(Economic Observation) The key system innovation of the "test field" of the Science and Technology Board has withstood the market test

　　Sino-Singapore Online, June 18 (Gao Zhimiao, Zhang Hengwei) The 12th Lujiazui Forum (2020) was held in Shanghai on 18th. The performance of the board since its opening in the past year has also become the focus of this forum.

　　After a year of reform, what kind of answer sheet has the "test field" of the Science and Technology Innovation Board handed over? At the "Pujiang Night Talk: The First Anniversary of the Science and Technology Board" held on the evening of the 18th, Huang Hongyuan, chairman of the Shanghai Stock Exchange, said that in the past year, the Science and Technology Board has started steadily, and various reform and development work have generally met expectations.

　　Huang Hongyuan pointed out that some gratifying progress has been made in the construction of the science and technology board. The results of supporting scientific and technological innovation have initially appeared; the pilot registration system has been implemented steadily; key institutional innovations have withstood market tests.

Yin Zhiyao, Chairman of China Micro Semiconductor Equipment (Shanghai) Co., Ltd., spoke at the 12th Lujiazui Forum. Photo by Zhang Hengwei

　　It is understood that as of June 12, the Science and Technology Board has achieved the listing of 110 companies, with a total funding of 127.4 billion yuan (RMB, the same below), a total market value of 1.71 trillion yuan, an average daily transaction volume of 15.6 billion yuan, and listed stocks rose. The median decline was 111.25%, and the average balance of the two financings was 8.6 billion yuan.

　　Liu Ti, deputy general manager of the Shanghai Stock Exchange, also said that the audit of the issue and listing of the Science and Technology Board has entered the "2.0" stage, and the audit inquiry is more accurate, more efficient, more pragmatic and more coordinated, and qualified enterprises are listed on the Science and Technology Board. Will feel more bottomed.

Ji Xinhua, the chairman of Youkede Technology Co., Ltd., spoke at the 12th Lujiazui Forum. Photo by Zhang Hengwei

　　At the same time, the Science and Technology Board has made several innovative attempts in terms of investor suitability and trading systems. These mechanisms have accelerated the formation of market equilibrium prices, significantly reduced the phenomenon of large abnormal fluctuations, and improved pricing efficiency, Liu said.

　　David Schweimer, CEO of the London Stock Exchange Group, pointed out that after China has the Science and Technology Board, star companies can enter the open market earlier, obtain more and better financing, and implement expansion projects while enhancing their own resilience. . The establishment of the science and technology board has accelerated the time of the IPO of the science and technology enterprises, and can better reflect the price discovery mechanism of the market. The valuation of the science and technology enterprises pays more attention to the expected profit rather than the past profitability.

　　What has the science and technology board brought to the company in the past year? Yin Zhiyao, chairman of China Microelectronics Equipment (Shanghai) Co., Ltd., said that the Science and Technology Board will provide a new platform for science and technology companies, especially hard technology companies. "It's like a high school student going to the university entrance exam. We seem to have passed the entrance exam and passed into a new platform, opening up an infinite future for our next development."

　　Ji Xinhua, chairman of Youkede Technology Co., Ltd., said that the reform of the Science and Technology Board is steadily progressing, and each reform is based on the advance of the previous institutional arrangements. In the exemplary cases, the company and the supervision and management of the full communication and rigorous review, for Future system reforms are of reference significance.

　　What are the future development directions of Science and Technology Innovation Board? Huang Hongyuan emphasized that the next step, the exchange is prepared to study and introduce relevant measures from a long-term perspective, promote the improvement of investor structure, encourage and guide long-term investors to participate in the science and technology board, and promote market liquidity, volatility, stability and market function to match To ensure the stability of the Science and Technology Board. (Finish)