Accelerate the differentiation of investment banks to give birth to aircraft carrier -level brokers!Haitong Securities Jiang Chengjun: In the future, reform should adhere to the legalization of marketization

Three years in the eyes of investment banks

"In the past three years of the establishment of the science and technology board, the registration system reform has stabilized. After that, the reform of the GEM registration system and the successive pilots and successful implementation of the Beijing Stock Exchange laid a solid foundation for the registration system. Active changes. "Recently, Jiang Chengjun, Assistant General Manager of Haitong Securities, Secretary of the Board of Directors, and General Manager of the Investment Bank Headquarters, said in an exclusive interview with a Chinese reporter from a securities firm.

Since the opening of the Board of Science and Technology, Haitong Investment Bank has always been at the forefront of service science and technology innovation. Data show that as of June 30, 2022, a total of 431 companies have been listed on the science and technology board, of which 37 science and technology board companies are sponsored by Haitong, accounting for 8.58%, and the market ranking is fourth. In terms of funds, Haitong sponsored science and technology board raised 108.338 billion yuan, accounting for 17.38%, ranking second in the market.

Looking back at the changes brought about by the registration system for the investment banking ecology in the past three years, Jiang Chengjun said that under the registered system, it is based on information disclosure, adheres to the direction of marketization and legalization, and transforms the original issuance threshold into strict information disclosure requirements. In the process, the value discovery of investment banks in enterprises and even the industrial chain has gradually become highlighted, and the comprehensive capacity requirements for investment banking employees have been further improved.

According to Jiang Chengjun, under the registration system, the business model and business concept of investment banking have changed significantly compared with the approval system. Investment bank service customers no longer have financial indicators such as corporate income, profits, and more in -depth early high -quality enterprises in the industry's key industries, and provide enterprises with financial services for the full life cycle. The head securities firms will occupy more market share with their comprehensive financial service capabilities, which will further accelerate the market differentiation of securities firms and give birth to an aircraft carrier -level investment bank.

The role of investment bank value discovery is gradually prominent, and brokers accelerate differentiation

China reporter: As practitioners, what is your deepest feeling in the past three years?

Jiang Chengjun: In the three years since the establishment of the science and technology board, the registration system has been stable. After that, the reform of the GEM registration system and the successive pilots and successful implementation of the Beijing Stock Exchange laid a solid foundation for the registration system. Significant positive changes.

Generally speaking, under the science and technology board and registration system, the listing conditions are more tolerant, allowing unprofitable technology innovation enterprises, special equity structure enterprises, and red -chip companies that allow conditions to meet the conditions. Listing, serving the country's innovation -driven strategy, and opening up the direct financing channels for innovative SMEs, further optimizing and perfect structural systems in China's capital market.

The registration system is centered on information disclosure, adheres to the direction of marketization and legalization, and transforms the original issuance threshold into strict information disclosure requirements. In the process, the value discovery of investment banks on enterprises and even the industrial chain has gradually become highlighted, and the comprehensive capacity requirements of investment banking employees have been further improved: on the one hand On the other hand, the investment bank practitioners need to conduct in -depth research and excavation of the development of national strategic emerging industries, the development trend of key core technologies, and the key positions of the industrial chain.

China reporter: In your opinion, what challenges and changes have the science and technology board and the registration system bring to the investment bank business model and business concept? What are the changes in Haitong Securities Investment Bank business and what are the plans for future reforms?

Jiang Chengjun: Under the science and technology board and registered system, the business model and business concept of investment banking have changed significantly compared with the approval system. In the investment bank service customers, there are no longer financial indicators such as corporate income and profits, and more in -depth early high -quality enterprises in the industry's key industry areas to provide enterprises with full life cycle financial services. The head securities firms will occupy more market share with their comprehensive financial service capabilities, which will further accelerate the market differentiation of securities firms and give birth to an aircraft carrier -level investment bank.

In the context of the continuous advancement of the registration system, the direction that the investment bank business system needs to be improved in the future includes: further promoting the "industry professional" transformation, and investment bank practitioners urgently need to deepen their awareness of emerging industries and improve their professional capabilities. ; Further the development of "integration", and promote effective synergy of various parties such as research resources, sales resources and investment banking business systems on the basis of compliance to adapt to market -oriented pricing and issuance methods under the registration system; further strengthen the construction of the internal control system, adhere to the adherence The bottom line of compliance practice, effectively play the role of "seeing the door" in the capital market.

Haitong Securities adheres to the origin of the investment banking, through the "investment, integration, insurance, and research" linkage, the investment banking department focuses on the front -edge industry fields of TMT, biomedicine, advanced manufacturing, artificial intelligence, etc. Digging key enterprises has served a number of scientific and technological innovation companies with outstanding core technologies and high market recognition in the past three years. At the same time, Haitong Securities is based on the Shanghai headquarters, radiates the Yangtze River Delta and East China, and establishes Jiangsu and Zhejiang regions to consolidate the traditional advantageous areas. Serve. In the future, Haitong Securities will continue to aim at creating "China Bencing Investment Banks", focusing on the emerging industry system and future pilot industry for forward -looking layout.

China reporter: You just mentioned that the registration system will "accelerate the marketing of securities firms and give birth to an aircraft carrier -level investment bank." We have also observed that since the implementation of the registration system, the head investment bank has made a relatively large advantage in business scale. In your opinion, what changes will be changed in the competition pattern of domestic investment banks in the future, and how will the company cope with this change? Jiang Chengjun: The reform of the registration system has brought a lot of market opportunities to the investment banking business, and further accelerated the market differentiation of the brokerage firm. The competitive advantage of head brokers in the industry with richer practicing experience and more sound internal control will further appear, and the industry concentration will be further improved. The proportion is expected to increase.

In the future, Haitong Securities will continue to improve the comprehensive service capabilities of investment banks, from "stock investment banks" to "multi -product investment banks", from "intermediary service -oriented investment bank" to "industrial service investment banks", from "on -site investment banks" "Outside the field to invest in banks." At the same time, the concept of "one Haitong" is established to create a "large investment bank, large asset management, big wealth, and large -scale collaboration" business positioning, becoming a modern investment bank with international competitiveness, brand influence and systemic importance; Investment banks, first -class wealth management institutions, first -class investment banks with international competitiveness, and first -class investment banks with comprehensive risk management capabilities.

The follow -up mechanism has played a role in promoting the reasonable pricing of IPO

A reporter from securities firms: Since the opening of the science and technology board, the new stock inquiry system has experienced some twists and turns, including the centralized low -cost distribution within a period of time, and the large -scale break that previously encountered. What do you think of these issues? What can investment banks do in maintaining the stability of the new stock issuance market?

Jiang Chengjun: One of the main features of the pilot registration system of science and technology board is to form a market -oriented inquiry system with institutional investors as the main body. Under this system, the main body in the market determines the final issuance price through the multi -party game. From the perspective of value discovery, pricing efficiency, and supporting the development of the real economy, the market -oriented inquiry mechanism of new shares has played a positive and important role. Since the opening of the Science and Technology Board for more than two years, the new stock inquiry system has gone through some twists and turns, which is the stage of the new system, new system, and new environment in the process of development. In the long run, with the further improvement of various systems and promoting more adequate games of the market parties, the price of new shares in the future will be more marketable and more reasonable.

In terms of maintaining the stability of the issuance market of new shares, investment banks must first further increase their learning of emerging industries and emerging business models, deepen their understanding of the issuer's business model and future development prospects, strengthen market research and judgment, and strengthen their own pricing level; secondly, we must do a good job In -depth communication of the market, fully convey the value of the company's investment to investors, and further strengthen investors' risk prompts to remind investors to quote carefully; finally to further strengthen the issuer's communication training, timely convey market information, and promote the issuer to understand the market, to understand the market, to understand the market, to understand the market, to understand the market, Understand the market, respect the market, and rationally look at the issue price.

Brokerage China Reporter: At present, has the follow -up system achieve the expected effect?

Jiang Chengjun: The sponsor's follow -up system is an innovative mechanism launched in the reform of the pilot registration system of the science and technology innovation board. The sponsorship and the investment system makes the investment bank diligently responsible under the constraints of economic interests. Essence Judging from the operation of the past three years, the science and technology board sponsor and investment mechanism have played a role in promoting the reasonable price of IPO and achieved the expected results.

On the one hand, considering the follow -up of the sponsor and the lock -up period is two years, after the controlling shareholder and the actual controller, the sponsors need to bear a certain degree of risk. Therefore Selection, selection of science and technology innovation enterprises that meet the national strategy, science and technology board positioning, and issue audit standards.

On the other hand, from the issue of issuing pricing, the sponsor's follow -up is conducive to the rational pricing of new shares. The sponsor and investment mechanism eliminate the binding of the interests between the issuer and the underwriter, and promote the game of the issuer, sponsors, and investors. The sponsorship institutions both represent the interests of the issuer and the interests of investors. Therefore, the sponsors will be more cautious during the pricing process and promote the rational pricing of science and technology board.

The reform of the registration system should adhere to the direction of marketization and legalization

A reporter from securities firms: After nearly three years of development, what experience do you think is worth a summary? What other suggestions?

Jiang Chengjun: The science and technology board created the precedent of the Chinese capital market registration system, laid the foundation for the implementation of the registration system for the entire market, and proved the path of the reform of the future capital market.

For science and technology enterprises, under the concept of registration system with information disclosure as the core, the substantial judgment of the proposed listed company has greatly reduced it. Enterprises that meet the national development strategy, have continuous operating capabilities, and have investment value can all be in information on information. Based on the full disclosure, it was successfully listed and handed over to the market for inspection and judgment. This reform helps to reasonably allocate resources for innovative technology -based enterprises, improve the problems of financing difficulties in the past, make up for the shortcomings of service technology innovation, and improve my country's multi -level capital market system.

For investors, the implementation of the registration system for the science and technology board has reduced the market entry threshold for scientific and technological innovation -oriented enterprises, and inspired investors to participate in the investment of science and technology enterprises and provide them with good investment targets. At the same time, it is conducive to cultivating the investment concept of investors in our country. In these scientific and innovative companies, they find companies with prospective prospects, share their development results, and obtain investment income. The construction of science and technology board construction and registration system is a major strategic decision -making of the Party Central and State Council. It is an important measure to build and improve the basic system of capital markets with Chinese characteristics. The launch of the listing and listing is normalized. More than 400 science and technology board companies have successfully listed on the market, and the raised funds have exceeded 600 billion yuan, which has strongly supported the development of the real economy. It also made investors share the results of the reform. At present, the science and innovation board has formed a multi -dimensional replication and promotion experience, which provides a very excellent sample for the capital market reform, laying a solid foundation for the implementation of the registration system for the entire market.

Overall development and construction in the future and registration system. Generally speaking, I hope that the science and technology board will adhere to the positioning of the sector and continuously improve in practice to empower high -quality economy, gather for the power of science and technology The reform of the registration system adheres to the development direction of marketization and legalization, and achieve sustainable and healthy development. Haitong Securities is willing to take more responsibilities and responsibilities, adhere to the original intention of serving the real economy, continue to practice the national strategy, and grow together with the Chinese capital market and Chinese science and technology enterprises.

Chinese reporter from securities firms: In the past three years, what are the results of Haitong Securities Investment Bank in the science and technology board business?

Jiang Chengjun: Since the reform of the pilot registration system of science and technology boards, Haitong Investment Bank has used the strategy of serving the country's development strategy and helping the real economy development as the core guidance idea of ​​the investment banking business.

In terms of the number of sponsored underwriting, Haitong is a leading market in the market. Since the start of the IPO application of the self -employed board, as of June 30, 2022, a total of 817 IPO companies have accepted the total number of IPO companies, of which 73 science and technology board companies of Haitong sponsored, accounting for 8.94%. ; A total of 431 companies listed on the science and technology board, including 37 science and technology board companies of Haitong sponsor, accounting for 8.58%, ranking fourth in the market. The capital raised funds of 108.338 billion yuan, accounting for 17.38%, ranking second in the market; the top ten science and technology board listed companies in the total market value, two sponsoring of Haitong, respectively, are the number one in the ranking of SMIC and the ninth. Substation of China Micro.

In terms of project reserves, as of June 30, 2022, Haitong ranked second in the audit of the Cultural Creation Board, ranking second in the market. In addition, the company has also reserved a group of science and technology board projects, laying a good foundation for the development of investment banking business in the next two years.

In terms of specific business characteristics, the company closely grasped the market positioning of "hard technology" and successfully created the "Haitong brand" in the integrated circuit and biomedical field. In the field of integrated circuits, Haitong sponsoring science and technology board companies cover upstream and downstream fields such as materials, equipment, manufacturing, sealing and testing, and design, including leading companies and star companies in many segmented fields. In the field of biomedicine, Haitong Investment Bank's current service segment includes many fields such as innovative drugs, chemicals, CROs, CMOs, medical devices, detection of early screening, and Internet pharmacies.

Responsible editor: Gui Yanmin

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