Today (22nd) is the first anniversary of the SSE STAR Market. From the announcement of the opening of the stock market on June 13 last year to the listing of the first batch of companies on July 22, to today, the science and technology innovation board has been operating in the capital market for the first anniversary.
On July 22, 2019, by the Huangpu River, the sound of a gong marked a new stage in China's capital market, and the Sci-tech Innovation Board officially began trading.
What was the performance of the Sci-tech Innovation Board during the year?
On the occasion of this first anniversary, we will review the income of the Sci-tech Innovation Board in the past year and look forward to the future of the Sci-Tech Innovation Board.
Looking back at one year's income
From institutional changes to efficiency changes, the Sci-tech Innovation Board has basically operated smoothly throughout the year. Looking back on this year, what "achievements" have been delivered on the Sci-tech Innovation Board?
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The efficiency of the issuance of the science and technology innovation board under the registration system has been significantly improved
Since the establishment of the Science and Technology Innovation Board, the pilot registration system has progressed smoothly. Data show that as of July 21, 133 companies have been listed and issued, 6 companies have a market value of over 100 billion yuan, and a total market value of 2.5 trillion yuan. The review speed has also been reduced from an average of 65 days to 47 days, a record of the “scientific innovation board speed”. When SMIC, which was listed on Hong Kong stocks, returned to the Science and Technology Innovation Board, it set a record for the fastest listing in 18 days.
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Highlight the guiding role of technological innovation
Data shows that among the listed companies on the Science and Technology Innovation Board, the new generation of information technology industry accounts for 37.34%, the biological industry accounts for 23.53%, the high-end equipment manufacturing industry accounts for 16.37%, and the new materials industry accounts for 11%.
As the "reform experiment field" of the domestic capital market, the Science and Technology Innovation Board has created many "firsts" in the history of A shares in the past year.
On January 20, 2020, Ukde was listed on the Science and Technology Innovation Board and became the first A-share company with “same shares with different rights”;
On January 23, 2020, Zejing Pharmaceutical listed on the Sci-tech Innovation Board and became the first unprofitable A-share listing;
On February 27, 2020, China Resources Micro was listed on the Science and Technology Innovation Board and became the first listed A-share red chip.
At the 2020 Lujiazui Forum, Huang Hongyuan, chairman of the Shanghai Stock Exchange, summarized the progress of the Sci-tech Innovation Board in the past year from four aspects: the initial effect of supporting scientific and technological innovation, the steady implementation of the pilot registration system, and the key system innovation that has withstood market testing and market operation Generally stable.
The "engine" behind
The biggest achievement of the Sci-tech Innovation Board is
Launched the Science and Technology Innovation Board and piloted the registration system
Under the conditions of the registration system, only formal review is required. Applicants disclose all relevant materials and submit them to the securities management agency for review. Only whether the materials have fulfilled the obligation of information disclosure, that is, they meet the basic requirements for listing, and the quality of the securities Leave it to the market to test. Greatly shorten the listing cycle, improve the efficiency of listing, and reduce the cost of listing.
It is this system reform that has become the "engine" for the innovation and development of the Sci-tech Innovation Board.
The successful application of this reform in the pilot sci-tech innovation board is mainly reflected in four aspects:
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Mechanism design of the separation of supervision and audit
On the one hand, letting audits be closer to the market and faster feedback of market opinions; on the other hand, putting audits under supervision is also more conducive to the independence of supervision.
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The concept of registration system centered on information disclosure
Under this concept, the substantive judgments of the companies to be listed are greatly reduced. Companies with declining performance, even no income, or some companies with high market disputes can be successfully listed on the basis of full information disclosure and handed over to the market. Test and judge.
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Reform the functional positioning of the "experimental field"
The experimental field of reform is an important positioning of the Sci-tech Innovation Board. A series of market-based systems have been piloted on the Sci-tech Innovation Board. After the pilots are effective, they will gradually be extended to the entire market.
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Continuous system reform and innovation
On the basis of the successful pilot registration system, the Sci-tech Innovation Board continues to promote the construction and innovation of various supporting systems. Looking ahead, the system reform and innovation of the Sci-tech Innovation Board are still on the way.
Over the past year, the Science and Technology Innovation Board has used various data to prove that the reform has brought great advantages, created a precedent in China's capital market, explored a way different from the traditional audit system, and opened a new round The prelude to the capital market reform, but there are still some areas for improvement.
Opportunities and challenges of lifting the ban
On the first anniversary of the opening of the market, the Science and Technology Innovation Board ushered in a quiz. On July 22, the first 25 sci-tech innovation board companies will usher in a wave of lifting the ban. Data show that the scale of lifting of the ban in July was 215.1 billion yuan, the largest amount of lifting of the ban during the year. On July 22 alone, the scale of lifting of the ban was as high as 208.8 billion yuan, accounting for 97% of the scale of lifting the ban on the science and technology board of the whole month.
This will undoubtedly put tremendous pressure on the Sci-tech Innovation Board. Is this wave of lifting the ban an opportunity or a challenge?
challenge
The first batch of sci-tech innovation boards are relatively large in scale and account for a relatively high proportion of market capitalization. Among them, equity private equity investors accounted for more than half of them before listing, which may cause a certain amount of pressure to reduce holdings, making the sci-tech innovation board face greater liquidity Under pressure, short-term stock prices may be under pressure, but the possibility of sustained large impacts is small.
opportunity
The Sci-tech Innovation Board focuses on the best track, and most companies have both performance advantages and room for growth. At the same time, with the lifting of the ban and the expansion of the circulating chips, it will provide the opportunity for institutions to concentrate on adding the Sci-Tech Innovation Board. In the future, the Sci-tech Innovation Board will usher in a large amount of incremental institutional funds, and there is a huge potential for increased allocation of public funds to the Sci-Tech Innovation Board.
Looking forward to the future
For the science and technology innovation board that has reached one year old, there are still some areas that need to be improved: give full play to the function of the reform "experimental field"; fully learn from the advanced experience of domestic and foreign markets, and propose the reform of the basic system of the capital market. Scheme etc.
The long-term reform task requires a more pioneering and enterprising science innovation board. A senior investment banker said that for the one-year-old Sci-tech Innovation Board, what is important at the moment is not to compete with the ChiNext, but to constantly learn from the advanced experience of domestic and foreign markets, and propose improvements and improvements to the basic system of the capital market. Plan, so that the Sci-tech Innovation Board companies have always enjoyed reform dividends.
On June 18, at the 12th Lujiazui Forum, the Chairman of the China Securities Regulatory Commission, Yi Huiman, also stated that the China Securities Regulatory Commission will continue to promote the construction of the science and technology innovation board and accelerate the advancement of the innovation system.
anniversary
new beginning
Sci-tech Innovation Board will continue to ride the wind and waves
Producer丨Lu Yi
Producer丨Wu Huifeng
Planning丨Zhang Qing