Original title: 1,000 listed companies confirmed that GEM’s dual entrepreneurship attributes are clearly contributing to economic transformation and upgrading
Our reporter Chang Xiaoyu
On August 4, the number of companies listed on the Growth Enterprise Market reached 1,000.
On October 30, 2009, the ChiNext, which carries the mission of serving innovative and growing enterprises, set sail, and the first batch of 28 companies took the lead to debut; on August 24, 2020, the ChiNext reform and pilot registration system were successfully implemented. At that time, the number of listed companies on the ChiNext has exceeded 800 (847); on August 4, 2021, the number of listed companies on the ChiNext reached 1,000.
As of August 4, 2021, the number of GEM companies accounted for 22.55% of the total number of A-share companies, with a total market value of 13.55 trillion yuan, accounting for 15.86% of the total market value of A-shares. Dong Zhongyun, chief economist of AVIC Securities, told the “Securities Daily” reporter that since the establishment of the ChiNext, it has adhered to its sector positioning, actively supported high-tech enterprises and strategic emerging industrial enterprises in efficient connection with capital, and promoted the strategic adjustment of my country’s economic structure to achieve economic growth. High-quality development.
According to statistics from reporters, among the 1,000 GEM companies, 915 meet the standards of high-tech enterprises and 586 meet the standards of strategic emerging industries, accounting for 92% and 59% of the companies respectively. The GEM is based on nine strategic emerging industries, and the overall industrial structure is clearly different from that of A-shares. Among them, the number of companies in the four industries of new generation information technology, biomedicine, new materials, and high-end equipment manufacturing account for the total number of GEM companies. Of nearly 50%.
R&D investment is a hard-core indicator to test the gold content of innovation and entrepreneurship of listed companies on the ChiNext. From 2009 to 2020, the total R&D investment of GEM companies after listing is 497.279 billion yuan, and the overall R&D intensity of the sector companies continues to increase. In addition, the Growth Enterprise Market has created a broad platform for the organic integration of technological innovation and entrepreneurship, and a number of industries and enterprises with original innovation capabilities have emerged to help economic transformation and upgrading.
The “14th Five-Year Plan” and the 2035 long-term goal outline put forward the development and expansion of strategic emerging industries. Dong Zhongyun believes that the Growth Enterprise Market provides growth space for small and medium-sized enterprises, especially high-quality high-tech enterprises and strategic emerging industry enterprises, and adds vitality to serving the country’s innovation-driven development strategy.
The steady increase in the number of listed companies is inseparable from institutional arrangements that fit the development of innovative and entrepreneurial enterprises. Since the establishment of the Growth Enterprise Market, a series of institutional attempts and innovations that are close to the development characteristics of innovative and growing enterprises have been carried out. For example, it is the first to introduce the investor suitability management system, the “small fast” private placement mechanism, industry information disclosure guidelines, and the reform of the delisting system.
During the reform of the Growth Enterprise Market and the pilot registration system, the Shenzhen Stock Exchange continued to optimize the continuous regulatory rule system, strengthened the regulatory concept with information disclosure as the core, built a concise and efficient rule system, optimized the issuance and listing conditions, strengthened corporate governance, and grasped the key “Minority”, a risk warning system has been added to guide companies to report good news and bad news, and improve the effectiveness of information disclosure. In addition, to compact the responsibilities of intermediary agencies, the GEM rules clearly ensure the verification obligations of the recommending agencies and give full play to the role of “gatekeepers”.
“The Shenzhen Stock Exchange earnestly implements the nine-character policy of’building a system, non-intervention, and zero tolerance’, continuously optimizing the basic system of continuous supervision, and focusing on improving the quality of listed companies on the ChiNext.” Chen Li, chief economist and research director of Chuancai Securities, said The “Securities Daily” reporter said that “building a system” is to continuously consolidate the foundation of governing the city according to law, and is also the cornerstone of the rapid development of the ChiNext. “Non-intervention” is to focus on stimulating the vitality of the development of listed companies, and to support the development of innovative and entrepreneurial enterprises with a more tolerant and open attitude. “Zero tolerance” is to vigorously purify the market ecology and accurately “bright swords” for those who violate laws and regulations.
In recent years, the comprehensive deepening of the reform of the capital market led by the reform of the registration system has continued to accelerate. Regardless of whether it is a series of system innovations under the framework of the registration system, the new Securities Law, the Criminal Law Amendment (11), the “Opinions on Strictly Cracking down on Securities Illegal Activities in accordance with the Law”, etc. provide legal protection for the registration system reform Policies have been introduced one after another… The depth and breadth of the reform have exceeded market expectations.
my country’s capital market registration system reform is still “in progress”, the “14th Five-Year Plan” and the 2035 long-term goal outline are clear, and “the registration system for stock issuance is fully implemented.”
On the basis of fully absorbing the achievements and experience of the Sci-tech Innovation Board, the Growth Enterprise Market will continue to advance the exploration of the registration system, inject strong impetus to serve the real economy, and explore a clearer route for the next market-wide registration system reform.
Regarding the starting point of the GEM registration system reform in the second half of the year, Dong Zhongyun gave two key words, namely “improving the inquiry mechanism” and “improving the transaction system.” “Further improve the inquiry mechanism and stimulate market financing functions; further improve the transaction system and continue to improve the efficiency and activity of market pricing.”
“A vibrant and resilient capital market is inseparable from the synergistic effect of reforms in different sectors.” Chen Li said that the collaboration between the Growth Enterprise Market and the New Third Board should be further strengthened to help more innovative and growth-oriented enterprises with potential to develop.
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