GEM Registration System: Bringing New Opportunities for Technological Enterprises
Our reporter Fu Lili Cao Xiuying
Following the registration system of the Science and Technology Board, the capital market ushered in the reform of the GEM registration system.
On the evening of April 27th, according to CCTV News Network, the thirteenth meeting of the Central Committee for Comprehensive Deepening Reform reviewed and approved the "Overall Implementation Plan for GEM Reform and Pilot Registration System". Because it is related to everyone's money bag, many people are concerned. How is it different from the Science and Technology Innovation Board and what impact will it have on China's technology-based enterprises?
The GEM registration system is just in time
On the 27th, General Secretary Xi Jinping presided over the 13th meeting of the Central Comprehensive Deepening Reform Committee and pointed out that advancing the reform of the GEM and the pilot registration system are important arrangements for deepening the reform of the capital market, improving the basic system of the capital market, and enhancing the function of the capital market. It is necessary to promote basic system reforms such as issuance, listing, information disclosure, trading, and delisting, adhere to the dislocation development of GEM and other sectors, find out their respective positions, develop their own characteristics, and promote the formation of moderately complementary and complementary competitive patterns. .
In this regard, the industry has responded strongly. "This year is a great year for deepening the reform of the capital market. With the opening of the Science and Technology Board last year, China's capital market has gained some experience in the registration system. The current domestic economy is gradually recovering, the A-share market is operating steadily, and liquidity Ample, the registration system reform is expected to be stable, it should be said that the launch of the GEM registration system is the right time. "Said Dr. Guoguo Mu, Deputy Director of the Central Plains Securities Research Institute.
Mu Guohong believes that from the perspective of the performance of the science and technology board registration system, the registration system will not cause significant interference to the market, and by increasing the punishment for false information disclosure, the restrictions on the rise and fall, corporate profit requirements and special shareholding structure are relaxed Corporate financing regulations, etc., can screen high-quality companies more efficiently, cover a longer corporate development life cycle, improve the convenience of companies using direct financing tools such as IPO and refinancing, and achieve deep integration of finance and the real economy; the registration system is also One of the basic system designs of the international mature market, the implementation of the registration system is conducive to improving the effectiveness of the A share price and its own maturity and development.
According to Pan Xiangdong, chief economist of New Age Securities, the GEM registration system is not simply to cancel the approval system, but to establish and improve supporting systems to support the virtuous cycle of the entire ecosystem of registration systems and the construction of multi-level capital markets, especially The GEM registration system and the innovation layer system of the New Third Board will significantly increase the impact of direct financing on SMEs under the epidemic.
The system design has different types of service enterprises
How is the GEM registration system different from the Science and Technology Innovation Board? This is a question that many people are puzzled about.
"The Science and Technology Board and the Growth Enterprise Board are both competitive and complement the development of dislocation. For the registration system, the Growth Enterprise Board takes over the Science and Technology Board instead of simple competition." Pan Xiangdong said that the Science and Technology Board is aimed at strategic In emerging industries, many companies may not yet be profitable or have weak profits, and there may be overlaps in innovation between ChiNext and Science and Technology Innovation Board, but ChiNext is more targeted at relevant low-value innovation companies, so the two can learn from each other and learn from each other. To complement and develop together.
In this regard, Hong Yuan, the investment director of Guangzhou Cultural Tourism Venture Capital Fund, said that there are specific differences in the institutional design of GEM and Science and Technology Innovation Board. If the threshold for listing is different, GEM is more concerned about technology companies with a market value of less than 1 billion yuan; The listing standards are different. Under the registration system, the GEM will refer to the Science and Technology Board in issuing listing standards. On the basis of the original two sets of standards, the requirements for loss are directly eliminated and the requirements for profit are reduced; the types of enterprises served are different, entrepreneurship The Board's direct financing support for enterprises with high growth, high technology content, new technologies, new formats, and new models makes up for the lack of some intermediate levels of the Science and Technology Board; GEM does not force sponsors to follow up on investment.
In addition, the Shenzhen Stock Exchange has longer and richer experience in listing and financing services for small and medium-sized technology companies. For the Shanghai and Shenzhen stock exchanges, the GEM registration system reform is a good balancing factor.
Mu Guohong also believes that there is a clear distinction between the functional positioning of the two sectors. The Science and Technology Board is positioned as a "hard technology" enterprise, while the GEM will focus on a wider range of growth companies with different types of core competitiveness. The two sectors will complement each other and highlight their characteristics, which will help promote the overall development of China's economy. .
Relieve the phenomenon of "barrier lake" in the queue for enterprises to go public
"After the Shenzhen Stock Exchange's GEM implementation of the registration system, it is an additional path for technology-based enterprises and emerging industries." Hong Yuan said that because of the implementation of the registration system reform, for the science and technology attribute enterprises, the application threshold has a certain degree The relaxation will help enterprises to quickly complete financing and mergers and acquisitions and reorganization through the dividend of the registration system reform; on the other hand, the registration system emphasizes the connotation of technological innovation of enterprises, allowing enterprises to concentrate on the development of technological productivity, and no longer suffers from the original financial red line Excessive constraints on indicators.
Wei Shijie, a researcher at the China Academy of Science and Technology Development Strategy, believes that the biggest benefit of the GEM's implementation of registration reform for technology companies is to shorten the time to market. He previously pointed out in a report on the reform of the capital market registration system that the series of innovative measures introduced by the capital market in recent years have alleviated the "barrier lake" phenomenon of queuing of enterprises to a certain extent. Within a year, but compared with the registration system of the Science and Technology Board and the overseas market, it is still longer. The long queue time for listing has led to the loss of many emerging high-quality companies, further reducing the vitality of China's capital market and forming a vicious circle.
"The more important significance of the implementation of the registration system is that shortening the time to market is conducive to the exit of venture capital equity investment, so that the flow of funds can accelerate the cycle." Wei Shijie said.
Pan Xiangdong said that the GEM market has made up for the lack of an intermediate level in the capital market system, and has broadened the growth channels of high-growth, high-tech, high-tech, new formats, and new models, especially small and medium-sized enterprises.
But he also bluntly said that the reform of the GEM is still facing some new challenges, and it is recommended to reform through the registration system and supporting systems: first, to continuously enhance the independent innovation capabilities of the science and technology board enterprises; The impact of exit risks on the market and improve the ability of listed companies on the GEM to respond to capital market risks; third, continue to pay attention to the subsequent independent innovation capabilities and core competitiveness of listed companies.
(Technology Daily Beijing, April 28th)