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On the morning of August 4, as the Shenzhen local company Deep Water Planning Institute (301038.SZ) rang the bell for listing, the Shenzhen Stock Exchangeās ChiNext “xiety” listed the 1,000th listed company.
On August 24 last year, the ChiNext reform and pilot registration system were successfully implemented, and the āincrement + stockā registration system reform was simultaneously promoted in the A-share market for the first time, injecting new strong impetus into the development of ChiNext, and also for deepening the reform of the capital market. It has laid a solid foundation for boosting the development of the innovative economy.
As of the 1,000th listed company landing, the number of GEM companies accounted for 22.55% of the total number of A-share companies, and the total market value reached 13.55 trillion yuan, accounting for 15.86% of the total market value of A-shares.
One year test of the reform of the registration system of the ChiNext
Since 2020, the growth rate of the ChiNext Index has exceeded 90%, which is among the highest in the world‘s major indexes.
As of the close of August 4, the ChiNext Index (399006) closed at 3563.13 points, a cumulative increase of 98.16% since 2020; the ChiNext Composite Index (399102) closed at 3733.56 points, a new high since June 25, 2015. A cumulative increase of 77.43% since 2020.
Behind the rise in the index, it is inseparable from the promotion of the registration system reform. On August 24, 2020, the first batch of 18 GEM registered companies went public successfully. The registration system was fully implemented in areas such as reorganization, and the “increment + stock” reform was simultaneously promoted, which has accumulated valuable experience for the entire market to further deepen the registration system reform.
As of July 31, the Shenzhen Stock Exchange has accepted 726 initial issuances, 347 refinancing applications, and 23 major asset restructuring projects. 167 companies have been listed and raised 129.033 billion yuan.
In terms of stock companies, 248 secondary refinancing has been registered and effective, and 238.4 billion yuan is planned to be raised, of which 158 completed issuance and actual financing was 154.8 billion yuan.
The performance of new companies under the registration system has grown strongly. As of April 30, 2021, 118 newly listed companies under the registration system that have disclosed their operating performance for 2020 have achieved an average operating income of 2.851 billion yuan and a net profit of 249 million yuan. The net profit scale is higher than the average level of the sector.
From the listing of the first 28 companies to the number of listed companies exceeding 1,000, the ChiNext effectively played its direct financing function, injecting vitality into the development of entrepreneurial entrepreneurship and entrepreneurship.
Up to now, GEM companies have raised a total of 562.619 billion yuan in IPO financing and 437.744 billion yuan in refinancing. The total amount of equity financing is 100.363 billion yuan. The funds are directly invested in innovation and entrepreneurship to further promote the development of the new economy.
According to statistics, IPO funds raised by strategic emerging industry companies on the ChiNext totaled 314.305 billion yuan, accounting for 55.86% of the total, and refinancing totaled 325.28 billion yuan, accounting for 74.31% of the total.
The four major industries show obvious agglomeration effects
The “14th Five-Year Plan” proposes to focus on new-generation information technology, biotechnology, new energy and other emerging industries, accelerate the innovation and application of key core technologies, enhance the ability to guarantee elements, and cultivate new momentum for industrial development.
Among the 1,000 GEM companies, there are 915 high-tech companies and 586 strategic emerging industry companies, accounting for 92% and 59% respectively.
The Growth Enterprise Market has nine strategic emerging industries as its pillars, and the overall industrial structure is clearly different from that of A-shares. Four industries including the new generation of information technology, biomedicine, new materials, and high-end equipment manufacturing have shown obvious agglomeration effects. There are 214, 95, 92, and 90 companies respectively, accounting for 21%, 10%, 9%, and 9% of the total number of companies on the ChiNext, and the total proportion is nearly 50%.
Take the biomedical field as an example. The 95 biomedical companies on the GEM have a market value of 2.78 trillion yuan, accounting for 21% of the GEM market value. The company’s business covers pharmaceutical manufacturing, genetic testing, medical devices, biological products and other fields.
A number of leading companies have gradually grown up on the ChiNext. As of July 31, the ChiNext has 18 companies with a market value of more than 100 billion yuan and 67 companies with a market value of more than 30 billion yuan, including CATL (300750.SZ) and Mindray Medical (300760.SZ), Zhifei Bio (300122.SZ), Oriental Fortune (300059.SZ), Inovance Technology (300124.SZ), etc. Among them, CATL, as a representative enterprise of the new economy, will be listed in the A stock market for the first time in 2021 Top five.
In 2020, the total operating income of 24 companies on the ChiNext will exceed 10 billion yuan, and the net profit of 29 companies will exceed 1 billion yuan. The average operating income and net profit of the top 100 companies ranked on the GEM by market capitalization in 2020 were 8.656 billion yuan and 1.136 billion yuan, an increase of 20.53% and 41.69% year-on-year respectively. Return to Sohu to see more
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