The 3rd anniversary of the opening of the science and technology board!As a home, Shanghai maintains the first in these fields

Today is the 3rd anniversary

As the home of the science and technology board

Shanghai surrendered a dazzling answer sheet

Shanghai remains first in these areas

As of July 21, 2022, a total of 65 listed companies in the Science and Technology Board of Science and Technology Board in Shanghai, accounting for 15%of the number of national science and technology board companies, with a total of 181.2 billion yuan raised, with a total market value of 1.29 trillion yuan. Ranked first in the country, and the number of companies ranked third in the country.

In terms of key industries, Shanghai Science and Technology Board listed companies are mainly concentrated in the new generation of information technology (27, accounting for 42%), biomedicine (20, 31%), new materials (8, 12%) In other industries, the proportion of research and development expenditures in 2021 accounted for 11%of the operating income ratio, and a number of "hard technology" enterprises such as SMIC, Junshi Bio, and Lanqi Technology emerged.

In terms of market value performance, there are 33 listed companies in the Shanghai Science and Technology Board of more than 10 billion, with 6 market value of more than 50 billion yuan, accounting for 33%of the total number of companies in the country's science and technology board of 50 billion. SMIC, with a market value of 165.9 billion yuan, is currently the largest science and technology board company at the current market value.

In terms of enterprise types, Shanghai has transported a diversified listed company for the "test field" for the science and technology board. Among them, five companies including SMIC, Junshi Biological, Haohai Shengke, Fudan Zhangjiang, and Fudan Microelectronics belong to H -share listed companies to return to A -share science board. SMIC has become the first overseas market for science and technology board to return to A shares. It has also set the largest IPO record in A shares in 10 years. You are engraved to the first listed company with different rights. Shanghai Silicon Industry is the first time to bring options.

It is worth mentioning that Shanghai is full of stamina on the science and technology board. As of July 21, 2022, a total of 85 tutoring and filing companies in Shanghai planned to apply for science and technology boards, including 49 counseling, 18 submitted trials, 11 registered process, 3 planned issues, and 1 were issued to be listed on the market. Essence A total of more than 100 billion yuan in raised funds.

The 3rd anniversary of the opening of the market

How to allocate global resources

Recently, many brokerage companies are going all out to prepare a job -become a city merchant for the science and technology board. This is the latest trading system for the Science and Technology Board, and it is the first time that the entire A shares are. This system will not only further enhance the liquidity of science and technology board stocks, but also provide reference and reference for other A shares sections.

The upgrading of a system like a city merchant has been a commonplace in the past three years.

Uninterrupted upgrade

Haitong Securities Investment Banking Department, a science and innovation board plan to enter the issuance phase. In order to arrange road shows in enterprises and investment institutions, everyone is too busy. A staff member frankly said: "In the past, the investment institutions did not pay less attention to road shows. Some institutions did not even want to participate in the roadshow, but now they are different."

Why is it different?

The issuance of new shares of science and technology board adopting market -oriented pricing, so the offer of an institution with online inquiry qualifications has become an important factor affecting the price of new shares. However, in order to increase the probability of quotation, some institutions tend to "take shortcuts". According to the information in the circle, they "hold the price", and they do not spend time to study the fundamentals of the enterprise. Of course, they are not attentive to understanding the roads of the enterprise.

The low issue price can bring generous returns to these institutions, but it will make some ambitious companies' fundraising on the science and technology board failed.

In response to this new problem, the science and technology board actively upgraded. In September 2021, the science and technology board optimized the new shares inquiry mechanism, and adjusted the highest quotation from "not less than 10%" to "no more than 3%", and strengthened the supervision of quotation behavior.

With the launch of this new regulations, the number of investment institutions in the end increased, and the quotation game is more sufficient. The issuer can also adjust the price according to the situation. Because the price below the final pricing is an invalid quotation and cannot participate in subsequent subscriptions, this makes the institutions need to communicate with the enterprise with close -range communication before the quotation, reporting a more reasonable price. As a result, a small -scale and more accurate roadshow became fragrant. As soon as the road shows of some popular companies came out, they were made up.

From the launch of the new regulations, as of July 8, 2022, a total of 90 science and innovation companies of the Science and Technology Board completed the launch. From the perspective of pricing, the 90th science and innovation board company issued a median of the P / E ratio of 79 times. Before the new regulations were adjusted in 2021, the 129 companies issued the price -earnings ratio of 129 companies were only 26 times. From the perspective of the quotation, the width of the effective quotation range of 90 companies has been further expanded, with a median number of 33%and a maximum of 187%. Before the new regulations, the highest price and the lowest price of the shortlisted quotation are sometimes only a few minutes of money, and the width of the interval is insufficient. 1%.

Under the new regulations, the problem of "holding prices" in the early stage is basically solved, and the price efficiency of new shares has been significantly rising. The lack of fundraising of enterprises has improved significantly, which further reflects the "one enterprise, one price" and "high -quality and high -quality price". For science and technology innovation enterprises that are listed, more reasonable new stock prices can raise more funds for them, making their development smoother after listing.

This targeted system upgrade has been persistent in the three years of the science and technology board. Issuance, listing, trading, delisting, re -financing, mergers and acquisitions, equity incentives, shares reduction, information disclosure ... The science and technology board has continuously promoted institutional innovation in all aspects in three years. The role of this "test field" is constantly prominent.

More international

On the New York Stock Exchange, an ETF market that tracks the Shanghai Science and Technology Board is watched by investors from the world every day. The United States, Britain, Hong Kong, Japan, South Korea, Thailand ... As of the end of June 2022, there have been 12 science and technology board 50 index fund products to be listed around the world, with a management scale of about 3.1 billion yuan, international influence and recognition Gradually improve.

Over the past three years, the channels for overseas investors to participate in science and technology boards have been further enriched. The three major international indexes of MSCI, Fishi, and S & P are constantly incorporated into more and more high -quality stocks of science and technology boards. More than 50 science and technology board stocks are also included in the scope of the Shanghai Stock Standard.

In addition, overseas investors can also fully participate in the science and technology board through the QFII/RQFII mechanism, including new shares issuance, strategic distribution, stock issuance and subscription of stocks in the first -level market, as well as individual stock transactions in the secondary market Rongtong Securities borrows transactions.

As of July 8th, a total of 35 QFIIs have been listed on the science and technology board, and a total of 35 QFIIs have participated in the inquiry and distribution of new shares. A total of 45.33 million shares have been distributed, and the amount of the offering is 959 million yuan. From the perspective of the distribution ratio, QFII funds (Class B investors) have a median distribution ratio of 0.043%, which is close to the distribution ratio of Class A investors such as public offerings, social security funds, pensions, corporate annuities, and insurance funds of 0.048%. 0.032%of other C investors such as private equity funds such as private equity funds.

In terms of strategic matching, four QFIIs including Singapore Government Investment Co., Ltd. and Abu Dabby Investment Council have participated in the strategic distribution of 7 science and innovation board companies, with a total of 158 million shares, with a corresponding amount of 4.53 billion yuan.

A more international science and technology board is attracting and allocating global resources. Over the past three years, overseas investors have been seen from the curiosity of science and technology board from curiosity to familiarity to attention, and it can be seen from the rising activity of foreign institutions in the science and technology board. Since the beginning of this year, foreign -funded foreign -funded institutions have accounted for 9%, which have increased by 7 or 2 percentage points from 2020 and 2021, respectively. At present, the market value of circulation is more than 100 billion yuan, accounting for nearly 5%, an increase of 1.6 percentage points from the end of 2020.

Focus on hard technology

In the summer, the project sites of the Yuan Dynasty Bioton Port Industrial Base are still a hot construction scene. As an important carrier for the implementation of the Yuan's biological strategy, this base will promote the development of its gene therapy projects, and the successful listing of science and technology boards provides important funding support for the construction of this project.

As of July 22, 2022, 439 companies have been listed on the science and technology board, and have raised more than 600 billion yuan of funds, with a total market value of more than 5 trillion yuan. This sector that adheres to the positioning of "hard technology" has provided key help for many companies, and has become the first choice for the listing of "hard technology" companies in my country.

The "hardness" of the science and technology board is reflected in the agglomeration of science and technology innovation. From the perspective of industry distribution, listed companies in the science and technology board are highly concentrated in high -tech industries and strategic emerging industries. As of the end of June 2022, the number of companies in the field of science and technology board integration circuit reached 61, accounting for half of the listed company of A -share integrated circuits. Innovate chain, improve the supply chain. There are 93 listed companies in the field of biomedical, and the treatment field covers various diseases such as cancer, AIDS, hepatitis B, hepatitis C, and chickenpox. In addition, upstream and downstream enterprises such as photovoltaic, power batteries, industrial robots and other industrial chains have also landed on the science and technology board. In multiple "hard technology" fields facing the technology of technology, a number of key groups such as SMIC, Jingke Energy, and Junshi Bio Those who have technical research shall leverage the deep integration of innovation chain, industrial chain, talent chain, policy chain, and capital chain in the capital market.

The "hardness" of the science and technology board is reflected in the autonomy of the invention patent. As of now, the average number of patents per company in the science and technology board has continued to emerge. In 2021, more than 7,800 invention patents were added. The projects led or participated by 66 companies have won major awards such as the National Science and Technology Award. Among them, Anji Science and Technology Chemical Machinery Polishment Products, Tianyue Advanced Semi -insulating Carbide Silicon Primer Materials, etc., break the foreign monopoly situation and provide strong support for the autonomous and controllable control of related industrial chains. In the process of fighting against the new crown epidemic, science and technology board companies launched emergency tackling in a timely manner, and innovative drug companies represented by Junshi Biological and Kangshino to promote the new crown special drugs, vaccines, and fast detection reagents.

The "hardness" of the science and technology board is reflected in the sustainability of R & D investment. In 2021, the R & D investment amount of Science and Technology Board Company reached 88.351 billion yuan, an increase of 31%year -on -year. The average proportion of R & D investment accounted for 13%. Among them, the R & D investment of 39 companies including Baiji Shenzhou and Zujie Technology accounted for more than 30%. At the end of 2021, the science and technology board had gathered a scientific research team with more than 140,000 people, with an average of more than 330 people per company, accounting for nearly 30 % of the total number of employees of the company. The scale is more than a thousand people.

Helping and cultivating such a "hard technology" is the original intention of the sector that has always adhered to the science and technology board for three years. It is also the inexhaustible motivation of this capital market "test field" to be stronger and bigger in the future.

Liberation Daily · Shangguan News Original manuscript, reprinting without permission

Author: Zhang Yang

WeChat Editor: Antong, Nano

School counterpart: Jia Simin

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