The Financing Report Of Science And Technology Innovation Board In October 2020: More Than 100 Enterprises Raised Nearly 200 Billion Yuan In The First Merger And Acquisition "Ice Breaking"

On October 21, Guangzhou Zhongwang Longteng Software Co., Ltd. and Hangzhou Aotai biological Co., Ltd., which were to be listed on the scientific and technological innovation board, passed the examination and approval of the listing committee respectively, and they were only one step away from the listing.

Since the official opening of the science and technology innovation board in June 2019, in more than a year, many high-tech enterprises have realized the first step of leapfrog development with the help of the platform of science and technology innovation board.

According to the statistics of 21st century economic report, up to now, the number of listed enterprises on the science and technology innovation board has exceeded 185, with a total initial financing of 272.117 billion yuan and a total market value of 31.44 trillion yuan. Among them, in the first ten months up to October 21, 2020, the number of initial financing enterprises has reached 116, and the total initial fund-raising amount is 191693 billion yuan, which exceeds the SME board and entrepreneurship in Shenzhen stock market The sum of the boards.

In the first ten months of this year, in addition to the breakthrough in the financing scale of the science and technology innovation board, the first merger and reorganization of the science and technology innovation board also broke the ice during this period.

In the middle of June 2020, huaxingyuan purchased euryton with a price of 1.04 billion yuan, which took less than three months to complete. In addition, in September, the refinancing of the science and technology innovation board has also made important progress. The reporter noted that at present, three enterprises on the science and technology innovation board have submitted refinancing applications.

"Although the new crown epidemic has a certain impact on global capital markets, A-share IPOs remain active," said Leung Weijian, PwC's managing partner in China. At the same time, the introduction of the new securities law and the orderly promotion of the gem reform are conducive to the listing activities of Chinese enterprises. "

SMIC will become "financing king"

2020 is the year of IPO. With the opening of the registration system reform, the enthusiasm of real enterprises for the A-share market is rising, and a large number of new scientific and technological stocks have landed on the science and technology innovation board.

According to the statistics of 21st century economic report, as of October 21, the number of enterprises that have completed the initial public offering on the science and technology innovation board has exceeded 116, while in the same period, the number of enterprises listed on the SME board and gem was 41 and 84 respectively. The initial financing amount of the science and Technology Innovation Board reached 191.693 billion yuan, far more than the sum of the latter two (101.71 billion yuan).

In terms of geographical distribution, the companies that have issued scientific and technological innovation board this year are mainly concentrated in Jiangsu, Beijing and Shanghai, with 26, 19 and 17 companies respectively. The top regions of fund-raising amount are overseas, Shanghai and Beijing respectively, with the amount of funds raised during the year of 58.877 billion yuan, 30.429 billion yuan and 26.375 billion yuan respectively.

With the launch of the science and technology innovation board, it has played an exemplary role in supporting and encouraging the listing of "hard technology" enterprises, and a large number of science and technology enterprises "take root" in the capital market.

The reporter of the 21st century economic report noted that 116 enterprises were all from high-tech enterprises, with an average of 1.653 billion yuan. Among them, the number of computer, communication and other electronic equipment manufacturing enterprises was the largest, reaching 23, with a total of 78.599 billion yuan. The total amount of funds raised by special enterprises decreased by 2.807 billion yuan, that is to say, the total amount of funds raised by special enterprises decreased by only RMB 2.807 billion. The pharmaceutical manufacturing industry ranked third, with 17 enterprises listed, raising 28.633 billion yuan.

"From the perspective of the theme of enterprises applying for the science and technology innovation board, it is true that the number of new generation information technology industry, biological industry and high-end equipment manufacturing industry ranks first; enterprises in electronic core industry, emerging software and new information technology services, biomedical industry, intelligent manufacturing equipment and other enterprises are very active, which is in line with the promotion of the innovation of key core technologies in capital market services The development orientation of high-tech industries and strategic emerging industries. " On October 21, a strategy analyst of a medium-sized securities firm in South China was interviewed.

Sheng Zelin, chairman and general manager of Zejing pharmaceutical, also said in an interview with the 21st century economic report: "through the listing and financing on the science and technology innovation board, the company has obtained much-needed funds for development, and at the same time, it has improved the company's popularity, and has gained more attention and support from government departments and investors. The listing has also enhanced the company's attraction for outstanding talents and formed a virtuous circle The increase of popularity will also have a positive impact on the commercial sales of the company's drugs. The benefits of listing on the science and technology innovation board to the company's development in all aspects are obvious, and will become a milestone in the company's development process. "

Specifically, SMIC will be the "king of financing" in 2020. It took only 6 days for the IPO to be approved, and it set a new record in the international IPO review. This time, SMIC international raised 53.230 billion yuan of initial funds.

However, despite the large scale of financing, the institutions still actively subscribe, and the number of shares issued by the initial strategic placement is 842.81 million, accounting for 50% of the initial issuance. A total of 29 strategic placements were targeted, with a total of 24.261 billion yuan in total. Among them, about 3.5 billion yuan was allocated to the second phase of the national integrated circuit industry investment fund, and about 3.3 billion yuan was allocated to Singapore Government Investment Co., Ltd. (GIC). The overall offline subscription multiple is 164.78 times.

It is worth noting that with ant group and other "Big Macs" have submitted their prospectuses to the Shanghai Stock Exchange, SMIC's "financing king" status may be replaced.

In July, ant group officially launched a plan to seek simultaneous issuance and listing on the main board of the Shanghai Stock Exchange's science and technology innovation board and the stock exchange of Hong Kong Limited. From August 25, ant group's initial application was accepted by the scientific and technological innovation board, and on September 22, the registration was submitted. On October 21, the CSRC approved the registration of ant group's initial public offering of shares, and the listing rhythm of the scientific and technological innovation board was renewed Record.

According to the prospectus, ant group plans to raise 48 billion yuan in the scientific and technological innovation board. However, the amount of fund-raising disclosed in SMIC's application was 20 billion yuan, but the actual fund-raising exceeded 53.23 billion yuan. Many insiders predict that ant group's capital raising scale in the century is expected to surpass SMIC.

More than 60% of enterprises over raised

As a matter of fact, investors are always enthusiastic about high-quality enterprises with core competitiveness, which can be seen from the enthusiasm of listed financing of enterprises on the science and technology innovation board. According to the statistics of 21st century economic report, there are 76 listed companies on the science and technology innovation board, accounting for 65% of the total.

Among them, kangxinuo, with the highest proportion of over raised funds, originally planned to raise 1.221 billion yuan, but the actual fund-raising was as high as 5.201 billion yuan, with an over raised proportion of 325.83%. More than 150% of the total funds raised by Hunan Science and Technology Co., Ltd. and Fusheng Software Co., Ltd.

"The over raising of many listed companies on the science and technology innovation board is the inevitable result of market-oriented development. In the pilot registration system of the science and technology innovation board, new shares are issued in a market-oriented way. There is no longer a high-voltage line of 23 times P / E ratio. The issuing price and P / E ratio are determined by the market. For enterprises with good quality and recognized by investors, there will definitely be market-oriented results such as over raising. " Said the strategic analyst.

In addition to the listing of listed companies, we have made clear how to make the capital market stronger.

In June this year, the science and technology innovation board ushered in the first major asset restructuring -- the CSRC approved the registration application of Huaxing Yuanchuang to issue shares to purchase assets and raise matching funds.

In this transaction, huaxingyuan plans to purchase 100% equity of euryton held by Li Qihua and Lu Guochu by issuing shares and paying cash. The transaction amount of the underlying assets is 1.04 billion yuan, which constitutes a major asset restructuring.

In addition to its significance of "initial launch", the speed of audit and registration has also gained market attention. According to public information, the Shanghai stock exchange accepted huaxingyuanchuang's major asset restructuring application on March 27, 2020, and completed the audit on May 29, taking 60 days. Subsequently, huaxingyuanchuang filed for registration on June 9, and the CSRC approved the registration on June 12 according to the legal procedures, which took only 4 trading days.

In addition, the first refinancing of the science and technology innovation board is about to come out. On July 3, the China Securities Regulatory Commission (CSRC) issued the measures for the administration of securities issuance and registration of listed companies on the science and technology innovation board (for Trial Implementation). Compared with the draft for comments, it improved the time limit for examination and approval, the price for additional issuance, and the provisions for real debt. Compared with the refinancing rules for the main board and the small and medium-sized board, the refinancing rules of the science and technology innovation board shortened the examination and registration time, relaxed the additional issuance conditions, increased the simple procedures and improved the financing Capital efficiency is helpful to smooth the financing channels of science and technology innovation enterprises after listing, and promote the high-quality and sustainable development of enterprises.

Subsequently, a number of enterprises have responded. According to the statistics of 21st century economic report, up to now, three enterprises have submitted refinancing applications.

Among them, the company plans to issue no more than 80.2293 million shares to no more than 35 qualified investors meeting the requirements of China Securities Regulatory Commission, and plans to raise no more than 10 billion yuan for the construction of medium and micro industrialization base, the port headquarters and R & D center projects, and the science and technology reserve funds. Jiayuan technology plans to issue convertible bonds to the public, with the total amount of funds to be raised no more than 1.25 billion yuan, while the vast majority of new materials plans to issue no more than 1.7 billion yuan of shares in private.

?