China News Service, Shanghai, July 22, title: Economic Observation | The third anniversary of the opening of the Science and Technology Innovation Board: "Two-way empowerment" of capital science and technology innovation to create China's "innovation business card"
Author Gao Zhimiao
On July 22, 2019, the first batch of 25 companies listed on the Science and Technology Innovation Board opened at the Shanghai Stock Exchange Hall by the Huangpu River.
Today, three years later, there are 437 companies listed on the Science and Technology Innovation Board, with a total market value of over 5.5 trillion yuan (RMB, the same below).
From nothing, from having to many, the Science and Technology Innovation Board gathers innovative companies, and capital science and technology "two-way empowerment" work together to create China's "innovation business card".
The reform of the "experimental field" has achieved remarkable results
How effective is the establishment of the Science and Technology Innovation Board and the pilot registration system in the past three years?
Rui Meng, a professor of finance and accounting at China Europe International Business School, told a reporter from Chinanews.com that the Sci-tech Innovation Board's strategy of "facing the world's technological frontiers, the main economic battlefield, and the country's major needs" has been well implemented in the three years since its opening. Positioning, highlighting the essential characteristics of the capital market serving the development of the real economy.
According to Fu Ziheng, general manager of Huaxin Securities Private Fund Research Center, the pilot registration system has promoted the improvement of the information disclosure system of listed companies, promoted the self-awareness and self-discipline of listed companies and investors, and straightened out the market supervision system and relationship.
"Specifically on the Science and Technology Innovation Board, it has exerted the registration-based function and assumed the support and guidance function of national strategic emerging industries. From the experiments in the past three years, it has achieved remarkable results. A group of unicorn enterprises, a large number of unicorn enterprises, and a large number of scientific and technological content, have a positive impact on social innovation and development. Enterprises with great strategic value and potential are supported by capital and are growing vigorously." Fu Ziheng said.
Yang Delong, chief economist of Qianhai Kaiyuan, also said, "The Sci-tech Innovation Board has been running smoothly for three years since its opening, and has made useful attempts in new stock issuance and trading systems, which has strongly supported the development of technological innovation enterprises. At the same time, through the registration system The pilot reform has accumulated a lot of experience, providing valuable experience for my country to build a multi-level capital market."
The Science and Technology Innovation Board is an important part of the comprehensive registration system reform.
Rui Meng believes that by further optimizing the listing process and improving the efficiency of issuance, allowing unprofitable companies, red-chip companies, and companies with different rights with the same share to list on the Science and Technology Innovation Board under the corresponding conditions, making up for the shortcomings of China's capital market in supporting scientific and technological innovation. , to provide efficient and convenient channels for the financing of scientific and technological innovation enterprises.
On July 22, 2019, the first batch of 25 companies listed on the Science and Technology Innovation Board opened the market. Photo by Zhang Hengwei
"Hard words take the lead" to create a "science and technology business card"
"Hard technology" is the key word of the Science and Technology Innovation Board.
The data shows that in 2021, the total amount of R&D investment by companies on the Science and Technology Innovation Board will reach 88.351 billion yuan, a year-on-year increase of 31%, and the ratio of R&D investment to operating income will be 13% on average; a total of more than 7,800 new invention patents will be added. 108 patents.
According to Rui Meng's analysis, compared with the GEM and the main board, the overall patent level of the companies on the Sci-tech Innovation Board is significantly higher than that of the companies on the main board and the GEM.
From the perspective of the proportion of R&D investment, the average R&D investment of companies on the Science and Technology Innovation Board is 10.3%, twice that of companies on the Growth Enterprise Market and five times that of companies on the Main Board.
These data reflect the important role played by the Science and Technology Innovation Board in building the Shanghai Science and Technology Innovation Center and even Science and Technology China.
Yang Delong also said that the Science and Technology Innovation Board has become the first choice for hard-core technology companies to go public. Listing brings valuable capital to the company, and at the same time, it obtains more social resources and expands corporate influence. Technological innovation in China is of great benefit.
From the first year in line with expectations to the second year when the agglomeration demonstration effect appears, the Sci-Tech Innovation Board and the pilot registration-based reform are also expected to be further extended to other sectors of the Chinese capital market.
In Fu Ziheng's view, the Science and Technology Innovation Board has become an important pole of China's multi-level capital market.
"Scientific and technological innovation is the soul of a country's continuous progress, and it is also the first driving force for the rapid growth of enterprises. The development of the Science and Technology Innovation Board itself, providing investors with better investment targets is a contribution to the high-quality development of the capital market. The registration system and Reforms such as the trading mechanism can gradually expand to other sectors and markets, and promote the improvement of the basic market system.”
"Institutional innovation" explores "sustainability"
On July 15, as the STAR Market is about to celebrate its third anniversary, the Shanghai Stock Exchange made more detailed trading and regulatory arrangements for the market-making business on the STAR Market.
The relevant person in charge of the Shanghai Stock Exchange said that the launch of the market maker mechanism on the STAR Market is an important measure to continuously improve the basic system of the capital market and further play the role of the “experimental field” for the reform of the STAR Market. The introduction of the market maker mechanism will help further improve the STAR Market. Stock liquidity, enhancing market resilience.
Rui Meng also said that the introduction of the market maker system will bring better liquidity and transaction efficiency, as well as better value discovery.
"In the market maker system, investors directly trade with market makers, which greatly shortens the transaction time and improves the overall liquidity of the market. At the same time, market makers must quote the buying and selling prices in advance, and investors place orders after seeing the quotes. , the stock price is relatively more explicit and transparent.”
In Rui Meng's view, achieving carbon peaking and carbon neutrality is China's major national strategy, which is complementary to the strategy of rejuvenating the country through science and technology behind the Science and Technology Innovation Board.
On the one hand, "dual-carbon" technology companies can be encouraged to land on the Sci-Tech Innovation Board. On the other hand, hard-core technology cannot be divorced from social responsibility. Consider taking the lead in piloting a corporate social responsibility information disclosure system on the Sci-Tech Innovation Board.
"Investors on the Science and Technology Innovation Board have a relatively high degree of risk acceptance, and can consider gradually opening up trading systems such as T+0 and no limit on price rises and falls. A more flexible and comprehensive multi-level capital market contributes to the construction." Rui Meng added.
Institutional innovation is continuous. Fu Ziheng believes that the future reform of the Sci-Tech Innovation Board can help high-quality and potential technology companies stand out better, and failed companies exit in an orderly manner under the premise of more timely and orderly and less impact; continue to improve the second level market trading system to make it develop in a fairer and more efficient direction.
Yang Delong also said that the registration system has achieved relatively good results. In the future, the delisting system should be more perfected to achieve survival of the fittest, allowing good companies to stay in the market and poor companies to withdraw from the market. Group great companies and become "China's Nasdaq".
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