Fintech giants rushing to beach the science and technology board experts said "it is a wise choice"
Our reporter Zhu Baochen
With the continuous release of a series of institutional dividends, the current technology-based enterprises are ushering in the policy window period for landing in the capital market. Recently, companies including JD Digital Technology and Ant Group have made plans to invest in the sci-tech innovation board. From the perspective of the industry, this shows that after more than a year of practice, the Science and Technology Innovation Board has been continuously enhancing its agglomeration leading effect in supporting the development and growth of technologically innovative enterprises.
Information published by the Beijing Securities Regulatory Bureau shows that Guotai Junan, CITIC Securities, Minmetals Securities and Huajing Securities have signed stock issuance and listing guidance agreements with JD Digital, and JD Digital plans to be listed on the Science and Technology Innovation Board; Alipay’s parent company Ant Group announced that, Launched the plan to seek simultaneous issuance and listing on the Shanghai Stock Exchange Science and Technology Innovation Board and the Main Board of The Stock Exchange of Hong Kong Limited.
In the view of Han Gan, professor at the Wang Yanan Institute of Economics and School of Economics at Xiamen University, science and technology financial companies choose to list on the Sci-tech Innovation Board. On the one hand, they have benefited from the series of basic institutional reforms in the domestic capital market that used the Sci-Tech Innovation Board as a test ground in recent years. The investment and financing environment has been further optimized and improved. On the other hand, it is related to changes in the international IPO market environment.
"Fintech giants are planning to be listed on the Sci-tech Innovation Board. It is a wise choice." Han Gan told the Securities Daily reporter. This not only shows the confidence of these companies in China's capital market and economic development, and highlights the market on the Sci-tech Innovation Board. Attractiveness and international competitiveness also prove that China's capital market is fully capable of serving the domestic economic cycle. "It is expected that more outstanding financial technology companies will be listed on the Sci-tech Innovation Board in the future."
"The science and technology innovation board has increased the tolerance for companies to go public." Hu Xiaohui, general manager of the Wenzhou business department of the Federal Reserve Securities, said in an interview with a reporter from the Securities Daily. In recent years, the China Securities Regulatory Commission has actively promoted a series of institutional reforms, such as the delisting system. The firm implementation of the company has purified the market environment; comprehensively promoted strong supervision and "zero tolerance" for various illegal behaviors in the capital market, attracting long-term funds for the market. At the same time, the endurance of the market has been strengthened. Large technology stocks are no longer "talking about IPO discoloration" as they did in the past, but are welcomed with a positive attitude.
The science and technology innovation board has been in operation for more than a year. Through the reform of key systems, the driving effect of promoting scientific and technological innovation and development has been continuously enhanced. Market inclusiveness, industry clustering, and brand demonstration have been fully demonstrated, which is beneficial to all high-quality high-tech enterprises that represent advanced productivity. Great capacity and friendly passage.
In fact, it is not surprising that financial technology companies have invested in the embrace of the Sci-tech Innovation Board. In March of this year, the Shanghai Stock Exchange issued the "Interim Provisions on the Application and Recommendation of the Issuance and Listing of Companies on the Sci-tech Innovation Board of the Shanghai Stock Exchange". The relevant person in charge of the Shanghai Stock Exchange said in response to a reporter's question that the "Interim Provisions" first detailed the industries that the Sci-tech Innovation Board will serve The scope of the field covers new-generation information technology, high-end equipment, new materials, new energy, energy saving and environmental protection, biomedicine and other high-tech enterprises and strategic emerging industries; other enterprises in the field of in-depth application of technological innovation that meet the positioning of the science and technology innovation board, such as finance Science and technology, technology services, etc., also belong to the service scope of the Sci-tech Innovation Board.
This means that domestic financial technology companies have policy support for listing on the Science and Technology Innovation Board. The industry generally believes that if JD Digital and Ant Group are successfully listed on the Science and Technology Innovation Board, they will become iconic cases.
So, when JD Digital and Ant Group successively announced their plans to be listed on the Sci-tech Innovation Board, will it trigger a wave of financial technology companies listing on the Sci-Tech Innovation Board?
In this regard, Hu Xiaohui believes that from the perspective of financial technology companies themselves, the essential attribute is finance, and at the same time they cannot do without the support of technology. For example, Alipay, a subsidiary of Ant Group, has the world's highest peak turnover during Double Eleven every year without any delays, precisely because of its unremitting investment in the "cloud".
"Therefore, fintech companies accurately understand that finance is supported by high-tech, and both are indispensable." Hu Xiaohui said.
Han Gan believes that the de-financialization of fintech companies and the strengthening of their "technological" characteristics may be to cater to the needs of capital market investors in the short term, but in the long run, they will also further expand their business scope and fully tap their development potential. need.
"From a regulatory perspective, the transformation of financial technology companies into technology-based companies may bring new challenges to existing regulatory technology and regulatory systems. Therefore, it should be distinguished whether the company is really transforming or using technology to dilute or even cover up financial business. "Han Gan said. (Securities Daily)