Our reporter Bao Xing'an
On November 21, Yi Huiman, chairman of the China Securities Regulatory Commission, stated at the 2022 Financial Street Forum Annual Meeting that we have always adhered to the "two unwavering" principles and supported the development and growth of economies of all types of ownership using the capital market.
"The number of private listed companies accounts for more than two-thirds, and private companies account for more than 80% of newly listed companies in recent years."
The report of the 20th National Congress of the Communist Party of China proposed to optimize the development environment of private enterprises, protect the property rights of private enterprises and the rights and interests of entrepreneurs in accordance with the law, and promote the development and growth of the private economy.
Improve the modern enterprise system with Chinese characteristics, promote the spirit of entrepreneurship, and accelerate the construction of a world-class enterprise.
According to Wind data, as of November 22, private listed companies have raised a total of 2.15 trillion yuan in IPO financing, and a total of 4.42 trillion yuan in refinancing.
The capital market has achieved remarkable results in serving the private economy.
Assist private listed companies in financing
For a long time, the capital market has been deeply implementing the "two unwavering" guidelines, taking multiple measures to meet the diversified financing needs of private enterprises through various tools, promoting private listed companies to become better and stronger, and providing strong support for the healthy development of the private economy.
Wind data shows that as of November 22, the number of A-share listed companies reached 5,000, with a total of 4.74 trillion yuan in IPO financing and a total of 12.65 trillion yuan in refinancing.
Among them, the number of private listed companies reached 3,168, with a cumulative IPO financing of 2.15 trillion yuan, accounting for 45.36%, and a cumulative refinancing of 4.42 trillion yuan, accounting for 34.94%.
Shenzhen Inovance Technology Co., Ltd. (hereinafter referred to as "Inovance Technology"), which was listed on the Growth Enterprise Market in 2010, is a private enterprise benefiting from the capital market. From 2010 to 2021, the company's operating income and net profit attributable to the parent company have increased by more than 58 times, 33 times.
Song Junen, vice president of the company and secretary of the board of directors, told the "Securities Daily" reporter that the company's IPO raised a net fund of 1.858 billion yuan, which provided strong financial support for the company's business extension and production capacity expansion; since its listing, the company has implemented a total of one Asset restructuring, a refinancing, and a dozen technology or product mergers and acquisitions.
Use various financing methods in the capital market to support the company to become bigger and stronger.
"The company also implemented six equity incentives and one long-term performance incentive fund, which played a vital role in retaining core personnel and recruiting outstanding talents." Song Junen said.
Dong Zhongyun, chief economist of AVIC Securities, told the reporter of Securities Daily that in recent years, the regulatory authorities have introduced a series of policies to reform the basic system, expand the proportion of direct financing, and support the financing of private enterprises, such as optimizing IPO issuance and listing, re-investment, etc. financing conditions, etc.
Among them, the diversified and inclusive listing conditions of the Science and Technology Innovation Board and the Growth Enterprise Market under the registration system have adapted to the differentiated financing needs of different types of enterprises at different development stages, and effectively alleviated the difficulty and high cost of financing for small and medium-sized private enterprises.
As of November 22, there were a total of 1,014 listed companies under the registration system, with a cumulative IPO financing amount of 1.15 trillion yuan.
Among them, there are 952 private enterprises, accounting for 93.89% of the total, and the cumulative IPO financing amount is 803.174 billion yuan, accounting for 70%.
Chen Li, chief economist of Chuancai Securities, told a reporter from the Securities Daily that since the pilot registration system, the market has become more inclusive, and the financing channels of private enterprises have been broadened, helping private enterprises improve their competitiveness through R&D investment.
At the same time, in recent years, the exchange bond market, as an important channel to serve the real economy, has enhanced the quality and efficiency of serving the development of the private economy.
According to data from the Shanghai Stock Exchange, since 2015, private enterprises have issued a total of 1.3 trillion yuan of bonds in the Shanghai Stock Exchange market.
As of the end of September this year, the stock of private enterprise bonds on the Shanghai Stock Exchange was 322.6 billion yuan; according to data from the Shenzhen Stock Exchange, as of the end of September, the bond market on the Shenzhen Stock Exchange had supported private enterprises in financing of about 2.7 trillion yuan, and the stock of private enterprise bonds (including ABS) accounted for about 27%. %.
Private listed companies focus on manufacturing
From the perspective of industrial structure, private enterprises are concentrated in the manufacturing industry.
According to Wind data, as of November 22, there were 3,289 listed manufacturing companies, of which 2,314 were private manufacturing companies, accounting for 70.36%.
Private enterprises have made full use of direct financing tools to continuously deepen technological innovation and industrial upgrading. The cumulative IPO financing of private enterprises in the manufacturing industry has reached 1.63 trillion yuan, and the refinancing amount has reached 2.7 trillion yuan.
In addition, as of November 22, 1,025 strategic emerging industry companies have gathered among the 5,000 listed companies, of which 860 are private enterprises, accounting for 83.9%, with a cumulative IPO financing of 2.64 trillion yuan.
Shanghai United Imaging Medical Technology Co., Ltd. was listed on the Science and Technology Innovation Board on August 22 this year, and its market value once exceeded 170 billion yuan.
"The science and technology innovation board has played a demonstration and leading role in promoting the integration of capital and technology." Gao Jing, secretary of the company's party committee, told the "Securities Daily" reporter that with the continuous optimization of the development environment of private enterprises, it is expected to further release the company's development vitality and enhance development kinetic energy.
The abundance of financing channels has reduced the constraints on the company's development caused by the shortage of funds, and will further support the scale and globalization of the company's future development.
Gao Jing said that the high-end medical equipment industry has the remarkable characteristics of long research and development cycle and large capital investment.
From 2019 to 2021, the company's cumulative R&D investment reached 2.589 billion yuan, accounting for 16.19% of the cumulative operating income; the total investment in the first three quarters of 2022 reached 1.005 billion yuan, a year-on-year increase of 27.47%.
At the same time, Gao Jing also said that as a public company, the company is expected to further stimulate the vitality of innovation and development through market-oriented mechanisms, accelerate the formation of innovative capital, promote high-level circulation of technology, capital and industry, and lead high-quality development with intelligent manufacturing.
"The capital market plays a key role in promoting the high-level circulation of technology, capital and the real economy. Private enterprises in strategic emerging industries have high R&D costs in the early stage and have strong financing needs. They need capital market financing to ease financial pressure and increase technological Investment to promote industrial transformation." Dong Zhongyun said.
Continue to optimize the development environment of private enterprises
In recent years, my country's multi-level capital market system has effectively promoted the formation of social capital and the development of the real economy.
Gao Jing believes that private enterprises should seize the development opportunities of the multi-level capital market, take advantage of capital market resource allocation and other advantages, promote enterprise transformation and upgrading, and accelerate innovation-driven development.
Dong Zhongyun said that private enterprises are an important part of my country's economy. The key problems restricting the development and growth of private enterprises are difficult and expensive financing. The capital market can solve the financing problems of private enterprises from two aspects and strengthen the private economy.
First, give play to the role of the multi-level capital market, increase market inclusiveness, and facilitate financing for private enterprises of different development stages and sizes.
Optimize the transfer mechanism among various markets, unblock the listing channels of private enterprises, and support the high-quality development of private enterprises; secondly, improve the bond financing support mechanism for private enterprises, promote bond product innovation, enrich bond financing tools, and support private enterprises to issue bonds for financing.
Song Junen said that at present, large-scale high-quality private enterprises have no obstacles in financing and other aspects, but it is difficult for small, medium and micro private enterprises.
It is recommended to formulate targeted special policies for these enterprises and ensure that they are implemented in place.
It is necessary to change the thinking of "management" into the thinking of "service".
"Optimizing the development environment of private enterprises will greatly enhance the confidence of private entrepreneurs and stimulate entrepreneurial spirit." Song Junen further said that with confidence, entrepreneurs will increase investment in research and development, markets and supply chains, and carry out technological and product innovations. Implement digital upgrades and contribute to the high-quality development of China's manufacturing industry.
(Securities Daily)