Original title: The “incremental reform” of the Science and Technology Innovation Board is not over yet
The Sci-tech Innovation Board should explore the linkage supervision mechanism of issuance pricing and price fluctuations in the secondary market, and combine it with integrity punishment. Further intensify the investigation and punishment of relevant illegal and criminal acts, and strictly implement the delisting system. The Sci-tech Innovation Board must follow the principles of legalization, marketization, and internationalization.
Recently, the Science and Technology Innovation Board celebrated its third anniversary. July 22 is the third anniversary of the opening of the Science and Technology Innovation Board. Judging from the practice in the past three years, the Sci-tech Innovation Board has used incremental reforms to improve basic systems such as issuance and listing, trading, information disclosure, continuous supervision, and delisting, which has significantly enhanced inclusiveness and adaptability. Obtaining financing, improving corporate governance, and seizing industrial development opportunities have provided institutional support and injected strong momentum into high-quality economic development.
As of June 10 this year, there were 428 listed companies on the Science and Technology Innovation Board, with a cumulative net amount of raised funds of 595.956 billion yuan. These enterprises are mainly distributed in industries such as electronics, medicine and biology, new energy for power equipment, computers, defense and military industries, and basic chemicals. As of March 31 this year, the proportion of R&D expenditures on the Sci-tech Innovation Board to revenue was 8.79%, while the corresponding figures for the Main Board and GEM in the same period were 1.69% and 4.65%. The establishment of the Science and Technology Innovation Board conforms to the development trend of technological innovation and industrial upgrading, meets the actual needs of technological innovation enterprises, and realizes the effective connection between the real economy and the capital market.
The function of the capital market is to serve the real economy, and to reflect its own value by providing financing services and mechanism innovation support for enterprises. The method of incremental reform can not only meet the needs of differentiated and diversified markets, but also provide samples for the systematic reform of the stock market. Technological innovation enterprises often require a large amount of capital investment, and are unprofitable or have a low level of profitability within a certain period of time. The listing standards on my country’s main board market are mainly formulated for mature enterprises and cannot meet the needs of technological innovation enterprises. The Science and Technology Innovation Board first innovated in the level of issuance and listing standards, and set up multiple sets of standards combining estimated market capitalization and financial indicators, allowing unprofitable companies, special equity structure companies and red-chip companies to go public, and realizing the supply and demand connection between the capital market and technological innovation companies. , significantly improving the inclusiveness and adaptability of the market.
At the beginning of its establishment in 2019, the Science and Technology Innovation Board put forward two goals, one is to serve the development of hard technology enterprises, and the other is to provide experience for market system innovation. In the three years since its establishment, it has experienced an early rapid rise and subsequent adjustment and consolidation stages, and the market operating mechanism has become increasingly mature. The listing process of companies is more transparent, information disclosure is more adequate and timely, and the expectations of market participants are more stable. Investors, listed companies, professional institutions and all sectors of society have a deeper understanding of the incremental market segment of the Science and Technology Innovation Board. At the same time, the incremental market and the stock market are a whole and should not be separated. Funds are fluid and move between sectors. To consolidate the achievements of incremental market reform and drive the reform of the stock market, the key is to strengthen the information disclosure system and strengthen the responsibility of market entities. Due to the strong technological attributes and rapid technological changes of science and technology enterprises, their information disclosure rules should be further refined, targeted disclosure links should be added, and frequency and major event requirements should be appropriately increased. At the same time, in response to the issue of circulation of restricted shares after the lifting of the ban, information disclosure constraints and hedging arrangements should be strengthened. It is necessary to explore the linkage supervision mechanism of issuance pricing and price fluctuations in the secondary market, and combine it with integrity punishment. Further increase the investigation and punishment of false statements, financial fraud, price manipulation and other illegal and criminal acts. Strictly implement the delisting system, so that the survival of the fittest becomes the norm in the market.
In addition, the Sci-tech Innovation Board must follow the principles of rule of law, marketization and internationalization, further consolidate the basic system, strengthen market constraints and legal constraints, so that high-quality enterprises, high-quality capital, and high-quality institutions are willing to come and stay, and demonstrate fairness in accordance with the law Competitive market presence. It is necessary to strengthen the interaction, linkage and synergy between various sectors, promote the deepening of the reform of the whole market, and create a standardized, transparent, open, dynamic and resilient modern capital market system with Chinese characteristics. (Provided by Securities Daily)
[Editor in charge: Cao Jing]