On July 22, the Sci-tech Innovation Board celebrated its two birthday.
There are 313 listed companies with a total market value of 4.95 trillion yuan. The initial public offering has raised more than 380 billion yuan, with an average daily turnover of more than 20 billion yuan, and the average number of participants in daily transactions exceeds 200,000... Since its establishment two years ago, the science and technology innovation board has been operating smoothly , Trading was active, and a beautiful "transcript" was handed in.
"Hard technology" highlights
The proportion of R&D investment continues to increase, innovation results emerge, and industries continue to gather
"The Sci-tech Innovation Board has built a bridge for us to the capital market." According to Xu Peng, secretary of the board of directors of No.9, inclusiveness is an important feature of the Sci-Tech Innovation Board.
Red-chip companies, unprofitable at the time of listing, dual-shareholding structure... The original thresholds for listing have been crossed one by one.
In October 2020, as an innovative enterprise in the field of intelligent short transportation and service robots, No.9 Company successfully landed on the Science and Technology Innovation Board and realized a turnaround in that year.
"With more financial support and a better business environment, we will be able to engage in technological innovation and manage operations more without distraction." Xu Peng said that the company's R&D investment in 2020 will increase by 45.76% year-on-year.
Not only the No.9 company, the Science and Technology Innovation Board provides better opportunities for more and more companies to innovate and develop, and the quality of "hard technology" is becoming more and more prominent.
——Improve the “threshold”, and the Sci-tech Innovation Board will open its arms to more “hard technology” companies.
Following the growth path and development laws of science and technology enterprises, the Science and Technology Innovation Board has constructed a more scientific and reasonable listing indicator system: introducing the “market value” indicator, combining it with financial indicators such as revenue, cash flow, net profit, and R&D investment, and setting 5 sets of differentiated listing indicators, allowing unrecovered losses and unprofitable companies to go public, no longer restricting the proportion of intangible assets, and allowing companies with special governance structures such as voting rights difference arrangements to go public... As of now, there are 23 companies Unprofitable, same shares with different rights, red chip companies are listed on the Science and Technology Innovation Board.
——Have a good “entry”, and the science and technology innovation board will allow companies with real hard power to stand out.
Lowering the entry barrier does not mean lowering the audit requirements. Based on the common information disclosure requirements, the supervisory department focuses on the characteristics of science and technology enterprises, strengthens the information disclosure of industry information, core technologies, and business risks, and increases audit inquiries Intensity.
At the same time, the sci-tech innovation attribute evaluation system has been continuously refined and refined. In April this year, the China Securities Regulatory Commission revised and published the "Science Innovation Attribute Evaluation Guidelines (Trial)", and the Shanghai Stock Exchange revised and issued the "Interim Provisions on the Application and Recommendation of the Issuance and Listing of Enterprises on the Sci-tech Innovation Board."
Since the launch of the Science and Technology Innovation Board, the China Securities Regulatory Commission and the Shanghai Stock Exchange have worked hard to maintain the bottom line of risk, and the audit elimination rate has remained between 15% and 20%.
——Release “dividends” to allow more resources to be concentrated on technological innovation.
As of June 30 this year, the initial public offering of 301 sci-tech innovation board stocks accounted for 43% of the A shares in the same period, an average increase of 184.55% from the issue price.
"This platform has stimulated the whole society's enthusiasm for investment in technological innovation! The more you invest in'hard technology' and true innovation, the more healthy and good returns you can get." Qiming Venture Capital founding managing partner Kwong Ziping said that the science and technology board is both A reliable financing channel for technology entrepreneurs is also a predictable exit from the market for technology investors, and investors are increasingly motivated to find high-quality technology and innovation investment targets.
After landing on the Science and Technology Innovation Board, many listed companies have broken through the funding bottleneck of technological innovation, and their overall R&D investment has been continuously increased and maintained at a high level.
In 2020, the R&D investment of sci-tech innovation board companies accounted for an average of 12.03% of operating income. In the first quarter of this year, this proportion rose to 18.9%.
Thanks to the continuous and stable high R&D investment, innovation results continue to emerge.
Junshi Bio-Treplimumab has newly added indications for nasopharyngeal cancer and urothelial cancer. CRSC has completed the application of the complete set of autonomous CTCS-3 train control system equipment in the Beijing-Hong Kong high-speed rail (He'an section). Heguang Energy launched 210 large-size silicon wafers, batteries and components... In 2020, the Sci-tech Innovation Board Company will add 16,300 new intellectual property rights, including 4,500 invention patents.
What's more gratifying is that the agglomeration and brand effect of the sci-tech innovation board industry has gradually emerged.
The new generation of information technology, biomedicine, and high-end equipment manufacturing industries account for nearly 75% of the total. The industrial chain and industry layout of these "hard technology" fields are gradually becoming clear on the science and technology innovation board platform: Lanqi Technology, Shanghai Silicon Industry, etc.29 IC companies cover the entire industry chain of upstream chip design, midstream foundry and downstream packaging and testing; 32 software companies, including Kingsoft Office and Qi Anxin, are widely used in emerging digital industries such as cloud computing and big data...
"Experimental field" gains a lot
The registration system has been initially established to build consensus on reforms and enhance the sense of gain among all parties
On March 27, 2020, the Shanghai Stock Exchange submitted an application for reorganization. On June 9, it was submitted to the China Securities Regulatory Commission for registration. On June 12, the China Securities Regulatory Commission approved the registration according to legal procedures. In less than 3 months, Suzhou Huaxing Yuanchuang Technology Co., Ltd. The first major asset reorganization of a listed company on the GEM.
"This reorganization broadens the company's product matrix, which is conducive to the further improvement of the strategic layout of listed companies, and further enhances the profitability and anti-risk capabilities of listed companies through synergistic effects." Zhu Chen, secretary of the board of directors of Huaxing Yuanchuang, told reporters that the merger and reorganization implemented the registration system The pilot requirements have greatly improved the intensity and efficiency of the asset integration of science and technology companies.
The "14th Five-Year Plan" outline clearly requires the "full implementation of the registration system for stock issuance."
Full implementation, pilot projects first, and the Science and Technology Innovation Board is the "experimental field" for reforms.
In the past two years, new seedlings have grown vigorously in this "experimental field".
The registration system of "one core, two links, and three market arrangements" has been initially established. A series of institutional innovations have been steadily advanced in all aspects of issuance, listing, delisting, refinancing, mergers and acquisitions and reorganization: implementation of information disclosure as the core The issuance review system, exchange review, registration of the China Securities Regulatory Commission, and the review and registration mechanism are open, transparent and predictable; build a market-based issuance underwriting mechanism, with institutional investors leading inquiries, pricing, and allotment; build a continuous regulatory system after listing , Adjust and improve matters such as information disclosure, voting rights differences, share reduction, equity incentives, etc.; establish a more efficient merger and reorganization mechanism, which will be reviewed and approved by the Shanghai Stock Exchange and submitted to the China Securities Regulatory Commission for registration, and a decision will be made within 5 working days of acceptance; Market-oriented trading mechanism, introducing investor suitability system, appropriately relaxing the price limit, etc.; implementing a more stringent delisting system, canceling listing suspension and resuming listing procedures...
"The essence of the registration system is to give full play to the decisive role of the market in the allocation of resources, and to better play the role of the government." Lu Wendao, deputy general manager of the Shanghai Stock Exchange, believes that the reform of the registration system is a systematic reform that focuses on curing the root cause. Effectively resolve substantive contradictions and problems such as incomplete functions of the capital market, imperfect systems, and inadequate supervision, aiming to create a standardized, transparent, open, dynamic and resilient capital market.
The deepening of practice has gradually transformed the requirements and measures of reform into tangible actions and results, and the main institutional arrangements have withstood the market test.
-Reform has become a "catalyst" for innovation.
It takes more than 6 months on average from acceptance of application to completion of registration. The review cycle of the Sci-tech Innovation Board has been greatly shortened and it is close to a mature market, allowing more scientific and technological innovation companies to obtain innovation support faster.
The substantially relaxed conditions for the implementation of equity incentives have effectively mobilized the enthusiasm and creativity of scientific and technological talents. At present, 125 companies have launched equity incentive plans, accounting for about 42% of the total. Among the companies that have disclosed equity incentive plans, semiconductors, new-generation information technology, etc. The number of companies in the industry accounted for more than 40%.
-Reform has become a market "stabilizer".
The China Securities Regulatory Commission and the Shanghai Stock Exchange have maintained a high-pressure posture in continuous supervision, promptly intervened in the signs of information disclosure, stock price fluctuations, financial risks and other links, and strengthened the tracking and supervision of R&D investment, R&D progress and the use of raised funds. Science and Technology Innovation Board There are fewer abnormal stock trading behaviors.
The Science and Technology Innovation Board will also study the introduction of a market maker system to enhance market trading activity and liquidity, and reduce market fluctuation risks.
-Reform becomes an investment "accelerator".
"The non-public inquiry transfer system guides the orderly exit of venture capital, accelerates the speed of capital circulation, promotes the continuous increase of long-term investors represented by public funds, and realizes an orderly'relay' with venture capitalists." Wudaokou, Tsinghua University According to Tian Xuan, deputy dean of the School of Finance.
The data shows that the current proportion of the market value of the Sci-tech Innovation Board held by professional institutions is 41.7%.
“The establishment of the Sci-tech Innovation Board and the pilot registration system succeeded in the first battle, which strengthened the sense of acquisition by all parties in the market, consolidated consensus on reforms, and formed a better reform atmosphere." The relevant person in charge of the China Securities Regulatory Commission said that the registration system The arrangement was successfully copied to the Growth Enterprise Market and accumulated experience for the implementation of the registration system in the stock market.
Reform still has a long way to go
Adhere to the nature of science and technology, make overall plans to deepen reforms, and lay a solid foundation for the steady implementation of the registration system in the entire market
In the past two years, the Science and Technology Innovation Board has gradually accelerated the high-level circulation of technology, capital, and the real economy, and the ideological, practical, market, and rule of law foundations for the registration system reform have become more and more solid.
However, in the opinion of experts, the science and technology innovation board is still a newborn, and the reform effect is still a stage effect, and there are still some problems that need to be faced and solved.
"Further efforts should be made at both the entrance and exit." Tian Xuan believes that the issuer's primary responsibility for information disclosure should be consolidated, the "gatekeeper" responsibility of intermediary agencies should be consolidated, and the market entry control ability should be improved; at the same time, further Improve the delisting standards, optimize the delisting process, and smooth the follow-up channels for delisting through judicial protection and transfer mechanisms.
Kwong Ziping suggested: "Continue to adhere to the positioning of science and innovation attributes, and provide a more inclusive and efficient listing path for cutting-edge innovative companies that truly conform to the national strategy."
Experts believe that the full implementation of the registration system in the future is not a simple reform of the issuance system, but the reshaping of the development ecology of the capital market, and relevant institutional arrangements need to be made.
Regarding the next step, the China Securities Regulatory Commission stated that it must first maintain the stable operation of the Sci-tech Innovation Board, closely monitor the operation of the Sci-tech Innovation Board, respond to various risks in a timely manner, and provide expected guidance.
At the same time, comprehensively evaluate and improve the pilot registration system, consolidate the responsibilities of the "gatekeeper" of intermediaries, further clarify the boundaries of responsibility, improve the regulatory evaluation system, and strengthen the system construction of key links such as issuance and financing, mergers and acquisitions and reorganization, to prevent improper shareholding and violations of laws and regulations. "Create wealth" and resolutely curb the disorderly expansion of capital.
The Shanghai Stock Exchange stated that the next step will focus on adhering to the Sci-tech Innovation Board positioning, guiding market players to return to their positions and fulfill their responsibilities, actively improving measures related to the issuance of new shares, promoting the high-quality development of the Sci-Tech Innovation Board and strengthening supervision, and laying a solid foundation for the steady implementation of the registration system across the market. .