The Second Anniversary Of The Opening Of The Science And Technology Innovation Board

On July 22, 2019, the first batch of enterprises on the science and technology innovation board went public, attracting attention from the global capital market. Today, the science and technology innovation board has been running smoothly for two years. So far, there are 311 listed companies.

At the 13th Lujiazui forum held in June this year, Yi Huiman, chairman of the China Securities Regulatory Commission, commented on the achievements of the science and Technology Innovation Board: the overall effect of the reform of the registration system of the science and technology innovation board was good and in line with expectations. A number of scientific and technological innovation enterprises in the fields of integrated circuit, biomedicine and high-end equipment manufacturing have been gathered, and "hard science and technology" has gradually emerged.

According to the statistics of the 21st century economic report, the 311 science and technology innovation companies that have been listed have raised a net amount of 354.21 billion yuan.

The science and technology innovation board has played a leading role in helping science and technology innovation enterprises to become bigger and stronger, and has become the main battlefield of capital market supporting innovation driven strategy. After two years of development, the number and quality of the listed companies on the science and technology innovation board have been steadily improved, and the inclusiveness and diversity of enterprises have also been expanded, especially in the fields of integrated circuit, biological medicine and other fields.

With the continuous progress of the reform, the registration system with information disclosure as the core has become increasingly popular. The sense of responsibility of market participants has been significantly enhanced. The survival of the fittest mechanism has been further improved. Breakthroughs have been made in the supply of market rule of law. The channels for investor protection have been more smooth. Market expectations have been significantly stable. The overall market ecology has shown positive changes.

A number of market participants and experts said in an interview with the 21st century economic reporter that the science and technology innovation board has been running smoothly in the past two years, and the registration system reform has basically met the market expectations.

Hard technology industry Highland

Since the operation of the science and technology innovation board, it has always focused on supporting the development of new generation of information technology, high-end equipment, new materials, new energy, energy conservation and environmental protection, biological medicine and other high-tech industries and strategic emerging industries.

According to the statistical data, 311 companies have obvious "hard technology" attributes, and there are rich types of subdivided industries. Among them, special equipment manufacturing industry, computer, communication and other electronic equipment manufacturing industry, software and information technology service industry have the largest number of listed companies, accounting for 53.4% in total, accounting for 63, 57 and 46 respectively. The pharmaceutical manufacturing industry also has a certain scale, reaching 39.

July 22, 2020 is the time point of the first anniversary of the operation of the science and technology innovation board. If this is taken as a boundary, the agglomeration effect of the science and Technology Innovation Board will be further strengthened in the new year.

The 21st century economic reporter found that in one year, the manufacturing industry of special equipment for science and technology innovation board increased from 30 to 63, the manufacturing industry of computer, communication and other electronic equipment increased from 25 to 57, and the pharmaceutical manufacturing industry increased from 17 to 39. At the same time, it also forms a more complete industrial chain layout and diversified business types. For example, pharmaceutical manufacturing companies cover the fields of biopharmaceuticals, chemical pharmaceuticals, in vitro diagnostics, medical materials, etc.

During this period, a number of leading companies in the field of subdivision were also welcomed on the board, such as Zhongwang software, the leader of CAD software industry in China, nano micro technology which broke through the "neck sticking" technology in the domestic nano microsphere material industry, and Baike biology, which ranked first in the market of varicella vaccine batch issuance, successively landed on the board“ The science and technology innovation board is becoming the preferred listing place for "hard technology" enterprises and the main battlefield for the capital market to support China's self-reliance in science and technology. " A senior investment banker told reporters.

The science and Technology Innovation Board's tolerance to enterprises is also rising.

Among the 311 enterprises, nearly 90% (271) chose the first set of listing standards, 6 for the second, 2 for the third, 20 for the fourth and 8 for the fifth. Unprofitable enterprises, red chip companies, differential voting rights... The science and technology innovation board, which was born to cultivate science and technology innovation enterprises with international competitiveness, launched five sets of listing standards, which opened the door for various types of scientific and technological innovation enterprises to be listed in China.

From the perspective of listed enterprises, the five sets of listing standards basically cover the current development status of domestic science and technology innovation enterprises. Compared with the first year of operation, the scientific and technological innovation board ushered in the first case of issuing CDR listed company - No.9 company, which is an important institutional breakthrough for the scientific and technological innovation board.

Industry analysis shows that with the deepening of the reform and opening up of the capital market, the threshold for the return of red chip enterprises has been significantly reduced, the risk of superimposed overseas listing has been increased, and the driving force of technology-based red chips to return to a shares has been significantly enhanced.

From a regional perspective, the Yangtze River Delta has always been the cluster of science and Technology Innovation Board companies. The top five provinces / municipalities directly under the central government with the number of science and Technology Innovation Board companies ranked among 59 in Jiangsu Province, 51 in Guangdong Province, 44 in Shanghai, 42 in Beijing and 26 in Zhejiang Province.

The total market value has exceeded 5 trillion yuan

The establishment of the science and technology innovation board provides a new green channel for financing for China's hard science and technology enterprises. To a certain extent, the capital channel can meet the demand of some funds, which is conducive to their growth. At the same time, it also introduces a new exit channel for VC and PE, and a clear exit channel in turn is conducive to capital entry. This will help to accelerate the formation of new economic leaders, but also accelerate the process of enterprise survival of the fittest.

In just two years, the total net amount of initial raised funds of 311 companies on the science and technology innovation board has reached 354.21 billion yuan, of which, SMIC international and China Communications have raised more than 10 billion yuan.

A person in the industry commented that the implementation of the registration system on the science and technology innovation board and the overall improvement of equity financing efficiency have formed a powerful supplement to the main board of Shanghai and Shenzhen. The function and financing efficiency of the science and technology innovation board have been recognized by the market, and the range distribution of fund-raising scale of a single enterprise is similar to that of the main board.

For the listed science and technology innovation enterprises, the total financing amount of more than 350 billion yuan is not a cold number. Behind the one-off financing is the power source for Chinese science and technology innovation enterprises to absorb "living water" and fully grow.

Youkede is the first listed company with "the same share but different rights" on the science and technology innovation board. Ji Xinhua, the founder and CEO of the company, said in an interview with the 21st century economic news reporter that "the establishment of the science and technology innovation board has enabled the technology enterprises of this type to have independent financing channels, so that we can more steadily invest in long-term development of scientific research projects, and listing also helps us to better retain talents Attract talents and continuously improve the scientific research strength of youkede; At the same time, we have gained higher brand value, communicate and cooperate with the government and traditional industries more smoothly, produce more industry solutions and expand our business boundaries. "

Yin Zhiyao, chairman and general manager of the company, told reporters: "since the two years since its listing on the science and technology innovation board, the company has made greater progress in technological innovation, business development, industrial chain coordination, talent attraction, and refinancing, all of which benefit from the platform of the science and technology innovation board."

The science and technology innovation board is helping enterprises to upgrade their "hard technology" in an all-round way. According to the data, the R & D investment of 305 science and Technology Innovation Board Companies (excluding Shenzhou cell, baiaotai, Zejing pharmaceutical, kangxinuo, frontier biology and allis) accounted for an average of 12% of the operating revenue last year, of which the Cambrian R & D investment accounted for 167.41%.

In terms of R & D personnel, in 2020, among the 287 science and technology innovation companies excluding Jindalai, Aiwei technology and Bozhong Seiko, the average proportion of R & D personnel is 28.03%, and more than 30% of the companies have R & D personnel.

According to statistics, 311 listed companies on the science and Technology Innovation Board will achieve a total operating income of 466.240 billion yuan in 2020, with a net profit of 55.367 billion yuan.

From the perspective of market value, the science and technology innovation board is also growing. The total market value of 311 companies on the science and technology innovation board has reached 5.08 trillion yuan. There are 6 companies with a total market value of more than 100 billion yuan, including China Resources micro, Huaxi biology, voice holding, Jinshan office, kangxinuo-u and SMIC international. Among them, the market value of SMIC is as high as 426.9 billion yuan. In addition, the number of companies with a market value of 10 billion has also exceeded 100, reaching 108.

Individual stocks are going back to value

Yi Huiman pointed out that the pilot registration and production of science and technology innovation board is an important exploration of incremental reform. It adheres to the core of information disclosure, and has carried out a series of institutional innovation in the aspects of issuance, listing, trading, delisting, refinancing, merger and reorganization, etc., and has formed replicable and popularized experience, which provides a useful reference for the reform of stock markets such as gem.

At the same time, the main indicators of the science and technology innovation board are running smoothly, and the market liquidity level basically matches with its plate positioning, investor suitability and trading system arrangement. From the perspective of pricing efficiency, the science and technology innovation board has relaxed the price limit, optimized the financing and securities lending arrangement, and the market game is more sufficient, which is conducive to accelerating the formation of equilibrium price. At the same time, the phenomenon of "new speculation" is significantly reduced. After being listed on the stock market, the science and technology innovation board has also initially withstood the market test in terms of corporate governance and continuous information disclosure.

Among them, the market-oriented pricing mechanism is one of the important contents of the reform of the science and technology innovation board, and it is also the focus of the market. Profound changes have taken place in the past two years. After experiencing the hype caused by the scarcity premium in the initial stage of listing, the stock of science and technology innovation board is going to the path of value return.

According to the data, since 2021, the average p / E ratio of IPO enterprises under the registration system is about 30.55 times, and the median price earnings ratio is 23.44 times. In 2020 and 2019, the average issuing P / E ratios of IPO enterprises under registration system are 60.14 times and 59.47 times respectively, and the median price earnings ratio is 38.20 times and 48.72 times respectively, showing an obvious downward trend.

The data of institutional positions show that the scientific and Technological Innovation Board companies are increasingly favored.

According to the statistical data, from the end of the third quarter of 2019 to the end of the first quarter of 2021, the market value of the equity positions of the public offering funds on the science and technology innovation board has increased from 966 million yuan to 76.278 billion yuan. The proportion of the stock market value held by the science and technology innovation board to the total position market value of the public funds has increased from 0.08% to 2.43%. The number of open funds has increased from 98 to 1235, and the position of public funds in the companies of science and technology innovation board has continued to increase.

The internationalization of the science and technology innovation board has also continued to deepen. In recent half a year, the stock of science and technology innovation board has been included in Shanghai Stock connect, FTSE Russell A-share index and MSCI flagship index; At the same time, the first ETF product "Jinrui Shanghai Kechuang 50ETF", which tracks the Shanghai Stock Exchange's Kechuang 50 index, landed on the NYSE. Up to now, the international investors participating in the scientific and technological innovation board not only include Singapore government companies as asset owners, well-known sovereign wealth funds such as Abu Dhabi Investment Authority, and pension funds such as Quebec savings and investment group, but also large asset management companies such as Morgan asset management and Schroeder investment management.

Despite the above achievements, Yi Huiman also admitted that the establishment of the science and technology innovation board and the pilot registration system is groundbreaking and groundbreaking, but various institutional arrangements still need to be improved in practice. Some new situations and new problems in the reform are inevitable for the science and technology innovation board to mature.

Yang Delong, chief economist of Qianhai open source fund, said in an interview, "at present, the pilot project of the science and technology innovation board has been relatively successful in the past two years, and has accumulated some reform experience. In terms of trading system and new share issuance system, they have gradually improved in the actual operation, and there is no place for major reform. We should encourage more new economy enterprises with science and innovation attributes to go public, and at the same time, strengthen the delisting system, so that some companies that do not meet the listing conditions can be delisted in time to realize the survival of the fittest and create a Chinese version of "NASDAQ."

Dong Dengxin, director of the Institute of Finance and securities of Wuhan University of science and technology, believes that at present, there are at least three aspects that can be improved in the science and technology innovation board“ One is to ensure the independent audit of the IPO of the science and technology innovation board, and do a good job in linking up with the market supervision of the CSRC. Second, as a Chinese version of NASDAQ, the science and technology innovation board should be in line with international standards, especially in terms of trading rules. For example, it can extend the trading time, try t + 0 trading, cancel the limit on the rise and fall of individual stocks, and introduce the market maker system. Third, we will abolish the market value allotment method, and only those who have paid in advance and frozen funds will be eligible for subscription, which will help to make the pricing of the science and technology innovation board more market-oriented. "

The science and technology innovation board bears the important task of transformation and upgrading of China's economy and enterprises. In the past two years, it is reshaping the investment ecology of the capital market with visible strength. This incremental reform also requires all participants in the market to maintain the determination of reform and make contributions for a long time.