On March 31, Guandian Defense Technology Co., Ltd. (hereinafter referred to as “Guandian Defense”) successfully obtained the Shanghai Stock Exchange’s decision to transfer its board to the Science and Technology Innovation Board for listing, which marked the birth of the “first transfer to the A-share market”.
Industry insiders said that the China Securities Regulatory Commission is gradually improving the multi-level capital market dislocation development mechanism, so that enterprises at different stages of development can match differentiated services, and the transfer mechanism is an important part of it. Guandian Defense, as the first company to realize the transfer of the board at the practical level, has become an example of effective connectivity between multi-level capital markets.
Zhu Haibin, Assistant General Manager of Essence Securities Research Center and Chief Analyst of the New Third Board, told the “Securities Daily” reporter that the successful transfer of Guandian Defense to the board marks an important step in the construction of my country’s multi-level capital market. The basic interconnection model of “Layer-Beijing Stock Exchange-Shanghai and Shenzhen Stock Exchange” has been formed, which is of positive significance for supporting the development of small and medium-sized enterprises.
Founded in 2004, Guandian Defense is a national-level specialized and new “little giant” enterprise. The company’s main business is the research and development, production and sales of UAV flight services and data processing, UAV systems and intelligent defense equipment.
Counting down the company’s history, it has created several “firsts” in the capital market: “the first drone anti-drug stock” in the A-share market, the “first batch” of selected companies to be listed in 2020, and the “first” to be listed on the stock exchange in 2021. Companies applying for transfer to the GEM, the “first batch” listed companies on the Beijing Stock Exchange, and the “first” transfer companies in 2022.
Regarding the reasons for applying for the transfer, Gao Ming, chairman of Guandian Defense, said that the transfer to the board was an important decision made by the company’s board of directors after careful consideration. “First of all, through the public issuance and financing of the selected layer, the company’s business has further developed and expanded, meeting the conditions for listing on the STAR Market; secondly, the company pays more attention to the clustering effect of hard technology companies on the STAR Market, and ample capital liquidity can further demonstrate the enterprise value, and improve future financing efficiency; third, the use of the Science and Technology Innovation Board can further enhance the reputation of enterprises, help to further recruit talents, and enhance the overall competitiveness of the market.”
“The implementation of the first share transfer to the board provides an example for other high-quality small and medium-sized enterprises to achieve development through the capital market, opens up a channel for small and medium-sized enterprises to grow and expand, and further stimulates market vitality.” said the above-mentioned industry insiders.
This time, Guandian Defense took 99 days from submitting the application for transfer to the Sci-tech Innovation Board to successfully passing the meeting; it took 78 days from being officially accepted by the Shanghai Stock Exchange to successfully passing the meeting, and the review took only 36 days. The review concept of the Creation Board is inseparable from its working mechanism.
According to Zhao Liang, head of the Growth Enterprise Financing Department of CITIC Securities and representative of Guandian Defense sponsorship, although he has participated in sponsoring the initial listing of many companies on the Science and Technology Innovation Board, the review of this transfer to the board is different from the initial listing review. The review focuses on The company’s scientific and technological innovation attributes and production and operation conditions after the public offering will not be repeated for conventional issues such as historical evolution and accounting policies that have been concerned when the selection layer was listed. Inquiry questions highlight the importance and pertinence, which not only reduces the burden of repeated disclosure by enterprises, but also takes into account the disclosure of important information that facilitates investors’ decision-making.
In addition, Zhao Liang said that the Shanghai Stock Exchange has greatly improved the audit efficiency through multiple rounds of written and on-site consultations. Especially during the epidemic, the speed of the review of the first order transfer board really reflects the work paradigm of “opening the door for review”, and it is a manifestation of the review work under the registration system.
Zhang Keliang, general manager of the stock transfer business department of Intime Securities, said in an interview with a reporter from Securities Daily that the successful transfer of Guandian Defense to the board marks the further interconnection of my country’s multi-level capital market, and it is expected that some companies will start the transfer work in the future.
Our reporter Wu Xiaolu
(Editor in charge: Sun Dan)