Our reporter Sun Jie

  Yesterday, with the listing of two new shares of Guobo Electronics and Longda Shares on the Science and Technology Innovation Board, the number of companies listed on the Science and Technology Innovation Board has increased to 439, with a total market value of more than 5.5 trillion yuan.

This is a dazzling report card handed over by the Science and Technology Innovation Board in the three years since the opening of the market.

After three years of hard work, the demonstration effect of the "experimental field" of the Science and Technology Innovation Board in supporting "hard technology" enterprises has been continuously enlarged, and it has become an important part of my country's multi-level capital market.

  Help more than 400 hard technology companies grow

  On July 22, 2019, the Science and Technology Innovation Board opened, and the first batch of 25 listed companies officially traded, officially opening a new chapter in the deepening reform of China's capital market.

In the past three years, the number and market value of companies on the Science and Technology Innovation Board have continued to increase.

  "Hard technology" has become the common label of these listed companies.

According to statistics, among the 437 companies listed on the Science and Technology Innovation Board as of July 21, there are 161 related companies in the four strategic emerging industries, including the new generation information technology industry, biological industry, high-end equipment manufacturing industry, and new material industry. , 89, 72, and 57, accounting for 36.84%, 20.37%, 16.48%, and 13.04%, respectively, accounting for over 86% in total.

  Data show that the total IPO fundraising amount of 437 companies listed has exceeded 630 billion yuan.

A group of hard-core science and technology innovation enterprises are speeding up the deep integration of innovation chain, industrial chain, talent chain, policy chain and capital chain by leveraging the capital market.

The research report of CICC believes that the development and growth of the Science and Technology Innovation Board will better integrate the capital market and technological innovation, highlighting the demonstration effect of financial support for technological innovation, and shaping China's technology, industry, and finance. The pattern provides strong support.

  As the main position of China's "hard technology" enterprises, the "high R&D" characteristics of the STAR Market companies are remarkable, and the indicators such as the growth rate of R&D expenditure, the proportion of R&D personnel, and the R&D investment are all higher than the overall level of the A-share market.

Data from the Shanghai Stock Exchange shows that after the companies listed on the Sci-Tech Innovation Board, their R&D efforts continued to increase, with an average R&D intensity of 13% ranking first among all A-share sectors.

  The capital market has helped the development of the real economy. The Science and Technology Innovation Board has cultivated a number of powerful companies. There are five companies with a market value of 100 billion yuan on the Science and Technology Innovation Board, and as many as 153 companies with a market value of more than 10 billion yuan.

Yin Zhiyao, chairman and general manager of China Micro Corporation, said, "In the three years since the company was listed on the Science and Technology Innovation Board, with the comprehensive advantages of listed companies, great progress has been made in product development, market expansion, industrial chain collaboration, and investment and financing."

  Registration-based "experimental fields" are more attractive

  "The market has been running smoothly in the past three years, meeting the expectations of the reform." Dong Dengxin, director of the Institute of Finance and Securities at Wuhan University of Science and Technology, believes that the three years since the launch of the Sci-tech Innovation Board are also the three years of the registration-based pilot program.

The Science and Technology Innovation Board has created an exclusive capital market platform for China's "hard technology" companies, and has repeatedly emphasized the "hard technology" threshold and R&D innovation capabilities, "This clear-cut requirement can be said to be the most distinctive in the market positioning of the Science and Technology Innovation Board. ."

  For the first time, the Sci-tech Innovation Board piloted the diversification of IPO standards in A-shares, making corporate IPOs more inclusive, meeting the direct financing needs of sci-tech innovation companies of different types and stages of development, and making their listing timetable clearer and more affordable. can be expected.

Up to now, there have been 39 unprofitable companies, 8 companies with special equity structures and 5 red-chip companies when they were listed on the Science and Technology Innovation Board.

  The establishment of the Science and Technology Innovation Board and the pilot registration system have been accompanied by the two, promoting institutional innovation in China's capital market.

The industry generally believes that in the past three years, the STAR Market has carried out a series of institutional innovations in the fields of issuance, listing, trading, corporate governance, and delisting. It is an important "experimental field" for capital market reform.

  With the implementation of the registration system and the further improvement of the regulatory system, the A-share market has attracted the influx of many high-quality science and technology companies.

It is worth mentioning that, according to a recent report by Ernst & Young, in the first half of this year, 59 companies listed on the Sci-tech Innovation Board raised 126.586 billion yuan in their IPOs, surpassing the Shanghai and Shenzhen main boards for the first time and ranking first. The proportion of all A shares is 31.09% and 37.85% respectively.

  In the future, the level of internationalization will be further improved

  In May, Guandian Defense, the "first stock transfer to the board", came to the Science and Technology Innovation Board from the Beijing Stock Exchange, marking the real interconnection of my country's multi-level capital market; in June, the fifth set of listing standards for medical device companies on the Science and Technology Innovation Board was applicable. The guidelines were released to encourage more medical device companies in the critical stage of R&D to carry out R&D and innovation of key core technology products... Explore institutional innovation, and the rhythm of the Science and Technology Innovation Board is constant.

  Just recently, the Shanghai Stock Exchange released the business rules and supporting business guidelines for market-making transactions on the Sci-Tech Innovation Board, making more specific and detailed trading and regulatory arrangements for the market-making business.

The industry believes that the introduction of the market maker system will further enhance the liquidity of STAR Market stocks and enhance market resilience.

Dong Dengxin believes that the introduction of a market maker system on the Science and Technology Innovation Board is very necessary and imminent.

Since the valuation and pricing of companies on the Sci-Tech Innovation Board is very professional, the market maker trading system is used to form an equilibrium price, which is conducive to smoothing the market share price and protecting the rights and interests of investors.

  In the three years since the opening of the market, international investors have become one of the important players in the STAR Market.

Currently, 58 of the 437 companies listed on the Sci-Tech Innovation Board have been included in the Shanghai Stock Connect. In the past two years, the number of Sci-Tech Innovation Board stocks being included in international indices such as FTSE Russell and MSCI has also continued to increase.

Looking forward to the future, CICC stated that the STAR Market is expected to increase reform and innovation in the direction of further improving the level of internationalization, encouraging long-term investors to enter the market, and guiding companies on the STAR Market to achieve high-quality development.