Scientific and technological innovation medical and health enterprises account for a high proportion of R & D investment, while sales costs remain high.
Editor’s note: This article is from WeChat public account “Hydron” (ID: qingyuanzi007), author Xu Linyan.
Since the official opening of the Science and Technology Innovation Board in July this year, China’s capital market has entered a new journey. As of November 18, there were 177 companies declared by the Science and Technology Innovation Board, 54 of which have been listed for trading, with a total market value of 717.531 billion yuan and an average price-earnings ratio of 67.63 times. From an industry perspective, the application enterprises are mainly concentrated in the three major areas of information technology, biological industry and high-end equipment manufacturing.
At the beginning of the market, the high valuation of the science and technology board attracted many companies to go public. In addition, the science and technology board allows unprofitable companies and companies with special equity structures to go public, which has also caused a large number of slow-moving medical and health companies to enter the science and technology board due to the long R & D cycle. Among the listed companies, there are 12 medical and health industry companies. What do these listed companies have in common? What kind of medical and health companies are more likely to successfully land on the science and technology board?
Eight-angle overview of science and technology board
Since the opening of the market, the turnover rate of science and technology board stocks has decreased significantly. Excluding 5 days before listing, the average daily turnover rate has dropped to about 10%. On the market opening day, the average turnover rate of the science and technology board reached 77.78%. Since November, the performance of the new shares of the science and technology board has clearly dropped, and five listed companies have broken signs, namely: Hao Haishengke, Jiu Ri Xincai, Rongbai Technology, Jeep and Tianzhun Technology. “It is normal to find a broken phenomenon, and this situation will continue to occur in the future. The valuation is too high.” Industry sources said. According to public data, the price-earnings ratio of the science and technology board is expected to reach 72 times in 2019, and it may fall to 54 times in 2020.
With the increasing number of listed companies, the turnover of the science and technology board is increasing. As of November 18, it was 12.557 billion yuan, accounting for 3.45% of the total turnover of A shares. From the perspective of regional distribution, the registration sites of science and technology board companies are mainly concentrated in economically developed areas such as Beijing, Jiangsu and Guangdong.