The Report Of The First Year Of Trial: The Average Benefit Of The 72 Companies Is 14 Billion Over A Month.

As the first year of the registration system reform, the science and technology board has undoubtedly become the most notable keyword in the capital market in 2019.

In twenty-first Century, according to the statistics of the economic report reporters, there were not less than 72 science and Technology Innovation Board companies to complete the distribution from June 19, 2019 to the end of this year. The total number of shares issued amounted to 4 billion 398 million shares, involving a scale of more than 84 billion yuan, of which the number of listed companies has exceeded the total amount of the main board (including small and medium-sized boards, the same below) and gem.

Due to the breakthrough of the price earnings ratio under the approval system and the mechanism of no limit in the first five days, the company has gone through the stock price movement, but the final valuation has been more and more reasonable. Even some of the board stocks have begun to appear or are on the verge of "breaking the net".

In the view of the industry, the pilot experience of the science and technology innovation board is expected to further help the registration system to be copied and landed on the growth enterprise market and the main board market, and the new system innovation is also expected to gradually spread out in various sectors including the science and innovation board.

Half of the science and technology board

As a "pilot" of the science and technology board, in 2019, it achieved an unexpected development.

In twenty-first Century, the economic report reporters Wind statistics found that in 2019, there were not less than 72 companies in the year, but the data had already exceeded the main board and the growth enterprise market. The statistics showed that the number of listed companies on the main board and gem was 67.

However, on the scale of fund-raising, the science and technology board still does not have the weight of the main board. Statistics show that the total amount of fund-raising by 72 companies amounted to 84 billion 7 million yuan, while the scale of the main board raised 104 billion 558 million yuan at the same time, but this was related to the "Big Mac" project in the motherboard market. The four projects in the second half of this year, the postal savings bank, the Zhejiang Commercial Bank, the China wide nuclear company and the Chongqing agricultural business reached four billion projects, and the total fund-raising amounted to 67 billion 873 million yuan.

Excluding the huge project factors, the scale of the main board and gem is only 41 billion 304 million yuan, which is only less than half of the scale of the rapid expansion, and from the whole year, the scale of the fund has also accounted for 32.21%.

In the industry view, with the 2020 expected to promote the gem registration system reform, the final registration system caliber IPO scale is expected to further increase.

"The main board market still depends on big projects, but big projects will become less and less, and it will only make money for investment banks." An investment bank close to the regulators said frankly, "this market environment will also require investment banks to find more projects that are suitable for registration."

In its view, the reform of registration system is also bringing about dramatic changes to the ecology of investment banks.

First of all, the Underwriters and investment requirements formed by Ke Chuang board. As a matter of fact, the demand for the investment of the science and technology board still brings a lot of profit to many underwriters.

Statistics show that the investment subsidiaries of CITIC, CITIC, Guoxin, Guojun, Huatai five brokerages are involved in the investment of not less than 5 companies that sell their own products, including CITIC investment company's participation in the largest number of times, up to 9 times, which also made the 5 brokerages gain hundreds of millions of yuan respectively.

"At present, the science and innovation board is still innovating the color of the pilot project, so the market attention has led to the valuation premium, but with the increase of the market supply, it is hard to say whether the mandatory placement is a good thing for the broker." The investment bankers close to the regulators said frankly, "and there will not be a high market overall valuation. At that time, the capital of the securities companies will also be tested. At the same time, small and medium brokerages will be under pressure to do such projects."

Another pressure comes from the declining rate of underwriting. According to the statistics of Wind, the average issuance rate of the 72 science and technology creation boards issued by this year is about 9.17%, while that of the main board market is 9.64% at the same time. Compared with the main board, the science and technology board has dropped by nearly 50 BP.

"The decline in the underwriting rate is due to the fact that fewer and fewer quality projects are going on, and the right to speak is good for good projects, so the underwriting rates of investment banks are also declining." A broker dealer in Shanghai said, "but there is also a polarization problem, because the registration system has higher requirements for the pricing power of the underwriting, so the advantage of the head broker will be more obvious."

Many systems need to be solved.

As soon as 2020 comes, the science and Technology Innovation Board will bring more and more influence to the capital market.

In December 14th, Shi Donghui, director of the Capital Market Research Institute of Shanghai Stock Exchange, publicly stated that the systematic reform aimed at the existing problems in the capital market was guided by the pilot board and registration system. Meanwhile, other reform measures were being launched.

In its view, the effectiveness of the Chuang Chuang board test field will determine whether the registration system can be transplanted and duplicated in other sectors.

"Since the stock of the 50 trillion yuan market is too large, we should start with the increment, take the Chuang Chuang plate as the test field, and do a set of marketization system from listing, issuing, trading to subsequent supervision, and reduction, approval, etc., and if the experimental field is effective, it will be transplanted to other market segments." Shi Donghui said.

In fact, many corresponding reforms are expected to be concerned by the industry.

Ren Zeping, chief economist of Hengda Research Institute, pointed out that the success of the registration system in the future also depends on a number of supporting reform measures, including introducing long-term institutional investors, strengthening information disclosure and monitoring the focus of gravity, pushing forward linkage revision of the securities law and the criminal law and the company law, improving the quality of listed companies, attracting the return of red chip enterprises, reducing the tax burden of value-added tax in the financial industry, and relaxing the trading mechanism such as T+0.

In addition, many institutional spaces can be broken by the industry. For example, whether the transfer of the old shares will have greater application space in the future market such as Ke Chuang board and so on. Reporters statistics Wind data found that in this year's issue of 72 science and Technology Innovation Board companies, there is no company supporting the transfer of the old shares to determine the form of distribution plan.

"In this pilot section, there were not many cases of stock issuance." The investment bankers close to the regulators said. In its view, along with the continuous advance of registration system reform, it is not ruled out that more old stock transfer projects will appear in the later stage.

"Of course, this is also a relatively high valuation of the inquiry issuing section of the company, and the shareholders holding the original stock do not consider the issue of stock issuance. With the increasing number of registered projects in the future, we may see some stock issuing projects."