Gem Zhongguancun Plate Initially Formed

"Life" sculpture is one of the most representative symbols of Zhongguancun. It has witnessed the development of Zhongguancun from small to large, from weak to strong.

China Securities Daily learned from the Zhongguancun Management Committee 6 days ago that there are nearly 1000 enterprises in Zhongguancun park that meet the financial indicators of gem, and have accumulated abundant corporate resources for the GEM market.

Guo Hong, director of the Zhongguancun science and Technology Park Management Committee, said that at present, there are more than 320 unlisted Limited by Share Ltd in the park, more than 500 of which are being restructured and are being restructured, all of which have met the financial requirements of the gem.

From 2009 to April this year, 37 enterprises in Zhongguancun succeeded in listing both inside and outside the country, including 19 listed on GEM, occupying nearly 1/4 share of the GEM listed companies, and the "Zhongguancun plate" has been initially formed, and will become the unique "one pole" in the growth enterprise market.

Listing and financing climax

The launch of GEM has brought the tide of listing and financing of Zhongguancun enterprises.

In 2009, 23 Zhongguancun enterprises were allowed to go public inside and outside the country, a record high, and 14 companies have been approved to go public this year.

Guo Hong said that Zhongguancun has five advantages: innovative and entrepreneurial enterprises are rich in resources, financial resources are gathered, excellent venture capital management teams are clustered, capital markets are tried first, and all sides support policy centralization.

After 20 years of development and accumulation, Zhongguancun's high-tech companies have entered a stage of rapid and large-scale development. The demand for qualified companies to make bigger and bigger capital markets is becoming stronger and stronger. Zhongguancun's engine as China's innovation economy (310358, fund) is speeding up.

At the same time, with the change of the domestic capital market environment, especially the completion of the split share structure reform and the start up of the growth enterprise market, the proportion of the listed companies inside and outside the Zhongguancun park is changing.

At present, the number of domestic listed companies is significantly higher than the number of overseas listed companies, and the gap is gradually increasing.

Data show that 20 listed companies in Zhongguancun in 2007, 16 were listed overseas, and only 4 were listed in the domestic small and medium board.

In 2009, of the 23 new listed companies in Zhongguancun, 8 were listed on the small and medium sized boards, 13 were on the gem, and only 2 were listed on the NASDAQ outside the US.

At present, the total number of listed companies inside and outside Zhongguancun has reached 149.

Among them, 89 domestic and 60 overseas, IPO financing amount of nearly about 130000000000 yuan.

As of May 5, 2010, there were 78 listed companies on GEM and 19 enterprises in Zhongguancun.

Zhongguancun GEM listed companies raised capital, total income, net profit and total market capitalization accounted for 30.4%, 26.1%, 31.8%, 35.8% of the GEM listed companies respectively, and occupied three of the total market capitalization of the gem, and the "Zhongguancun plate" in the growth enterprise market has been initially formed.

At present, in addition to the listed companies, there are 32 companies in the gem audit, 2 companies in the small and medium-sized board audit, and another 8 companies to declare two times.

In addition, it is expected that in 2010, nearly 40 companies will declare gem and small and medium-sized boards, and about 60 companies will declare gem and small and medium-sized boards in 2011.

Strong momentum for follow-up development

The "Zhongguancun plate" listed companies have good quality and strong driving force for development.

Data show that in the 1 quarter of 2010, 5 companies' share price exceeded 100 yuan, accounting for half of the total number of shares in the country.

Among them, Shenzhou Tai Yue (300002, stock bar) shares more than 200 yuan, instead of Moutai shares become the first high priced stocks in Shanghai and Shenzhen two cities.

Meanwhile, Baidu Inc shares listed on the US NASDAQ continuously refreshed the highest trading and closing records, breaking 700 US dollars per share, nearly 25 times higher than the US $27 in 2005.

Analysts pointed out that Zhongguancun listed companies have great investment in R & D, and have independent intellectual property rights, high technology content and strong market competitiveness. This is the fundamental reason for the rapid development and high valuation of listed companies.

Six factors make Zhongguancun park enterprises become the "favorite" of gem and investors: first, the core assets of enterprises, mainly talents and intellectual property rights.

Two, business models of enterprises are new and new formats are emerging one after another.

The three is the nonlinear high growth. Some enterprises have invested R & D in the past few years and are in a state of loss. But in the year when technology or products are put into the market, revenue may explode.

In addition, innovation and entrepreneurship enterprises need continuous innovation. They may also make some adjustments in stages. Their growth patterns are completely different from those of traditional industrial enterprises, rather than linear growth.

Four, the proportion of fixed assets of enterprises is relatively low, mainly R & D and services, and the proportion of current assets is relatively high.

Five, innovation and start-up enterprises generally need to arrange equity incentive arrangements.

Six, enterprises, and enterprises and universities, research institutions often form standard alliances, technology alliances, industrial alliances, joint research and development of generic technology, the construction of "patent pool", cross licensing.