The 40Th Anniversary Of The Special Economic Zone, Shenzhen Stock Exchange Ushers In The Moment Of Major Reform

On August 26, the 40th anniversary of the establishment of Shenzhen Special Economic Zone, as the "experimental field" of reform and opening up, Shenzhen has made many remarkable achievements in the past 40 years, among which the capital market plays a crucial role.

On December 1, 1990, the Shenzhen Stock Exchange began to open. At that time, there were only five stocks in the market, including Shenzhen development, Shenzhen Vanke and Shenzhen Baoan. After 30 years of development, the Shenzhen Stock Exchange has successively opened up the small and medium-sized board and the growth enterprise market, forming a clear-cut pattern of the securities market. It has gradually grown from a young seedling to a towering tree. Now it has become the second largest stock market and bond market in the world, which is undoubtedly a major development miracle.

As of August 24, there were 2270 A-share listed companies in Shenzhen Stock Exchange, with a total market value of 32.66 trillion yuan and a total circulation market value of 25.19 trillion yuan.

At present, the Shenzhen Stock Exchange once again ushered in a major historical moment. On August 24, the gem reform and the pilot registration system were officially implemented, and the first batch of 18 enterprises under the registration system were listed and traded at the same time, which marks the beginning of the reform of capital market stock.

On August 24, gem 2.0 was officially launched, and the first batch of 18 enterprises were successfully listed and traded. Photo by Gan Jun

Outstanding achievements in serving the real economy

As of August 25, the number of Listed Companies in Shenzhen Stock Exchange has exceeded 2315, including 2270 A-share listed companies and 45 B-share Listed Companies. The total market value of AB shares on the exchange totaled 3.346 billion yuan.

Wind data shows that in 30 years since 1990, listed companies in Shenzhen Stock Exchange have raised 6.33 trillion yuan in equity, including 1.22 trillion yuan in initial offering, 4.46 trillion yuan in additional issuance, 183.497 billion yuan in rights issue, 43.561 billion yuan in preferred shares, 277.360 billion yuan in convertible bonds and exchangeable bonds 144.425 billion yuan.

On the whole, the listed companies in Shenzhen Stock Exchange are rich in types and diversified in levels. Up to now, there are 460, 961 and 849 listed companies on the main board, small and medium-sized board and Growth Enterprise Board of Shenzhen Stock Exchange, with a total market value of 9.44 trillion yuan, 13.64 trillion yuan and 9.58 trillion yuan, respectively. It has established a distinctive market characteristic of serving private enterprises, science and technology enterprises and growing enterprises, and has a leading core technology system. It has become the most dynamic and growing emerging market in the world.

In terms of industry distribution, more than 2000 listed companies have a total of 28 Shenyi level industries, including mining, automobile, agriculture, forestry, animal husbandry and fishery and other traditional pillar industries, as well as more and more emerging science and technology industries such as computer, medicine, biology and electronic communication. In addition, the home electricity, military industry, finance, real estate and other industries are also growing with the help of the capital market.

In terms of the number of enterprises, there are 243, 226, 203, 199 and 178 listed companies in emerging industries such as machinery and equipment, chemical industry, pharmaceutical biology, electronics and computer, ranking among the top five in the industry. Although most of these industries are small enterprises, with the help of the capital market, many enterprises have achieved the goal of becoming bigger and stronger. For example, the enterprises which have grown up from Shenzhen Stock Exchange and are deeply loved by investors at home and abroad, such as lucent precision, Hikvision, Zhifei biology, Aier Ophthalmology, etc.

Take "small and medium-sized board one brother" lichen precision as an example. It started from PC connector, landed in the capital market in 2010, and entered the apple supply chain the following year (2011) after its acquisition of Kunshan liantao. Then, around apple, it developed module products such as antenna, wireless charging, linear motor and acoustic devices, and entered the whole machine manufacturing after 2017, and the product line continued to expand Zhang has gradually grown into an electronics giant.

During this period, the revenue of Lixun precision increased from 351 million yuan in 2007 to 62516 million yuan in 2019, with an average annual compound growth rate of 54.01%; the net profit attributable to parent company increased from 32 million yuan in 2007 to 4.714 billion yuan in 2019, with an average annual compound growth rate of 51.60%.

It is worth mentioning that not long ago, Lucent precision just released the "2020 interim report", which exceeded the market expectations. In the first half of the year, the operating income of Lixun precision reached 36.452 billion yuan, with a year-on-year growth of 70.01%; the net profit attributable to shareholders of listed companies was 2.538 billion yuan, up 69.01% year-on-year.

Since the end of this year, the total market value of Lixun has exceeded RMB 105.8 billion.

In fact, the precise development and growth of Lixun is just a silhouette of the transformation and upgrading of the real economy served by Shenzhen Stock Exchange. From the perspective of regional distribution, the establishment of Shenzhen Stock Exchange has also benefited the whole Pearl River Delta.

According to the statistics of 21st century economic report, there are more than 2000 A-share listed companies in Shenzhen Stock Exchange, which are distributed in 30 provinces and cities in China. Among them, Guangdong Province ranks first with 541 listed companies, with a total market value of 9.68 trillion yuan.

Specifically, 24 cities in Guangdong Province have listed on the Shenzhen Stock Exchange, but the largest number is still Shenzhen, a total of 282, followed by Guangzhou with 78. The Dawan District of Guangdong, Hong Kong and Macao has become the main birthplace of Listed Companies in Shenzhen Stock Exchange, and nine cities have taken over 491 listed companies in Shenzhen Stock Exchange.

"Guangdong Province has the largest economic volume in China, and Shenzhen has the largest advanced manufacturing industry among all the cities in China. At the same time, there are many high-tech and big brand enterprises in Guangdong Province, especially in Shenzhen. All these have led to the largest number of Listed Companies in Guangdong Province on the Shenzhen Stock Exchange. " Dong Dengxin, director of the Institute of financial securities of Wuhan University of science and technology, said.

Dong Dengxin further added that this is also the advantage of Guangdong Province. As a result, Guangdong's high-tech enterprises, especially those in Hong Kong and Macao, will take the lead in the reform of Guangdong's economy Driving the economic transformation and industrial upgrading of Guangdong Province will also stimulate the rapid economic growth of Guangdong Province.

Registration system helps innovative enterprises become bigger and stronger

If Shenzhen stock exchange is an important engine for the development of the real economy in Guangdong, Hong Kong and Macao, the implementation of the registration system on the growth enterprise market will undoubtedly help this engine.

On August 24, gem 2.0 was officially launched. The first batch of 18 enterprises were successfully listed and traded in the gem reform and pilot registration system. As a key link connecting the preceding and the following in the "stock reform" of the A-share market, the gem registration system has made some targeted arrangements based on the experience of the science and technology innovation board and the actual situation of the gem. In the view of industry insiders, this reform is a pragmatic measure taken by Shenzhen Stock Exchange to serve the construction of Guangdong, Hong Kong and Macao Bay area and the first demonstration area of socialism with Chinese characteristics, and to pay tribute to the 40th anniversary of the establishment of Shenzhen Special Economic Zone.

"The gem reform and pilot registration system will help to improve the direct financing system and enhance the ability of enterprises to cope with risk challenges. Judging from the operation experience of the science and technology innovation board this year, the gem reform can also stabilize investor sentiment and enhance the confidence of all parties in China's capital market and China's economic development. The gem reform also optimizes the M & A, refinancing and delisting system of gem, so as to comprehensively improve the market operation efficiency. It is helpful for Guangdong and Macao to take the initiative to make adjustments through mergers and acquisitions. " Li Zhan, chief economist of Zhongshan Securities Research Institute, pointed out in an interview.

In addition, Li Zhan also said that the gem reform will further enhance the service ability and efficiency of the capital market to the real economy, help to improve the direct financing system and the scale of equity financing, reduce the level of macro leverage, and enhance the ability of enterprises to cope with risk challenges. This will also effectively help Guangdong, Hong Kong and Macao Bay area to further deepen the structural reform of the financial supply side and improve finance The system service ability provides new assistance to the economic development of the pilot demonstration area.

Pan Helin, executive director of the Digital Economy Research Institute of Central South University of economics and law, also said, "the gem registration system has lowered the threshold, attracted more innovative enterprises in Guangdong, Hong Kong and Macao to obtain stock market financing, assisted the construction of Guangdong, Hong Kong and Macao Bay area with capital strength, provided strong support for the improvement of innovation ability of the big bay area, and promoted the further upgrading of the industry in Guangdong, Hong Kong and Macao. In addition, Dawan district is the concentration area of innovative technology enterprises, and it is difficult for start-up technology enterprises to obtain bank financing in the early stage. The gem registration system solves this problem and allows funds to flow to more efficient innovation fields. "

Yu guogang, the reform pioneer and former deputy general manager of the Shenzhen Stock Exchange, told reporters: "in Shenzhen, the Shenzhen stock exchange is a multi-level capital market which integrates the main board, the small and medium-sized board and the growth enterprise market. It is a wheel. Second, the number of high-tech enterprises in Shenzhen ranks first in China, which is also a wheel. Our two wheels, one capital market and one high and new technology, will go forward together with each other. In addition, we will take the Dongfeng registration system. The train of innovation in Shenzhen will be longer and faster, and Shenzhen will make greater contribution to the country. "

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