According to Xinhua News Agency on August 24, 2020, as the bell for the first batch of companies to go public under the ChiNext registration system was sounded on the Shenzhen Stock Exchange, ChiNext officially entered the registration system era.
At the end of the first anniversary, how about the “transcript” of the pilot registration system for the ChiNext? What changes have taken place in the market ecology? The market is concerned about and looking forward to the growth of the ChiNext to better serve the real economy’s innovation efficiency through reforms, and to lay a solid foundation for the implementation of the registration system across the market.
After more than ten years of development, my country’s ChiNext market has continued to grow and develop-the number of listed companies has exceeded 1,000, with a total market value of more than 13 trillion yuan (as of August 23), ranking second in the world‘s major ChiNext market.
Persisting in serving the “three innovations” and “four new”, the Growth Enterprise Market has gathered nine strategic emerging industries, and high-tech enterprises accounted for more than 90%…
On August 24 last year, the GEM reform and pilot registration system were successfully implemented, and the reform of the capital market registration system took a solid step forward.
Newly listed companies on the GEM under the registration system release “new vitality”-As of August 20, there were 182 newly listed companies under the registration system, accounting for 18%; the total market value of newly listed companies accounted for 14% of the overall market value of the sector; new The average operating income and net profit of listed companies in 2020 are better than the average level of the sector.
“More diversified and inclusive listing conditions” is one of the highlights of the registration system reform. Taking into account factors such as income, net profit, and expected market value, multiple sets of listing standards have been set, and the requirement of “no unrecovered losses” has been abolished, thus enhancing the ability to serve innovative and entrepreneurial enterprises.
Liang Zhifeng, Director of the SME Bureau of the Ministry of Industry and Information Technology, said: “The reform of the ChiNext registration system has greatly simplified the issuance conditions, lowered the entry barriers, and strengthened information disclosure requirements. After the reform, the transparency, inclusiveness and inclusiveness of the ChiNext are significant. The promotion has effectively stimulated the enthusiasm of high-quality SMEs to go public and raise funds.”
According to statistics, among the three batches of specialized and new “little giants” enterprises announced by the Ministry of Industry and Information Technology, 132 companies have been listed on the Growth Enterprise Market, with a total IPO financing amount of 57 billion yuan, of which “little giants” are newly listed under the registration system. There are 28 companies with a total IPO amount of 15.6 billion yuan.
From the perspective of newly listed companies, the agglomeration characteristics of advantageous industries are prominent. The reporter learned from the Shenzhen Stock Exchange that newly-listed companies under the registration system present a good trend of high-end manufacturing and service industries, with a balanced development of various industries. The top five industries in the number of companies are computer, communications and other electronic equipment manufacturing. Industry, special equipment manufacturing industry, general equipment manufacturing industry, professional technical service industry, electrical machinery and equipment manufacturing industry, accounting for nearly 40%.
Under the registration system, not only the IPO system, but also the basic systems of refinancing, mergers and acquisitions, transactions, and delisting are also perfected simultaneously.
According to data from the Shenzhen Stock Exchange, from the implementation of the registration system to August 20, 170 listed companies on the Growth Enterprise Market have implemented refinancing projects, with actual financing of 163.888 billion yuan, and the number of financing and the amount of financing exceeded any previous year.
According to statistics, since the implementation of the registration system, the GEM has disclosed 43 mergers and acquisitions and reorganization plans for the first time, of which 25 are industry integration plans in the same industry, accounting for nearly 60%.
One year since the reform was implemented, the ChiNext index has risen by 25.12%. The average daily turnover of ChiNext is 192.6 billion yuan, and the average daily turnover rate is 2.89%, maintaining a high degree of activity.
Under the registration system, the GEM delisting system also ushered in reforms-adding new market value indicators, composite financial indicators, streamlining and optimizing the delisting process, is expected to accelerate the elimination of “zombie companies” and “shell companies”. Up to now, a total of 17 companies have been implemented *ST due to the new financial indicators. Since 2020, the Shenzhen Stock Exchange has made a total of 7 ChiNext companies’ decision to terminate listing, and the survival of the fittest mechanism has been gradually improved.
Experts believe that in the future, to further promote the in-depth integration of technological innovation and capital, and to better support the service innovation strategy, the capital market has a lot to do.
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