Scanning Of "Scientific Content" Of Science And Technology Innovation Board: 76% Of Listed Enterprises Reach New Standards And New Regulations And Implement New And Old Division

After the completion of the science and technology innovation board, the aftereffect of "science" attribute is still spreading in the market.

Recently, the Shanghai Stock Exchange revised and issued the Interim Provisions on the application and recommendation of enterprises listed on the science and Technology Innovation Board of Shanghai Stock Exchange (hereinafter referred to as the "Interim Provisions") to clarify and improve the requirements for the application and recommendation of the science and technology innovation board, and further clarified the specific support direction, industry, proportion of R & D personnel and verification of intermediary agencies.

The revision of this rule will bring many variables to the enterprises that will apply for listing on the science and technology innovation board.

According to the calculation of Wanhe securities, as of April 16, 2021, there were 261 listed enterprises on the science and technology innovation board, and 198 enterprises met the four indicators at the same time, accounting for 75.86%. In 2019, the median proportion of R & D personnel of enterprises listed on the science and technology innovation board is 25%, and about one third of enterprises' R & D personnel account for more than half of the total employees.

Zhu Zhiqiang, a non banking analyst at Wanhe securities, said: "the ratio of R & D personnel is not a high threshold clause. What this index really restricts is the traditional enterprises that" rub against the concept of scientific and technological innovation ". We should strictly guard against water injection of R & D investment and sudden purchase of patents, and highlight the core role of scientific and technological talents in innovation."

Scanning the content of science and Technology Innovation Board

In the view of industry insiders, the further improvement of the evaluation index system of scientific and technological innovation attributes will further strengthen the "hard technology" positioning of the science and technology innovation board.

"Issuers and sponsors are required to comprehensively study and judge the nature of scientific and technological innovation, highlighting the regulatory concept that substance is more important than form. At the same time, the new implementation of classification processing and negative list management related content, further enrich the evaluation index of science and innovation attribute. The improvement of the evaluation index system of scientific and technological innovation attributes is another measure for the regulatory authorities to further compact the responsibilities of intermediary agencies and strengthen the system construction of the science and technology innovation board, which can improve the quality of listed companies on the science and technology innovation board from the source, and promote the high-quality development of the science and technology innovation board market. " A large-scale securities firm investment bank in Shanghai pointed out in an interview.

In addition, according to the Interim Provisions, the "3 + 5" index for the evaluation of science and technology innovation attribute is upgraded to the "4 + 5" index, and the index of "R & D personnel accounting for no less than 10% of the total number of employees in that year" is added.

According to the calculation, among the 261 listed enterprises on the science and technology innovation board (as of April 16), a total of 230 enterprises met the relevant indicators of R & D investment, that is, R & D investment accounted for more than 5% of the revenue in the past three years or the R & D investment amount accumulated in the past three years was more than 60 million yuan; 255 enterprises met the relevant indicators of invention patents, that is, more than 5 invention patents formed the main business income; 228 enterprises met the revenue related indicators, that is to say, the total R & D investment accounted for more than 5% The compound growth rate of revenue in the past three years has reached 20%, or the revenue in the latest one year has reached 300 million yuan.

Excluding some enterprises that did not disclose the specific number of enterprises, 201 enterprises met the new R & D personnel index, that is, R & D personnel accounted for no less than 10% of the total number of employees in that year, while 198 enterprises met the four categories of conditions, accounting for 75.86%.

"At present, among the enterprises applying for and under examination on the science and technology innovation board, the indicators of R & D expenses of some enterprises have just passed the line, and there is a big gap between the number of R & D personnel and the R & D investment and income scale. This time, we have enriched the requirements for the number of personnel in the conventional indicators, and further strengthened the objective judgment criteria for the hard scientific and technological strength of scientific and technological innovation enterprises. " Xu Yerong, member of the Executive Committee of Guotai Junan investment banking division, said in an interview.

Huakun, co-founder and COO of youkede, also pointed out to reporters: "in order to reflect science and technology and innovation, the science and technology innovation board needs some clear measurement standards. We can understand the indicator of the proportion of (newly added) R & D personnel, and can further screen technology enterprises that do solid technology research and development. One of the most intuitive evaluations of a technology innovation enterprise is to see how many people are really engaged in R & D. This is a good way to identify which enterprises are really investing in independent R & D and which have the ability of independent R & D and innovation. "

Some queuing enterprises may not meet the new index requirements

For the enterprises that are queuing up or planning to submit application materials, whether they can meet the standards of the new scheme will become the key to success.

As of April 21, there were 164 enterprises under examination on the science and technology innovation board.

Among these enterprises, only 30 enterprises disclosed the number and proportion of R & D personnel in 2019. Among them, the listed company with the highest proportion of R & D personnel is Jingyun pharmaceutical. As of the first half of 2020, the proportion of R & D personnel of Jingyun pharmaceutical was 67.98%.

However, on March 22, after four rounds of examination and inquiry, Jingyun pharmaceutical was handed over to the municipal Party committee of the Institute of science, technology, innovation and innovation board to suspend its deliberation. At the issuance and examination meeting, the Shanghai Municipal Committee asked the company to explain whether its information disclosure on the attributes of scientific and technological innovation met the relevant requirements in combination with its core technology, R & D capability and competitive advantages.

The reporter of 21st century economic news learned from authoritative sources that for the enterprises that have been declared before the amendment of the Interim Provisions, the indicators related to the attribute of scientific and technological innovation are still implemented according to the relevant provisions at the time of application, but they will make a comprehensive judgment on the technological advancement of enterprises according to the spirit of this revision.

Strengthening the "success" of scientific and technological innovation to attract funds

It is worth mentioning that on the other side of the gradual improvement of the evaluation index system of science and technology innovation attribute, a dispute about the valuation and liquidity of enterprises on the science and technology innovation board is brewing.

As of April 21, 51 listed companies had a total market value of less than 3 billion yuan, 40 listed companies had a daily average turnover of less than 500000 shares, and 115 listed companies had an average transaction volume of less than 50 million yuan from the beginning of the year to today, which triggered market participants' concerns about the liquidity of the board.

However, according to the reporter's observation of the 21st century economic report, the demonstration effect and agglomeration effect of the "hard technology" enterprises brought about by the opening of the science and technology innovation board in recent two years have initially appeared.

In the view of industry insiders, this revision will further promote the science and technology innovation board to carry the banner of scientific and technological innovation, provide a fast channel for the development of "hard technology" enterprises in the capital market, and further strengthen the positioning of "science and technology" board, so as to attract more investors to pay attention to the science and technology innovation board market.

"The market capital is smart and will flow to the scientific and technological innovation industries and enterprises that the state really wants to encourage. We believe that the quality of enterprises landing on the board will become better and better. With more and more enterprises with high content of scientific and technological innovation entering, it will also help to enhance investors' confidence in the market and realize a positive cycle. " Hua Kun said. (our reporter Zhang Sainan also contributed to this article.)

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