Every time after the hot review 丨 science and innovation board is 3 years old, it still needs to continue to provide institutional innovation

On July 22, the science and technology board ushered in the third anniversary of the official opening.

After three years of exploration and development, the "experimental field" of this China's capital market reform has handed over a bright transcript: the number of listed companies in science and technology board has expanded from 25 to 439, and the total market value has increased from 550 billion yuan to to 550 billion yuan to 58 trillion yuan; among all science and technology board stocks, the latest closing price accounts for 74%(324) compared to the issue price, and the yield of more than 30%accounts for 60.6%. In the fund, about two -thirds of the products are recording positive income. Whether it is the original shareholders such as entrepreneurs, venture capital, or the securities firms, funds or individual investors in the secondary market, most of the participants have shared the wealth bonus of the science and technology board.

Providing capital support for China's hard technology development is a major historical mission of science and technology board. In the past three years, the science and technology board has not opened the door for individual business model innovations and large -scale mature companies, but instead adheres to the positioning of science and technology innovation and serves hard core technology companies. From the perspective of industry distribution, listed companies of science and technology boards are mainly concentrated in the fields of new generation of information technology, biomedicine, high -end equipment manufacturing and new materials. These industries are the economic development of high -quality development and strengthening China's competitiveness. Highland.

According to the author's statistics, the total IPO financing of Science and Technology Board has exceeded 600 billion yuan. These funds strongly support the company's research and development work: from 2019 to 2021, the total investment in the R & D company of science and technology board companies is as high as 206.9 billion yuan. The proportion of more than 10%is twice that of the requirements of science and technology attribute evaluation guidelines (5%). High -intensity R & D investment has also improved the level of science and technology. As of now, a total of 84988 patents have been obtained.

The more tolerant listing conditions, more convenient and fast, expected more clear registration review, and more effective prices after listing find out that these demonstration effects of science and technology boards are overflowing to other fields. For example, with reference to the experience of the science and technology board, in August 2020, the Shenzhen Stock Exchange's science and technology board officially piloted the registration system. In November 2021, the Beijing Stock Exchange opened the market and simultaneously piloted the registration system.

The development process of the science and technology board is actually a bold test of institutional innovation. At the beginning of the opening of the science and technology board, the design of innovation systems for issuance, listing, and transactions has been very complete, but in the actual operation, new situations need to be continuously innovated to meet the needs of changes. For example, in response to the early storage of enterprises, some companies lack core technology and insufficient technological innovation capabilities, and the CSRC has revised the guidelines for the science and technology attribute evaluation and clarified the connotation and extension of science and technology innovation attribute enterprises; In the case of low volume of some stocks and insufficient liquidity, the CSRC will introduce the city system into the science and technology board, and use the professional pricing capacity of the brokerage to introduce more live water for the science and technology board.

For three years, it is already lush. In three years, the science and technology board has initially established the capital market ecosystem that supports the development of hardcore technology companies, and institutional innovation is the excellent soil of this ecosystem that can be new, evolved and upgraded. Looking forward to the next three years, the science and technology board needs to keep up with the global economic situation that has changed dramatically, highlight the actual needs of the Chinese economy in terms of industrial orientation, and continue to provide capital assistance for China's economic momentum conversion. At the same time In terms of industrial/risk capital exit, the science and technology board also needs to continue to provide institutional innovation to make the price system more effective, and the connection of financial and industrial capital is closer, thereby creating more value for investors.

Daily Economic News

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