On July 22, the A-share science and technology innovation board ushered in its two birthday. In the past two years, groups of fresh data demonstrate the vitality and charm of the Sci-tech Innovation Board’s determination to reform, and it is also a “hardcore” report card.
In the past two years, the Science and Technology Innovation Board has accepted a total of 663 companies’ IPO applications, and 311 science and technology companies have successfully landed, far exceeding the number of main board companies listed in the same period. As of July 21, the total market value of listed companies on the Science and Technology Innovation Board exceeded 4.78 trillion yuan.
In the past two years, the total amount of funds raised by science and technology companies reached 378.966 billion yuan, and 167 science and technology companies that accounted for more than half of them launched over-raising, with a total of 97.362 billion yuan.
In the past two years, the speed of sci-tech companies’ listings has repeatedly refreshed.SMICFrom acceptance to successful registration, it only took 29 days. On average, it took 156 days from acceptance to listing committee review for sci-tech innovation board companies, which is close to that of mature overseas markets.
In the past two years, A-share companies have been harassed by the new crown pneumonia epidemicPerformanceThe growth rate slowed slightly, but the science and technology innovation board companiesNet profitThe annual growth rate is as high as 91%, leading other sectors of the market.
In the past two years, market-oriented financing has supported sci-tech companies to invest heavily in R&D.As of the first quarterly report of 2021, the overall R&D expenditure of sci-tech innovation board companies accounted forOperating incomeThe proportion of 9% is significantly higher than the 5% of GEM and 1% of all A shares. The reform of the registration system has facilitated the benign interaction between technology and capital. At present, more than 90% of sci-tech innovation board companies have received venture capital support before going public.
In the past two years, the industrial clustering effect of listed companies on the science and technology innovation board has been obvious. Technological and industrial breakthroughs such as chip semiconductors, biomedicine, and high-end equipment manufacturing have formed effective support, and the capital market service technology innovation shortcomings have gradually been filled.
It is not difficult to find that the Science and Technology Innovation Board is constantly creating miracles in all dimensions. Companies in the sector have outstanding performance in terms of science and innovation attributes, financing capabilities, growth, and performance resilience, and their development is in good shape. The “experimental field” of the Science and Technology Innovation Board has also reaped the results of institutional innovation. The reform of the GEM registration system has been implemented smoothly.
Of course, the rapidly rising sci-tech innovation board will never “lie flat” on the laurels. As an important new force in China’s economy, it is destined to bring more powerful breakthroughs.
First, the Sci-tech Innovation Board will continue to implement the mission of “service technological innovation” in terms of system innovation: first, the listing standards will be multidimensional, and continue to dilute a single profit indicator; second, the market-oriented trading mechanism will continue to improve and the market maker system will be introduced , Enhance its trading activity and liquidity; third, improve and strengthen information disclosure requirements, and continue to strengthenBrokerageThe responsibilities of other intermediaries; fourth, the delisting standards are stricter and faster than those of the main board.
Secondly, there is still a lot of room for sci-tech innovation board companies to make efforts in technology transformation. As stated by Liu Shaotong, deputy general manager of the Shanghai Stock Exchange, by opening up the entire process of fundraising, investment, management and retreat in the science and innovation industry, the formation of science and innovation capital will be better promoted, the accumulation of factor resources in the field of technological innovation, and the high-level circulation of technology, capital and the real economy will be smoothed.
Third, science and technology innovation companies need to make continuous efforts to improve the quality of listed companies, build their core competitiveness, and consolidate their own value. Enterprise innovation needs to rely on the company’s ability to protect, operate, and manage intellectual property rights. It needs a team that is brave to explore and take the lead, needs stable profitability, and needs a complete set of internal governance mechanisms.
Finally, science and technology companies urgently need to do a good job in market value management. After sci-tech companies are listed, their stock prices are often in place in one step and their valuations are relatively high. The pressure on their stock prices to withdraw in the short-term increases. Faced with the tide of lifting the ban as scheduled, listed companies need to be alert to the risk of stock price fluctuations and actively straighten out the relationship between value and market value.
(Source: Securities Daily)