The science and technology board is poised for growth. Under the background of “building Shanghai into a globally influential science and technology innovation center†as a national strategy, how to fit the two themes of “ke†and “creationâ€, and through the incremental reform of the capital market, support the development of innovative enterprises and the power of the country. The dream has become a hot topic for innovative companies, brokers, and experts. In the interview, the reporter found that many interviewees were particularly concerned about "what kind of enterprises can be accepted by the board."
Early science and technology companies are full of expectations
The Shanghai Stock Exchange said earlier that it hopes that all parties in the market, which are mainly engaged in the behavior of investment, will fully explore and cultivate scientific and technological innovation enterprises that conform to the national strategy, as the future listed reserve resources of Science and Technology Board, and inject a steady stream of capacity to improve the capital market to serve the real economy. Strong power. Among them, “focusing on national innovation drive and technology development strategy†has become a multi-party consensus.
"From the perspective of the emphasis on technology and innovation conveyed at the national level, and the attitude of supporting the development of the private economy, it is now logical to support the implementation of 'Kechuang' to the capital level." Wei Jingjing, CEO of Turin Technology, was interviewed by the Shanghai Securities Journal. Said. It is reported that Turin Technology was founded in Shanghai in 2014, mainly focusing on computer learning (CV) technology based on deep learning. Its business covers the fields of industry, retail, security, education, finance, etc. The company has been in December 2017. Completed 250 million A round of financing.
Wei Jingjing admitted to the reporter that if conditions permit, Turin will consider the opportunity to win the board, "Kechuang board is similar to China's Nasdaq, which means that in addition to PE, VC, there are more early science and technology innovation companies. An opportunity for financing the public market."
Many companies like Tulin Technology, which are based on the industrialization of innovative technology research and development, are full of expectations for the science and technology board. Lu Ming, chairman of the Shanghai Pudong Science and Technology Financial Services Association and chairman of the Shanghai Pudong New Area Venture Capital Association, believes that the science and technology innovation enterprises with advanced core technology barriers, the overseas returning stocks and the new three boards High-quality innovative companies may open their doors.
“We believe that Science and Technology Board may refer to the listing criteria of 'Dilution Profitability + High Innovation Standards': for small and medium-sized enterprises that have not yet entered maturity but have growth potential and meet the normative, technological and innovative characteristics. Ming said.
Which industries are expected to be early adopters
Previously, the Shanghai Stock Exchange clarified the rumors of the market's "first list of listed companies", and expressed its willingness to listen to the opinions and suggestions of all parties and strive to see results in the first half of next year. Then, which industries and which companies are expected to eat the “crabs†in the first batch will become the focus of the market.
“The science and technology board should focus on the strategic emerging industries that are at the top of the market in technology, but the market size and maturity are still in their infancy, and they are in a dislocation with the main board, the ChiNext and the New Third Board.†Lu Ming believes that “for many years, no Less innovative companies are subject to the requirements of profitability and ownership structure. They lose their support in the domestic capital market during the critical period or can only choose to go abroad to raise funds. The establishment of the science and technology board will definitely bring more capital to the innovative enterprises. Market support."
CICC believes that companies with certain advanced core technology barriers, strong industrial autonomy, potential import substitution capabilities, high R&D investment and high initial cost pressures are expected to be given priority. In specific industries, Essence Securities believes that some companies in the technology innovation industry with market capitalization of more than $1 billion, such as Internet finance, new energy vehicles, artificial intelligence, cloud services, big health, and big data, are eligible for inclusion.
In Wei Jingjing's view, Kechuang board and the existing main board, the new three board and other capital market levels have been misplaced, which highlights the concept of "technology" and "innovation", leaving space for early innovation companies.
For reference, in March of this year, the General Office of the State Council forwarded the “Several Opinions on Piloting the Issuance of Stocks or Depositary Receipts in Innovative Enterprises†by the CSRC, which mentioned “Internet, Big Data, Cloud Computing, Artificial Intelligence, Seven new economic sectors such as software and integrated circuits, high-end equipment manufacturing, and biomedicine have become key industries for the pilot. Lu Ming believes that Science and Technology will focus on these high-tech industries and strategic emerging industries.
Wei Jingjing further pointed out that according to the current state support for emerging strategic industries, the four fields of medicine, artificial intelligence, semiconductor and high-end equipment manufacturing are all related to the transformation of the country's economic structure, and can be appropriately tilted. . In addition, some "Internet +" innovation models have also provided the necessary "scenario" support for the landing of these new technologies, and should also be considered in the listing of the science and technology board. The direction of aerospace, new energy and new materials supported by Shanghai is also worth considering.
It should be pointed out that as the capital market guides enterprises to “deviate from reality†and encourage the high-quality development of listed companies, how to serve the real economy through capital market reform and support supply-side structural reforms is becoming an increasingly important issue for the regulatory authorities. Shanghai also expressed its position during the deployment of the key work of the Science and Technology Center in 2018. It is necessary to increase investment in basic research, improve the output of scientific and technological achievements, and promote the transformation of scientific and technological achievements into actual productivity.
Excellent CFO Zhang Wei believes that in the field of artificial intelligence, software and integrated circuits, biomedicine, Internet of Things IoT, high-end equipment manufacturing, Internet, big data, cloud computing and other industries that are related to the country's major strategic development prospects, China's innovative Enterprises should use the capital market to strive to reach the forefront of the international market. Zhang Wei also suggested that the science and technology board should respect the free flow of capital and should not set limits in industry or geography. “We can have industries that encourage key development, but we do not recommend setting specific industry or geographic thresholds for technology innovation companies. We should advocate the establishment of a fair and equitable mechanism for the market to make choices.â€
Recommended to dilute financial indicator limits
Previously, the Shanghai Securities Journal found that “expanding the listing threshold of innovative enterprises and improving the inclusiveness of the issuance system†became the most urgent problem for innovative enterprises to solve. A number of innovative companies suggest that the regulatory layer strengthen the review and check of high-tech enterprises, reform the evaluation mechanism of high-tech enterprises, introduce market recognition, product core technology level, number of invention patents, sales growth, gross profit margin and break international Indicators such as monopoly power, to evaluate the value of innovative enterprises in all aspects.
Lu Ming suggested that the company should aim to fill the shortcomings of capital market service technology innovation, and it is an incremental reform of the capital market. It will make more appropriate differentiation arrangements in terms of profitability and shareholding structure, and enhance the innovation of enterprises. Inclusive and adaptable. For example, some individualized enterprises can consider setting limits on financial indicators such as net profit and profitability and lowering the standard when they achieve breakthrough technological advancement or industry-leading core technologies.
Wei Jingjing appealed that from the perspective of technology-based enterprises, the original sales revenue, profit and other indicators for IPO assessment need to be further optimized. “For example, the early stage technology investment in the artificial intelligence and pharmaceutical industries is very large. In the stage where the scale sales revenue has not yet been formed, it is necessary to refer to its technological leadership and industrialization prospects to judge its value.†Wei Jingjing said that based on this, the company calls for the regulatory layer. In the policy formulation, we can make some special policy arrangements according to the situation of the company itself.
Wang Yong, vice president and former secretary of the frontier biology, believes that the biomedical industry should place more emphasis on international innovation and original development capabilities, and introduce market elimination mechanisms. "The latest Hong Kong Stock Exchange's chapter on biopharmaceutical listing is a good reference."
Xinda Bio Chief Financial Officer Hao Hao believes that the entry threshold of Science and Technology Board should be moderate, because there are too many uncertain factors in the process of enterprise development. In addition, consider the need for post-marketing financing. "Company companies do innovative drugs, they need to constantly invest in research and development, and need to raise multiple financings in the future. For the enterprises of Science and Technology, it is necessary to break the time limit of financing." He admitted.
There are also senior executives of the new three board listed companies, to maintain the consistency of the system design and the consistency of the system. At the beginning of the science and technology board, it can be promoted in a small scale, adopting a relatively cautious attitude, to encourage innovation as the most important, and to emphasize “quality†and not “quantityâ€. Once the system is mature, it is not too late to promote it with market feedback.
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