Interpretation of "Specialized Special New" investment and financing: the gathering effect is obvious, and the penetration rate is to be improved

21st Century Business Herald Reporter Ma Tingting Beijing Beijing Report

Recently, the fourth batch of "specialized new" small giants of the Ministry of Industry and Information Technology has completed the publicity of more than 4,300 enterprises in various provinces and cities.

"Specialized New" was first proposed by the Ministry of Industry and Information Technology in the "Promotion of SME Development Plan (2016-2020)" that the state and local governments also attached great importance to it. According to incomplete statistics, 33 policies and measures have been introduced at the national level alone this year, and more than 120 supporting policy documents have been introduced in provinces, autonomous regions and municipalities. After obtaining the certification of a "specialized new" giant, companies can not only get real encouragement and support, but also their authoritative certification of scientific and technological innovation capabilities and growth potential.

In recent years, my country's equity investment industry, especially RMB Fund, has gathered in the direction of "early investment, small investment, and hard technology". Shen Zhiqun, Vice President of China Investment Association and chairman of the Investment Commission, said in the recently organized "First Investment Support 'Specialized New" Summit Forum "that the new enterprise has a wide range of special enterprises and can discover long -term investment value. And excellent enterprises with high growth characteristics, by continuously creating value and improving value, and ultimately realizing value, such fund managers must be worth LP trust.

"Special Special New" Investment Finance in the Data

With the state's support for scientific and technological innovation and SMEs, the number of specialized companies is also increasing. The equity investment that is also active in the field of science and technology innovation is not synchronized. Recently, the LP think tank and Sidi China Electronic Industry Science and Technology Exchange Center released the "2022 Investment Creation Assistance National" Specialty New "Enterprise Research Report". Specialized new little giant enterprises conducted systematic sorting and research.

The report shows that only 40%of the national "specialized new" little giant companies have received equity financing. These companies have received an average of 5.37 institutions. Investment in the household institution, the largest number of enterprises invested in institutions has received investment from 50 institutions.

From the perspective of financing rounds, the average equity financing and transfer rounds of national "specialized new" small giant companies that have received equity financing are 2.8 rounds, and a total of nearly 60%of corporate equity financing and transfer rounds shall not exceed two wheel.

From the perspective of corporate IPOs, for the A -share market sector that is an A -share market for science and technology board and Beijiao, it takes about 2 years after being awarded the national "specialized new" giant company after being awarded the national "specialized new" giant enterprise. , Can meet the listing standards. After one year of listing, the investment institutions have achieved withdrawal. Based on the 7 -year investment period of the growth of the growth period, this requires the enterprise to obtain the national "specialized new" small giant enterprise certification within 4 years after the investment is obtained, and less than 40%of the enterprises can do it.

For the Science and Technology Board and the Bei Stock Exchange, when the enterprise has obtained the national "specialized new" giant certification, it has met the corresponding listing standards, and investment institutions can achieve withdrawal within one year. 63.11%of enterprises can obtain national "specialized new" giant certification within 6 years after the first round of financing, so that the 7 -year fund can successfully exit, just within the investment period of growth venture capital funds. The Science and Technology Board and the Beijing Stock Exchange can bring an additional 67.44%IPO to the new fund.

The penetration rate of equity investment to specialize in specialty needs to be improved

Although the probability of successful IPOs for specialty new giant companies is very high, venture capital institutions rarely appear in their shareholders list, and the aggregation effect is particularly obvious. The report shows that 2/3 institutions have invested in only one national "specialized new" giant company, with more than 10 investment in the number of investment, only 99, and the number of institutions involved in the first round of financing of enterprises. Most institutions are still trying to invest and withdraw from the national "specialized new" small giant enterprises. Between the equity investment institutions and the special specialized enterprise, there is no consensus on the results of investment.

The reason, Shen Zhiqun believes that on the one hand, there is a problem of asymmetric information between capital and projects, and the way of venture capital institutions and specialized new enterprises lack effective communication channels. In addition, the equity investment industry still has venture capital institutions investment Insufficient ability, high project valuation and other issues.

Compared with the popular tracks that past venture capital agencies are concerned, new -class new enterprises do have some different characteristics. More than 60%of specialized new enterprises are manufacturing enterprises in industrial basic areas. These companies are not only The quantity is huge, and the distribution is relatively scattered at the same time. This requires the venture capital agency to make some changes in play.

In this regard, Yang Xiaomin, managing director of Tongchuang Weiye, believes that this requires the investment scope of the institution to cover enough. Investors must go from first -tier cities to third- and fourth -tier and even county -district levels, and they must be more grounded.

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