GEM registered system for two years of innovative capital convergence of excitement and vitality

Xinhua News Agency, Beijing, August 24th.

Xinhua News Agency reporter Yao Junfang

On August 24, 2022, Shenzhen GEM reform and pilot registration system for two years. In the past two years, a total of 355 companies landed on the GEM. Driven by the registration system, the tolerance and coverage of the GEM sector are enhanced, and the direct financing functions have been further exerted.

Promote direct financing to gather innovation capital

On August 24, 2020, the GEM reform and pilot registration system landed smoothly, and the capital market comprehensively deepened reforms and entered the "deep water zone".

Data show that as of August 23, 2022, 355 companies have been listed on the GEM under the registration system, accounting for 30%of the total number of GEM companies; the total market value exceeds 2.6 trillion yuan, accounting for 21%of the overall market value of the sector.

"In the past two years, the GEM has promoted the direct financing function through market -oriented reform, optimized resource allocation, and formed a good situation of cluster development of high -quality enterprises." Said Tian Lihui, dean of the Institute of Finance Development of Nankai University.

Data show that nearly 9 of the new listed companies have become high -tech enterprises, and nearly 6 have become strategic emerging industries; in 2021, the average annual growth rate of operating income is higher than the average level of GEM. More than 50 % of the company realizes operating income and net profit. Dual growth; the average R & D expenditure increased by 42.26%in 2021.

"Since the reform of the registration system, the GEM has insisted on supporting the positioning of the" Sanchuang, Four New "enterprises, and further enhanced the real economic functions of the real economy." Changjiang Yu, director of Huatai United Securities, said.

According to statistics from the Shenzhen Stock Exchange, of the top 20 new listed companies under the registration system, 16 high -tech enterprises, accounting for 80%, and innovative attributes are obvious.

Exploring the practice of registering system improves the quality and efficiency of review

"The reform of the registration system is a systematic engineering with the improvement of information disclosure quality as the core, which brings a full range of improvement and optimization of distribution, listing, trading, delisting, and refinancing." Tian Lihui said.

It is particularly important to enable more innovative and entrepreneurial enterprises to enter the capital market and obtain direct financing support. Optimizing the issuance and listing conditions is particularly important.

"The GEM has formulated a more diverse and more inclusive listing conditions under the registered system. It opened the door to the capital market in order to achieve leapfrog development in the period of rapid growth and the need to achieve leapfrog development through capital market financing." Jiang Yu said. According to statistics, 45 of the newly declared enterprises have declared in the second set of standards, and 10 of them have been listed.

As of July 31, 2022, the GEM has accepted a total of 525 re -financing applications. 369 reinforcements have been registered and effective, accounting for more than 30%of the GEM company, of which 319 have been implemented, and the actual financing of nearly 340 billion yuan Essence

The delisting system has also been perfected, and measures such as optimizing the delisting standards and simplifying the delisting process have been introduced. Data show that this year GEM has made a decision to terminate the listing of eight companies in accordance with laws and regulations.

"Since the reform of the GEM registration system, the review of the transparency and the improvement efficiency has improved the expectations of listed companies to the listing of listing reviews." Said Liu Naisheng, director of CITIC Construction Investment Securities Investment Bank Business Management Committee.

The Shenzhen Stock Exchange stated that it will continuously summarize the audit experience, continuously improve the quality and efficiency of the audit, and further increase the efforts of services and support for corporate services.

Support the national strategy of scientific and technological innovation services

Since its establishment in 2009, the GEM has gone through 13 years of development. As of August 23, 2022, the number of listed companies in GEM reached 1175, with a total market value of more than 1.2 trillion yuan. The cumulative IPO financing exceeded 760 billion yuan, and re -financing exceeded 950 billion yuan.

At present, the GEM has brought together the nine strategic emerging industries, and the total market value of the nine major industries accounts for 73%. In 2021, the average R & D expenditure of GEM increased by nearly 30%year -on -year, and the average company had nearly 150 core patents related to the main business.

Since the reform of the GEM registration system, all parties in the market have participated in enthusiasm. On August 23, 2022, the average daily turnover of the GEM increased by more than 90%compared with the two years before the reform, and the average daily turnover rate increased by more than 15%compared to the two years before the reform. The market value of foreign investment accounts for nearly 6%.

"Since the reform, the structure of GEM has gradually optimized, the strength of professional institutional investors has continued to grow, and the investment style focuses on value investment and long -term investment. To a certain extent, it helps to suppress market speculation." Wang Zhijian, assistant to the president of China Merchants Securities. Data show that as of August 23, 2022, the proportion of the GEM institutions had more than 50 %.

The relevant person in charge of the Shenzhen Stock Exchange stated that the GEM will focus on key areas such as advanced manufacturing, digital economy, green and low -carbon, promote high -level circulation of science and technology, capital and real economy, and build a "high -quality innovation capital center and world -class exchange" for the Shenzhen Stock Exchange. Consolidate the foundation and serve the national strategy and economic and social overall situation at a deeper and wider range.

[Editor in charge: Zhan Jing]

- END -