“As of the end of May this year, the Science and Technology Innovation Board has accumulated 282 listed companies, with an IPO financing amount of more than 360 billion yuan, and a total market value of nearly 4.1 trillion yuan, accounting for 64% of the number of listed companies in Shanghai during the same period, and 61% of the financing amount. 8%.” Liu Shaotong, deputy general manager of the Shanghai Stock Exchange (referred to as the “Shanghai Stock Exchange”), said at the 13th Lujiazui Forum on June 10.
Liu Shaotong introduced that in the past two years of operation of the Sci-tech Innovation Board, under the leadership of the China Securities Regulatory Commission and the joint efforts of all parties, it has upheld the concepts of marketization, rule of law, and internationalization. The Bank respects the basic connotation of the registration system and draws on the three principles of international best practices, reflecting Chinese characteristics and development stages. The pilot registration system reform on the Science and Technology Innovation Board is in line with expectations, the market is operating smoothly, and the reform has achieved good results. In supporting the listing of hard technology companies, in improving the basic market system, in terms of review and registration mechanism, market function, structure, ecology, etc., huge changes have taken place in promoting the ecology of the capital market.
Specifically, Liu Shaotong said, In terms of supporting the listing of hard technology companies, implement the innovation-driven development strategy, highlight the hard technology characteristics of the Sci-tech Innovation Board, and actively support and Encourage hard technology companies to go public.
According to Liu Shaotong, the number of science and technology listed companies in the three major industries of new generation information technology, biomedicine, and high-end equipment accounted for about 70%. Formed an industrial agglomeration; listed companies on the integrated circuit science and technology innovation board have formed a relatively complete, independent and controllable industrial chain; in the field of biomedicine, a considerable number of innovative drug companies with strong technological research capabilities have gathered; high-end equipment companies in many key areas Achieve technological breakthroughs; high-quality benchmark science and innovation companies in other fields have also been listed on the Science and Technology Innovation Board. The Science and Technology Innovation Board has become a gathering place for hard technology companies to go public.
In terms of improving the basic market system, Liu Shaotong stated that he has implemented the work policy of establishing a system, non-intervention, and zero tolerance. In accordance with the basic legal system of the securities market established by the Securities Law, a series of key basic systems such as issuance, listing and trading, continuous supervision, mergers and acquisitions, and delisting have been promoted and improved, and the Criminal Law Amendment (11) 》 Significantly increase the intensity of criminal penalties for crimes such as fraudulent issuance information disclosure and fraud, intermediary agencies providing false certification documents, market manipulation and other crimes, implement a securities dispute representative litigation system, etc., build a more mature and stereotyped basic system, and continue to increase capital Market governance capabilities.
In terms of the establishment of an audit and registration mechanism, Liu Shao collectively stated that he has established a sci-tech innovation board issuance and listing audit and registration mechanism that is reviewed by the Shanghai Stock Exchange and registered by the China Securities Regulatory Commission. In practice, it runs smoothly and has good results. It realizes open, electronic, and standardized review, enhances open transparency, and enhances the predictability of issuance and listing.
Liu Shaotong emphasized that, on average, it took 156 days from acceptance to listing committee for an IPO company on the Sci-tech Innovation Board, which is close to the mature overseas market.
In terms of optimizing the function of market resource allocation, Liu Shaotong revealed that the Science and Technology Innovation Board comprehensively considers the estimated market value, revenue, net profit, R&D investment, cash flow and other factors, and establishes diversified and inclusive issuance and listing conditions based on the estimated market value. , Allowing eligible unprofitable companies to go public for financing, allowing red chip companies and special equity structure companies to go public, and other systems to meet the listing and financing needs of different types of science and innovation companies.
Liu Shaotong said that as of the end of May this year, there have been 282 listed companies on the Science and Technology Innovation Board, with an IPO financing amount of more than 360 billion yuan, and a total market value of nearly 41,000. 100 million yuan, accounting for 64% of the number of IPO companies in the Shanghai market during the same period, 61% of the financing amount, and 8% of the total market value.
In terms of improving the market structure and pricing mechanism, Liu Shao collectively stated that with the deepening of reforms, there have been positive trends in the investor structure and market-based pricing of the Science and Technology Innovation Board.
According to Liu Shaotong, from the perspective of investor structure, the proportion of institutional investors’ transactions is gradually increasing. In the first quarter of this year, institutional investors accounted for 25% of the total sci-tech innovation board market transactions, and professional institutional investors such as public funds hold nearly 40% of the market value of sci-tech innovation board companies. Foreign institutional investors have also extensively participated in investment in the science and technology innovation board market through the Shanghai-Hong Kong Stock Connect and through well-known overseas index institutions.
Liu Shaotong said that from the perspective of market-based pricing, the registration system has given the right to issue pricing to the market, and established a market-based inquiry with professional institutional investors as the main body. Pricing, pricing and allotment mechanisms support issuers to adopt differentiated business arrangements such as strategic allotment, over-allotment, and option rights to form pricing constraints. At the same time, in terms of the secondary market transaction mechanism, on the basis of the investor suitability system, the increase and decrease have been relaxed, the long-short balance mechanism has been improved, and the market’s reasonable pricing has been promoted.
In addition, in terms of forming a technology venture capital financing ecosystem, Liu Shaotong said that the reform of the registration system has facilitated the benign interaction between technology and capital, and venture capital institutions have advancedGive full play to the engine of science and technology investment in one step.
According to Liu Shaotong, at present, more than 90% of the science and technology innovation board companies have received venture capital support before going public, with an investment scale of nearly 180 billion yuan. By opening up the entire link of the “funding, investment, management and retreat” of the science and innovation industry, it has better promoted the formation of science and technology capital, promoted the concentration of factor resources in the field of technological innovation, and smoothed the high-level circulation of technology, capital and the real economy. The Sci-tech Innovation Board promotes the transformation of a large number of scientific and technological achievements and the integration of production, education and research. More than 30% of the science and technology innovation board companies have established production-university-research projects with universities and research institutes, effectively realizing the transformation of scientific and technological achievements.
” The Shanghai Stock Exchange sincerely thanks all parties for their continuous care and support. We will always listen to the opinions of all parties in the market, gather strength, work together, and do a solid job of the science and technology innovation board. Deepen the reform of the registration system.” Liu Shaotong finally said.