Focus on "hard technology" and deeply cultivate the "test field" -The eyes of science and technology board opening for three years

Xinhua News Agency, Beijing, July 22: Focusing on "hard technology", deep cultivation of "test fields" -The eyes of science and technology board opening for three years

Xinhua News Agency reporters Yao Junfang, Pan Qing, Sang Tong

On July 22, 2022, the Shanghai Science and Technology Board ushered in the third anniversary of the opening of the market. In the past three years, the innovation -driven development strategy of science and technology board services, adhered to the "hard technology" positioning, explored the practice of registered systems, and showed the attractiveness to science and technology enterprises and social capital.

The picture shows the Lujiazui group in Shanghai Pudong. Photo by Xinhua News Agency reporter Fang Ye

Focus on "hard technology"

In the past three years, the science and technology board has "welcomed the new". In the first half of this year, the IPO fund raising scale of the science and technology board exceeded 115.5 billion yuan, surpassing the Shanghai and Shenzhen motherboards for the first time.

As a new sector in 2019, the main positioning of the science and technology board is to adhere to the forefront of the world technology, the main battlefield of the economy, and the major needs of the country. Essence

After three years of development, the scale and service capabilities of the science and technology board have continued to improve. As of July 22, 2022, 439 companies have landed in the Science and Technology Board, and the IPO financing amount exceeds 640 billion yuan, accounting for 40%of the number of IPOs in the same period. As of July 21, the total market value exceeded 5.5 trillion yuan. Nine of listed companies have become high -tech enterprises, and more than 3 are national specialized "little giant" enterprises.

"In just three years, the Science and Technology Board has become a gathering place for China's" hard technology "enterprises." Tian Lihui, Dean of the Institute of Finance Development of Nankai University, said that the science and technology board provided equity financing for my country's "hard technology" enterprises and actively actively. Promoting a high -level cycle of technology, capital, and the real economy also provides a leapfrog development opportunity for "hard technology" enterprises.

In the past three years, the demonstration effect and agglomeration effect of the science and technology innovation board appeared. As of the end of June this year, a total of 147 new -generation information technology companies, 97 high -end equipment companies, and 93 biomedical companies were listed on the science and technology board, accounting for 78%. A number of benchmark companies with key core technologies were successfully listed.

"With the registration system on the science and technology board and the GEM, and the further improvement of the regulatory system, the A -share market has attracted more and more high -quality science and technology innovation enterprises, especially the 'hard technology' enterprise represented by semiconductors and chips The listing is active, and the amount of fundraising has been raised by the science and technology board. "Said Fei Fan, a partner of Anyong Audit Service.

The science and technology of the listed company group "color", creating a "bright color". In the quarter of 2021 and the first quarter of 2022, the net profit of the shareholders of the parent company of the Science and Technology Board of Science and Technology Board reached 76%and 62%year -on -year, respectively, ranking first in each section of A shares.

Deep cultivation "Test Field"

In the past three years, under the framework of the registration system, the science and technology board designed with its tolerance system to open the door of the capital market for a group of science and technology enterprises that were originally missed in the A -share market.

Since the opening of the science and technology board, there have been 39 unsuccessful enterprises, 8 special equity architecture companies, 5 red chip companies, and 16 fifth standard listed enterprises such as "hard technology" enterprises.

In order to better encourage and support the listing of "hard technology" enterprises, under the deployment of the Securities Regulatory Commission, the Shanghai Stock Exchange continues to improve and improves the evaluation mechanism of science and technology attributes.

While improving the evaluation mechanism of science and technology attributes, it is the key to check the quality of the inlet. According to the relevant person in charge of the Shanghai Stock Exchange, as of June 30, 2022, the science and technology board was terminated with a total of 159 reviews in the exchange review session, and the overall elimination rate was 23.01%, which effectively reduced the company's "illness declaration and rushing to share".

In addition, the trading system has also ushered in innovation. "The restrictions on the decline in the 5 trading days of the new shares of the science and technology board before listing will help new shares to fully change their hands to form a reasonable price price as soon as possible and quickly realize the price discovery function." Peng said.

Zhou Ronghua, director of the China -China Capital Research Institute, said that from the first pilot registration system to the official implementation of the marketing system, the science and technology board carried out a pioneering system Explore the important role of "test fields" for the comprehensive deepening of the capital market reform.

Adhere to high -quality development

While the market size development and service capacity improvement, the science and technology board itself explores on the road of high -quality development.

From January to May 2022, the transaction volume of investors of science and technology board institutions accounted for 50.60%. At the end of May 2022, the market value of institutional investors accounted for 64.72%, which was much higher than from July to December 2019, respectively. 11.97%and 26.52%at the end of December 2019.

From the perspective of the national capital management partner, the more and more flexible listing standards, more efficient listing declaration paths, and wider market attention have given the enterprise more sufficient expansion driving force, and also encouraged equity to encourage equity to encourage equity. Investment institutions and other actively deploy "hard technology assets".

With the continuous deepening of the high level of capital market in my country, the internationalization level of the science and technology board has continued to increase, and the attractiveness of foreign capital has increased significantly. Since the beginning of this year, foreign -funded foreign -funded institutions have accounted for 9%, an increase of 7 percentage points from 2020. As of the end of May 2022, the market value of foreign capital holding science and technology boards reached 82.565 billion yuan, and the market value of foreign capital holding circulation accounted for 4.41%.

The relevant person in charge of the Shanghai Stock Exchange stated: "With the deepening of practice, there are also some imperfections in the science and technology board. In the end, it is necessary to rely on the method of adhering to the reform and deepening reform to solve it."It will continue to play the function of reforming the "test field" and actively try first.Further highlight the characteristics of the sector, and strengthen the dislocation development and coordination with other market sectors.At the same time, the scope and judgment standards of "hard technology" enterprises are constantly improving, and more clear market expectations are provided for science and technology enterprises.In strengthening the supervision process, promote the healthy development of capital standards, punish illegal acts, and protect investors' legitimate rights and interests.

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