Where is the road to science and technology? Institutional innovation, bold pilot registration system!

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Where is the road to science and technology? Institutional innovation, bold pilot registration system!

2018-12-15 10:25:01 122 ℃


Since the high-level decision to establish a science and technology board and pilot registration system, the preparation of the science and technology board Work has made rapid progress. For example, Shanghai, Hubei and other places have opened the “draft” work of the science and technology board enterprises. Some brokerage investment banks have reported to the Shanghai Stock Exchange for the primaries of the board enterprises. The Shanghai Stock Exchange has newly established the registration department and the supervision department for the Science and Technology Board. After completing the draft plan for the establishment of the science and technology board and the pilot registration system, the member of the Shanghai Stock Exchange recently convened a meeting of members and supervisors to set up a science and technology board and pilot the project. The registration system seeks market opinions.

In the context of the Shanghai-Shenzhen main board, small and medium-sized board, GEM and the New Third Board in the capital market, the establishment of the Science and Technology Board will be for those companies that cannot be listed on the Shanghai and Shenzhen Stock Exchanges within the framework of the system. Innovative and entrepreneurial enterprises open the door to the convenience of listing financing to support the development and growth of these enterprises. In this sense, the establishment of a science and technology board is an innovation in itself.

The establishment of the GEM was originally intended to be made into China’s “Nasdaq”, but it turns out that there is no essential difference between the GEM and the main board and the small and medium-sized board. Listed companies also have profit requirements. Moreover, many companies listed on the GEM are not tied to technology-based and innovative companies. Therefore, the GEM is difficult to be the "Nasdaq" of China.

Kechuang Board should provide services for scientific and technological innovation enterprises of different types, sizes and industries. The way out is system innovation. If there is no institutional innovation, the establishment of the science and technology board will not be necessary, and eligible enterprises can be listed in the existing sections of the Shanghai and Shenzhen stock markets. In this way, scenes like Alibaba have to go public in the US, and domestic investors can not share their development results will continue to be staged.

In fact, the pilot registration system in the science and technology board is an institutional innovation. The registration system has been talked about for many years in the A-share market, but the market has a sense of fear of change, which also leads to the implementation of the registration system in the A-share market is facing great resistance. On the one hand, the implementation of the registration system reform of new share is the general trend, but investors are also afraid of the tiger, objectively making the registration system in a dilemma. Now, after the establishment of the science and technology board, through the establishment of an investor-appropriate management system, the pilot registration system in the science and technology board can not only eliminate the fear of investors in the motherboards, but also, once the pilot is successful, the entire A-share market in the future. In the implementation, not only will the resistance encountered be much smaller, but the probability of success will be much higher. It can be said that it is a “double-edged sword”.

In addition to the registration system, Science and Technology Board also has the need to improve the degree of tolerance for corporate profits and different rights. Enterprises currently listed on the Shanghai and Shenzhen stock markets must meet the conditions of continuous profit and shareholding. Otherwise, it will be difficult for the CSRC to issue the audit committee, and listing is even more impossible. However, innovative companies in the fields of biomedicine, integrated circuits, artificial intelligence, robotic intelligence, etc., are still in the initial stage of capital investment and burning, and they are still unable to achieve profitability; some are set up for the needs of enterprise control. The shareholding structure of the AB shares with different rights, such enterprises also need listing financing, and need strong support from the capital market. Based on this, it is necessary for the science and technology board to innovate in the system to open the gap for the listing of this enterprise. Otherwise, these new economic enterprises can only choose to go public overseas, leaving us with one regret after another.

Institutional innovation can not only greatly enhance the attractiveness of the science and technology board to new economic enterprises, but also allow more potential and promising technological innovation companies to stay in the domestic market, but also accumulate experience and enhance China. The influence of the capital market. In particular, through institutional innovation, companies such as "Microsoft" and "Google" in China may appear in the future. Personally, the establishment of the science and technology board, not only allows the technological innovation enterprise to have a shelter, but also make it an "incubator" for technological innovation enterprises, which may be the significance of the science and technology board.