(Economic Observation) The first anniversary of the Science and Technology Innovation Board: "Non-stop" deep ploughing of system reform "experimental field"
China News Service, Shanghai, July 21st (Gao Zhimiao) The first unprofitable company Zejing Biotech was listed, the first red chip company China Resources Microelectronics was listed, the first same-share company with different rights was listed, and the science and technology innovation board was established. Since the pilot registration system, the Science and Technology Innovation Board has created many "firsts" in China's capital market. One year after the opening of the market, there was "unstopping", and various institutional innovations continued to be iterated, and the "experimental field" in the reform "experimental field" was "blooming".
"The Sci-tech Innovation Board is a milestone event in the Chinese capital market. It has made our market more complete. Institutional innovation is a very important feature of it. The Sci-tech Innovation Board has been continuously optimizing its systems, such as refinancing, mergers and acquisitions. Acquisitions, spin-offs, red-chip stock listings, etc. Each of the “firsts” reflects the inclusiveness and adaptability of the Science and Technology Innovation Board to science and innovation companies.” Rui Rui, Professor of Finance and Accounting, China Europe International Business School and Professor of Finance Meng told a reporter from China News Agency.
As the first non-income unprofitable company to land on the Sci-tech Innovation Board, Sheng Zelin, Chairman and General Manager of Suzhou Zejing Biopharmaceutical Co., Ltd., said bluntly that landing on the Sci-tech Innovation Board is of great significance to the company. “As an innovative biopharmaceutical company, we have caught up with the wave of national capital market reforms. Through listing and financing, many unprofitable innovative companies like Zejing Pharmaceutical have obtained funds that are in urgent need of development. The R&D and commercialization process of the company has a great role in promoting."
Fu Ziheng, general manager of Huaxin Securities Private Equity Research Center, also said in an interview with a reporter from China News Agency that the biggest innovation of the Sci-tech Innovation Board is that there is no direct requirement for the profitability of the company, and the listing conditions are more flexible. "As long as they are truly technologically content, companies that have room for growth in the future can list on the Science and Technology Innovation Board."
Zhao Dajun, executive director and deputy general manager of Shanghai Fudan Zhangjiang Biopharmaceutical Co., Ltd. also pointed out that from the perspective of technological innovation, biomedical company R&D projects require time and funds to promote, and it is impossible to achieve profitability at an early stage.
"For those unprofitable companies that have certain prospects for technological innovation, or have considerable accumulation in the field of intellectual property rights, and may produce valuable products or services in the future, the capital market should give them the opportunity to go public. The system design of allowing unprofitable companies to go public It is very meaningful and will help the development of technological innovation." Zhao Dajun said.
As the first red chip company to land on the Sci-tech Innovation Board, China Resources Microelectronics Co., Ltd. also "crossed the river by feeling the stones". Chen Nanxiang, executive vice chairman of China Resources Microelectronics Co., Ltd., told reporters that because the place of registration is overseas, there are still many challenges in the process of listing, such as jurisdiction and dividends.
"Fortunately, the Shanghai Stock Exchange and the China Securities Regulatory Commission are also taking us as a case of'eating crabs'. Many of the problems we encountered have been solved by'opening roads and bridges between mountains and water. And the efficiency is very high. This was also our starting point and original intention when we chose to go public on the Sci-tech Innovation Board." Chen Nanxiang said.
Reforms will not happen overnight, and there is a lot of room for development on the Sci-tech Innovation Board in the future. From a corporate point of view, Chen Nanxiang said: “After listing, we have obtained financing and leveraged the power of the capital market to achieve leap-forward growth of our company, which also enables us to integrate appropriate resources. Red-chip companies will become the science and technology innovation board in the future. One of the subjects of listing, the individual details are still clarifying, which will attract more high-quality red-chip technology innovation companies to log on to the Sci-tech Innovation Board and become an important part of domestic listed companies."
Lu Xianping, chairman and general manager of Shenzhen Chipset Biotechnology Co., Ltd., also said that the top-level system design of the sci-tech innovation board is very good, but the investment of institutional investors in the sci-tech innovation board enterprises is not enough. "At present, investors mainly participate in investment in the form of'innovation'. Institutional investors account for a small proportion. In the future, institutional investors need to be encouraged to participate in order to support the long-term development of the science and technology innovation board. I believe that it will develop in this direction in the future. ."
Regarding the development space of the Science and Technology Innovation Board, Rui Meng also pointed out that how to refine and implement various systems, how to match the delisting mechanism, and how to disclose information throughout are always issues to be considered. "Capital is limited. In a benign capital market, who should get financing is determined based on the degree of risk. No company can guarantee permanent development. This is a normal business logic. If a company cannot keep pace with the times, it must exit. Otherwise, bad money will drive out good money and it will be difficult to reverse."
Facing the future, Lu Xianping believes that China's development needs a new round of technology dividends. "It is hoped that enterprises can make full use of the institutional innovation brought about by the Sci-tech Innovation Board to truly realize their pursuit of core technology and original product development. Through institutional innovation, scientific and technological R&D enterprises like us will be based in China, expand globally and become industry leaders. "(Finish)