Original title: GEM registration system helps 28 “little giants” IPO financing of 15.6 billion yuan for specialized and special new enterprises
Our reporter Chang Xiaoyu
In the past month, the specialized and special new enterprises have maintained a “hot search physique” and continue to gain policy focus.
The Politburo meeting of the CPC Central Committee held on July 30 made it clear that it is necessary to speed up the resolution of the “stuck neck” problem and develop specialized, specialized, new small and medium-sized enterprises. The National Specialized, Specialized and New Small and Medium-sized Enterprises Summit Forum held on July 27 mentioned that the capital market will create good conditions for the development of small and medium-sized enterprises by cultivating and supporting specialized and special new enterprises.
Under the background of promoting the development of specialized, special new SMEs to the national level, the ChiNext’s contribution to the specialization and new “little giant” (hereinafter referred to as the “little giant”) has become prominent.
As of July this year, the Ministry of Industry and Information Technology has published a total of three batches of “little giant” companies, mainly concentrated in the new generation of information technology, high-end equipment manufacturing, new energy, new materials, biomedicine and other high-end industries. According to the data released by the Shenzhen Stock Exchange, the reporter found that 132 “little giant” companies have been listed on the ChiNext, with a total IPO financing amount of 57 billion yuan. The newly listed companies under the GEM registration system include 28 “little giant” companies, with a total IPO financing amount of 15.6 billion yuan. In addition, after the “little giant” enterprises landed on the ChiNext, they actively used refinancing tools to continue to be better and stronger. As of August 20, among the 28 “little giant” companies mentioned above, Kexiang shares disclosed a refinancing plan, and the estimated funds raised were 1.1 billion yuan.
Dong Zhongyun, chief economist of AVIC Securities, told the “Securities Daily” reporter that since the establishment of the ChiNext, it has carried the mission of serving innovative growth companies. After the implementation of the registration system, the ChiNext continues to implement the innovation-driven development strategy, and supports the in-depth integration of traditional industries with new technologies, new industries, new formats, and new models. At the same time, it draws on the successful experience of the Science and Technology Innovation Board to increase the tolerance of listing conditions. It can adapt to the differentiated financing needs of enterprises of different types and stages of development, and provide assistance for the development of high-tech enterprises and strategic emerging industrial enterprises. Most of the newly listed companies under the registration system are distributed in specialized and new industries such as machinery and equipment, electronics, automobiles, and medical and biological industries.
Since the implementation of the reform of the ChiNext registration system for one year, it has helped the development and growth of “little giant” companies that focus on market segmentation, focus on main businesses, strong innovation capabilities, and good growth. Wind information data shows that as of August 23, according to the industry classification statistics of the China Securities Regulatory Commission, 28 “little giant” enterprises under the registration system are widely distributed in 16 industries, including computer, communications and other electronic equipment manufacturing, general equipment manufacturing, The number of companies in the three industries, including rubber and plastic products, is among the top, with a total of 11 companies, accounting for 39%.
Wind information data shows that as of August 23, the total market value of 28 “little giant” companies reached 141.231 billion yuan, with an average market value of 5.044 billion yuan. Among them, there are 3 companies with a market value of more than 10 billion yuan, accounting for 10.71%; 9 companies with a market value of 5 billion to 10 billion yuan, accounting for 32.14%.
Although the overall market value is not high, “little giant” companies have shown excellent profitability. According to data from Wind Information, 28 “little giant” companies will achieve a total operating income of 15.766 billion yuan in 2020, an increase of 15.32% year-on-year; net profit attributable to their parent companies will be 2.668 billion yuan, an increase of 22.47% year-on-year. In the first quarter of 2021, the total operating income was 3.732 billion yuan, an increase of 62.52% year-on-year; the net profit attributable to the parent was 611 million yuan, an increase of 104.11% year-on-year.
The soul of specialization and innovation is innovation, and strengthening R&D innovation is an important way to enhance the core competitiveness of an enterprise. According to the financial report data, the average R&D expenditures of the above 28 “little giant” companies for the full year of 2020 and the first quarter of this year are 24.413 million yuan and 6.5211 million yuan respectively, accounting for 4.34% and 4.89% of the average operating income respectively.
Dong Zhongyun believes that since the implementation of the registration system on the Growth Enterprise Market, it has adhered to its sector positioning, introduced “market value” indicators, combined with revenue and net profit indicators to form a “3+2” five sets of differentiated listing standards, increasing the inclusiveness of indicators and adapting to different types and differences. The differentiated financing needs of enterprises in the development stage help innovative and growing companies including “little giants” to become more sophisticated and stronger.
Chen Li, chief economist and research director of Chuancai Securities, told the reporter of Securities Daily that the biggest challenge for “little giant” enterprises comes from the early stage of development. Limited by factors such as scale and capital, they face market risks and development difficulties. The certainty is relatively large, so the support of multiple dimensions of the market is needed during the cultivation period, especially the financial support. In the growth period, the main problem faced by “little giant” companies is how to achieve high-quality development. This requires the companies themselves to use capital market tools reasonably and legally, benchmark against the main board or other listed leading companies, and strive to become a leader in the market segment. .
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