The A-share semi-annual report has been disclosed--

  Capital market boosts innovation and development

  Our reporter Zhou Lin

  The 2021 semi-annual report of the A-share market has been disclosed.

From the perspective of the financial indicators of listed companies, the financing performance of the bond market, and the refinancing market, in the first half of the year, my country’s capital market not only contributed to the support of scientific and technological innovation of listed companies in the areas of new stock issuance and mergers and acquisitions, but also played a role in the optimization of resource allocation. Science and innovation listed companies improve the industrial chain and supply chain to provide a broad stage.

  A number of industry insiders interviewed by the Economic Daily said that the semi-annual report fully demonstrates that the capital market continues to increase in support of innovation, creation, and creativity. The high-quality environment also provides new solutions for alleviating the financing difficulties and expensive financing of science and innovation enterprises.

Eye-catching performance of technology companies

  As of August 31, among the 4,426 A-share listed companies that have disclosed semi-annual reports and have comparable data, 3,805 companies achieved positive year-on-year growth in operating income in the first half of the year, accounting for more than 85%; 3,252 listed companies Net profit achieved a positive year-on-year growth, accounting for more than 70% of the total.

The semi-annual report also shows that the performance of more than 300 listed companies on the Sci-tech Innovation Board in terms of net profit, operating income, earnings per share and other indicators is significantly better than that of listed companies in some traditional industries. The large year-on-year growth rate of the net profit of listed companies on the Sci-tech Innovation Board such as Changyuan Like, Haohaishengke fully reflects the obvious acceleration of the development of technology companies after listing, and also shows that the capital market is effective in supporting corporate technology innovation.

  Tian Lihui, Dean of the Financial Development Research Institute of Nankai University, said that the outstanding performance of listed companies' semi-annual reports, especially the excellent “transcripts” of listed companies related to the Sci-tech Innovation Board, shows that the capital market has achieved stage results in supporting technological innovation and development. Not only benefited from a series of reform and opening policies of the capital market itself, but also inseparable from the boosting of market demand by domestic and foreign economic recovery and the support of a series of macro policies such as "six stability and six guarantees", tax cuts and fee reductions, and cooperation with enterprises themselves. His unremitting efforts are closely related.

  In the first half of 2021, both the number of A-share IPOs and the amount of financing increased significantly over the same period last year. There were 245 new shares listed in the first half of the year, an increase of 108% over the same period last year, and the total financing amounted to 210.9 billion yuan, an increase of 51% over the same period last year.

Among them, the number of newly listed companies on the Science and Technology Innovation Board and the Growth Enterprise Market were 86 and 85 respectively, which became the new force for A-share IPO financing. A group of "four new" companies received more direct financing, which promoted production and operation to a new level. To achieve continuous leaps in its own technological innovation.

  The semi-annual report shows that in the first half of the year, the M&A and reorganization of the A-share market remained relatively active. A total of 1,109 companies completed 1,539 mergers and acquisitions, involving a capital of 620.157 billion yuan, covering 28 categories of Shenwan primary industries.

Among them, the number of mergers and acquisitions and restructuring companies in the automotive, telecommunications, and real estate industries accounted for the highest proportion.

  According to Liu Cunxin, a researcher of private equity platoon nets, in the fields of new energy vehicles, semiconductors, and communications, some cases of mergers and acquisitions and reorganizations fully reflect the characteristics of the capital market's function of resource allocation.

For example, the automotive industry is transforming from traditional fuel vehicles to new energy vehicles and smart driving vehicles. Many mergers and acquisitions in the industry are mainly affected by industrial upgrading, national policies and changes in consumer demand. M&A and reorganization are beneficial to the new energy automotive industry. Absorbing the advanced manufacturing experience of traditional car companies and improving their own technological innovation level is also conducive to the integration of the industrial chain and supply chain.

  “Some technology listed companies that have received direct financing show higher growth characteristics. This is a natural advantage of the capital market in supporting technological innovation.” Yang Delong, chief economist of Qianhai Kaiyuan Fund, said that the capital market is due to risks. Compensation methods and risk tolerance are different from traditional commercial banks, and they have obvious advantages in long-term investment and support for innovative activities in key areas such as high-tech.

The financial indicators of some listed science and technology companies in the semi-annual report just show the unique role of the stock market in supporting technological innovation.

  Refinancing to accumulate power for listed companies

  According to the comprehensive semi-annual report and Wind Information data, in the first half of the year, a total of 222 A-share listed companies disclosed data on private placement projects, with a total of 35.333 billion additional shares issued, and the total amount of funds raised is expected to reach 370.675 billion yuan; in the first half of the year, there were 64 A-share listed companies Convertible bonds were issued, with a total issuance scale of 150.41 billion yuan.

  According to statistics from Caitong Securities, from an industry perspective, the industries with the largest number of fixed-increasing projects are computer, communications and other electronic equipment manufacturing industries, with a total of 31 companies, accounting for about 15% of the total; followed by chemical raw materials and chemical products manufacturing, totaling 20 times, accounting for about 10%; again for special equipment manufacturing, a total of 18 times, accounting for about 9%.

In terms of the amount of funds raised, there are more financial services, computer communications, and automobile manufacturing industries.

  Huang Hongwei, an analyst at Caitong Securities, said that the new economy, especially the high-tech manufacturing industry, biomedical industry, and communications industry, which is dominated by the technology sector, is the future direction of China’s economic development. Big.

The valuations of companies in the new economy are relatively high, and there is an inherent motivation for fixed-increasing financing and accelerating development.

In addition, in 2020, the capital market will "relax" refinancing, which provides an opportunity for listed companies to increase financing. For companies with large market capitalization and core competitiveness, the success rate of fixed increase has increased significantly. A number of listed companies have passed fixed increase. Financing to achieve capacity expansion and transformation and upgrading is expected.

Refinancing tools such as convertible bonds, private placement and preferred stocks have played a positive role in alleviating financing difficulties and expensive financing for listed companies.

  The company's debt issuance grows steadily

  The bond market plays an important role in supporting technological innovation.

The semi-annual report shows that in the first 6 months of this year, a total of 196 listed companies in the A-share market have implemented bond issuance plans or passed bond issuance plans. Among them, 15 companies have obtained bond issuance plans approved by the China Securities Regulatory Commission, 1 has ceased implementation, and 67 The bond issuance plan has been implemented, 77 bond issuance plans have been approved by the general meeting of shareholders (not yet implemented), and 36 have board plans.

Except for one listed company that stopped issuing bonds, the remaining 195 listed companies have issued bonds or intend to issue bonds totaling 1.63 trillion yuan.

  In terms of categories, in the first half of the year, listed companies issued bonds mainly in three categories: corporate bonds, ultra-short-term financing bonds, and medium-term notes, with a small number of asset-backed securities and credit bonds.

From a case-by-case perspective, listed banks are still the largest bond issuers in the first half of the year. The Industrial and Commercial Bank of China, China Postal Savings Bank, and Bank of Communications respectively ranked among the list of listed companies’ bond issuance plans with 190 billion yuan, 150 billion yuan, and 140 billion yuan. The top three.

Excluding 12 listed companies without bond ratings, 182 listed companies have issued bonds with a "stable" rating outlook, and only the bonds issued by two listed companies, China Heavy Pharmaceutical Holdings and Shenzhen Expressway, have received a "negative" rating outlook.

  As an important form of capital market support for technological innovation, the Shanghai and Shenzhen Stock Exchange have spared no effort to develop the corporate bond market.

According to the comprehensive semi-annual report and Wind Information data, in the first half of the year, the Shanghai and Shenzhen Stock Exchange issued 1,934 corporate bonds, with a scale of 1.66 trillion yuan, a year-on-year increase of nearly 4%. The number and scale of issuance showed steady growth as a whole.

In fact, since 2016, the Shanghai and Shenzhen Stock Exchanges have been actively carrying out pilot projects of innovative and entrepreneurial corporate bonds, raising funds through the issuance of scientific and technological innovation bonds, and supporting listed and non-listed companies in accelerating the pace of technological innovation.

  According to Gong Manlin, an analyst at Jinniu Finance Network, the sci-tech innovation bond is a further deepening and upgrading of the connotation of the double innovation bond.

The raised funds will be used exclusively for technological innovation enterprises that meet the key national support industries, which can give full play to the role of the capital market in optimizing resource allocation and promote their active exploration of financing models for strategic emerging industries.

  Chen Li, chief economist of Chuancai Securities, said that the capital market must serve scientific and technological innovation enterprises. On the one hand, it must solve the financing difficulties and financing problems of scientific and technological enterprises, and provide necessary support for scientific and technological enterprises from a policy perspective; on the other hand, , Science and technology innovation companies are often characterized by high growth, which can guide the market to give them a higher valuation within a reasonable range, which is conducive to private placement, issuance of convertible bonds or equity pledges, and helps companies grow bigger and stronger.