Scanning Of IPO Application Projects On Science And Technology Innovation Board

The enthusiasm of enterprises to apply for the IPO of science and technology innovation board has not decreased.

As of September 15, 2021, the reporter of 21st century economic report has noticed that as of September 15, 2021, 650 enterprises have applied for the first time (including two applications). Among them, 5 enterprises are in the acceptance status, 96 enterprises are in the "inquired" state, 9 are in the review stage of the municipal Party committee, 44 are in the "submission for registration", 364 are the registration results, 3 are in the "suspension and financial report update" state, and 129 are in the state of "suspension and financial report update" "Terminated" status.

After excluding the enterprises that applied twice, the total number of enterprises declared was 637.

It is worth mentioning that, according to the 21st century economic report, 173 enterprises applying for the science and technology innovation board have listed on the new third board or intend to land on the new third board, accounting for nearly 30%.

Not long ago, the Beijing stock exchange officially launched. Many market participants believe that this will inevitably lead to a certain diversion of the science and technology innovation board.

On the other hand, the emphasis on the scientific and technological innovation attributes of the enterprises to be listed on the science and technology innovation board further clarifies the market positioning and constitutes the differentiated development with other capital markets.

More than 650 enterprises have been declared

Based on its own scientific and technological innovation attribute positioning, IPO reporting enterprises of science and technology innovation board are mainly distributed in computer communication, special equipment manufacturing, software and information technology, pharmaceutical manufacturing and other industries. The number of enterprises engaged in the above industries are 146, 109, 92 and 79 respectively.

From the perspective of registered regions, the IPO reporting enterprises of the science and technology innovation board mainly come from Jiangsu, Guangdong, Shanghai, Beijing, Zhejiang, Shandong and other places, with 113, 108, 94, 82, 60 and 29 entrepreneurs respectively.

It is worth mentioning that there is a big gap between the number of enterprises applying for IPO in different regions. Jiangsu and Guangdong, the top two in the list, contributed more than one sixth of the enterprises applying for IPO on the scientific and technological innovation board with the strength of one province. However, only one of the eight provinces, autonomous regions and municipalities directly under the central government, including Guangxi, Hainan, Heilongjiang, Inner Mongolia, Qinghai, Xinjiang, Yunnan and Chongqing, has only one At present, there is no enterprise declaration in Gansu Province.

Among the 650 enterprises (including two declarations), the enterprises that choose listing standard 1 are the most, accounting for 80.46%; the enterprises choosing listing standard 2, 4, and 5 account for 4.46%, 7.08% and 4.15% respectively; the enterprises that choose listing standard 3 are the least, accounting for 0.62%.

In addition, there are 4 overseas listed red chip enterprises selection standard 2, 2 non overseas listed red chip enterprises selection standard 1, 3 non overseas listed red chip enterprises selection standard 2, 5 voting right difference arrangement enterprise selection standard 1, 7 voting right difference arrangement enterprise selection standard 2, accounting for 0.62%, 0.31%, 0.46%, 0.77% and 1.08% respectively.

In terms of the amount of fund-raising, the average planned financing amount of 637 enterprises applying for IPO on the science and technology innovation board is 1.35 billion yuan, and 10 enterprises have planned to raise more than 10 billion yuan. Three of them have been listed successfully, namely SMIC international, China National Communications Corporation, and Hehui Optoelectronics. However, three companies have already terminated their applications, namely Geely Automobile, Jingdong digital technology and Rouyu technology.

Among them, Syngenta, which has the highest planned financing amount, is Syngenta, which was accepted on June 30 this year, with a total amount of 65 billion yuan. If it is successfully listed, it will become the largest IPO in the A-share market in the past decade.

According to public information, the Syngenta group was registered in Shanghai in 2019, mainly composed of four business units of Syngenta plant protection, Syngenta Seeds, Andorra and Syngenta group in China. The product portfolio covers plant protection, seeds, crop nutrition and modern agricultural services, with leading positions in their respective market sectors.

In the first half of this year, Syngenta group achieved a revenue of 14.4 billion US dollars, an increase of 24% over the same period last year; In the second quarter, its operating revenue was $7.4 billion, up 28% year-on-year.

On the whole, the enterprises of the science and technology innovation board have shown high growth.

Up to now, there are 521 enterprises in the IPO application of the science and technology innovation board, and the average operating income level of the listed enterprises and enterprises under examination is 1.798 billion yuan, with an average growth rate of 89.87% over the same period of last year; The average net profit was 133 million yuan, with an average growth rate of 81.59%.

Beijing stock exchange will be "divided" after landing

It is worth mentioning that, according to the statistics of the 21st century economic report, after excluding the enterprises that have applied twice, the total number of IPO reporting enterprises on the science and technology innovation board is 637. Among these 637 enterprises, 173 have been listed on the new third board, accounting for 27.16%.

But recently, with the formal landing of the Beijing stock exchange, the market generally expects that the Beijing stock exchange will cause some diversion to the science and technology innovation board.

According to the arrangement, the Beijing stock exchange "will firmly adhere to the market positioning of serving innovative small and medium-sized enterprises", "adhere to dislocation development and interconnection with Shanghai and Shenzhen stock exchanges and regional equity markets, give play to the listing function of the improved board", "adhere to overall coordination and institutional linkage with the existing innovation layer and foundation layer of the new third board, and maintain the balance of market structure".

Lu Xiongwen, Dean of the school of management of Fudan University, believes that: "I think the launch of the Beijing stock exchange is a strategic consideration of the state. On the one hand, it will increase competition. On the other hand, those enterprises that have not yet reached the listing qualification of gem and Sci-tech Innovation Board will also have the opportunity to actively trade. If the transaction is not active, the capital market will not participate. To make the transaction active is to let the blood flow, which has a great positive effect on the start-up enterprises Supporting role. "

However, Lu Xiongwen also pointed out that the establishment of the Beijing stock exchange will form a certain diversion for the science and technology innovation board and the growth enterprise market. "However, the capital market also needs competition. It can also promote the service quality of the Shanghai Stock Exchange and Shenzhen Stock Exchange and the efficiency of the capital market, which is beneficial."

In fact, in recent years, the science and technology innovation board has been strengthening its "hard science and technology" positioning. In April this year, the Shanghai Stock Exchange revised and issued the Interim Provisions on the listing declaration and recommendation of enterprises listed on the science and Technology Innovation Board of Shanghai Stock Exchange (hereinafter referred to as the Interim Provisions), further improving the evaluation index system of scientific and technological innovation attributes of enterprises to be listed on the science and technology innovation board.

In this regard, many enterprises that do not meet the relevant requirements of the science and technology innovation board have turned to other markets. For example, 3D printing company Xianlin 3D submitted an application for listing on the science and technology innovation board to the Shanghai Stock Exchange in May 2019. However, half a year later, the company withdrew the application materials and then applied to the new third board selection layer. However, in August this year, the company terminated the declaration of new third board selection layer.

In the view of many market participants, the emphasis on science and technology attributes of the scientific and technological innovation board has objectively raised the threshold for the enterprises to be listed, but it will also improve the quality of listed companies on the science and technology board from the source, and enhance its demonstration effect and agglomeration effect on "hard technology" enterprises, which is conducive to the realization of differentiated development of various sectors.

"Enterprises choose to list on any board because of their own listing needs." said a person from the investment banking department of a medium-sized securities firm in Beijing. "The industry, development stage, region and listing conditions will affect the listing choice of enterprises."