Science and technology innovation board, add power to innovation

The "Engineering Drawing" for the implementation of science and technology innovation board has finally come into being Recently, China Securities Regulatory Commission issued the implementation opinions on the establishment of science and technology innovation board and pilot registration system in Shanghai Stock Exchange, and various related works are being carried out in an orderly manner At the same time, supporting rules such as the examination rules for the issuance and listing of science and Technology Innovation Board of Shanghai Stock Exchange are asking for public opinions in accordance with the procedures What role will the science and technology innovation board play in the innovation and development of enterprises? For deepening the reform of capital market, what institutional innovations has the science and technology innovation board made? Reporters interviewed on these issues More inclusive - stimulate the vitality of scientific and technological innovation, and boost the transformation and upgrading of economic structure "Adhere to facing the forefront of world science and technology, the main battlefield of economy, and the major needs of the country, and mainly serve the scientific and technological innovation enterprises that are in line with the national strategy, break through the key core technology, and have high market recognition" The distinctive positioning of scientific and technological innovation board is full of innovation In spite of the continuous emergence of scientific and technological innovation achievements and the significant enhancement of innovation and creativity, the high mountain of financing is still an obstacle to the development of many small and medium-sized scientific and technological enterprises Pan Xiangdong, chief economist of new era securities, believes that in order to support the continuous growth of new economy and promote the transformation and upgrading of economic structure, the establishment of science and technology innovation board is just in time Gao Feng, chairman of taidou microelectronics technology company, has a deep understanding of financing The company has been engaged in the design of satellite navigation chips for more than 10 years, often troubled by financial problems "It will take us at least 24 months to develop and mass produce a chip In this process, it is usually difficult to ensure the balance of payments with more investment and less revenue, and it is very difficult to obtain credit support " Gao Feng said Many small and medium-sized scientific and technological enterprises have similar experiences In the early stage of development, the R & D investment of scientific and technological enterprises is often high and risky, while the investment cycle is relatively long and the fund recovery is slow, which makes it difficult to win the favor of institutional investors The short board of funds sometimes makes some scientific and technological enterprises watch the opportunity slip away Wang Feng, CEO of Feichi magnesium technology company, recalled the past and still felt helpless "We are mainly engaged in digital products and services of the Internet of vehicles A multinational car company once hoped to establish a joint venture with us, which is a rare opportunity to realize the rapid development of the enterprise But this project requires us to provide 200 million yuan of cash According to the financing rhythm and amount at that time, it is almost impossible, and we can only bear the pain and love " He said that even if the company succeeds in financing one time, it doesn't know how long it will wait the next time In addition, the insufficient amount of financing is also difficult to meet the development needs of the company, which makes the enterprise miss many opportunities for leapfrog development According to the plate positioning and the characteristics of science and technology innovation enterprises, science and technology innovation plate will greatly improve the inclusion and adaptability of listing conditions In terms of market and financial conditions, science and technology innovation board introduces "market value" index, combines with financial indexes such as income, cash flow, net profit and R & D investment, and sets up 5 sets of differentiated listing indexes, which can meet the needs of all kinds of science and technology innovation that have broken through core technology or achieved phased results through continuous R & D investment in key fields and have good development prospects, but with different financial performance The demand for listing of enterprises Enterprises conforming to the positioning of the science and technology innovation board, not yet making profits or having accumulated and unreserved losses are allowed to be listed on the science and technology innovation board In addition, the science and technology innovation board also allows special equity structure enterprises and red chip enterprises that meet the relevant requirements to be listed on the science and technology innovation board Shares of a class with special voting rights are permitted to be issued Wang Sheng, assistant to the president of CICC, believes that a series of institutional innovations in the science and technology innovation board are of great significance for promoting high-quality economic development "Science and technology innovation board can provide better financing support for science and technology innovation enterprises with large growth space, give better play to the role of capital market in supporting the real economy, especially the innovative economy, and help the real economy to form a new productivity with technology innovation as the guide and new technology, new formats, new models, etc as the core." Science and Technology Innovation Board makes enterprises have more expectations Gao Feng said that the improvement of the inclusion degree of listing conditions can help scientific and technological innovation enterprises to solve the problem of direct financing, so that enterprises can invest more money and energy in technology research and development and product development Some leading scientific and technological innovation enterprises can achieve more technological innovation through resource integration after being listed on the scientific and technological innovation board Dong Dengxin, a professor at Wuhan University of science and technology, believes that the science and technology innovation board has created a sub market of "playing the leading role" for innovative enterprises Its inclusiveness will greatly stimulate the development of innovative enterprises, boost scientific and technological innovation, and become an important starting point for China's economic transformation and industrial upgrading Test field - pilot registration system for accumulating experience in capital market reform, expanding the daily rise and fall of stocks, and no limit on the rise and fall in the first five trading days after IPO Many breakthrough innovations in the system design of science and technology innovation board are impressive Wang Sheng believes that the establishment of science and technology innovation board and pilot registration system, the establishment of a market-oriented issuance and underwriting mechanism, the improvement of the trading system, the establishment of an efficient merger and reorganization mechanism and so on provide a "test field" for the reform of China's capital market, which is a major reform to solve the stock problem through incremental pilot According to the relevant person in charge of the CSRC, in order to do a good job in the pilot registration system of science and technology innovation board, the basic system of the capital market will be improved in five aspects: first, to build a market-oriented issuance and underwriting mechanism of science and technology innovation board stock; second, to further strengthen the supervision of information disclosure; third, to build a more market-oriented trading mechanism based on the characteristics of science and technology innovation board listed companies and the requirements of investors' appropriateness; fourth, to build a more market-oriented trading mechanism The fifth is to strictly implement the delisting system As an important part of China's multi-level capital market, science and technology innovation board also plays an important role in expanding the coverage of capital market services and enhancing the ability to serve the real economy Wang Sheng said that the useful experience of the science and technology innovation board and the pilot registration system helps to establish a multi-level capital market system with complete financing functions, solid basic systems, effective market supervision and effective protection of the legitimate rights and interests of investors "The launch and future development of science and technology innovation board should pay attention to how to enhance the attractiveness, attract more high-quality enterprises to be listed as far as possible, cultivate multi-level investor groups, improve market liquidity, and better play the pricing function of the market In addition, we need to optimize and improve the management of the market credit system, and continue to enhance the investment value of the market " Ju Houlin, director of Galaxy Securities Research Institute, thinks Dong Dengxin believes that "science and technology innovation board + registration system" is a major system innovation and breakthrough, which will create a "first" record in multiple A-share markets These institutional innovations will greatly enhance the vitality and toughness of China's capital market To some extent, "science and technology innovation board + registration system" is also a conceptual change of A-share market Stable operation - to protect the legitimate rights and interests of investors, we need to make the scientific and technological innovation board land and operate smoothly The key is to strengthen supervision, crack down on fraudulent issuance, false statements and other illegal acts, and protect the legitimate rights and interests of investors In view of the new business model of scientific and technological innovation enterprises and the possible large performance fluctuation, the scientific and Technological Innovation Board will introduce the investor suitability system Investors need to have corresponding investment experience, capital strength, risk tolerance and value judgment ability Individual investors shall participate in the trading of science and technology innovation board stocks, and the assets of the securities account and capital account shall not be less than 500000 yuan, and shall participate in the securities trading for 24 months Investors who fail to meet the suitability requirements can participate in the science and technology innovation board by purchasing public funds and other ways In the long run, science and Technology Innovation Board will help to enhance the long-term investment attraction of the market "The science and technology innovation board adjusted the limit of price limit, and through the introduction of individual stock options and other financial derivatives, provided more trading tools and trading methods for investors, improved the whole market price discovery function, and helped to improve the trading activity of the capital market." Pan Xiangdong said "The development of science and technology innovation industry and the optimization of market system have brought investment opportunities From the perspective of investors, while judging the growth space, we should also strengthen the analysis of risk factors, find suitable investment opportunities, and strive for long-term benefits " Ju Houlin said "For investors, there are opportunities and challenges." Wang Sheng believes that with the transformation of China's economic development mode, the adjustment of economic structure and the transformation of growth power, the science and technology enterprises bred by the new economy are booming, which are expected to bring good returns to investors, form a stable investor return mechanism, and then promote the formation of a virtuous cycle of Finance and real economy However, unlike mature enterprises, scientific and technological enterprises still need market test in terms of business mode and profit model, which has higher investment risk and requires higher professional judgment ability and risk screening ability of investors In this regard, Dong Dengxin believes that investors should enhance their risk awareness and improve their ability to vote with their feet The person in charge of the CSRC said that the system design of the science and technology innovation board regards the issuer as the first responsible person for information disclosure, and strengthens the responsibility constraint on the issuer At the same time, relevant departments will also smooth the way for investors to safeguard their rights and strengthen dispute mediation so as to protect the legitimate rights and interests of investors Link: how to apply for listing on the science and technology innovation board? An enterprise needs to go through the following four steps: an issuer applying for public offering of shares and listing on the science and Technology Innovation Board shall prepare registration application documents in accordance with the relevant provisions of the CSRC, which shall be recommended by the sponsor and reported to the exchange After receiving the registration application documents, the exchange shall decide whether to accept or not ——The exchange shall, in accordance with the prescribed conditions and procedures, make an examination opinion on the approval or disapproval of the public issuance and listing of the issuer's shares If the issuer's shares are approved for public issuance and listing, the examination opinions, application documents for registration of the issuer and relevant examination materials shall be submitted to the CSRC for implementation of the issuance registration procedure ——After receiving the examination opinions submitted by the exchange and the registration application documents of the issuer, the CSRC shall, in accordance with the prescribed issuance conditions and information disclosure requirements, perform the issuance registration procedures on the basis of the examination of the issuance and listing of the exchange, and make a decision on whether to approve or not to register the registration application of the issuer ——The CSRC's decision on approval of registration shall be valid for 6 months from the date of making The issuer shall issue shares within the validity period of the registration decision, and the time of issuance shall be chosen by the issuer In the future, the Shanghai Stock Exchange will be responsible for examining the issuance and listing of science and technology innovation board, and the CSRC will be responsible for the issuance and registration of science and technology innovation board The CSRC will strengthen the supervision of the examination and verification work of the Shanghai Stock Exchange, and strengthen the supervision of the whole process before, during and after the IPO.