311 listed companies, a market value of 4.64 trillion yuan, a scale of nearly 400 billion yuan in IPO and refinancing, more than 1,300 investment projects… July 22, the second anniversary of the opening of the Science and Technology Innovation Board, the capital market’s boost to “hard technology” The effect gradually appeared.
At present, all parties are still accelerating the development of strategic emerging industries to form a better agglomeration effect. The General Office of the Shanghai Municipal Government announced the “14th Five-Year Plan for the Development of Shanghai’s Strategic Emerging Industries and Leading Industries” on July 21, proposing to cultivate a group of leading companies with international competitiveness and build a group of world-class emerging industrial clusters.
Two years ago, the Sci-tech Innovation Board, as a brand-new listed board, came with two missions-to promote economic innovation with the power of the capital market, and to use the Sci-tech Innovation Board as a test field to promote the reform of the basic system of the capital market.
How has “hard technology” grown in the past two years? What is the effect of the “test field”
“The Science and Technology Innovation Board has gathered nine strategic emerging industry companies in the new generation of information technology, biomedicine, high-end equipment manufacturing, new materials, energy conservation and environmental protection, new energy vehicles, new energy, related services, and digital creativity.” China Securities Finance Research Institute Chief Economist Pan Hongsheng said in an exclusive interview with a reporter from China Business News.
Wang Sheng, a member of the management committee of CICC and head of investment banking business, also told China Business News that in the past two years, the domestic capital market has been actively embracing the new economy and technological innovation, and a large number of “hard technology” companies have been listed on the Sci-tech Innovation Board. , And initially formed an industrial agglomeration effect in the fields of integrated circuits, biomedicine, and new energy.
The Science and Technology Innovation Board is the “experimental field” for capital market reform, and the various institutional rules surrounding the Science and Technology Innovation Board and the registration system will continue to be improved. The “Opinions on Supporting the Pudong New Area’s High-Level Reform and Opening up to Build a Leading Area for Socialist Modernization” (hereinafter referred to as the “Opinions”) issued by the Central Committee of the Communist Party of China and the State Council on July 15 put forward the research on the steady implementation of the entire securities market with information disclosure as the core Introducing the market maker system on the Science and Technology Innovation Board.
Looking ahead, the third year of the Sci-tech Innovation Board will be different again.
“Pioneer” landed in the capital market
As of July 21, there were 311 companies listed on the Science and Technology Innovation Board. Over the past two years, more than 640 companies have applied for listing on the Science and Technology Innovation Board. There are still quite a number of enterprises in the acceptance or inquiry stage.
These more than 300 listed companies have brought together the “vanguards” of the six major industries.
According to Pan Hongsheng, in the new generation of information technology industry, sci-tech innovation board has the first domestic breakthrough and mass-produced IC foundry leader in 14-nanometer FinFET technology; it has the world’s largest supplier of memory interface chips.
In the biomedical industry, there are pioneers and pioneers of China’s original innovative drugs, and there are 30 research projects including original innovative drugs. In the high-end equipment manufacturing industry, the world’s leading scientific and technological innovation company in the field of rail transit control systems, its core products and services for high-speed railway control systems cover the world’s first total bid-winning mileage. In the new material industry, there are a few scientific and technological companies in the world that can prepare high-performance nano-microsphere materials on a large scale.
As of July 16, 311 sci-tech innovation board companies have raised 380.585 billion yuan in initial funds and refinanced 15.512 billion yuan. The use of the funds raised from these initial offerings and refinancing involves more than 1,300 projects, of which more than 60% are directly related to the R&D investment of science and technology companies and the new construction and expansion of science and technology projects, involving a total planned investment of nearly 300 billion yuan.
Research and development data show that the R&D investment of 311 sci-tech innovation board listed companies in 2019 and 2020 was 34.322 billion yuan and 42.193 billion yuan, respectively. The R&D intensity was 8.70% and 9.05%, which significantly exceeded the 4.62% and 4.62% of the GEM companies in the same period. 4.84%, as well as 2.11% and 2.33% of non-financial listed companies in the entire market.
Wang Sheng told China Business News that, focusing on cultivating more innovative companies with “hard technology” strength and market competitiveness, the regulatory agencies continue to explore and improve relevant systems and rules. Industrial capital has also brought opportunities for ecological cooperation to more technology companies. On the one hand, companies are looking for large-scale industrial capital cooperation related to their own businesses to strengthen the link at the capital level. On the other hand, large companies are also splitting their businesses or seeking new perspectives on the capital market.
In order to reduce the situation of “fishing in troubled waters”, the regulatory authorities have continued to strengthen the “hard technology” attributes since last year.
In March last year, the China Securities Regulatory Commission issued an evaluation index system for the science and innovation attributes of the Sci-tech Innovation Board, and proposed a “3+5” evaluation system. After a year of practice, the sci-tech innovation board’s science and innovation attribute evaluation system was revised to further clarify the sci-tech innovation board’s positioning and highlight the “hard technology” characteristics.
In April this year, the China Securities Regulatory Commission issued the revised “Guidelines for the Evaluation of Attributes of Science and Technology Innovation (Trial)”. The index for new R&D personnel exceeding 10% will be changed from the original “3+5” to “4+5”; at the same time, the establishment of The negative list system clearly restricts the issuance and listing of financial technology and model innovation companies on the Sci-tech Innovation Board, and prohibits real estate and companies mainly engaged in financial and investment businesses from issuing and listing on the Sci-tech Innovation Board.
Reform keeps on pace
The pilot registration of the Science and Technology Innovation Board is a major exploration of incremental reforms. A series of institutional innovations have been carried out in the areas of issuance, listing, trading, delisting, refinancing, mergers and acquisitions, etc., and a certain degree of reproducible and popularized experience has been formed.
After the new “Securities Law” made comprehensive provisions on the registration system for stock issuance, the GEM piloted the registration system in August last year, and the steady implementation of the registration system centered on information disclosure in the whole market is currently being closely studied.
Two years is not very long for a listed sector. Compared with the initial stage of the establishment of the Sci-tech Innovation Board and the first anniversary of the establishment of the system, the second anniversary is the stage of continuous practice, optimization, and improvement of relevant rules.
In addition to the introduction of policies for the “hard technology” attributes, the rules and regulations on audits, transactions, mergers and acquisitions are also being gradually improved.
In December last year, the Shanghai Stock Exchange issued the newly revised “Shanghai Stock Exchange Science and Technology Innovation Board Stock Issuance and Listing Audit Rules” and the “Shanghai Stock Exchange Science and Technology Innovation Board Listing Committee Management Measures” to give the market a clearer expectation from the time of listing.
In June of this year, the Shanghai Stock Exchange issued the newly revised “Shanghai Stock Exchange Science and Technology Innovation Board Listed Companies’ Major Asset Reorganization Review Rules” and the “Shanghai Stock Exchange Science and Technology Innovation Board Listing Committee Management Measures”, in line with the “Securities Law” and other systems to clarify Time for review of mergers and acquisitions of listed companies on the Science and Technology Innovation Board
In early July, the Shanghai Stock Exchange made a decision to supervise and warn six offline quotation agencies and established a normalized supervision and inspection mechanism for offline investors. On July 9, the China Securities Regulatory Commission issued the “Guiding Opinions on Supervising Securities Companies to Engage in Investment Banking under the Registration System and Responsible for Their Responsibilities” to further restrict intermediaries.
According to the “Opinions” issued on July 15, the Science and Technology Innovation Board will also introduce a market maker system.
The chairman of the China Securities Regulatory Commission, Yi Huiman, summed up the two-year development of the Sci-tech Innovation Board in June this year and said that in the past two years, the China Securities Regulatory Commission has focused on implementing the innovation-driven development strategy, focusing on improving the basic system of the capital market, and insisting on “building a system, non-intervention, and zero tolerance”. ”Work policy, adhere to the reform concept of marketization, rule of law and internationalization, grasp the three principles of respecting the basic connotation of the registration system, learning from international best practices, reflecting Chinese characteristics and development stages, and promoting the establishment of a science and technology innovation board and piloting the registration system. Major reforms have been implemented smoothly.
In his view, the only way to promote the development of the Sci-tech Innovation Board is to maintain reform persistence, adhere to the “hard technology” positioning, further improve relevant rules, and continue to improve the quality and effectiveness of the Sci-Tech Innovation Board in serving the real economy.
(For related interviews, see A07 “Two Anniversary Roundtable: Six Perspectives “See Through” the Sci-tech Innovation Board”) Return to Sohu to see more
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