The science and technology board made a demonstration for comprehensive registration!Huatai United Securities Tang Songhua: Starting to high -quality development with market -oriented competition

Three years in the eyes of investment banks

What can I do in three years? From scratch, build a listed board with a total market value of more than 5.5 trillion. In the past three years, the registration system of the science and technology board continued to optimize, the securities industry continued to change, and the investment bank also competed from homogeneous competition from the license red interest, and quickly moved towards a more fully market -oriented competition.

"In order to cope with this series of changes and challenges, Huatai United Securities focuses on improving the four core competitiveness, including asset value discovery capabilities, solution design and execution capabilities, pricing and underwriting capabilities, and comprehensive financial services. 65 companies are recommended to apply for science and technology boards, sponsor 39 companies, and the number of sponsor ranks among the forefront of the industry. "Looking back at the past three years, Tang Songhua, a member of Huatai United Securities Executive Committee and the head of investment banking business, was emotional.

In his opinion, whether it is the normalization of new stocks or the division of individual stock markets, it is just the only way for the development of science and technology boards. What should be seen is that the science and technology board provides useful experience for the high quality of the multi -level capital market. A large number of hard technology companies have stimulated the potential of economic development. The science and technology board has also implemented a good demonstration for registration and production. As an important participant in the securities market, investment banks need to fully optimize the core capabilities such as comprehensive research, new stock pricing, and sponsorship, and help the science and technology board further move towards the direction of market -oriented reforms, increasing inclusiveness, and increased liquidity.

Daguka traction full business chain

The science and technology board registration system is based on information disclosure, involving major reforms in the core links of capital market basic systems such as valuation pricing, listing, issuance underwriting, supervision, delisting, and investment. Both brings new changes and challenges.

To this end, Huatai United Securities has focused on improving the four core competitiveness in recent years, including asset value discovery capabilities, solution design and execution capabilities, pricing and underwriting capabilities, and comprehensive financial services capabilities. At the same time, focusing on the business needs of the customer's full life cycle and the entire product, relying on the integrated platform of investment banks and the group Huatai Securities ’full business chain financial service system, the industry focuses on, regional layout and customer deep cultivation, to provide customers with a" one stop station Formation "comprehensive financial services.

In fact, Huatai United Securities has always actively participated in the construction of science and technology boards, continuously improved the level of practice, and served a high -quality scientific and technological innovation enterprise to land in the science and technology board. As of July 20, 2022, Huatai Joint Securities recommended a total of 65 companies to apply for science and technology boards, ranking among the forefront of the industry, including the first batch of four and science and technology board "the first share" Huaxing Yuanchuang.

"We have always been at the forefront of serving the real economy, helping a number of high -quality enterprises the first order in the capital market." Zhongwang Software, A -share first laser chip company Changguang Huaxin, and the first biological reagent listed company Nuo Weizan, the first biological reagent of the science and technology board.

Tang Songhua told a Chinese reporter from China that Huatai United Securities' investment banking business, as the group's leading business, while leading the other full business chain of Huatai Securities, it also further exerts the import and traction function of equity asset traffic, becoming the traffic entrance of high -quality assets, which drives the import of high -quality assets. The full business chain creates derivative income and further enhances customer stickiness.

At the same time, Huatai Joint Securities also further brought into play the comprehensive research strength within the group system to enhance the ability to discover and comprehensive service; improve the customer -centric business system, strengthen the industry, region and product coordination, and use the integrated combat effectiveness of the large investment banking bank ; With a global perspective and execution, deepen the integrated linkage of domestic and overseas, and serve high -quality customers with cross -market advantages.

The financial report shows that the scale of Huatai's joint securities business has increased further in 2021. Among them, the year -on -year increase of IPO, equity re -financing, and bond underwriting reached 56%, 45%, and 63%, respectively, much higher than the market as a whole. Specifically, the scale of equity underwriting in Huatai ranks among the forefront of the market; the scale and number of full -caliber bond underwriting ranked third in the market; the merger and reorganization project for independent financial advisors has been disclosed (according to the first disclosure of the diameter), and the diameter of the first disclosure), and the diameter of the first disclosure), and the diameter of the first disclosure), and the diameter of the first disclosure). The 16 orders for supervision acceptance, the project reserves first.

Under the registration system, the comprehensive strength of high -quality securities firms is strong. It is ahead of resources, talent, channels, research, capital and other aspects of resource endowment, which can better meet customers' full life cycle and full business chain needs. Tang Songhua also mentioned that in the face of a new pattern of economic and social development, Huatai United Securities is fully grasping the economic transformation and upgrading and registered capital market reform opportunities, and continues to accelerate industry layout and optimize team structure.

Market -oriented reform is high -quality development injection energy

As the starting point of the deepening reform of the capital market in this round of capital, the science and technology board registration system has been focusing on information disclosure as the core for three years, insisting on reviewing transparency, expected, and issuing normalization, and the pricing is continuously optimized in the direction of marketization to help our country gradually formulate formed The multi -level capital market pattern provides services for the financing needs of enterprises of different stages and scale, and has made due contributions to encouraging innovation and promoting high -quality economic development.

Looking at the future at three years, Tang Songhua believes that the reform of the science and technology board registration system still needs to focus on three major points in the future. The first is to continue to adhere to the direction of market -oriented reforms; the other is to further improve the inclusiveness of the sector to provide more efficient capital market path channels for enterprises in the frontier innovation field that meets the national strategy; The market mechanism promotes the formation of long -term investment and value investors, and guides market value investment orientation. In terms of marketization, the science and technology board took the lead in comprehensively implementing a market -oriented new stock inquiry system, and successfully operated for about two years. In September 2021, due to the situation of negotiation of investors in the Internet, the valuation obtained by more companies in the pricing of new shares and their reasonable valuations have been separated from them. The degree of marketization of this system has been further improved. Because of this, the Science and Technology Board encountered a large -scale new stock break in March and April 2022, respectively and April 2022, respectively.

"The normalization of new shares is the normal situation of market -oriented pricing under the registration system. At present, the market -oriented new shares inquiry system has strong toughness." Tang Songhua said that after the new shares are broken, some of them simply obtained "new" to get nothing "new". Investors with risk returns are strategically withdrawn from the new stock market. Investors will also consider their own security margins, and inquiry is gradually rational. It can be seen that without external intervention, only through the current spontaneous adjustment mechanism of the new stock inquiry system, these two waves of new shares have been solved in a short period of time.

In his opinion, as one of the most important and core market participants in the pricing of new shares, investment banks need to give full play to their role in the pricing of new shares. When negotiating with the issuer to determine the price of new shares, they also take into account the issuer and offline investors. After the listing of new stocks, the interests of market entities such as secondary market investors and other parties to jointly maintain the stability of the new stock issuance market.

Secondly, in the more and more inclusive market environment, the science and technology board is constantly mature. In the early days of the establishment of the Science and Technology Board, under the situation of the unbalanced supply and demand of new shares, the market generally gave the science and technology board a higher valuation level. However, there are currently more than 400 listed companies in the sector, and the differentiation of individual stock markets is an inevitable trend of the development of science and technology boards. Tang Songhua believes that this will make investors pay more attention to the actual situation of individual stocks. For companies with higher technology content and higher growth, the valuation premium given is higher. For companies with low science and technology content and lower growth, the valuation level gradually decreases.

In addition, since the opening of the science and technology board market, the market has run smoothly, with a total market value of more than 5 trillion, but its liquidity is still insufficient compared to the motherboard and GEM. As a result, the science and technology board system is coming quickly, hoping to improve the price efficiency of the market products, reduce the cost of price impact, smooth market fluctuations, thereby improving the liquidity status of the science and technology board stocks, reducing transaction costs, and introducing more How high quality liquidity.

"Science and technology board stocks can enrich the use of funds for securities firms and expand the profit model. Huatai is currently doing the market business on science and technology board stocks and actively prepared in various related aspects." Tang Songhua said in an interview that except for traditional traditional In addition to the market quotation business, the pilot measure also stipulates that the science and technology board of the city can also use its own stocks, shares borrowed from SSI Financial, or other stocks that have the right to discipline. Method to hedge the path of the city holding position.

However, considering the need to apply for a separate license for the science and technology board business, it is isolated from self -employment, asset management, brokerage and other business lines; in addition to hard indicators such as classified rating and net capital Personnel, risk control, compliance, strategy, etc. have put forward higher requirements, and brokers need to invest a lot of investment in the characteristics of the science and technology board stock market.

Responsible editor: Gui Yanmin

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