Inject new momentum into the development of the real economy

　　——The first anniversary of the implementation of the reform of the ChiNext and the pilot registration system

　　On August 24, the first anniversary of the implementation of the ChiNext reform and pilot registration system.

Over the past year, the Growth Enterprise Market has actively promoted the in-depth integration of technology and capital, fully supported technological innovation, served "specialization, special innovation", and facilitated high-quality economic development, laying a foundation for accelerating the construction of a more dynamic and resilient capital market system. , Injected new momentum into the development of the real economy.

Service innovation and development see tangible results

　　In April 2020, the Central Deep Reform Commission reviewed and approved the "General Implementation Plan for the Reform of the Growth Enterprise Market and the Pilot Registration System."

On August 24, the ChiNext reform and pilot registration system was implemented, and the first batch of 18 companies went public.

The Growth Enterprise Market has officially entered the era of registration system, opening a new era of continuous self-renewal, boosting capital market innovation, and serving real economy innovation.

Over the past year, GEM has accepted 728 initial companies covering more than 50 industries, including 184 newly listed companies, and the total number of listed companies has exceeded 1,000. With distinctive innovation attributes, rich industry types, and rapid market development, it strongly supports strategic emerging industries, The development of high-tech enterprises has injected fresh blood into the real economy.

　　The Growth Enterprise Market adopts more market-oriented and diversified issuance and listing conditions, focuses on serving growth-oriented innovative and entrepreneurial enterprises, and supports the in-depth integration of traditional industries with new technologies, new formats and new models.

Statistics show that the next-generation information technology, biomedicine, new materials, and high-end equipment industry listed companies on the ChiNext accounted for nearly 50%, and a number of high-quality companies with core technologies and innovation capabilities have emerged, and the industrial cluster effect is significant.

Newly listed companies on the Growth Enterprise Market under the registration system have raised a total of 142.1 billion yuan, with a total market value of 1.9 trillion yuan, of which over 8 have become high-tech enterprises and 28 "specialized, special-new" small and medium-sized enterprises.

2020 performance shows that over 60% of newly listed companies have achieved both growth in operating income and net profit, reflecting better growth and profitability.

　　Under the registration system, GEM companies have outstanding innovation capabilities, and leading companies in subdivisions have emerged.

Statistics show that 184 ChiNext-registered companies have about 15,000 core patented technologies, 66 companies are conducting research in related frontier fields, 57 companies’ related products or technologies belong to original innovation or integrated innovation, and 125 companies’ main technologies, The products are internationally or domestically leading.

Inject vitality into corporate development

　　The Growth Enterprise Market has established diversified listing standards, simplified issuance conditions, and further improved the inclusiveness and coverage of the sector, providing efficient and convenient financing support for various innovative enterprises.

　　Long Liang, head of the Growth Enterprise Investment Banking Department of CICC, believes that the reform of the ChiNext registration system has improved review efficiency and transparency, and has provided direct financing channels for many growing companies with new technologies, new formats and new models. Alleviate the financing difficulties of enterprises, especially small and medium-sized enterprises.

　　The data shows that the ChiNext effectively exerts its direct financing function and injects vitality into the development of enterprises.

As of August 20 this year, 1,011 companies on the Growth Enterprise Market had raised a total of 659.552 billion yuan in initial offerings, with an average of 652 million yuan in initial offerings.

At the same time, the Growth Enterprise Market provides convenient financing channels for private enterprises. As of August 20, among the companies listed on the Growth Enterprise Market under the registration system, 159 actual controllers are domestic natural persons, accounting for 87%.

The Growth Enterprise Market also leveraged its platform advantages and actively achieved industrial integration, transformation and upgrading through mergers and acquisitions and reorganization.

Since the implementation of the GEM reform and the pilot registration system, a total of 23 major asset reorganizations have been accepted and 8 have been implemented, with a total transaction volume of 4.2 billion yuan.

　　With the gradual implementation of supporting reform measures, the Growth Enterprise Market has further strengthened its role as the main platform for service innovation-driven development strategies.

The enthusiasm of PE, VC and other social capital investing in technology enterprises to support technological innovation has been effectively stimulated, smoothing the high-level circulation of technology, capital and the real economy, and promoting the construction of a vibrant innovation capital ecosystem.

Lay a solid foundation for comprehensively advancing the registration system reform

　　Over the past year, a series of institutional innovations in the reform of the ChiNext and the pilot registration system have withstood the market test. The quality and effectiveness of the reform of a series of basic systems such as issuance and underwriting, listing, trading, continuous supervision, delisting, and investor protection on the ChiNext has gradually emerged. .

　　In the review process, explore intelligent review to comprehensively improve review quality and efficiency; in the issuance process, an inquiry, pricing, and allotment mechanism with institutional investors as the main body has been initially established, and the degree of marketization has continued to increase; in the transaction process, the price limit has been relaxed Optimized the temporary suspension mechanism during the trading day, established a "price cage" mechanism, and made the market game more fully; in the continuous supervision link, the small-amount rapid refinancing mechanism was further optimized, from acceptance to registration as fast as 8 days, review efficiency and predictability Significant improvement; in the delisting process, a total of 7 ChiNext companies have been decided to terminate listing since 2020, and the survival of the fittest mechanism has been gradually improved.

　　Ma Yao, a member of the CITIC Securities Executive Committee, said that the reform of the Growth Enterprise Market and the pilot registration system reform adhere to the direction of marketization and rule of law, further consolidate the responsibilities of intermediaries, strengthen the three-dimensional accountability system and the construction of market rule of law, and further optimize the capital market ecology. To lay a solid foundation for the steady and comprehensive promotion of the registration system reform.

　　Over the past year, the investor structure of the ChiNext market has continued to improve, the proportion of institutional investors has steadily increased, the scale of foreign investors has continued to expand, and the concept of value investment has been further popularized and deepened.

The liquidity and trading activity of ChiNext has been further improved.

Since the implementation of the reform, the ChiNext Index has risen by more than 20%, and the market’s vitality and resilience has further improved, fully demonstrating the high recognition of the reform by domestic and foreign investors.

(Reporter Wen Yuan)