The First Year Reform Of The Registration System Of Gem: Strengthening The Positioning Of "Three Innovations" And "Four Innovations" And Promoting The Reform Of Stock + Increment

? ? ? ? Among the newly declared enterprises under the gem registration system, 28 enterprises declared with "the second set of standards", that is, "the expected market value is no less than 1 billion yuan, the net profit in the latest year is positive and the operating income is not less than 100 million yuan".

? ? ? On August 24, 2021, the gem reform and pilot registration system officially completed one year. On August 24 last year, the first batch of enterprises under the registration system of the growth enterprise market were listed.

In this year's time, the capital market ushered in the "increment + stock" synchronous reform. The initial listing, refinancing, merger and reorganization of the gem are implemented simultaneously with the registration system. The basic capital market systems such as listing, information disclosure, investor suitability management, trading, delisting and other capital market systems are coordinated and improved.

? ? ? At the same time, gem focuses on the positioning of "three innovation" and "four new" plates, showing better growth ability and profitability, and maintaining a strong innovation attribute.

As of August 20, 182 companies have successfully landed on the gem through the registration system, 362 times of gem refinancing projects have been accepted, and it is planned to raise 382.898 billion yuan of funds. Among them, 17 companies have launched small amount fast, and 5 companies have completed the implementation; 23 mergers and acquisitions were accepted, including 25 industrial integration plans in the same industry, accounting for nearly 60%.

On the eve of the one-year anniversary of the implementation of the registration system reform on the gem, many helmsmen from companies, securities companies and venture capital were interviewed by the 21st century economic reporter. In the view of market participants, gem reform and pilot registration system run with high quality. Since the implementation of the reform for one year, the operation results are remarkable, and all parties in the market have a clear sense of gain.

The total market value ranks second in the global gem market

With the steady progress of the registration system reform, the GEM market has been further improved and developed, and has become the second largest gem market in the world.

As of July 30, the total market value of GEM listed companies has exceeded 1276.051 billion yuan (about 2.03 trillion US dollars), ranking second among the major gem markets in the world, second only to the market value of US $25.66 trillion on NASDAQ.

When it comes to the highlights of the registration system reform of the gem, it is inevitable that we can not get around the more diversified and inclusive listing conditions and greatly improved audit efficiency.

As of August 20, 2021, the Shenzhen Stock Exchange has accepted 727 applications for initial listing on the gem, of which 176 are translation enterprises and 551 are newly declared enterprises; 182 companies have successfully landed on the gem and raised 140.147 billion yuan through IPO, including 131 translation enterprises and 51 newly declared enterprises.

Among the newly declared enterprises under the gem registration system, 28 enterprises declared with "the second set of standards", that is, "the expected market value is no less than 1 billion yuan, the net profit in the latest year is positive and the operating income is not less than 100 million yuan". Among them, Maipu medical (301033. SZ) has been listed, and lightning micro force has been registered and effective.

"In terms of the number of IPO companies accepted, the number of listed companies that have been issued and the scale of financing, we have seen in a year that the quality of gem issuance is guaranteed, which has helped more small and medium-sized enterprises achieve listing financing, and the overall effect is remarkable." Tian nianbin, chairman of the board of directors of Songsheng shares (301002. SZ), one of the first enterprises registered on the gem, was interviewed.

Under the gem registration system, the average time taken for the enterprises to be listed from acceptance to meeting is about 150 days, and the average registration time is 52 days. The audit cycle is greatly reduced compared with that before the registration system, and the predictability is also greatly enhanced.

"The registration system reform implements the issuance audit system with information disclosure as the core, and all previous IPO audit inquiries and replies are disclosed online. After that, the reporting enterprises can grasp the key points and verification requirements in the process of stock exchange audit in real time, so as to carry out self reference comparison, and timely carry out standardized rectification, so as to effectively weaken the power of enterprises to declare with diseases, It also plays a positive role in promoting the follow-up audit work and audit efficiency. " Tang Songhua, member of Huatai United Securities Executive Committee and head of investment banking business, said.

Tian nianbin also said: "we fully feel the Shenzhen Stock Exchange's great efforts to continuously promote the gem's audit, regulatory openness, strive to build a transparent exchange, constantly upgrade the basic system, and optimize the operation process."

Focus on the positioning of "three innovations" and "four innovations"

As of August 20, 2021, of the 1011 GEM companies, 925 are high-tech enterprises, accounting for over 90%, and nearly 60% are strategic emerging industry enterprises.

At present, the gem has gathered nine strategic emerging industries, of which the new generation of information technology, biomedicine, new materials, high-end equipment manufacturing and other four industries are particularly obvious in the gem cluster development trend.

As of August 20, 214 new generation information technology enterprises, 95 biomedical enterprises, 92 new materials enterprises and 90 high-end equipment manufacturing enterprises were listed on the gem, with a total market value of about 2.5 trillion yuan, 3 trillion yuan, 1 trillion yuan and 1.2 trillion yuan respectively. The average annual compound growth rate of the four major industries in the past three years has reached 10%, 21.03%, 11.45% and 13.37%, respectively.

GEM companies in the high R & D investment, deepening the cooperation between industry, University and research, are also constantly strengthening, and strive to improve the innovation ability and core competitiveness of enterprises.

According to statistics, there are more than 370000 R & D personnel in 1011 GEM companies. The average proportion of R & D personnel in the total number of employees reaches 19%, among which 203 companies account for more than 30%. The actual controllers of 150 listed companies have worked in universities or scientific research institutes, 55 companies have the background of shareholders of universities and scientific research institutes, 16 companies are transformed from scientific research institutes, and 82 companies are "overseas returnees".

In the past 12 years, the average R & D intensity of GEM companies is higher than the average level of a shares, with more than 130000 core patent technologies related to the main business, and strong ability of scientific and technological innovation and achievement transformation. The number of invention patents independently developed by Mindray medical (300760. SZ), truking Technology (300358. SZ), sunshine power (300274. SZ) and other companies all exceeded 1000 patents.

"Shenzhen Stock Exchange pays attention to serving strategic emerging industries. The cultivation, growth and expansion of Shenzhen Stock Exchange interact positively with the service, supervision and innovation of private enterprises. Growth oriented and entrepreneurial enterprises can also get strong support from the capital market. " According to an interview with the director and Secretary Office of Yiwei lithium energy Co., Ltd.

Three capital instruments stimulate market vitality

As an important reform of "increment + stock" in the capital market, many innovations in the three capital instruments of refinancing, merger and reorganization and equity incentive of gem have also played an important role in the development of gem enterprises.

For example, refinancing further improves the institutional arrangements such as issuing conditions and issuing pricing mechanism, makes the audit more market-oriented, greatly reduces the time limit and links of audit, and reduces the approval time of corporate refinancing. At the same time, it also strengthens the establishment of market-oriented issuance and underwriting mechanism, enriches financing tools, so as to meet the investment and financing needs of different preferences and improve the capital market.

According to statistics, as of August 20, 2021, Shenzhen Stock Exchange has accepted 362 applications for refinancing of GEM companies, 248 of which have been registered and come into effect. It is planned to raise 237.049 billion yuan of funds, of which 170 have been completed and the actual financing is 163.888 billion yuan.

Among them, the microfinance system is "rejuvenated". Since the implementation of the registration system, as of August 20, 2021, 17 companies have launched a small amount of rapid financing scheme, which plans to raise 3.503 billion yuan, of which 5 companies have completed the implementation, raising a total of 905 million yuan.

Dong MI and Jiang Li of Ningde times (300750. SZ) pointed out to the reporter of the 21st century economic report that in the past two years, the company made full use of the fast and convenient financing function of the GEM market, and adopted more targeted financing methods at different stages of development, successively completed the issuance of 4.5 billion yuan of corporate bonds, 19.7 billion yuan of non-public refinancing and 1.5 billion US dollars of foreign debt, At the same time, it also provides sufficient financial support for the sustainable development of the company.

"After the implementation of the registration system reform of gem in 2020, the company has a profound understanding that the relevant departments can take into account the reality of listed companies, audit more market-oriented, and significantly improve the system inclusiveness and market effectiveness." Yiwei lithium energy (300014. SZ) Company Secretary office personnel also said.

In terms of merger and acquisition, as of August 13, 2021, 459 major asset restructuring plans have been implemented and completed in gem, involving transaction amount of 421.024 billion yuan and financing amount of 140.88 billion yuan, which strongly supports the development of real economy.

At the same time, the valuation of M & A is more reasonable. According to statistics, the average asset valuation premium rate of major asset restructuring on GEM reached 6.65 times, and the average valuation premium rate was more than 7.5 times during the peak period of M & A from 2015 to 2017. After the implementation of the registration system, the average value-added rate has dropped to 3.61 times, the premium rate has dropped significantly, and the overall valuation of M & A is more rational.

"The registration system reform of GEM has relaxed the recognition standard of major assets reorganization, greatly reduced the information disclosure cost of enterprises, and improved the efficiency of project implementation; At the same time, the non mandatory requirements of M & A targets have synergistic effect with the main business of listed companies, only as information disclosure requirements, broaden the scope of selection of targets of listed companies. " A South China Gem technology company executives pointed out.

In terms of equity incentive, the reform not only increased the total amount of incentive shares and options from no more than 10% of the total equity to 20%, expanded the grant scale, but also increased or revised the incentive tools and pricing, greatly relaxed the flexibility of equity incentive for listed companies, and provided more options for listed companies to implement equity incentive, And then help enterprises in the fierce competition to reserve talent advantages, to achieve strategic development goals.

"After the reform of the registration system of the gem, the equity incentive system has been greatly optimized, the financial pressure of incentive objects has been reduced, and the company has more flexible space and more flexible operation mode in the implementation of specific plans, which is conducive to better incentive effect. At present, the company has launched a class II restricted stock incentive scheme in October 2020 to enjoy "institutional benefits" and achieved good results Jiang Li said.

"Survival of the fittest" smooth delisting mechanism

In addition to improving the level of serving the real economy, gem has also made a lot of efforts and innovations in how to control the quality of listed companies, protect the legitimate rights and interests of investors, and maintain the long-term stable development of the domestic capital market. One of the focuses of gem reform is to simplify the delisting procedures and smooth the "export barrier".

In 2020, Shenzhen Stock Exchange revised the Listing Rules of GEM stocks on June 12 and December 31, 2020 respectively, reformed the delisting mechanism of gem, added market value index and composite financial index, simplified and optimized delisting process, and constructed the survival of the fittest market ecology.

Up to now, from 2020 to now, 7 companies have been terminated from the gem, of which Shenwu environmental protection and Shengyun environmental protection have been forced to delist because their face value is less than 1 yuan. In addition, as of August 20, 2021, there are 5 companies (excluding tianxiangtui) whose stock price is lower than 2.5 yuan / share, all of which have been given risk warning.

At the same time, 16 companies have been implemented * ST because of touching the new financial indicators. Among them, six companies such as * ST Baode (300023. SZ) and other six companies have been implemented * ST in 2020 because they touch the lower net profit before and after deducting the income unrelated to the main business, and the operating income is less than 100 million yuan after deducting the income unrelated to the main business.

Zuo Ding, President of Shenzhen Venture Capital, said: "on the one hand, we should speed up the cleaning up of the" undead birds "in the market. The existence of such listed companies in the capital market has no meaning. On the other hand, the delisting system should be strictly implemented for the listed companies with vicious illegal behaviors such as financial fraud, insider trading and market manipulation

It is worth mentioning that the cases of diversified delisting of gem through bankruptcy reorganization, reorganization and listing, asset sale and other channels are gradually increasing.

According to statistics, baolixin (300116. SZ), Tianhai defense (300008. SZ) and other companies have completed the reorganization plan to resolve the risk of bankruptcy. Tengbang International (300178. SZ), Huayi Jiaxin (300071. SZ) and other companies are in the planning or promotion stage of restructuring;

In terms of restructuring, sunflower (300111. SZ) and Yingkang life (300143. SZ) have stripped off most of their original risk assets and businesses to realize business transformation. The restructuring and listing of aiskai (300521. SZ) and plisheng (300442. SZ) are under review.

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