Science And Technology Board Opened Half Year Report: Yangtze River Delta Into A Large Fund-Raising Supporting Reforms Can Be Expected

As of the evening of January 15th, the first 25 listed companies of the science and technology innovation board have released almost all the announcements on the placing of the restricted shares under the initial public offering network, which reminded that the restricted shares held by the placing objects under the net will be listed and circulated in January 22, 2020. By then, the opening of the science and Technology Board will last half a year.

Since the opening of the market for nearly half a year, the speed of science and technology board has been constantly refreshed. 206 enterprises have been accepted, and 73 companies have raised 84 billion 500 million yuan. Under the market pricing mechanism, the market is becoming more rational and more investors are entering the market.

The establishment of the scientific innovation board and the pilot registration system is undoubtedly the focus of the capital market in 2019. The ideas contained in it will also be transmitted to the reform of the gem and other sectors in 2020.

The amount of raising funds in the Yangtze River Delta is in the front.

Since the beginning of the year, the capital market has witnessed the "speed of science creation board".

As of January 15th, a total of 206 enterprises in the science and technology board have been declared, and 83 enterprises have completed the issuance, of which 73 have been listed, and the total initial fund-raising has been 84 billion 542 million yuan.

In terms of industries, the listed companies are relatively concentrated in the new generation of information technology, biological industry and new material industry. The total amount of fund-raising from the new generation of information technology is far ahead, and 33 listed companies have raised 49 billion 41 million yuan in total. The biological industry ranks second, and 17 listed companies raise 15 billion 863 million yuan. Closely followed by the new material industry, 12 companies raised a total of 11 billion 719 million yuan.

This also echoes the industrial distribution of the accepting enterprises. Of the 206 accepted enterprises, 82 came from the new generation information technology industry, 44 from the biological industry, 37 from the high-end equipment manufacturing industry, and 26 from the new material industry.

The listed companies from the new energy industry have yet to be broken, and 6 of them are queuing up.

At present, the distribution and acceptance rhythm of the science and technology board has been normalized. From the perspective of issuing rhythm, the first batch of 8-9 listed companies entered the China daily supplement period in July 2019 after the first batch of listing, and accelerated significantly at the beginning of October at the end of October. From the perspective of acceptance rhythm, after July 2019 entered the normalization, an average of 8 new businesses were added each month.

For a long time, the number of listed companies is closely related to the development of regional economy. Data show that Jiangsu, Beijing, Shanghai, Guangdong and Zhejiang contributed the first 5 fundraising amount of the science and technology board, and the Yangtze Delta region ranks the highest in fund-raising.

According to statistics of 73 listed companies in Jiangsu, Shanghai, Zhejiang Province, the total fund-raising accounts for 40.47%.

However, with the introduction of policies in more latecomer regions to encourage enterprises to launch their companies, the invisible war between the two companies has already started.

Recently, the investment banking circle has been "made a single local enterprise A shares IPO, Bao Dai can award 3 million" news screen. In January 7th, the opinions of the Dongying Municipal People's Government on speeding up the listing of enterprises listed on the website of the Dongying Municipal People's government stated that enterprises listed on the Shanghai and Shenzhen stock exchanges reward the sponsor representatives of the securities companies 3 million yuan, and the enterprises listed in the national share transfer system of small and medium enterprises Award 600 thousand yuan for the project managers of the securities companies.

In the past two years, Ji'nan, Xi'an high tech Zone, Chengdu, Zhengzhou, Ningxia and other regions have issued relevant incentive clauses for listed companies, many of which mentioned the "Chuang Chuang" board.

In June 2019, Chengdu issued the support policy for accelerating the listing of Chengdu enterprises' science and technology board. It pointed out that the sponsor or sponsor team should award 1 million yuan to the first listed companies in the Chuang Chuang board, and the sponsor affiliate participated in the strategic placement of the first board of the enterprise with the investment company. According to the ratio of 1% to 5 million, the sponsor should not award more than $5 million.

In September 2019, the Zhengzhou Municipal People's government issued a circular on Zhengzhou's policies to accelerate the listing of enterprises listed on the list of "1000 enterprises to expand their wings". It pointed out that the sponsors or sponsors of the first listed companies in the science and technology board should receive 1 million yuan reward; the sponsor company participated in the strategic placement of the first board of the enterprise with the investment company, and the sponsorship agency would not give a reward of up to 5 million yuan in accordance with 1% of the proportion of investment. For listing on the main board, small and medium board and gem of Shanghai and Shenzhen Stock Exchange, the sponsor or sponsor team will receive 1 million yuan reward.

On the other hand, exchanges are also encouraging the listing. In order to further implement the cost reduction policy, reduce the cost of direct financing and better serve the real economy, the Shanghai stock exchange has decided to reduce the listing fees of listed companies (including depository receipts) from the main board and Chuang Chuang board since January 1, 2020. GF believes that in 2020, the reduction of the listing fee of the science and technology board is the "reduction of taxes and fees reduction" under the normalization of IPO and delisting. In particular, SMEs in the small and medium enterprises are expected to benefit from the new round of registration system.

Some market participants believe that with the implementation of the registration system of gem in 2020, Southern China science and technology enterprises are expected to be more listed on the gem.

Market pricing mechanism appears

"Smooth operation, good company ratio is very high, short and long game is very full, pricing completely marketization." Looking back on the performance of the opening half year, Wang Lujie, general manager of Danyang investment, believes that "It was thought that the science and technology board would rise sharply and plummeted, but so far it has been running fairly smoothly, with few extreme quotes."

At the beginning of the opening of the market, the science and technology board ushered in the stir up of funds. At that time, reporters interviewed investors generally said that only participate in the creation of new board, and will not participate in the two tier market game.

In the past six months, with the market pricing mechanism gradually playing a role, the two level market has returned to reason. Some of the surveyed investors have been more involved in the investment of science and innovation board.

Wang Lujie said that at present, the main strategy is to keep buying good companies with reasonable prices and long-term strategies. "Because the good stock of the science and technology board is quite large. It is not suitable for short term trading, and it is more suitable for long-term value investment."

Data show that at present, the proportion of long term funds in the science and technology board is very low. The GF strategy points out that at the end of the three quarter, the total market value of funds, insurance assets and social security shares totaled 1 billion 857 million yuan, accounting for only 2.43% of the market value of the science and technology board.

"The problem is not that institutions do not want to hold shares, but prices remain high. The rhythmic control of the company's new shares has left enough time for speculation. The supply is artificially limited, and the stock price will not go down. It is not suitable for investment, and long-term funds can only wait. " Wang Jiyue, a senior investment bank, thinks.

However, he also pointed out that the mechanism of Ke Chuang plate has been promoting the development of institutional ownership.

With the first share of the same rights, red chips, and non profit enterprises gradually, the system of science and technology board is becoming more and more inclusive.

On the other side, Wang Jiyue also emphasized the openness and transparency of the registration link for the core of information creation. "In terms of issuing conditions, the requirements for issuers' normalization and accounting policy choices are still too high. Many new economic enterprises still find it difficult to meet the normative requirements. The normative requirements and accounting treatments that do not affect the capability of continuous operation do not necessarily become a barrier to listing, and it is good to disclose them honestly. "

Ren Zeping, chief economist of Hengda Research Institute, pointed out in the research report that the success of the registration system in the future depends on five major supporting reforms: introducing long-term institutional investors, strengthening information disclosure and monitoring the focus of gravity, moving forward the linkage 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.