Shanghai Stock Exchange: The third anniversary of the opening of the market, the advanced nature of the science and technology board is reflected in these six major aspects

Picture source: Visual China

On July 22, the science and technology board will usher in the third anniversary of the opening of the market. Recently, a reporter from "Daily Economic News" (hereinafter referred to as NBD) interviewed the Shanghai Stock Exchange, which gave issues to the changes in the three years of the science and technology board, the advanced nature of the science and technology board, the ESG information disclosure, and the internationalization of the science and technology board. Interpretation.

In the interview, the Shanghai Stock Exchange introduced the results achieved in the three years since the opening of the science and technology board, including the gradual formation of the review of the registration standard system, the invisible threshold and pocket policy were gradually eliminated, and the review and coordination mechanism for review was continuously improved. In addition, the science and technology board deepen the innovation of institutional innovations such as refinancing, equity incentives, and inquiry transfer. Various new systems and new mechanisms have stable operation and good results, forming experience that can be replicated and promoted.

The Shanghai Stock Exchange mentioned that the issuance and listing of science and technology boards shifted from "making money" to "development", and at the same time adhered to the basic concept of information disclosure as the core. In terms of internationalization, in the future, the Shanghai Stock Exchange will continue to strengthen exchanges with international investors, continue to enrich the form of activities, improve the frequency of promotion, provide convenient channels for foreign research science and innovation companies, and establish effective channels for international investors and science and technology board companies Communicate channels and further improve the international level of the science and technology board market.

As of July 22, the science and technology board will have a total of 439 listed companies. As of June 30, the total amount of IPO financing of the science and technology board was 623.5 billion yuan, accounting for 67%and 58%of the Shanghai market during the same period, and the total market value was 5.4 trillion yuan. A number of science and technology enterprises in the fields of integrated circuits, biomedicine, and high -end equipment manufacturing have gathered, and the "hard technology" has gradually appeared. The "test field" of the reform has been well played. A series of institutional innovations have been made in the aspects of distribution, listing, trading, delisting, re -financing, mergers and acquisitions, and reorganizations, forming a copy -available experience. Reform provides useful reference. The overall market operation is stable, the market liquidity level is basic adaptation such as the positioning of the market, the positioning of investors, and the appropriateness of investors, and the trading system arrangement. The market valuation has shown high -quality and high -quality price and faucet premium characteristics, which has promoted the profound changes in the market structure and ecology.

Generally speaking, the science and technology board adheres to the original intention of the positioning and construction of the sector, improves the system rules and systems, strengthens the market -oriented restraint mechanism, and has achieved phased results in reform, which meets expectations.

The advanced nature of the science and technology board is reflected in the six major aspects

NBD: As the "test field" of the Chinese capital market reform, what is the biggest change in the three years?

Shanghai Stock Exchange: The pilot registration system of science and technology board adheres to information disclosure as the core. A series of institutional innovations have been conducted in terms of distribution, listing, trading, delisting, re -financing, mergers and acquisitions, and reorganizations, forming a copy -available experience. In three years, the science and technology board runs these systems from theoretical to practice, summarizes experience and continuously improve in practice, explores the formation of a system system with higher concentration with China's new economic development characteristics, and strives to get out of a financial financial financial The road of development.

The first is to issue listing conditions. Comprehensive consideration of the estimated market value, income, net profit, R & D investment, cash flow and other factors have set up multiple sets of listing standards. It is not required that enterprises must be profitable before listing, allowing special equity structure enterprises and red -chip enterprises to be listed. As of the end of June, 38 unsuccessful enterprises, 7 special equity structure companies, and 5 red chip companies were listed on the science and technology board.

The second is the review mechanism. The Shanghai Municipal Party Committee was established to implement a certification system. The entire process of reviewing the registration is online, the electronic marks, standards, procedures, content, processes, and results are open. All links have clear time limit requirements. The review registration efficiency has been significantly improved. At present It took more than 5 months from the acceptance to the listed committee for review, and the average time is more than 7 months from acceptance to registration. Controlled the time cost of the company's listing.

Third, the issuance of new shares issuance underwriting mechanism. There are no administrative restrictions on the issuance price and scale of new shares. Inquiry, pricing, and sale of institutional investors as the main body, increase inspection and punishment for illegal acts, and truly realize the price of market supply and demand. The median of the P / E ratio of the science and technology board is 42.5 times, which is basically in line with market expectations.

The fourth is to establish a market -oriented equity incentive mechanism. The science and technology board has greatly relaxed the implementation conditions of equity incentives. A total of 242 science and technology innovation companies launched a 310 single -equity incentive plan. The sector coverage rate is 56%. Equipment industry. More than 90%of the company chose the second type of restricted stock as an incentive tool, with an average discount of 46%, and the average share of shares was 1.84%, which effectively mobilized the enthusiasm and creativity of scientific and technological talents.

Picture source: Photo by reporter Sun Jiaxia (data map)

NBD: As the "test field" of science and technology boards, what are the advanced nature of the reform?

Shanghai Stock Exchange: Establishing a science and technology board and pilot registration system is a pioneering and breakthrough system engineering and reform task.

The first is the diversified tolerance of the listing conditions. In order to implement the requirements of the Party Central Committee's repeated emphasis on "enhanced the capital market's inclusiveness of scientific and technological innovation enterprises", the issuance and listing of science and technology boards shifted from "earning money" to "development". , R & D investment, cash flow and other factors, set up a diversified listing conditions based on "expected market value+" to meet the financing needs of science and technology enterprises of different types and development stages.

The second is to pilot the registration system for the Chinese market. Adhering to information disclosure as the core is the basic concept of pilot registration. First, streamlined and optimized the issuance conditions, and transformed into strict information disclosure requirements. Cancellation of the issuance of issuance conditions such as continuous profitability and intangible assets, and optimizing the issuance conditions such as changes in actual controllers, main business and high -core technical personnel of directors, and interbank competition, strict information disclosure, and meet investor investment decision -making requirements.

Second, establish the information disclosure system of the science and technology board pilot registration system, and improve the relevant institutional mechanism. Based on the characteristics of science and technology enterprises, the special criteria of the prospectus are released, the requirements for refining information disclosure, increasing the industry's characteristics, core technologies, unprofitable, and the existence of cumulative disclosure requirements such as the disclosure of the risk of losing money.

Third, continue to improve the quality of the audit to drive issuers and sponsors to improve the quality of information disclosure. Focusing on whether the issuer meets the positioning of the science and technology board, the issuance of the listing conditions, and the compliance and effectiveness of information disclosure, the review and inquiry. Continue to improve the quality of inquiry inquiries, highlight the significant and targeted review of inquiries, and overcome the tendency of exemption for the exemption.

The third is to open the door for review. The review of the registration standard system is gradually formed, the invisible threshold and pocket policy are gradually eliminated, and the review and coordination mechanism of the audit registration is continuously improved.

First, adhere to the open and transparent and clear review mechanism. The audit standards, review processes and results are open, and in the main links of the review, review process, and review results, the whole process will be open and transparent, and the overall social supervision will be accepted. Clarifying the time limit, the science and technology board clarified the exchanges' review time limit and the issuer's reply time limit, greatly shortening the issuance cycle of the enterprise, and improved the predictability. Through self -examination, review dynamics, market training and other methods, the detailed review points and review cases of the market disclosure practice, and strive to enhance the market's sense of gain.

Second, strictly perform the duties of the review. The review and inquiry highlight the majority and pertinence, compact the issuer's information disclosure main responsibility and the responsibility of the intermediary agency, and adhere to the termination of the review decision in accordance with laws and regulations.

Picture source: Photo by reporter Sun Jiaxia (data map)

The fourth is to establish a market -oriented new shares issuance underwriting mechanism. The market -oriented support mechanism is an important part of the reform of the registration system. The price of the issuance of new shares is directly related to the vital interests of issuers, investors, and intermediaries. It is one of the difficulties of the reform of the registration system. When designing the pricing mechanism for new shares of the design science and technology board, we adhere to the direction of marketization and build a market -oriented pricing system for multi -party checks and balances. Establish a market -oriented inquiry, pricing and distribution mechanism with professional institutional investors as the main body, explore the role of brokers in issuing underwriting, and try to "follow the investment" system for the sponsors' relevant subsidiaries, and strengthen the sponsorship agency with capital constraints to bear the " The duties of the doorkeeper, cancel the number of issuance shares adopted by strategic distribution, and introduce issuer executive executives and core employee subscription arrangements to introduce stable incremental funds to the market.

Fifth, an innovative trading mechanism. The restrictions on the release/relaxation of the science and technology board, promoting the full game of the market, and improving the efficiency of price discovery. On the first five days of the listing of new stocks, the limit of the price of new shares has been improved, and a balanced price is faster. The effective application price range has played a stable price, which significantly reduces the phenomenon of great abnormal fluctuations. On the first day of the stock market, the implementation of the implementation mechanism of the marketization agreed application mechanism promoted the long and short market balance. Fixed price transactions after the market further meet the trading needs of investors.

Sixth, the continuous supervision and innovation system stimulates market vitality. The science and innovation board deepen the innovation of institutional innovation, equity incentives, and inquiry transfer. Various new systems and new mechanisms have stable operation and good effects, forming a batch of copied and promoting experiences.

First, the re -financing system stimulates market vitality. Optimize the re -financing conditions and launch a minimalist review process for small financing. As of the end of June this year, a total of 87 science and innovation companies proposed 94 re -financing plans, with a total of approximately 163.634 billion yuan. Among them, 56 have chosen a fixed increase method (including 8 small quicks), and 38 have chosen convertible bonds. At present, 41 companies such as Jinbo Co., Ltd. (SH688598, stock price 325.98 yuan, and market value 26.1 billion yuan) are reinstated (including 3 companies for small rapid re -financing). 47.6 billion yuan) A total of 60 working days were consuming from acceptance to registration.

Second, equity incentive mobilize corporate innovation. As mentioned earlier, the science and technology board has greatly relaxed equity incentives and the implementation conditions of employee shareholding plans to effectively mobilize the enthusiasm and creativity of science and technology talents. As of the end of June this year, a total of 242 science and innovation companies have launched a 310 single -equity incentive plan, accounting for 56%of the total number of science and innovation board companies, mainly concentrated in the new generation of information technology (especially integrated circuits), biomedicine and high -end equipment fields. Essence More than 90%of the company chose the second type of restricted stock as an incentive tool, with an average discount of 46%, and the average share capital was 1.84%.

Third, inquiry transfer deepen marketization. The science and technology board encourages listed companies to make more market -oriented reduction arrangements, realize the orderly "relay" of long -term investors and venture capitalists, and continuously accelerate the capital cycle. As of the end of June this year, there were 18 science and technology boards and 24 groups of shareholders who completed the inquiry transfer. The participating companies were mostly the leaders of the industry, such as Sino Corporation (SH688012, a stock price of 121.2 yuan, 74.7 billion yuan in market value), Western Super Guide, Jinshan Office (SH688111, the stock price is 184.5 yuan, the market value is 85.1 billion yuan), Stone Technology (SH699169, the stock price is 341.75 yuan, and the market value is 32 billion yuan). The average proportion of shares to be transferred to the total share capital is 2%, which better meets the demand for the withdrawal of innovative capital. The inquiry base price settings are higher than the lower limit of pricing allowed by the rules (that is, 70%of the average price of the first 20 trading days), with an average value of 85%and a total turnover of 13.2 billion yuan. The listing review focuses on whether it meets the issuance conditions, listing conditions and letter requirements

NBD: As of April 30, the number of listed companies in science and technology board has reached 420, but at the same time, 157 declared companies have terminated review. For the application company, what is the most concerned point of the regulatory level? Is there some concentrated characteristics in the termination of the company?

Shanghai Stock Exchange: Science and technology board issuance and listing review is based on the positioning of science and technology boards, focusing on whether the application enterprises meet the issuance conditions, listing conditions and information disclosure requirements.

From the perspective of past practice, the termination of the review enterprises involving various issues and situations such as science and innovation attributes, information disclosure, finance, and laws. Such as financial issues: Some are "stepping on the line" listing standards or science and technology attribute evaluation indicators, and the rationality of the rapid growth of income fails to fully demonstrate; In doubt, the intermediary agencies were not in place; there was also inadequate income confirmation basis, inaccurate research and development investment, gross profit margin and comparable companies. Another example of legal issues: Some involve the competition of the same industry and related transactions that have a major adverse effect on the issuer; some involve major uncertainty in the control of core assets and core business; The basis is not sufficient; there is also failure to provide sufficient evidence to indicate that the lawsuit and patent invalid announcement matters do not constitute a significant adverse effect on continuous operation.

Generally speaking, the relevant subjects should be attributed to their own positions and their own responsibilities. The issuer should "clarify", assume the first subject responsibility, and be responsible for the true, accurate and complete responsibility of information disclosure; the intermediary agency must "check the verification", verify and verify the information disclosure, Ask clearly, starting from the needs of investors, urge issuers and intermediaries to ensure the compliance of information disclosure and improve the effectiveness of information disclosure.

NBD: The previous 12 science and technology 50ETF products have been listed in many places abroad. It has opened a new channel for overseas investors to invest in science and technology boards. What are the measures to serve overseas investors in the future?

Shanghai Stock Exchange: Since the opening of the science and technology board, the degree of international investors has continued to increase. In terms of serving overseas investors, the Shanghai Stock Exchange has held international roadshow activities for three consecutive years, and through channels such as the International Investor Conference of the Shanghai Stock Exchange, the international investors enter the science and technology board company activities, the English website and other channels to help international investors understand the subject in depth, Create board market. In the future, the Shanghai Stock Exchange will continue to strengthen communication with international investors, continue to enrich the form of activities, improve the frequency of promotion, provide convenient channels for foreign research science and innovation board companies, and build effective communication channels for international investors and science and technology board companies to further further build a channel for international investors and science and technology board companies to further further. Improve the international level of the science and technology board market.

Photo source: Photo Network-500725599

NBD: All science and technology board companies disclosed information about ESG (environment, society, and corporate governance) in the 2021 annual report. More than 90 companies have compiled and published social responsibility reports or ESG reports. What do you think of the meaning of disclosure?

Shanghai Stock Exchange: In order to implement the requirements of the new development concept and promote the achievement of dual carbon targets, the science and technology board attaches great importance to and encourages listed companies to actively disclose ESG information. In 2021, 396 science and technology boards disclosed the annual reports of listed companies to disclose ESG information in the annual report. 95 science and innovation board companies disclosed their social responsibility reports or ESG reports separately, which played a good demonstration effect.

The first is to respond to the national dual carbon strategy and guide listed companies to actively assume social responsibility. In the context of the new development concept of double -carbon targets, innovation, coordination, green, openness, and sharing, the ESG concept can empower the green economy and help the realization of carbon neutrality. Through encouragement and guidance of ESG information disclosure, the science and technology board company will promote the implementation of the new development concept of the country, actively fulfill social responsibility, and respond to the call of poverty alleviation, "double carbon", etc., and achieve responsibility, high quality, and sustainable development.

The second is to establish the concept of sustainable development and show investors the value of ESG investment. ESG information disclosure requires listed companies to build an ESG governance system, integrate ESG into the company's strategic planning, and guide them to comprehensively consider the impact of environmental and social benefits while paying attention to economic effects, and improve the market competitiveness and sustainable development capabilities of listed companies. Show investment value to investors.

The third is to strengthen the attraction of foreign capital and enhance the internationalization level of listed companies in the science and technology board.At present, more and more international investors use ESG investment as one of the mainstream investment standards, and many institutions, including the three major index institutions in the world, have introduced the ESG evaluation system and launched related investment products.Strengthening ESG information disclosure helps to promote ESG practice to land in China, attract more foreign attention, and better convey the value of investment in science and technology boards to international investors.Picture source: Visual China

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