CB'S Listed Company "Full 100" Report: Investment Banks Hit The Gold In The First Place, Investors Keen To Fight New But Cautious Trading.

In July 22, 2019, the first batch of 25 enterprises listed on Ke Chuang board, and China's capital market entered a new era.

More than 9 months later, at 9:30 a.m. on April 29th, with the SaaS cloud technology of the electricity supplier listed on the science and innovation board, the science and technology board ushered in 100th listed companies.

Since its opening, the company has invested 118 billion 800 million yuan in financing 100 listed companies.

As a new plate that deeply brimming with the new economic gene, the "Chuang Chuang" has developed a "market capitalization" index system, which has expanded the investors' cognition of the core value of the new economic company. Up to now, the market value of 100 companies has exceeded 1 trillion yuan, of which two have a total market value of more than 100 billion yuan, and 39 have a market value of 10 billion.

? "From the establishment to the 100% of the listed companies, it has milestone significance for the science and technology innovation board. First, the science and innovation board as the incremental innovation and reform experimental field of the capital market, through the steady expansion, will help reduce the overall valuation level of the science and technology board enterprise, and promote the steady development of the plate. Two, at present, the five day of the science and technology board does not have a rise or fall or a temporary suspension system. The trading system can effectively meet the needs of market transactions. From the first day's share growth, the turnover rate of institutional games is higher. The turnover rate and volume of the Chuang Chuang board are gradually improving substantially for the high premium rate of A shares. Three, with the expansion of the scale of the science and technology board, more science and technology board public funds will help to improve the quality of the science and technology board. Pricing efficiency, attracting more high-quality enterprises to join, will attract more long-term investors to participate. Four, at present, the registration system was initially successful in the Chuang Chuang board pilot. In this case, the regulatory authorities will gradually promote the registration system of the Chuang Chuang board to the gem, and the gem will take the lead in the future, promote the basic system construction of the multi-level capital market, and clearly define the two markets. Differentiated competition, through complementary, to raise the capital market to serve the real economy, and promote economic transformation and high-quality development. Pan Xiangdong, chief economist of new era securities, told reporters on twenty-first Century economic report.

? ? ? Indeed, the establishment of the science and technology board, in addition to providing a more abundant resource allocation channel for the relevant enterprises, its reform pilot field as the capital market's first policy, with the improvement of the related supporting financing system, highlights the orientation of "hard technology" and further advances in investor education, including many successful reform experiences including registration system, and also to the gem and the new three boards. And so on.

Investment banks fight hard to create plates and lakes

For the investment banks of the securities firms, it is also a must feast for the company.

In the past 9 months, 100 listed companies have invested 6 billion 774 million yuan in underwriting sponsorship fees for underwriting sponsors, and last year the industry has received 9 billion 658 million yuan of underwriting sponsor income. The big cake brought by Ke Chuang plate is obvious.

As of May 6th, the 100 listed companies that landed on the company's GEM board saw 36 brokerages as sponsors, and the number of underwriters in the "three middle" ranks at the forefront. CICC, CITIC, and CITIC Securities jointly recommended 33% of the enterprises. Among them, CICC sponsored 14, ranking first; CITIC voted 11 (including 1 co sponsors), ranking second; CITIC Securities recommended 9, ranking third.

In addition, Guotai Junan, Guoxin Securities and GF Securities respectively recommend 6 science and technology innovation board enterprises, 5 Huatai Securities Co sponsors, and 4 people's livelihood securities sponsorship.

It is worth noting that unprofitable enterprises, red chip enterprises, and special equity structure enterprises landed on A shares to usher in the icebreaking of the science and technology innovation board. From the current draft rules on GEM related rules, we also open arms to these enterprises, and follow up or have more related companies landing A shares.

From this point of view, as a traditional "investment bank aristocracy" with international genes, CIC's investment banking advantages are highlighted. The only one red chip enterprise Huarun microelectronics, the special voting rights listed companies, the most profitable companies such as Bo otai and zhe pharmaceutical are all from CIC.

In the view of quasi IPO enterprises (including trial, suspension and termination), Wind data show that there are more than 10 IPO companies in the 4 brokerages of Huatai, CITIC Securities, Haitong Securities, Guotai Junan and so on, and over 5 enterprises in Minsheng securities, Merchants Securities, CITIC investment, Everbright Securities, Xingye Securities and Shenyuan Hongyuan underwriting sponsor services.

As of May 6th, CB has received 268 enterprises. From all enterprises, CITIC Securities, Huatai joint venture, CICC, CITIC, and Guotai Junan sponsor rank the top, sponsoring 30, 24, 19, 19 and 17 respectively.

"The sponsorship structure of the science and technology board has obvious head effect, especially the strategy of the company's investment and marketing, which requires higher investment banks." Pan Xiangdong, chief economist of new era securities, told reporters on twenty-first Century economic report.

"Ke Chuang plate pattern also reflects the overall pattern of investment banks. The top ten brokerages occupy most of the market share, and the ranking brokerages can only occasionally have some business opportunities. But apart from a few heads, the gap between other intermediate brokers is not significant, more than one or one or two less. Wang Jiyue, a senior investment bank, told the twenty-first Century business reporter.

He believes that the gem will continue this trend, and comprehensive service providers will have more advantages. In particular, the gem involves the stock market, refinancing and restructuring the market is also very large, more business opportunities.

Pan Xiangdong believes that since the registration system of gem is a Chuang Chuang Chuang board, the difference between them is stronger. The gem is broader and more inclusive than the science and technology board. At the same time, it does not follow the investment requirements. Therefore, there is still a possibility of overtaking for the small and medium sized brokerage firms with abundant project reserves.

Patent litigation is still the largest minefield.

Among the 100 listed companies, the new generation of information technology and biomedicine accounted for more than 60%, 39 and 25 respectively, and 15, 12 and 9 high-end equipment, new materials and energy saving and environmental protection respectively. Among these companies, all kinds of key indicators highlight the "bottom color" of R & D: R & D is "engine" and patent is "muscle".

In March 20th, with regard to a blockbuster policy on the science and technology board, the China Securities Regulatory Commission (CSRC) formulated and published the guidelines for the evaluation of the nature of science and Technology (hereinafter referred to as "guidelines"). It first proposed the specific evaluation index system of the science and technology creation attribute, so as to better support and encourage the "hard technology" enterprises to go public in the science and technology innovation board. The evaluation index system of Ke Chuang property adopts the structure of "conventional indicators + exception clauses", including 3 conventional indicators and 5 exceptions. 3 of the conventional indicators are "R & D investment or R & D investment in the proportion of operating income", "invention patent", "operating income or operating income compound growth rate".

As an intangible asset, patent is an important embodiment of enterprise's innovation ability and core competitiveness. Invention patents have been incorporated into the evaluation guide of science creation attribute, and its importance is more prominent.

In twenty-first Century, the economic report reporters found that the intellectual property disputes of science and technology enterprises were more frequent. Many enterprises had been "patent litigation" from their counterparts in the IPO process.

In April 30th, the Suzhou sensitive core microelectronic technology Limited by Share Ltd (hereinafter referred to as Min Xin shares), which was originally scheduled for 13 days to accept the listing consideration, was cancelled at the same time. Supplementary announcement shows that the reason is "Min Xin shares have significant issues" after the announcement of the above Municipal Committee meeting.

Some market participants speculate that this is related to its patent litigation with GoerTek.

Statistics show that Min core shares is a semiconductor chip design company mainly based on MEMS sensor research and development.

In the 7 major items prompted by the initial prospectus of the updated stock exchange in April 22nd, 3 were related to GoerTek shares.

Since last July, GoerTek has launched a series of litigation on patent infringement and patent ownership.

Prior to Guangfeng technology, the first patent litigation of a listed company of Chuang Chuang was encountered. Many companies, such as Jingfeng Ming Yuan, Changyang science and technology, and China micro company, were also troubled by patent litigation.

Strategic differentiation of investors

In April 29th, the science and technology board ushered in 100th listed companies, the technology of light and cloud landed on the board of science and technology, and the first day it gained 252.13%.

This means that there is still a lot of money coming from the new market.

Looking at the 100 companies that first entered the company, most shares on the first day of the listing rose sharply, and the 100 companies listed on the first day of the stock market rose by an average of 135.76%.

According to Wind data, 56 companies launched their first day of listing, and their share prices rose by more than 100%. In the first day of February 5th, Dongfang biological products rose more than 586%.

At the beginning and half of the year, the economic news reporters interviewed many investors in twenty-first Century to understand the investment strategy of the science and technology board, of which only participated in the new majority, while those who took part in the daily transactions were less enthusiastic.

It is understood that the first batch of 25 science and Innovation Board companies average online purchase valid number of more than 3 million households, which means that almost all the qualified investors have participated in the fight.

Now, many people are only cautious about the new and daily transactions.

Li Kejie, general manager of the Guangzhou Quan Hong fund, was still overestimated by the twenty-first Century economic report reporter. "Although the bubble has dropped from the beginning of the listing, the overall bubble is still small." Our investment in the science and technology board is limited to the purchase of new shares. "

With the launch of the science and technology board, the risk of lifting the ban shares is also the focus of many investors.

Pan Xiangdong believes that with the July core technology personnel, venture capital funds, and other restricted stocks will be listed on the circulation, short-term funding for the science and technology board greater pressure, but the long-term change does not change the direction of long-term value investment of science and technology board, the future trend of the board will be divided, higher valuation stocks will have callback pressure, low valuation stocks will usher in long-term deployment opportunities.

"We will continue to follow the performance of the KPC board and eliminate the companies with bad results in the stock pool and retain the company with excellent quality. In the future, we will pay close attention to the operation of the index, and we will also pay close attention to the progress of the gem reform. We expect that the correlation coefficient of these two plates will remain very high with the implementation of the 20% rise and fall of the gem. Kang Shuiyue, chairman of Danyang investment, told the twenty-first Century economic news reporter.

Pan Xiangdong also said that for ordinary investors, it is recommended to participate in the science and technology board fund, and so on, to share the achievements of the rapid growth of the science and technology board. He pointed out that from the first day of the stock increase, the turnover rate in the institutional game is relatively high. The high turnover rate and high turnover of the science and technology board are not conducive to the subsequent stock price stabilization of the science and technology board. The restriction is not only on the rapid market competition, but also for the rapid formation of reasonable prices and the improvement of the pricing efficiency. It is easy to lead to short term investment cycle, reduced pricing efficiency and large fluctuation of stock prices.

With the continuous expansion of the science and technology board, many supporting systems are constantly improving, and the market participants also put forward some expectations.

Looking forward to the future, Wang Ji Yue looks forward to the more predictable and normalization of the supply of new products, and the registration link of the science and technology board needs to be more transparent and predictable, and the refinancing system should also be landed as soon as possible.

? ? Gui Haoming, chief marketing expert of Shen Wan Hongyuan Research Institute, also said that although the time of running the science and technology board has been very short, and the number of listed companies has reached a certain scale, so far, no index has been published publicly and authoritative by the exchange. This not only brings inconvenience to the analysis of the trend of the Chuang Chuang board, but also brings about inconvenience in the study of its market characteristics. The indexed investment of the Chuang Ban made some investors not big investors. They lost the chance to create a board by investing in the board index fund.

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