On May 29th, the Shanghai Stock Exchange responded to the hotspots on the capital market at the two sessions this year.

At the two sessions this year, Lei Jun, deputy to the National People ’s Congress and chairman and CEO of Xiaomi Group, proposed that the development of satellite Internet should be accelerated and that the commercial aerospace enterprises ’science and technology board should be listed.

Xie Dong, member of the National Committee of the Chinese People ’s Political Consultative Conference and director of the Shanghai Local Financial Supervision Administration, proposed that the Science and Technology Board has a good start, but compared with the reform goals set, there is still a big gap . For example, the market scale is still small, and no agglomeration effect or scale effect has been formed. The supply of some key systems is still insufficient, and the operational effect has yet to be tested by practice.

In response, the Shanghai Stock Exchange responded that the establishment of a deep integration of high-tech and manufacturing companies represented by satellite Internet and commercial aerospace companies is the establishment of the Science and Technology Board. The mission of the times was undertaken from the beginning.

As of May 27, 2020, the Shanghai Stock Exchange has accepted 304 companies to submit applications for the listing of the Science and Technology Board. Except for those companies that have completed the review, they are still under review 110 enterprises.

At the same time, the Shanghai Stock Exchange said that it will be problem-oriented, starting from optimizing the “capital supply” and “system supply” to promote the next step.

In terms of “capital supply”, the Shanghai Stock Exchange will build a more efficient merger, acquisition, reorganization and refinancing system, aiming at the marketization and convenience of technological innovation companies Arrangement; study and introduce a system to encourage long-term investors, provide more long-term incremental funds to the market, stabilize investor expectations, and smooth out market damage caused by excessive fluctuations in stock prices; improve the shareholding reduction system to balance the normal shares of major shareholders The interests behind the transfer of rights and other investors ’trading rights meet the demand for innovative capital withdrawal and the introduction of incremental funds for shareholding reduction. The “Implementation Rules for Shareholders of Shanghai Stock Exchange’s Science and Technology Board Listed Companies to Reduce Shares by Non-Public Transfer and Placing” has concluded public consultation, and is pushing forward the implementation of the rules and the implementation of business plans based on the consultation.

In terms of “system supply”, the Shanghai Stock Exchange will formulate a more targeted information disclosure policy, while emphasizing the regulatory concept with information disclosure as the core, while quantifying indicators , Make more inclusive institutional arrangements in terms of disclosure timing and disclosure methods; increase the adaptability of the equity incentive system and greatly increase the attractiveness of science and technology companies to talents; launch market maker systems in a timely manner and introduce a single study T + 0 trading to ensure market liquidity, thus ensuring price discoveryCan be achieved normally.


The full text of the Shanghai Stock Exchange ’s response is as follows:

Bearing the deep integration of high-tech and manufacturing companies represented by satellite Internet and commercial aerospace companies, they land on the capital market , Is the mission of the times undertaken at the beginning of the establishment of the Science and Technology Board.

The “Operation Opinions on the Establishment and Pilot Registration System of the Science and Technology Board on the Shanghai Stock Exchange” issued by the China Securities Regulatory Commission clearly states that the Science and Technology Board as a world-leading technology 2. A new sector facing the main battlefield of the economy and facing the country ’s major needs, mainly serving technology innovation companies that meet national strategies, break through key core technologies, and have high market recognition. Focus on supporting high-tech industries and strategic emerging industries such as next-generation information technology, high-end equipment, new materials, new energy, energy conservation and environmental protection, and biomedicine, and promote the deep integration of the Internet, big data, cloud computing, artificial intelligence, and manufacturing. High-end consumption promotes quality change, efficiency change and power change. In March of this year, “Guidelines for the Evaluation of Attributes of Science and Technology Innovation (Trial)” and “Interim Provisions on the Listing and Recommendations for the Issuance and Listing of Science and Technology Board Enterprises of the Shanghai Stock Exchange” were successively issued, proposing the “conventional indicators + exception clauses” from “3 + 5” The scientific and technological attribute evaluation index system formed further clarifies the grasp dimension of the scientific and technological attributes, facilitates enterprises to independently determine whether they are in line with the positioning of the scientific and technological innovation board, and also helps to play the proper functions of the scientific and technological innovation board assembling and serving high-quality scientific and technological innovation enterprises. It can be seen that not only “satellite Internet, commercial aerospace enterprises”, the science and technology board has a large capacity and friendly channel for all high-quality high-tech enterprises that represent advanced productivity, and the listing of science and technology enterprises has been very transparent. Arrival path.

As of May 27, 2020, the Shanghai Stock Exchange has accepted 304 companies to submit applications for the listing of the Science and Technology Board. Except for those companies that have completed the review, they are still under review 110 enterprises. The accepting enterprise as a whole showed many distinctive characteristics. The concentration of industry is relatively high. The existing acceptance companies are highly concentrated in high-tech industries and strategic emerging industries, the new-generation information technology industry accounts for 34%, the bio-pharmaceutical industry accounts for 21%, the high-end equipment industry accounts for 19%, the new materials industry accounts for 11%, and the energy conservation and environmental protection industry 7%, other science and technology industries accounted for 8%. The choice of listing standards is diversified. 5 sets of standards tailor-made for science and technology enterprises have enterprise choices, which basically realizes the full coverage of the current development status of Chinese science and technology enterprises, and 3 enterprises have chosen highly-inclusive science and technology enterprises with different voting rights / red chip enterprises “Market value + income” standard. In general, there are 21 unprofitable companies, 1 red chip company and 1 company with special voting rights structure in the past year, and 1 company has both red chip and special voting rights. Science and technology attributes and growth are obvious. The average R & D personnel of 304 acceptance companies accounted for 29%, R & D investment accounted for 10%, 45 invention patents, revenue growth rate of 37% in the past year, science and technology attributes and growth are more obvious Guiding role. The region has a certain concentration. From the perspective of the place of registration, the geographical origin of the declared enterprise is highly correlated with the economic development and the concentration of science and technology enterprises in various regions of China, and is mostly concentrated in Beijing, Shanghai, Jiangsu, and Guangdong.

As of July 22 this year, the science and technology board will be in full operation for one year. From institutional change to efficiency change, the start of the Science and Technology Board basically met expectations. The first is that the company’s value has been properly reflected. There are currently 105 companies listed on the stock market with a total market value of more than 1.5 trillion yuan, including Jinshan Office and China Microelectronics Corporation with a market value of more than 100 billion yuan, chip leader Lanqi Technology, Shanghai Silicon Industry and other star enterprises, as well as unprofitable biological The pharmaceutical companies Zejing Biological, Biotech, the first red chip company China Resources Microelectronics, and the first company with the same shares with different rights, such as Youkede, etc. Secondly, the reform of the basic system has been tested. Promote system reforms in all aspects of issuance, listing, trading, and delisting as a whole, and in the process of handing over options to the market, promote market formation of an honest equilibrium mechanism and game mechanism through institutional constraints. The 105 companies currently listed have an average time of 121 days from acceptance to registration, and the overall time is much shorter than the six months required by the rules; the median issue price is 48 times, and the average daily transaction turnover rate has been 3% -6% fell to 1% -2% this year, which initially showed that the Science and Technology Board should support the transformation and upgrading of the national economy and strengthen the strength and breadth of the connection between the capital element market and science and technology enterprises.

At the same time, we also deeply realize that the Science and Technology Innovation Board has just started. The large platform and innovative courage have activated the endless productivity of China’s science and technology innovation.

Practice exposing problems can also solve problems. The SSE will be problem-oriented and start with optimizing “capital supply” and “system supply” to promote the next step. In terms of “capital supply”, the Shanghai Stock Exchange will build a more efficient M & A and refinancing system, and make marketization and convenience arrangements for the development needs of technology innovation companies; research and launch a system that encourages long-term investors to provide the market More long-term incremental funds to stabilize investor expectations and smooth out market damage caused by excessive fluctuations in stock prices; improve the shareholding reduction system, balance the interests of the major shareholders behind the normal share transfer rights and other investors ’trading rights, and meet innovation Capital withdrawal demand and introduction of incremental funds for shareholding reduction. The “Implementation Rules for the Shareholders of the Shanghai Stock Exchange’s Science and Technology Board Listed Companies to Reduce Shares by Non-Public Transfer and Placement” has concluded public consultation, and is in accordance with theSeek advice to accelerate the implementation of rules and the implementation of business plans. In terms of “system supply”, the Shanghai Stock Exchange will formulate a more targeted information disclosure policy, while emphasizing the regulatory concept with information disclosure as the core, and make more inclusive in terms of quantitative indicators, disclosure timing and disclosure methods System arrangement; increase the adaptability of the equity incentive system and greatly enhance the attractiveness of science and technology companies to talents; timely introduce the market maker system, research and introduce a single T + 0 transaction to ensure market liquidity, thereby ensuring price discovery The normal realization of the function.

It is worth mentioning that, under the guidance and support of the China Securities Regulatory Commission, the Shanghai Stock Exchange adheres to “emphasis on market orientation, improvement of service capabilities, optimization of audit methods, and improvement of the quality of the letter. The principle of stabilizing market expectations and guaranteeing normal supply has entered the stage of “Technology Board Review 2.0”, which has continuously pushed the registration system reform deeper. The core of “Technology Board Audit 2.0” is “one unchanged” and “four changes”, that is, insisting on information disclosure as the core unchanged, so that the audit inquiry is “more accurate, more efficient, more pragmatic and more collaborative.” Adhere to information disclosure as the core, enhance market inclusiveness, continuously lower the implicit issuance threshold, hand over the power of selecting enterprises to the market, and improve the efficiency of resource allocation in the capital market; “more accurate”, audit inquiry highlights the importance and pertinence , Highlighting the provision of effective services for investors ’judgment, avoiding“ question-by-sea tactics ”and“ disclaimer inquiries ”, reducing, improving, and increasing the efficiency of inquiries;“ more efficient ”, with increasingly rich audit experience and compliance with intermediaries On the basis of the gradual improvement of awareness and practice level, improve the audit ecology and improve the efficiency of auditing; “more pragmatic”, strictly around the issuance and listing conditions and information disclosure requirements to improve the quality of gatekeepers, enrich supervision methods, resolutely deal with problems with gatekeepers, and ensure no problems The normal advancement of the company does not set up new gates beyond the clear conditions and requirements; “more synergy”, by optimizing the audit style, strengthening service awareness, reducing verification content, helping issuers and intermediaries to understand regulatory intent, and improving the quality of responses. The Shanghai Stock Exchange’s grasp of the positioning of the science and technology board will focus on the issuer’s compliance with the science and technology attribute evaluation index system to inquire, further reduce the issuance and listing information disclosure cost, and improve the issuance and listing review efficiency. The arrangement of the above-mentioned relevant systems helps encourage and promote a number of benchmarking and leading enterprises to land on the science and technology board, and accelerate the formation of the scale effect and agglomeration effect of the science and technology board.