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Original title: Building the attractiveness of high-quality scientific and technological innovation companies in the capital market, the reform of the registry system is making solid progress
“The reform of the registry system is the ‘niu nose’ project of this round of comprehensive deepening of the capital market reform. We adhere to the three principles of respecting the basic connotation of the registry system, based on international best practices , incorporating the Chinese characteristics and characteristics of the development stage, and registration of the Scientific and Technological Innovation Board as a pilot The reform of the registration system has made a breakthrough when the reform of the “stock + increase” is implemented in the Market of Growing Companies.
On July 22, 2019, the Science and Technology Innovation Board pilot registration system was officially launched and the first batch of 25 listed companies went public. On August 24, 2020, the first batch of companies under the Growth Companies Market registration system was listed on the market. At the end of 2020, the Fifth Plenary Session of the XIX Central Committee of the Communist Party of China and the Central Economic Work Conference, as well as the “XIV Five-Year Plan” that has just been reviewed and approved, also clearly stated that “will be fully implemented the registration system for the issuance of shares “. It can be said that the reform of the capital market registration system in my country is progressing steadily in a series of trials and explorations.
Since the establishment of the Scientific and Technological Innovation Board and pilot registration system in 2019, the above traditional A-share IPO thresholds, such as performance loss, red chip structure, VIE structure and Differentiated voting rights have been broken, and no longer become obstacles to the listing of companies. Driven by the reform of the registry system, the China Securities Regulatory Commission has also adjusted the refinancing and merger and restructuring policies, further optimized the stock reduction and transaction settlement system, and promulgated and enforced new regulations. de-listing. The adaptability and inclusiveness of the system have been significantly improved.
The attractiveness of the market for high-quality companies has increased significantly
From the perspective of market participants, through the reform of the registry system, the attractiveness of the capital market for high-quality companies has increased significantly.
On July 22, 2019, the first group of companies was successfully included in the Science and Technology Innovation Board. After nearly two years of operation, the Science and Technology Innovation Board started and ran smoothly. A group of prominent companies dedicated to “hard technology” to overcome the “stuck neck” technology has successively landed on the Science and Technology Innovation Board.
As of March 17 this year, the Science and Technology Innovation Board has accepted a total of 547 companies, and 240 companies have been successfully listed. The total IPO financing scale is 331.88 billion yuan. In 2020, it will raise 226.622 billion yuan, a year-on-year increase of 170%, roughly accounting for last year’s A-share IPO. Half of the total financing. These companies are highly concentrated in high-tech industries and emerging strategic industries, and generally have obvious attributes of technological innovation and high expectations for growth.
“The agglomeration of these companies in the Sci-tech Innovation Board fully reflects the leading role of the Sci-tech Innovation Board in supporting technological innovation. It must be said that the registration system insists on the disclosure of information such as the core and promotes the return of market participants to their responsibilities and unleashes reform dividends. The supportive role of the real economy has been continuously strengthened, and the attractiveness of the capital market has effectively increased, “some investment bankers noted. close to supervision.
In terms of the specific performance of listed companies, a 21st Century Business Herald reporter found that after statistics from the 2019 annual report data, 70% of the 100 companies listed on the innovation board of science and technology achieved double-digit growth in revenue and net profit. , and 80% of the company’s revenue and net profit Profits have achieved growth and 90% of companies have achieved profitability after deducting nonprofits. In 2020, 232 companies listed on the science and technology innovation board will achieve a total operating income of 331.467 billion yuan, a year-on-year increase of 15.56%. There are 65 companies with operating income in the range of 1 billion to 10 billion; a total net profit of 46.166 million yuan, with a year-on-year increase of 59.92%, the net profit of 17 unprofitable enterprises amounted to -666 million yuan, compared with -4251 million yuan in the same period of the year last, a reduction of 3.585 billion yuan from the same period last year, and the overall loss has been greatly reduced.
The ChiNext market, which started a little later, has also achieved considerable results in 2020. According to statistics from the 21st Century Business Herald, in 2020 alone, the total number of companies listed on GEM has exceeded 103, and the total number of funds raised is 87.421 billion yuan, which is 2.9 times the size of fundraising in 2019 (30.121 billion yuan), including 61 registrations and 42 publicly traded companies under the approval system, financing 64,813 million yuan and 22,608 million yuan, respectively.
The agglomeration effect of science and technology companies begins to appear
Counting companies that have declared or are listed on the Science and Technology Innovation Board, the grouping characteristics of the science and technology industry are relatively different. According to incomplete statistics from the 21st Century Business Herald, the new generation of information technology, biomedicine, and high-end equipment companies together account for more than 70%.
Taking the integrated circuit industry as an example, science and technology innovation board enterprises have formed a relatively complete industrial chain, such as semiconductor wafer processing enterprises represented by SMIC and China Resources Microelectronics, semiconductor design enterprises such as Lanqi Technology and Jingchen, and Companies in the semiconductor materials and equipment industry, including China Micro and Anji Technology.
In the software field, a number of mature and emerging high-tech software companies, such as Kingsoft Office, Qi Anxin and Cambrian, are doing well; In the field of biomedicine, the Science and Technology Innovation Board has brought together more than ten innovative pharmaceutical companies. , dedicated mainly to the selection of tumors. Drug research and development covers areas such as monoclonal antibodies and small chemical molecules.
“For example, CRSC, Hangya Technology, Shanghai Silicon Industry, Supcon Technology, Green Harmonic and other prominent companies that have pledged to conquer my country’s ‘stuck neck’ technology are gradually included in the Science and Technology Innovation Board and they gradually take advantage of them. The science and technology innovation board attracts and brings together the advantages of leading technology companies. ”Said the aforementioned investment banker.
As part of the pilot registration system, the Scientific and Technological Innovation Board has also paved the way for red chip companies to issue CDRs and go back to A shares. At present, red chip companies such as No.9 Robot , China Resources Micro and SMIC have successfully landed on the Science and Technology Innovation Board.
“Establish diversified and inclusive issuance and listing conditions, comprehensively consider factors such as estimated market value, revenue, net profit, R&D investment, cash flow, etc., establish various sets of listing standards, not requiring companies to make a profit before listing, and allowing companies with special capital structures and red chips to go public. These listing conditions will greatly stimulate the business enthusiasm of innovative and growing companies of the company, and they will make the ecology of the industrial chain of the company more dynamic. ” company in southern China said in an interview.
In addition to the companies mentioned above, there are currently several high-quality high-tech companies that have expressed their willingness to go public A shares or return to A shares of foreign markets, including United Imaging Medical, Fuhong Henlius. , CSPC, Huada Jiutian and Obi Zhongguang, Youbican and other well-known companies in the fields of innovative medical devices, research and development of new drugs and artificial intelligence.
“This government work report proposes to move forward steadily in the reform of the registry system. We will unwaveringly promote the reform of the registry system, continue to adhere to steady progress, adhere to the concept of the system, and do a solid job in evaluating it. pilot registration system of the Sci-tech Innovation Board and the Growing Business Market. Improve the mechanism of supervision and supervision of the entire process and the entire chain of the registration system. ”Talking about how to move steadily forward in the registry system reform, Yi Huiman pointed out that the focus of the next reform is to understand the registry system implementation and improve the quality of listed companies, and compact the responsibility of intermediary agencies. market, clarifying the role of the exchange’s audit function, accelerating the transformation of the su China Securities Regulatory Commission emission monitoring, and strengthening anti-corruption risk prevention, to actively create the conditions for the reform of the whole market registration system. Registry reform involves complex interests, far-reaching influence, and great sensitivity. All aspects are very concerned. It requires the joint efforts of all participants to support the reform, protect the reform, and prepare more fully for the conditions of the reform to promote the smooth implementation of this important reform.
(Author: Man Music Editor: Zhu Yimin)
