Kechuang board and registration system are getting closer
General Secretary of the CPC Central Committee, President of the State, Chairman of the Central Military Commission, and Xi Jinping, Director of the Comprehensive Deepening Reform Committee of the Central Committee, hosted the 6th meeting of the Central Comprehensive Deepening Reform Committee on the afternoon of the 23rd. The meeting reviewed and approved the establishment of the Science and Technology Board and pilot in the Shanghai Stock Exchange. The overall implementation plan of the registration system, and the “Implementation Opinions on Establishing the Science and Technology Board and the Pilot Registration System on the Shanghai Stock Exchangeâ€.
The meeting pointed out that the establishment of the science and technology board and the pilot registration system on the Shanghai Stock Exchange is an important measure to implement the innovation-driven development strategy and deepen the capital market reform. It is necessary to enhance the inclusiveness of the capital market for science and technology innovation enterprises, focus on supporting key core technology innovations, and improve the ability of serving the real economy. It is necessary to steadily pilot the registration system, and promote the reform of the basic systems such as issuance, listing, information disclosure, trading, and delisting, and establish and improve the stock issuance and listing system centered on information disclosure.
The brokerage Chinese reporter interviewed market experts and industry insiders and thought that the move released five major signals:
1. Since November 5 last year, President Xi Jinping stated that he will set up a science and technology board and pilot registration system on the Shanghai Stock Exchange, the Central Deep Reform Commission has explained the party Central Committee through the implementation of the Science and Technology Development Plan and other two documents. Attach great importance to the science and technology board and the pilot registration system.
2. The science and technology board took the lead in deliberating and passing the meeting at the Central Deep Reform Committee. This indicates that the decision-making level of the science and technology board is high and the priority level is high. It may be unprecedented in the capital market and even the financial field.
3. Science and Technology Board is an incremental reform of the capital market. It is currently of great significance. It can not only fill the shortcomings of the capital market service technology innovation, but also drive the reform of the stock system such as issuance, listing, information disclosure, trading and delisting.
4. From the perspective of the capital market service entity economy and the service country strategy, the current launch of the science and technology board is very timely and necessary, and the service technology innovation drive strategy.
5. The current development of the science and technology board and the pilot registration system, the capital market has already met some conditions, including the normalization of new shares issuance; the capital market is relatively stable; the basic rules such as delisting, suspension and resumption of the system, mergers and acquisitions, and so on are increasingly sound.
In accordance with established practice, the SFC and the Exchange will disclose specific implementation plans and implementation opinions to the market after preparations. The market expects that the rules will be implemented before the market.
Concerns 1: The Central Committee for Reform and Reform will strengthen the capital market and inclusiveness of technology enterprises
The meeting pointed out that the establishment of the science and technology board and the pilot registration system on the Shanghai Stock Exchange is an important measure to implement the innovation-driven development strategy and deepen the capital market reform. It is necessary to enhance the inclusiveness of the capital market for science and technology innovation enterprises, focus on supporting key core technology innovations, and improve the ability of serving the real economy. It is necessary to steadily pilot the registration system, and promote the reform of the basic systems such as issuance, listing, information disclosure, trading, and delisting, and establish and improve the stock issuance and listing system centered on information disclosure.
The Central Committee for the Reform of the Central Committee also mentioned that it is necessary to achieve decisive results in the reform of important areas and key links in 2020, and continue to fight hard and hard work to ensure that one is done.
Fu Lichun, research director of Northeast Securities (000686, shares), believes that the science and technology board took the lead in the meeting, which indicates that the decision-making level of the board is high and the priority level is high. It may be unprecedented in the capital market and even the financial field. Different from the procedures of the GEM and the New Third Board, it is expected that the progress of the Science and Technology Board will be greatly accelerated. The overall plan and implementation opinions of the Science and Technology Board may be announced soon, and implementation will be just around the corner. At the same time, the overall plan was approved to indicate that the top-level design of the Kechuang board was basically formed, and the key issues such as the positioning, principles, paths and steps of the Kechuang board were basically determined. It is expected that the Kechuang board will be initially formed in the first half of 2019, and the stage of 2020 will be formed. Mature results can be expected.
The meeting pointed out the strategic position of Kechuang Board, supported innovation-driven development strategy, deepened capital market reform, and emphasized technological innovation and core technology. The registration system is steadily, and the basic systems such as issuance, listing, information disclosure, trading, and delisting are brand new, and the listing and listing are centered on the letterhead. This points out the direction for the construction of the science and technology board, and the specific content will eventually focus on the announced program content.
Since the end of last year, the “Kechuang Board†has been a hot topic in the capital market. It will bring about incremental reforms to the capital market, and will also issue appropriate issues for issuance, listing, information disclosure, trading, delisting, and investors. Basic systems such as sexual management bring about change. In the view of most brokers, under the principle of sound pilot, the first batch of science and technology enterprises will have better financial indicators and even convergence with the current motherboard companies. CITIC Securities (600030, shares it) pointed out that the first batch of pilots came from a brokerage counseling program. These projects generally have the profitability of sprinting A-share listings and meet 51 IPO audits.
Focus 2: The launch of the Science and Technology Board is significant at this stage.
“The Science and Technology Board has been reviewed by the Deep Reform Commission, which shows that the Party Central Committee attaches great importance to this.†Shen Wanhong, chief economist of the Institute of Securities Research, said that promoting the development of science and technology enterprises supports science and technology enterprises. Sex is an important step in deepening reform of the capital market.
Yang Sheng said that from the perspective of the purpose, the first is to have certain inclusiveness for the science and technology enterprises. Because of its development stage, the science and technology enterprises have great differences in their profit models and business methods, and they must have their development. The inclusiveness of the model. Second, we must especially support the development of key technologies, and support the science and technology enterprises to focus on them, especially those enterprises that have a key role in technology leadership and industrial upgrading. Third, special emphasis is placed on the integration of institutional mechanisms. We must not only focus on the registration system. The registration system is only a change in the issuance method. It is necessary to carry out overall institutional reforms at the regulatory level of listing, trading, and delisting, and to introduce various aspects of support. policy.
In December 2015, the Standing Committee of the National People's Congress had authorized the implementation of the stock issuance registration system, and there was a sufficient legal basis for the pilot registration system of the science and technology board. Yang Sheng said that the core of the registration system is to strengthen the regulatory concept and mechanism of the sound information disclosure system, and implement stricter information disclosure requirements.
Wei Fengchun, chief macro strategist of Bosera Fund, pointed out that the capital market has a role in the financial operation. It is necessary to prevent financial risks. In the process of reforming the original stock system, it is necessary to solve the current economy and strategy through incremental reform. The problems faced by the development, the science and technology board came into being, is the practice of benchmarking the international mature market.
According to industry insiders, it is of great significance to launch the Science and Technology Board at this time. The Science and Technology Board aims to fill the shortcomings of the capital market service technology innovation. It is an incremental reform of the capital market and will make more changes in the profitability and equity structure. Properly differentiated arrangements enhance the inclusiveness and adaptability of innovative companies.
In the past few years, the comprehensive supervision of the capital market and the corresponding system construction in accordance with the law have created corresponding conditions for the reform of the science and technology sector and the pilot of the registration system. The new shares are normally issued, the capital market has been relatively stable in the near future, and the basic rules such as delisting, mergers and acquisitions, and suspension of the card system have become increasingly perfect. In addition, the registration system has strict standards and procedures for acceptance, review, registration, issuance, and trading. All links will pay more attention to the truthfulness and comprehensiveness of information disclosure, pay more attention to the quality of listed companies, pay more attention to stimulating market vitality, and pay more attention to the protection of investor rights and interests.
Focus 3: Which companies will be the first to log in to the board?
Before the implementation plan has not yet landed, the regulatory authorities have repeatedly listened to the market opinions and clarified the key information in the policy. From the revealed content, the enterprises recommended by the securities companies need to meet a number of requirements, including independent intellectual property rights and related technologies. Breaking through the international blockade; related technologies are the main driving force for corporate revenue growth. The main income of the company comes from its technology (there is no relevant proportion); it has a mature R&D system, a research and development team, and a mature business model.
Five types of industries will be more popular:
First, a new generation of information technology, including integrated circuits, artificial intelligence, cloud computing, big data, the Internet, software, the Internet of Things, etc.;
The second is high-end equipment manufacturing and new materials, mainly including ships, high-end rail transit, marine engineering, high-end CNC machine tools, robots and new materials;
The third is new energy, energy conservation and environmental protection, mainly including new energy, new energy vehicles, advanced energy conservation and environmental protection;
The fourth is biomedicine, which mainly includes biomedicine and medical devices;
The fifth is the technical service sector, which mainly provides technical services for semiconductor integrated circuits, new energy, high-end equipment manufacturing and biomedicine.
The implementation plan has not yet been released, and everything is subject to the final landing. However, institutions including local governments, brokerages, and venture capitalists have actively explored the high-tech enterprises covered by the survey in the early stage.
The Shanghai Bureau of the China Securities Regulatory Commission announced on the 21st that the Star Semiconductor Design Company, which has returned from Nasdaq, has submitted an IPO counseling filing to the Shanghai Regulatory Authority on the 14th. The counseling agency is CITIC Securities.
According to the report on counseling and filing, Qiqi Technology was established in May 2004 with a registered capital of 1.017 billion yuan and legal representative Yang Chonghe. The company's main business is to provide chip-based solutions for cloud computing and artificial intelligence, providing high-performance, secure and controllable CPU, memory modules and memory interface chip solutions.
It is reported that the company has been deeply involved in the field of memory interface chips for more than ten years and is the only supplier in the world that can provide complete buffer/semi-buffer complete solutions from DDR2 to DDR4 memory. The DDR4 fully buffered "1+9" architecture, which was invented by Technology, was adopted as an international standard by JEDEC (the Solid State Technology Association, the leading standard for the global microelectronics industry), and its related products have successfully entered the mainstream memory, servers and clouds. The field of computing and occupying a major share of the international market.
On January 22nd and 23rd, A shares immediately gave positive reactions, and the concept of science and technology and shareholding unicorns was outstanding.
Focus 4: What impact does the board have on the market?
Talking about the impact on the capital market, Yang Sheng said that investors hope to have a large number of high-quality, representative industries, and new companies that represent the new driving force of economic growth (310,328, fund), only good companies with good assets can attract More funds and new investment needs will bring live water to the market, and only markets with high-quality resources will be active.
Yang Sheng believes that the first is that the science and technology board can guide the reform and innovation of the capital market system to further deepen. The reform of science and technology board is the pioneer and pilot of the entire capital market reform. The overall idea of ​​capital market reform is to relax the market entrance and strengthen the supervision and market elimination mechanism. The science and technology board represents an attempt of the future reform of the capital market. Innovation and change are the driving force for development. The second is to make the market's listing structure consistent with the dynamic transformation of economic development. In the entire economic growth, the proportion of new business and service companies is increasing. The third is to attract new investors. The high attention and entry of foreign funds and long-term domestic funds will be introduced to make the supply and demand of the market more balanced and healthy. The fourth is to improve the multi-level capital market system and greatly enhance the ability to serve the real economy.
Focus 5: The science and technology board is coming, what preparations should the market parties do?
The A-share market is looking forward to the implementation of the policy. Yang Sheng believes that all parties in the market need to be prepared for the board of science and technology. First, the preparation of the system, the supervisory layer must determine the principles, ideas, and principles of the trial registration system of the science and technology board. A series of supporting systems. The second is the reserve of listed resources. Although the current listing resources are relatively abundant, it is still necessary to screen through appropriate standards. The third is to do a good job in the cultivation of investment ideas and investor education in the market. The growth path of the company's board enterprises, the asset form of the company, and the listing conditions are very different, and the methods and methods for evaluating the valuation should be changed. The traditional enterprise assets are based on fixed assets, but the assets of the science and technology enterprises are mainly talents, information, technology, patents, etc. These assets are in the form of movable property. At present, the market awareness in this area is not perfect, and investment in investors The idea must be prepared.
Wei Fengchun said that the science and technology board is a model for the Chinese capital market in the new era. For the regulatory authorities, the regulatory bodies and processes must be adjusted accordingly. The market's principles must be followed and the duties of the exchanges may be enhanced.
For intermediaries, it is necessary to adhere to the most basic market rules, improve self-censorship, and objectively require intermediaries to improve the level of specialization, especially to enhance pricing power.
For investors, the “widening†of the registration system means that the delisting may be easier, the market volatility will be higher than that of the main board and the GEM, and the investors participating in the board should have a certain risk tolerance.
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