One Year Old Report Card Of Science And Technology Innovation Board: 217.2 Billion Yuan Of Financing Has Fed Back The Total Market Value Of The Industry Sector Has Increased By 14 Times

I still remember that on July 22, 2019, the causeway sounded from the Bank of Huangpu River, and the sci tech Innovation Board of Shanghai Stock Exchange was born.

Within one year, the science and technology innovation board has grown from scratch and has been growing. The initial market value of Ketian has been expanded from 2.36 billion yuan to 3.5 billion yuan.

Looking back on the past and looking forward to the future, what is the overall performance of the "newborn" of the science and technology innovation board? Has the contribution to scientific and technological innovation achieved the expected effect? As a pioneer of the pilot registration system, what areas can be explored for innovation in the future?

On the occasion of the first year of the science and technology innovation board, the 21st century economic reporter conducted a panoramic scan on the enterprises of the science and technology innovation board, and reviewed the experience and achievements of the operation of the science and technology innovation board in one year. At the same time, the reporter made a return visit to some enterprises and asked them to talk about their feelings after listing.

236.8 billion to 3.3 trillion

On July 22, when the science and Technology Innovation Board reached its full year old, seven companies, including qi'anxin, Delin Hai, Dadi bear, Sansheng Guojian, Zhenyou technology, Xinpeng micro and Lihe micro, were listed. The number of listed enterprises on the science and Technology Innovation Board reached 140.

By the end of the 22nd, the total market value of 140 enterprises had reached 3.3 trillion yuan, 14 times the initial market value of the first batch of 25 enterprises with 236.8 billion yuan, and 3 times the initial market value of 140 enterprises with 1.15 trillion yuan. The total financing amount of 140 companies reached 217.2 billion yuan.

On July 22, 2019, the first listed company with a market value of 100 billion yuan was born on the science and technology innovation board on the first day of the market opening.

The market is changing, after several rounds of change of ownership. At present, SMIC is the largest market value company on the science and technology innovation board, with a total market value of 590 billion yuan. SMIC is a chip OEM giant. Recently, SMIC returned to A-share as a red chip enterprise and completed a + H-share listing, setting a record for the largest IPO fundraising on the science and technology innovation board.

The remaining six companies with a market value of 100 billion yuan are Jinshan office, Cambrian, medium and micro company, Shanghai silicon industry, LanChi technology and Junshi biology. The total market value of these companies is nearly 3.7 trillion.

The above companies have their own characteristics. Cambrian is the first stock of AI chip, and micro and medium companies have been ranked in the first echelon of etcher in the world. Shanghai silicon industry is one of the largest semiconductor silicon chip manufacturing enterprises in mainland China, and Junshi biology is regarded as a leading pharmaceutical enterprise focusing on large varieties of innovative drugs.

From the industry distribution of the above-mentioned companies with a market value of 100 billion, it is not difficult to see the characteristics of Kechuang board: the strength of integrated circuit and biomedical enterprises is strong. According to the data, science and technology innovation board is highly concentrated in high-tech industries and strategic emerging industries. Among them, the new generation information technology industry accounts for 44%, the biomedical industry accounts for 23%, the high-end equipment industry accounts for 15%, the new material industry accounts for 14%, and the energy conservation and environmental protection industry accounts for 4%.

From the regional perspective, the distribution of Sci-tech Innovation Board companies is highly consistent with the regional distribution of domestic sci-tech innovation productivity. Among the 140 companies, 29 are registered in Jiangsu Province, 25 in Beijing, 22 in Guangdong Province, 20 in Shanghai and 11 in Zhejiang Province.

The reporter of 21st century economic report also tracked the first batch of 25 enterprises listed on the science and technology innovation board, and found that the first batch of 25 listed companies had a good development momentum.

Overall, since the listing of the 25 companies on the science and technology innovation board, both revenue and net profit have increased. In 2019, the average growth of operating revenue and net profit is 23.08% and 25.11% respectively. In 2020, under the influence of the epidemic situation, many companies will maintain their growth momentum.

According to the 2020 interim report released by RuiChuang micro nano, the operating revenue was 693 million yuan, an increase of 172.86%; the net profit was 308 million yuan, with an increase of 376.70%. In the first half of this year, Xinmai medical is expected to achieve a net profit of about 118 million yuan to 123 million yuan, with a year-on-year increase of 38.80% - 44.68%.

In terms of R & D investment, 25 enterprises have obvious characteristics of increasing R & D investment after listing. According to the 2019 annual report, 23 companies' R & D investment increased year on year, and the average growth rate of R & D investment of 25 companies was 44.48%, 6.65 percentage points higher than the average growth rate of 37.83% in the previous year.

Within one year, the science and technology innovation board, as the "experimental field" for deepening the reform of the capital market, has risen to its exemplary and leading role. IC photo

Capital feeds industry

Back to the original intention of the establishment of the science and technology innovation board, it is an important measure to deepen the reform of the capital market. Through a series of institutional innovation, a large number of innovative but capital deficient science and technology innovation enterprises come one after another, and the science and technology innovation board shows a strong inclusiveness.

The first shares of Sinochem, which just returned to the stock market of Sinochem, did not get the first profit from Sinochem Science and technology innovation board has created one history after another.

Sheng Zelin, chairman and general manager of Zejing pharmaceutical, said in an interview with 21st century economic reporter: "pharmaceutical companies like Zejing need to make a lot of investment due to their large investment in early research and development and long cycle. Before the establishment of the science and technology innovation board, many companies can only turn to Hong Kong or overseas markets for financing. The timely launch of the science and technology innovation board has brought hope for biopharmaceutical companies like Zejing. "

The reform of the science and technology innovation board is undoubtedly a success. Wang Jitian proposed to reform the supervision mechanism of listed companies under the principle of "one supervision and one audit"; the purpose of the reform is to make sure that the company's registration is more closely related to the supervision of the market A series of market-based systems have been launched on the science and technology innovation board. Only after the pilot projects have been effective will they be gradually extended to the whole market.

"Over the past year, the scientific and technological innovation attributes of enterprises on the science and technology innovation board have significantly improved, and their attraction to star enterprises has also increased significantly. There are more red chip companies, companies not yet profitable and companies in the R & D stage that have no revenue." Wang Jiyue said.

In addition to the establishment of a sound capital market, the establishment of a sound market-oriented innovation mechanism is also conducive to the formation of a better market-oriented innovation mechanism.

From the above data, we can see that the industry has been nurtured by innovation. From the conversation with the interviewed entrepreneurs, the reporter also found that the enterprises are making better development with the help of the science and technology innovation board, and put forward higher requirements for themselves.

"Through the listing and financing on the science and technology innovation board, the company has obtained much-needed funds for its development, and at the same time, it has enhanced the company's attraction to excellent talents and formed a virtuous circle. The improvement of the company's reputation will also have a positive impact on the commercial sales of the company's drugs. It is an obvious milestone in the development of the company Sheng said.

In an interview with the reporter, the relevant person in charge of Guangfeng technology, one of the first listed enterprises on the science and technology innovation board, said, "in July 2019, we became the first batch of enterprises to land on the science and technology innovation board, which means that enterprises driven by technological innovation like Guangfeng can make our R & D more powerful by combining the advantages of science and technology and capital, and the company can obtain broader and higher quality development space 。”

But at the same time, the scientific and technological innovation board also puts forward higher requirements for enterprises.

Zhao Yan, chairman and general manager of Huaxi biological, said frankly in an interview: "the challenge is certainly very big. After the listing of the science and technology innovation board, the requirements for information disclosure are more timely and accurate, and the compliance awareness of all senior managers should be strengthened. Especially after the listing of the science and technology innovation board, investors are allowed to make their own judgments. What the company can do is to make the market understand the enterprise more clearly. This matter not only poses a high challenge to me, but also to the entire management team, as well as to the organizational structure and cultural construction of the company. "

The first anniversary of the science and technology board

Li Wei reports from Beijing

On July 22, 2019, the first batch of 25 science and Technology Innovation Board companies which completed the listing audit under the registration system officially started to go public, and many stocks were listed on the same day, several times higher.

On August 31, 2019, Heng'an Jiaxin, the first non registered Issuer on the science and technology innovation board, appeared.

On September 23, 2019, the first equity incentive plan of Kechuang board company was born in Lexin technology.

On November 6, 2019, haohaishengke, the first stock to be broken, appeared on the science and technology innovation board.

On January 17, 2020, the first listed company with a market value of more than 100 billion appeared on the science and technology innovation board, namely, medium and micro companies. On that day, the total market value of the scientific and technological innovation board exceeded trillion.

On February 27, 2020, China Resources Microelectronics, as the first red chip enterprise of a share, landed on the science and technology innovation board, breaking through the situation that red chip enterprises in A-share market could not be listed before.

On April 12, 2020, Hangke technology and rongbai technology, as the first batch of science and Technology Innovation Board companies, were punished by the CSRC.

On April 29, 2020, the number of science and Technology Innovation Board companies officially reached 100.

On June 13, 2020, the first CDR red chip enterprise on the science and technology innovation board completed the review of the meeting.

On July 17, 2020, the first batch of six science and technology innovation board theme funds were approved.

On July 3, 2020, the administrative measures for securities issuance and registration of listed companies on the science and technology innovation board (for Trial Implementation) was officially implemented, and the framework of refinancing system for the companies on the scientific and technological innovation board was completed.

On July 9, 2020, the science and technology innovation board, also the first time in the A-share market, the stock GuoDun quantum, which increased more than 10 times on the first day of listing.

On July 22, 2020, for the first time in 30 years, the Shanghai Stock Index ushered in a major overhaul, and the stock of science and technology innovation board company was included.

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