Kao Chuang Board Audit Window Full Year Old Test: 209 Declarer Focus On "Technology" Continue To Exert Force

Over the past year, some issuers have successfully listed and issued a scientific and innovative board. They have received a high premium from the company. Some issuers have finally been defeated in the inquiry of the pre-trial, the pressure from the upper Municipal Committee and the no registration of the SFC, but some companies have chosen to re appear on the gem and other sectors.

It has been one year to open the audit gate.

A year ago, in March 22nd, the first 9 companies of the Shanghai Stock Exchange to accept the declaration and listing were officially exposed. But according to the twenty-first Century economic report reporter, in the past year or more as of March 24th, there were not less than 209 issuers entering the declaration audit process, of which 97 companies finally finished issuing.

Over the past year, some issuers have successfully listed and issued a scientific and innovative board. They have received a high premium from the company. Some issuers have finally been defeated in the inquiry of the pre-trial, the pressure from the upper Municipal Committee and the no registration of the SFC, but some companies have chosen to re appear on the gem and other sectors.

As a matter of fact, there has been a great controversy over the standards of science and technology creation in the process of audit of the science and technology innovation board. The SFC recently issued guidelines for evaluating the nature of the company, which further clarified the boundaries and differences between the issuers of science and technology and the non science and technology distributors.

In the view of investment bankers, under the clearer definition of rules and stricter access standards, the audit direction of the science and Technology Board will continue to exert itself in the focus of "hard technology" field, and will contribute more quality and innovative enterprises to the A share market.

It has been one year to open the audit gate. IC photo-

Leading by "industrial technology"

Industrial technology has become a key pronoun among the more than 200 issuers who have accepted the audit.

In twenty-first Century, the economic report reporters statistics Wind data found that the entity industry has become the focus of the science and technology board. The number of reporting companies in the two industries of computer communication and special equipment manufacturing is ranked the top two, up to 42 and 40 respectively, of which 21 and 23 companies have been issued, respectively.

According to the final issuance pass rate of the issued number / declaration number (including the trial company), as of March 25th, the number of companies with more than 10 declared companies accounted for 57.50% of the industry's highest pass rates, while the pass rates of four industries, including specialized equipment manufacturing, medical and pharmaceutical manufacturing, software and chemical raw materials, were 50%, 46.43%, 44.44%, respectively. 36.36%.

In the declaration of publicity of the science and technology board, there are indeed special people in the industry distribution. For example, Franz, who launched the "shared forklift" platform itself, belongs to the leasing industry, and in the audit process, Franz finally voluntarily abandoned the listing of the science and technology board.

"The number of industrial and technological companies and the final realization of the issue accounted for quite a lot, which partly reflects the hard and technological attributes of the science and technology board." An investment bank official close to the regulator said, "although some of the software industry also has a considerable proportion of technology content, some of the issuers who are suspected to be packaged by business mode or are not strong in technical barriers have also had some problems such as ending censorship or longer auditing periods."

It is worth mentioning that the A has also become a gathering place for some scarce shares of the A shares. For example, the semiconductor enterprises with high importance in China have become the pet in the process of audit.

Whether Hua Xingyuan, a pioneer in the first science and technology company, or a MEMS sensor manufacturer or a micro company specializing in wafer processing, has realized the listing of the science and technology board and gained a premium on valuation.

At the same time, under the framework of registration system, A created many "no precedent" projects in the A-share market. For example, Huarun micro, the leading power semiconductor IDM in China, is the first successful listing of VIE in the A share market. Although the loss in three years amounted to 1 billion 112 million yuan, zhe pharmaceutical was also successfully listed on the fifth set of listing standards of the science and technology board, and became the first non profit enterprise listing case of A shares.

The defeated man made a comeback.

In fact, behind the completion of the issuance of nearly 100 enterprises, many companies listed on the science and technology board finally ran aground. Statistics show that in the year ended March 25th, a total of 20 enterprises were "out" because of the termination of the examination or the termination of registration. Among them, the largest number of failed enterprises in the three industries of special equipment manufacturing, computer and software were 4, 3 and 3 respectively.

However, according to the twenty-first Century Economic Observer, in view of the fact that the technology of the Titans has been terminated in the upper session, Li Yuan Heng and the century space have been terminated, almost all the issuers of abortion have voluntarily withdrawn their initial applications.

For example, last year papaya mobile, the first issuer to announce the launch of the science and technology board, finally ended the sprint with a "withdrawal of the first application".

An investment bank insider close to the exchange said that because most of the projects had already identified their own problems in the process of auditing the inquiry, they preferred to give up voluntarily under the communication with regulators, and the trend of "spontaneous withdrawal" also reflected the characteristics of the regulatory audit.

"Many companies found their problems in the inquiry session, so they chose to quit." The above investment bankers said, "in fact, strict inquiry is also an important part of the audit of the science and technology board."

However, according to the reporters, at present, a number of companies that had once made a retreat have been planning new IPO declarations, and are planning to make a comeback. For example, papaya mobile appeared in the guidance information of Beijing Securities Regulatory Bureau in February 28th this year, but decided to regard gem as a new target of listing. In addition, China and Thailand jointly sponsored the China Unicom data is also about to decide to sprint gem.

"Some companies choose gem, which, on the one hand, may be relatively harsh on the basis of the" Chuang Chuang board ", and on the other hand, the gem is also undergoing reform, and there will be differences in positioning, for example, the truthfulness of information disclosure may be more emphasized, rather than the requirement of high technology attributes. The investment bankers said, "many issuers are aware of this opportunity to participate in the reform and participate in it."

In addition, Hai Tian Rui Sheng, Yuan Dong biology and other companies that failed to beat the company board last year are planning to launch a two degree sprint board.

"Some companies may feel that they have no problems or solve their own problems. Under the framework of the registration system, the progress of the listing will be faster, so there will be a certain probability to make a successful declaration again after the sprint fails." The above investment bankers said, "the listed companies that choose to withdraw from the first place are likely to get more opportunities to go along with the continuous advance of registration system reform. Of course, in combination with the specific market environment, enterprises will have their own judgement when they are listed."

Strengthening technological characteristics

After 1st anniversary of the audit, the technological attributes of the science and technology board are constantly being strengthened. For example, the SFC recently issued the "guide for evaluation of the nature of science and technology" (hereinafter referred to as the guideline), and clearly put forward 3 specific indicators and 5 exceptions.

The three conventional indicators are: "the amount of R & D investment has not been less than 60 million yuan recently, or R & D investment has accounted for no less than 5% of the operating income". "The invention patent of supporting business income is no less than 5". "The operating income of the recent year is not less than 300 million yuan, or the compound growth rate of revenue in the recent three years is not less than 20%".

When enterprises meet the above three indicators simultaneously, their listed companies will receive further support and encouragement. If they do not meet the above three indicators, they can still be identified as having the property of science creation if they conform to one item in 5 exceptions.

In view of the strict positioning of science and technology in the science and technology board, there are also some investment bankers who believe that the potential listing resources that are in line with location are becoming increasingly scarce, which may restrict the expansion of the number of listed companies to a certain extent.

"If the standards of the framework are too strict, there will be fewer and fewer companies that meet the requirements. In fact, many good companies have already listed on the main board and the growth enterprise market, and there are not many new science companies." A Shanghai investment bank admits, "in this case, many companies may go to the Shenzhen Stock Exchange to go public."

But close to the exchange said that the significance of the establishment of the science and technology board is to grasp the quality of the company, highlight the ability of technological innovation, instead of simply seeking to enlarge the scale of the plate. With the continuous promotion of the reform of the gem and the selection layer and the release of more IPO projects, investors will also take a more rational view of the investment value of the Chuang Chuang board.

"The significance of the reform of Chuang Chuang plate is not only to expand, but the key is to make the company strong, good and precise, and truly serve the technological innovation of enterprises." therefore, it is emphasized that the nature of Chuang Chuang still needs to be an important position of the science and technology board. A close to the exchange pointed out that "at present, the valuation of some companies is relatively high, but with the normalization of market supply and the change of capital structure, it is believed that investors of Ke Chuang board will be more rational."

However, some analysts believe that when the science and technology board has been running for some time, its standards will also be adjusted reasonably according to the actual situation of the market.

"In fact, the evaluation index of science creation is a clearer and quantifiable connotation for the science and technology board, but this index will also be adjusted along with the market and the overall situation of the issuer." A home brokerage analyst pointed out, "and what exactly is the creation of science and technology, whether it is the production of technological means, or the supply of technology products, or the upstream chain of technology products?"

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