclusion of listed securities in the New Third Board into social security funds, insurance funds and enterprise annuities The scope of investment of funds.
In addition, policies that are conducive to long-term investment have already paved the way for the implementation of the "Decision of the State Council on issues related to the national share transfer system for small and medium-sized enterprises." In June 2014, the Ministry of Finance, the State Administration of Taxation, and the China Securities Regulatory Commission jointly issued a document clearly, If the stock dividend dividend of the New Third Board is implemented in a differentiated personal income tax policy with a shareholding period of less than one month (including one month), the dividend income will be fully included in the taxable income; the shareholding period is one month. For the above-mentioned one year (including one year), the temporary reduction shall be included in the taxable income at 50%; if the shareholding period exceeds one year, the temporary reduction shall be included in the taxable income at 25%. If a company has an undistributed profit of 20 million yuan on the books, if the whole part is red, the shareholders must pay 4 million yuan of taxes, and only 16 million yuan will be left. After the company is listed in the new three board market, the shareholders will pay at least 1 million. The yuan tax will save 3 million yuan in taxes. As long as the company is listed in the New Third Board market, the 20% dividend dividend tax will be solved.
The policy of differentially collecting dividends and dividends is designed to encourage investors to make long-term investments. The industry believes that as the capacity of the New Third Board market continues to expand, the level is continuously enriched, and the mechanism is continuously improved, the system that is continuously released is favorable for the long-term market of the New Third Board. Development provides continuous momentum. For investors, the NEEQ market is an opportunity to embrace early start-ups and a rare new opportunity for Nuggets. As the institutional environment of the New Third Board market continues to improve, more and more investors are starting to build new three boards.

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