Original Title: Liu Ti, Deputy General Manager of Shanghai Stock Exchange: Five Major Trends in the Development of the Sci-tech Innovation Board Market
On September 17, the “2021 China Asset Management Annual Conference” hosted by 21st Century Business Herald and co-hosted by Shanghai Pudong Development Bank was held in Shanghai. Liu Ti, deputy general manager of the Shanghai Stock Exchange, said at the meeting: “In the past two years, the overall operation of the Sci-tech Innovation Board has been good, and the development trend is also relatively good.” For 419.5 billion, the total market value of the stock is 5 trillion.
Liu Ti also said that there are five major trends in the current development of the sci-tech innovation board market: more emphasis on “hard technology”, better reflection of the characteristics of asset allocation, better reflection of the competitive situation of major countries, more conducive to the circulation of the primary and secondary markets, and closer to mature capital markets. .
Specifically, one is to put more emphasis on “hard technology.” In terms of positioning, the Sci-tech Innovation Board highlights the characteristics of “hard technology”, mainly serving technological innovation enterprises that conform to national strategies, breakthrough key core technologies, and have high market recognition, and focus on supporting the new generation of information technology, high-end equipment, new materials, new energy, High-tech industries and strategic emerging industries such as energy conservation and environmental protection, biomedicine, etc.
“The Science and Technology Innovation Board has always regarded’hard technology’ as a key support direction, and now more emphasis is placed on’hard technology’. Among the listed companies on the Science and Technology Innovation Board, the number of new-generation information technology companies accounted for 40%, and biomedicine accounted for 20%. -25%, high-end equipment accounted for more than 10%, and the number of listed companies in the three industries accounted for 80%.” Liu Ti said.
The data also shows that in the first half of 2021, the median ratio of R&D expenditures to operating income of sci-tech innovation board companies is 8.6%, which is higher than that of ChiNext (4.9%), Shanghai Stock Exchange (2.8%), Shenzhen Stock Exchange (3.1%), etc. Plate.
The second is to better reflect the characteristics of asset allocation. “The Science and Technology Innovation Board brings together a large number of innovative, technologically superior, and representative listed companies that represent the direction of economic development, providing domestic and foreign investors with opportunities to share the achievements of China’s technological innovation and new economic development, and providing new opportunities for global asset allocation.” Ti said.
Statistics show that the average growth rate of the shares on the Science and Technology Innovation Board has been 194.4% since its listing, and the Science and Technology 50 Index has increased by 42.7% since 2020, leading the major domestic and overseas stock indexes.
The third is to better reflect the competitive situation of big countries. Currently, a group of high-end equipment manufacturing and military industry companies are listed on the Science and Technology Innovation Board.
Fourth, it is more conducive to the circulation of the primary and secondary markets. Liu Ti said that 95% of the 340 companies listed on the Science and Technology Innovation Board have received PE/VC investment, and the average amount of funds received is 800 million yuan. Under the registration system, the listing of companies on the Science and Technology Innovation Board is relatively smooth, and PE/VC can further invest in technological innovation enterprises after the smooth exit of PE/VC, thus forming a virtuous circle of ecology between the primary and secondary markets.
Fifth, it is closer to the mature capital market. The abnormal volatility of the stock market in 2015 fully reflects the immaturity of my country’s stock market, including immature traders, incomplete trading systems, imperfect market systems, and unsuitable regulatory systems.
Liu Ti said that the development goal of the Sci-tech Innovation Board is to take the lead in building a mature market and become the first choice for the listing of science and technology enterprises. Mature capital markets have two major characteristics: from the perspective of functional nature, investors have a sense of gain for having a great company, and both companies and investors are “willing to come and stay”; from the appearance of the market, performance matches with valuation, and market value Matching with the transaction volume, the transaction volume is stable.
The Sci-tech Innovation Board has initially possessed the above-mentioned features. In the past two years, the main indicators of the Sci-tech Innovation Board have been operating steadily, and the level of market liquidity has basically adapted to its sector positioning, investor suitability, and trading system arrangements. From the perspective of pricing efficiency, the Science and Technology Innovation Board has relaxed the price limit, optimized the financing and securities lending arrangements, and the market game has become more adequate, which is conducive to accelerating the formation of equilibrium prices, while at the same time the phenomenon of “speculation in new” has been significantly reduced. After being listed on the Science and Technology Innovation Board, companies have initially withstood market tests in terms of corporate governance and continuous information disclosure.
(Author: Yang Zhijin Editor: Ma Chunyuan)