(Economic Observation) What reform dividends have been released for the first anniversary of the registration system of the ChiNext?

　　China News Agency, Beijing, August 24th (Reporter Xia Bin) The 24th anniversary of the registration system for China's Growth Enterprise Market (GEM) has been celebrated.

On August 24, 2020, 18 companies sounded the bell, becoming the first batch of listed companies to enter the new era of registration on the Growth Enterprise Market.

In a blink of an eye, on August 24, 2021, 184 newly registered listed companies on the GEM will be added, accounting for about 18% of the total GEM.

　　After a year of accelerated "expansion", as of August 24, the total number of listed companies on the ChiNext has reached 1013, with a total market value of 13.26 trillion yuan, second only to the US Nasdaq market, and ranking among the world's major ChiNext market second.

　　This year, what dividends did the reform of the ChiNext registration system release?

　　First, the conditions for listing are more tolerant and there are more opportunities for high-tech enterprises.

"Since the first anniversary of the reform, it should be said that the results have been remarkable. The overall scale of the capital market has continued to increase, effectively serving the real economy, and more importantly, encouraging innovation. Through reforms, a group of high-tech enterprises,'specialized, special and new' enterprises will be listed in a timely manner. , Received financial support." Tian Lihui, Dean of the Institute of Financial Development of Nankai University, told a reporter from China News Agency.

　　It can be learned from public information that the newly registered listed companies are dominated by high-end manufacturing and service industries such as computer, communications and other electronic equipment manufacturing industries.

　　According to data from the Shenzhen Stock Exchange, as of August 20, among the 182 newly registered companies on the Growth Enterprise Market, 157 are high-tech enterprises, accounting for 86%; 125 companies’ main technologies and products are international or domestic Leading; 66 companies are carrying out research on the relevant frontiers of the industry; 28 are "specialized, special new" small giant enterprises.

　　Yang Delong, chief economist of Qianhai Open Source, believes that the GEM registration system can better support new economy enterprises, which have high technological innovation attributes, have a large number of core patented technologies, and are engaged in frontier research, which is in line with the national economy. The direction of transformation requires more tolerant listing conditions to provide financing opportunities for growth companies.

　　In fact, the reform of the ChiNext registration system has promoted the optimization of listing conditions, making the listing standards more inclusive and diversified, comprehensively considering indicators such as estimated market value, revenue, and net profit, and supporting different growth stages and different types of innovative and entrepreneurial enterprises to list on the ChiNext , To help companies make full use of the capital market to become bigger and stronger.

　　Second, the financing methods are more abundant, and the system is improving continuously.

If the registration system is one of the main lines in this round of reform of the GEM, then refinancing, information disclosure, and delisting are important contents.

　　Tian Lihui pointed out that the reform of the ChiNext registration system has given great support to science and technology companies in terms of financing, mergers and acquisitions and restructuring. It should be noted that financing is not only equity financing at the time of listing, but also convenience and efficiency after listing. Refinancing mechanism.

　　The reform of the GEM refinancing registration system optimizes the institutional arrangements in terms of issuance conditions, small fast financing limits, and the validity period of approvals, and reduces the review and registration period, improves financing efficiency, greatly increases market activity, and effectively promotes the increase in the proportion of direct financing.

　　According to statistics, since the implementation of the registration system, as of August 20, the Shenzhen Stock Exchange has accepted 362 applications for refinancing from GEM companies, and 248 refinancing applications have been registered and effective, and 238.4 billion yuan of funds are proposed to be raised, of which 170 have implemented Completed, the actual financing was 163.888 billion yuan.

　　Yang Delong said bluntly that since the implementation of the registration system reform, the scale of refinancing of companies listed on the ChiNext has increased significantly, allowing companies to have more sufficient capital liquidity, and it can also help some long-term growth under the impact of the epidemic and the complex and changeable external situation. Companies with strong motivation and short-term funding problems get out of trouble.

　　The third is to strengthen scientific and technological innovation and improve core competitiveness.

If China's economy wants to achieve high-quality development, it must consolidate the growth momentum driven by innovation. This is inseparable from the technological advantages of the GEM companies and the industrial system jointly created.

　　The continuous high R&D investment has enabled the enterprises registered on the ChiNext Board to have stable profitability.

According to data from the GEM-registered enterprises last year's annual report and this year's quarterly report, as of August 20, the R&D investment of 182 companies accounted for an average of 4.44% and 6% of total operating income, which was significantly higher than the average level of A shares.

In the first quarter of this year, the 182 companies achieved total operating income of 112.177 billion yuan, a year-on-year increase of 45.69%, and realized net profit attributable to the parent of 9.433 billion yuan, a year-on-year increase of 102.4%.

　　Tian Lihui pointed out that a number of companies with a market value of over 100 billion have emerged in a sector such as the Growth Enterprise Market for small and medium-sized enterprises. Among them, there are many industry leaders such as CATL and Mindray Medical. Development has made a huge contribution.

　　Undoubtedly, under the reform of the ChiNext registration system, technological innovation and the capital market are deeply integrated, and a steady stream of financial “live water” will flood into the innovation highlands. This will promote ChiNext companies to improve their independent innovation and R&D capabilities and achieve core technology breakthroughs. Relying on the ultra-large-scale market and a complete industrial system, it has become a "new engine" for improving core competitiveness. (over)