Looking back in 2019, the establishment of the scientific innovation board and the pilot registration system is undoubtedly the biggest highlight of capital market reform. As a year of opening, what kind of transcript was produced in the year of Ke Chuang Chuang?
According to Wind data, as of December 31, 2019, the 204 companies reported that 70 companies were successfully listed, and the total market capitalization exceeded 880 billion 900 million yuan, with an average market value of 12 billion 600 million yuan.
In December 31st, on the last trading day of A shares in 2019, the 54 companies of the science and technology board rose red, Lian Ruixin material increased by 7.29%, hahaisheng increased by 5.09%, and long soft technology and voice holdings rose by more than 4%.
The pilot registration system is the largest breakthrough in the reform of the science and technology innovation board. From the perspective of the specific system design and implementation, it has also made some progress. Including the registration of enterprises with different rights, the red chip enterprises and the unprofitable enterprises, the board created many precedents for China's capital market.
"Science and technology board from rapid landing to smooth operation, running smoothly overall, in line with market expectations. The pricing and movements of individual stocks are basically at a normal level, with no unexpected circumstances. At the same time, the science and technology board allows enterprises with loss and shares of different rights to go public, and the market size covers the large and medium enterprises, which shows that it is sufficiently inclusive. Dong Dengxin, director of the finance and Securities Research Institute of Wuhan University of Science and Technology, said in an interview with the economic news reporter twenty-first Century.
Total market capitalization exceeds 880 billion 900 million
The number of listed companies has increased to 70 in 5 months since the first 25 companies launched in July 22, 2019. Authoritative data show that at present, the application of science and technology board from the enterprise application to the completion of registration for an average of more than 4 months, the actual effect has been recognized by the market.
This year, the CPC Committee held 53 deliberations, and examined 114 companies' application for IPO. Among them, 109 companies have been passed by the municipal Party committee, and 70 companies have been listed successfully. They have postponed the deliberation of 2 companies of Fudan Zhangjiang and Qin Chuan, and rejected the IPO application of 3 companies of the National Branch, the Titan technology and the Bola network.
Another 27 companies are submitting registration, and 7 recently registered. There are also some companies in the registration process, such as the "snail", if the SFC decided not to register for Heng An Jia Xin, agreed to the century space, Li Yuan Heng withdrew the registration application.
Judging from the market situation, this year, the science and technology board has experienced the ups and downs of the market, and the overall operation is stable. As of December 31, 2019 closing, the company's share price rose by an average of about 82.4% over the issue price, of which Jinshan office rose the highest relative to the issue price, reaching 257.4%, while Anji technology, Zhuoyi information, China micro company, Xin Mai medical treatment and South micro medicine rose more than 200%.
The 70 listed companies, the total market capitalization exceeded 880 billion 900 million yuan, with an average market value of 12 billion 600 million yuan. By the end of December 31, 2019, the top ten companies in the market were Chuang Qi technology, Jinshan office, China general serial, China micro company, Huaxi biology, sound control holdings, micro core biology, Jingchen shares, Nanwei medicine, and Hong soft technology. Among them, the market value of LAN Qi technology reached 80 billion 900 million yuan.
The market release of the science and technology board broke 23 times the price earnings ratio of the red line, the 70 listed companies listed on the average price earnings ratio (diluted) on average 59 times, the average increase of 115.06% on the first day of listing.
In November 2019, there was a break down phenomenon in the new board, and the market was highly concerned. At present, the valuation of related stocks has been repaired. Only 3 companies have lower share price than the issue price. They are the new materials of the long time, the excellent new energy and Dept. Market analysts generally believe that the stock price below the issue price is a rational regression, is the result of changes in supply and demand, marking the gradual development of the science and technology board.
From the point of view of revenue, the average revenue of 204 companies in 2018 was 1 billion 272 million yuan. Among them, China's total revenue is the largest, with 40 billion 13 million yuan.
According to the net profit, the 204 net income of the company was 99 million yuan in 2018. Among them, China's total net profit is the largest, 3 billion 409 million yuan, and the nine smart net profit is -17.99 billion yuan.
In terms of R & D expenses, the average cost of R & D of 204 companies in 2018 was 81 million yuan, and the total cost of research and development in China was 1 billion 320 million yuan. The top five companies in the research and development scale are: China's total number, Trina Solar, sound control, biotech and Jun Shi.
In December 24, 2019, the SFC issued a notice that it agreed to the first public offering of stock registration. In the capital market, this is a landmark event. With the entry into force, the company will become the first company to have different rights in the same stock market and A shares.
"Our listing will be a very big breakthrough in the capital market. This shows that China's capital market is more and more inclusive, and it will give more confidence to science companies and entrepreneurs." Recently, Ji Xinhua, chairman of the company, chief executive officer and chief executive officer, said in an interview with the media.
Earlier, the first unprofitable enterprise zhe bio was successfully approved by the Municipal Committee of the science and technology innovation board, and the second loss companies after the company had successfully passed the meeting. In October 25, 2019, Huarun microelectronics was successfully established as a red chip enterprise in the Cayman Islands overseas. At present, the aforementioned company is still being submitted to the SFC for registration, and its path of scientific creation board is undoubtedly of benchmark significance.
Based on the characteristics of Ke Chuang board enterprises, which are different from traditional enterprises, the science and technology board set up several sets of standards based on the mature experience of overseas markets, and set up the listing standards for the red chip enterprises and special equity structure enterprises for enterprises to choose independently, meeting the listing needs of different types of enterprises, enabling some science and technology enterprises to get the opportunity to visit the capital market as early as possible based on future growth. A senior market person in Shanghai commented.
The inclusiveness of the Chuang Chuang plate system is also reflected in more details. If there are more than 200 shareholders and special arrangements with options, competition in the same industry, related transactions, and declining performance after reporting period will not become a real obstacle to issuing and listing after full disclosure and risk warning.
Looking forward to 2020, what are the expectations of the market in terms of institutional reform?
"Ke Chuang plate IPO pricing basically achieved marketization, but there are still some deficiencies in rhythm. At present, there are only 70 listed companies, most of which are small market value stocks, which can not meet the needs of large capital in and out. It is expected that in 2020, the science and technology board can do better in the market of IPO rhythm, accelerate expansion and accommodate more institutions and capital. Of course, the market also has concerns about whether it can have sufficient listing resources, hoping that the new third board selection layer can deliver more enterprises to the "Chuang Chuang board". Dong Dengxin said in an interview.
Ren Zeping, chief economist of Hengda Research Institute, pointed out in the research report that the success of the registration system in the future depends on five major supporting reforms: introducing long-term institutional investors, strengthening information disclosure and monitoring the focus of gravity, moving forward the linkage of the securities law and the criminal law and the company law, improving the quality of listed companies, attracting the return of red chip enterprises, reducing the tax burden of value-added tax in the financial industry, and relaxing the trading mechanism such as T+0.