The reform of the GEM registration system has increased support, and the benefits of the biomedical industry are developing and growing

21st Century Business Herald reporter Yang Ping intern Jiang Zhongwen Shenzhen Report

The second anniversary of the reform of the GEM registration system is imminent. Today, the GEM is positioned as an enterprise with "innovation, creation, creativity", "new technology, new industries, new formats, and new models, that is," three innovations, four new "attributes.

Taking the biomedical industry as an example, under the reform of the registration system, the industry is growing with the help of the capital market.

As of July 31, 2022, a total of 96 biomedical companies were listed on the GEM, with a total market value of 1.73 trillion yuan. Listed companies cover the entire industrial chain system from chemical agents to Chinese medicine drinks, from genetic detection to in vitro diagnosis, from biological vaccine to blood products, from medical equipment to medical services.

The biomedical industry is a technology -intensive and innovative -driven industry, and high R & D investment is required in the early stage of development. Thanks to the optimization of the distribution and listing process brought about by the reform of the registration system, in recent years, multiple biomedical companies can better use capital tools to achieve technological progress and performance improvement. A number of biomedical industry companies interviewed said that the future biomedical industry will continue to improve its competitiveness and promote my country's development into a strong pharmaceutical country.

The development path of biomedical enterprises is widening

In the early stage of development, the biomedical industry is generally small and risky, with a long R & D cycle of new drugs and high risk risks. The registration system has optimized the review process of biomedical companies in terms of listing and financing, so that the company's research and development bottlenecks and growth dilemma can be cracked.

The reform of the registration system streamlines the issuance conditions of biomedical companies, comprehensively considers the expected market value, income, net profit and other indicators to provide it with a more diversified listing path. For enterprises that have been listed, the GEM registration system has more innovations in the three major capital tools of re -financing, mergers and acquisitions, and equity incentives, and supports enterprise development to be more stable and far away.

In September 2020, Beida Pharmaceutical (300558.SZ) was successfully approved and reinstated, and raised funds of no more than 1.02 billion yuan to increase investment in new drug research and development. Sustainable and healthy development of production and operation. In June 2022, Beida Pharmaceutical issued an A -share stock plan to specific objects. It is expected that the total amount of funds to raise funds will not exceed 1 billion yuan. It is used for innovative drug preparations and supporting raw materials and intermediate production and storage and transportation.

"It can be said that the registration system has greatly improved the tolerance of biomedical companies, and provided great assistance for biomedical innovation. In terms of re -financing, the Shenzhen Stock Exchange's financing quota does not exceed 300 million, and listed companies with 30%of net assets Implementing a rapid audit mechanism has greatly improved the efficiency of re -financing, "said the relevant person in charge of Beida Pharmaceutical.

According to the annual report, in 2021, Beida Pharmaceutical's operating income was 2.246 billion yuan, an increase of 20.08%year -on -year. The net profit of deducting non -recurring profit and loss of non -recurring profit and loss attributable to shareholders of listed companies was 346 million yuan, an increase of 3.52%year -on -year.

According to the relevant person in charge of Mai Rui Medical (300460.SZ), in addition to convenient financing channels, the implementation of the equity incentive system under the registration system has also provided motivation for enterprise development.

"The reform of the GEM registration system has enhanced the service capabilities of innovative and entrepreneurial enterprises, improved the efficiency of re -financing, and provided convenient financing channels for private enterprises; while supporting the company's deepening of the main business, it provided financing for high -quality innovative enterprises Support. In addition, after the reform of the GEM registration system, it has greatly optimized the equity incentive system, which further stimulated the internal growth potential of listed companies and brought new opportunities for development of high -quality growth companies. "

The review process is more open and transparent, with the letter as the core

Under the reform of the GEM registration system, biomedical companies not only have convenient listing and financing channels, but also enjoy more convenient review policies. The policy adjustment of the registered system reform has enhanced the services of the enterprise and injecting more vitality into the market.

After the reform of the registration system, the listing review process is based on information disclosure, and the audit is more efficient and transparent. When the stable medical declaration was listed, it coincided with the reform of the GEM's implementation system. The relevant person in charge said that the GEM IPO and refinancing process were more complete.

"The GEM, which implements the registration system, is open and transparent in the audit process, making the company's IPO process more controllable and expected. In addition, the issuer and investors are determined through the principle of marketization, which can ensure that the company obtains reasonable valuations to obtain reasonable valuations And obtained reasonable financing. Finally, the GEM is an open, tolerant, prosperous city in Shenzhen, and the Shenzhen Stock Exchange is more aware of service and makes the enterprise respected. "The relevant person in charge of the stable medical treatment (30088.SZ) said an interview.

According to the semi -annual report of stable medical care in 2022, the company achieved operating income of 5.15 billion yuan in the first half of the year, an increase of 27.1%year -on -year. In the second quarter, the single -quarter revenue and net profit were renovated, showing a stable performance growth trend.

With the gradual implementation of the reform, the Shenzhen Stock Exchange also guided listed companies to continuously improve the quality of information disclosure. In 2022, the series of documents of the "Shenzhen Stock Exchange Listed Company Self -Regulatory Supervision Guide" was released to further standardize and improve the quality of information disclosure of listed companies.

According to the relevant person in charge of Watson Biological, the information disclosure system formulated by the GEM is also more suitable for the characteristics of the medical device industry. While emphasizing the quality of information disclosure, the registration system has also promoted listed companies to pay more attention to the science and regulations of corporate governance, get closer to the market, and give more institutional investors and small and medium investors the opportunity to participate in the thinking and discussion of corporate governance. Come in. "Through a personalized letter system, the company passed the annual report and other announcements to disclose information to investors more accurately, simple and efficient and completely convey the company's operating conditions and future development strategies to the market, and enhance market confidence."

Incorporate the capital market to achieve better development

With the continuous implementation and improvement of the registration system, many biomedical companies are optimistic about the company's development prospects, saying that they will continue to strengthen the company's core competitiveness with the help of the capital market, develop independent innovation capabilities, and promote the company's long -term, stable and sustainable development Essence

"The company can make full use of the fast and convenient financing function of the GEM market, adopt more targeted financing methods in different stages of development, and introduce well -known domestic and foreign strategic investors to optimize the company's investor structure, but also provides the company's sustainable development. Pinded funding support. While the company is deeply cultivating the main business, it can actively achieve industrial integration and transformation and upgrading through mergers and acquisitions, and achieve leapfrog development. "The relevant person in charge of Watson (300142.SZ) said.

The person in charge of stable medical care also emphasized that M & A and financing have an indispensable role in the development of enterprises.

"Throughout the development path of large medical companies in the world, it is inseparable from mergers and acquisitions and financing. The company is also committed to becoming a company that can provide multi -directional medical services for the people. After logging in to the capital market, the company also has mergers and acquisitions and financing. The advantage condition. "

At the same time, the relevant person in charge of Beida Pharmaceutical proposed that incentive mechanisms such as the equity incentive system should be continued to strengthen the cohesion of the team and improve the level of corporate management.

"Establish an efficient management team and professional sales team. Through stock options incentives and restricted stock incentives, etc., to effectively incentive mechanisms to mobilize employees' enthusiasm and continuously improve cohesion and combat effectiveness."

"With the continuous funding blessing of the capital market, biomedical innovation companies can focus more on the research and development of independent innovative drugs, and accelerate the transformation of the research and development results into clinical drugs that benefit the public." More and more excellent biomedical innovation enterprises have accelerated the pace of my country from the major pharmaceutical country to the power of pharmaceutical power.

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