China** Daily reporter Shao Hao Nanshen.
On April 10, 2023, Beijing, Shanghai, and Shenzhen were connected, and the first batch of 10 companies under the main board registration system completed a "gong ringing bell" across time and space, announcing the arrival of the era of the main board registration system.
When the registration-based reform is fully implemented, the most historic moment of China's capital market in 2023 will be frozen. Yi Huiman, chairman of the China Securities Regulatory Commission, gave a more profound evaluation of this: "This is another important milestone in the reform and development of China's capital market. ”
From 2013, when the "first-class issuance and registration system" was included in the first document, to the continuous exploration of the incremental pilot start, the expansion of the stock pilot, and the promotion of the whole market - the reform of the registration system, the "bull's nose" project of the capital market reform was finally fully implemented this year.
Accumulate steps, to thousands of miles, several years of momentum and finally achieve full effect.
After the implementation of the full registration system, the pricing of new shares is more reasonable, and the pace of issuance tends to be balanced. Under the command of "Mr. Market", the capital market's ability to serve the real economy and contribute to the national strategy has been continuously improved, a number of innovative enterprises with high-quality development potential have been supported by the capital market, and a number of high-quality development achievements have promoted high-level scientific and technological self-reliance and self-reliance.
The years are in the twilight, and the yuan is renewed.
2023 is the final year of the comprehensive registration-based reform, and it is also the first year for China's capital market to enter the era of the comprehensive registration-based system.
It is foreseeable that with the deepening of the first-class issuance and registration system, more enterprises leading the development of the industry, leading scientific and technological innovation, and outstanding core competitiveness are expected to stand out with the support of the capital market, and give birth to new industries, new models, and new kinetic energy with disruptive technologies and cutting-edge technologies, so as to better develop new quality productivity.
Improving quality and efficiency, and ecological vitality are gradually emerging
The comprehensive reform of the registration system is an important driving force for further improving the quality and efficiency of China's capital market. Under the traction of promoting the deepening and solidification of the first-class issuance registration system, the pace of the capital market is becoming more and more solid.
Steady growth, the ability of the capital market to serve the real economy has been continuously improved.
Since the beginning of the year, more than 300 A-share companies have achieved IPOs, raising a total of more than 340 billion yuan, although there is a certain decline from the previous year, but both the number of IPOs and the amount of funds raised, still topped the world.
In the same period, the scale of refinancing has also remained above 700 billion yuan, and with the fundraising scale of IPOs, the scale of equity fundraising of A-shares in 2023 has exceeded one trillion yuan.
Industry insiders believe that under the comprehensive registration system, the capital market ecology is gradually improving, but it is also necessary to soberly see that the reform of the registration system cannot be achieved in one step and overnight, under the premise of adhering to the direction of marketization and rule of law, it is necessary to fully consider the actual market, especially to grasp the organic coordination of issuance, registration and market affordability.
More inclusive, quantity is only the appearance, structure is more critical.
With the official implementation of the comprehensive registration-based reform, the multi-level capital market system with the main board, the Science and Technology Innovation Board, the Growth Enterprise Market and the Beijing Stock Exchange as the main positions has become more and more perfect, with distinctive characteristics, dislocation development and complementary functions, providing a diversified and inclusive market ecology for the rapid development of enterprises in all walks of life and different life cycles.
Industry experts said that different sectors have set differentiated and diversified listing standards, which will cover enterprises in different industries, different types and different growth stages, and the resource allocation hub will be smoother. At the same time, through IPOs, transfers, spin-offs and listings, mergers and acquisitions, etc., each sector has strengthened organic ties and optimized the multi-level market system, which is conducive to accelerating the formation of a service system for the whole life cycle of science and technology enterprises.
At the same time, the breadth and depth of capital market services for the real economy have been significantly expanded. At present, the number of listed companies in A-share strategic emerging industries has reached about 2,500, an increase of more than 1,000 from the beginning of 2019, and the market value has increased from about 26% to about 43%.
To improve efficiency, the motherboard review has also "run".
After the implementation of the comprehensive registration system, the efficiency of the review has been significantly accelerated. In the first half of this year, the average time from acceptance to approval of the 45 companies on the main board was 802 days, and the fastest is 21 days (43 of which are enterprises that have passed the meeting after the registration system). Wind data shows that among the 45 companies, 11 companies' IPO applications were accepted on February 20 and passed the meeting on March 13, and the time from acceptance to meeting was only 21 days.
From the perspective of IPO pricing, since the implementation of the comprehensive registration-based reform, the situation of new share issuance being undervalued compared with the industry has also been improved, and the pricing issuance is more reasonable. According to the data, the average price-earnings ratio of the first batch of 10 companies listed on the main board registration system is 374 times, which is 62 times higher than the price-earnings ratio of no more than 23 times under the approval system7%。At the same time, there is no limit on the rise and fall of new shares in the first five days, and the rise and fall of stock prices has narrowed significantly, and the pricing has become more rational.
The registration system does not mean "let it go", and the comprehensive registration system increases the intensity of "management" while "letting go". According to a monitoring report by GF**, in the first 11 months of this year, the number of audits at the meeting was 303, the number of passes was 268, and the number of withdrawals before the meeting was 207, with a pass rate of 5255%, compared to 62 in 202299%。
At the same time, focusing on the market order and ecological shaping after the implementation of the comprehensive registration-based reform, the China Securities Regulatory Commission continued to increase the intensity of supervision during and after the event, and strictly cracked down on all kinds of illegal activities in accordance with the law.
Support scientific and technological innovation to stimulate new quality productivity
In the face of intensifying global technology competition, China is accelerating its support for direct financing of local science and technology enterprises. In the comprehensive registration-based reform, a standardized, transparent, open, dynamic and resilient capital market will become a hub to promote China's scientific and technological innovation and the transformation and upgrading of the real economy.
In the "first year" of the comprehensive registration system reform, a number of "hard technology" enterprises and high-tech enterprises in the field of "stuck neck" technology are growing with the help of the capital market.
From the perspective of industry data, industrial, TMT (media, technology and communications), and materials are the main industries for A-share IPOs this year, accounting for the top three in the number of IPOs and the amount of funds raised. Among the top 10 IPOs, semiconductor companies (Hua Hong, SMIC and Jinghe Integration) occupy the top three, accounting for 52% of the fundraising.
Not only IPOs encourage science and technology enterprises, but mergers and acquisitions are also tilting towards science and technology enterprises.
Recently, the relevant person in charge of the China Securities Regulatory Commission proposed in an interview with ** that the valuation inclusiveness of the restructuring of asset-light technology-based enterprises should be appropriately improved. The industry generally believes that this move will not only provide financial support for basic innovation and industrial upgrading, but also be conducive to the continuous iteration and upgrading of scientific and technological innovation industries.
Attract the source of living water, and enjoy the flourishing branches.
A number of enterprises in the field of "stuck neck" technology have landed in the capital market and formed industrial agglomeration in integrated circuits, biomedicine, new energy, new materials, high-end equipment manufacturing and other industries.
According to statistics, about sixty percent of the core products or technologies of the Science and Technology Innovation Board are promoting import substitution in related fields, effectively helping the modern industrial system to be independent and controllable.
For example, Anlu Technology, Primarius Electronics, Kede CNC, China Railway Construction Heavy Industry, Zhongwang Software, Tianyue Advanced, Loongson Zhongke and other enterprises on the Science and Technology Innovation Board have broken the restrictions of foreign manufacturers in the fields of chips, high-end equipment, basic software, industrial software, and new materials, and ensured the safety of economic operation.
A number of enterprises in China's advantageous industrial chains, such as high-speed rail, power equipment, and communication equipment, have received financing support from the Science and Technology Innovation Board, consolidating the international leading position of China's advantageous industries and enhancing the competitiveness of the industrial chainA large number of specialized, special and new enterprises have accelerated the breakthrough of key technologies, effectively connected the "breakpoints" of the industrial chain, dredged the "blocking points", and accelerated and increased the efficiency of the localization process.
According to the data, among the listed companies on the Science and Technology Innovation Board, nearly half of them are state-level specialized and special new enterprises, and nearly 80% are national strategic emerging industries such as biomedicine and high-end equipment. In the first three quarters of 2023, the R&D investment of companies listed on the STAR Market increased by 16% year-on-year, reaching a total of 9907.1 billion yuan, nearly three-thirds of the company's R&D intensity exceeds 20%. Under the precise drip irrigation of the "living water" of the capital of the Science and Technology Innovation Board, a large number of science and technology enterprises have gradually grown in their wings and gradually become bigger and stronger.
According to the data disclosed by the China Shanghai Association, as of the end of June this year, China's listed companies had a total of 148 invention patents70,000 pieces, accounting for 57% of the total number of domestic enterprises. Among them, high-tech manufacturing industry and specialized and new "little giant" listed companies have 43 invention patents60,000 pieces, 870,000 pieces, a year-on-year increase. 93%。
The consensus has become that the reform has been deepened and solidified
If the comprehensive registration system in 2023 is viewed in the grand chapter of the times, it is a milestone in China's capital market reform, and it is also a booster for China to welcome a new round of global scientific and technological revolution and industrial transformation.
Dong Guoqun, deputy general manager of the Shanghai Stock Exchange, said a few days ago that he will give full play to the role of the capital market as a "link" and a "barometer" to connect industries and capital, empower scientific and technological innovation with capital power, drive industrial upgrading with scientific and technological innovation, and promote high-level scientific and technological self-reliance and self-improvement and high-quality development of the real economy with industrial upgrading.
Li Hui, deputy general manager of the Shenzhen Stock Exchange, said that it will continue to optimize the scientific and technological innovation ecosystem, accelerate the improvement of the technology, talent, capital and industrial ecological chain, build a world-class exchange featuring a high-quality innovation capital center, focus on the three key areas of advanced manufacturing, digital economy and green and low-carbon, unswervingly follow the development path of a modern exchange with Chinese characteristics, and deeply and comprehensively serve the goal of "innovation-driven, self-reliance and self-reliance".
It is foreseeable that with the deepening and consolidation of the comprehensive registration system, the key basic systems of the capital market will be further improved, and the pricing efficiency of the secondary market will be further improved, which will help accelerate the formation of an orderly entry and exit pattern and survival of the fittest in A-shares.
At the same time, the structure of listed companies, the structure of investors, and the market valuation system will continue to undergo positive changes, the proportion of technology companies and the proportion of transactions of professional institutions will further increase, the trend of "high quality and high price" in the capital market will be clearer, the market order will be more standardized, and the ecology will be more perfect.
There is a consensus among all parties in the market that the capital market will make greater efforts to support the construction of the country's modern industrial system.
It is reported that the China Securities Regulatory Commission is currently focusing on the construction of a modern capital market system project with Chinese characteristics, and has initially formed a "1+N+X" policy framework. One of the "N" is being formulated, that is, the "Action Plan for the Construction of a Modern Industrial System by Capital Market Services", which focuses on the construction of modern industry, agriculture, service industry and infrastructure, and through differentiated institutional arrangements, gives priority to supporting the industrial chain, the "chain master" enterprises and specialized and special new enterprises to become bigger and stronger, helps build world-class enterprises, builds strategic modern industrial clusters, promotes the transformation and upgrading of traditional industries, and promotes industrial intelligence, greening and integration.
A few days ago, the Party Committee of the China Securities Regulatory Commission proposed to focus on the key links, key areas and key tasks of next year's economic work in conveying, studying and implementing the spirit of the first economic work conference, focusing on the key links and key tasks of the "five major articles" (note: science and technology finance, green finance, inclusive finance, pension finance, and digital finance).
China** newspaper reporter Lu Yuan.
The Beijing Stock Exchange, which has been open for more than two years, is receiving more and more attention and attention in the primary and secondary markets. A reporter from China's ** newspaper recently interviewed the relevant person in charge of the Northeast ** investment bank headquarters, Zhu Haibin, general manager of the open source ** Beijing Stock Exchange Research Center, Liu Jing, chief analyst of Shenwan Hongyuan, Liu Ping'an, chairman of Jin Changchuan Capital, and Xi Qingqing, chairman of Qingmingbo**, and other investment researchers in the primary and secondary markets.
They believe that since the tightening of the IPO of the Shanghai market at the end of August 2023, the development of the Beijing Stock Exchange has ushered in a "blowout", and the number of enterprises applying for counseling and filing has increased significantly, significantly ahead of other sectors. Combined with the gradual revaluation of the market value of existing enterprises on the Beijing Stock Exchange and the trend of accelerating the high-quality expansion of the Beijing Stock Exchange, the Beijing Stock Exchange is expected to enter the trillion-level market in the next two years. If it is promoted in accordance with the Beijing Stock Exchange's "19 deep reforms" plan, the number of listed companies on the Beijing Stock Exchange will likely exceed 1,000 in five years.
The Beijing Stock Exchange plans to IPO companies "blowout".
Since the end of August 2023, the development of the Beijing Stock Exchange has ushered in a "blowout", and the number of enterprises applying for counseling and filing has increased significantly.
According to ifind statistics, as of December 20, there will be a total of 857 new counseling and filing companies in 2023, of which 383 have disclosed the proposed listing sector, of which 280 are on the Beijing Stock Exchange, the largest number, accounting for 73 of the disclosed counseling and filing enterprises11%；There are 48 companies on the Science and Technology Innovation Board, 43 companies on the Growth Enterprise Market, 10 companies on the Shanghai Main Board, and 2 companies on the Shenzhen Main Board.
It is worth noting that since December, 99 companies have launched IPO counseling and filing, of which 37 have disclosed the sectors to be listed, of which 36 are on the Beijing Stock Exchange, accounting for 3737%, 1 on the GEM. Recently (December 13 to December 20), 57 new IPOs have been added to the counseling and filing, of which 23 are planned to be listed on the Beijing Stock Exchange, accounting for 4035%。
The relevant person in charge of the Northeast ** Investment Bank Headquarters said that the Beijing Stock Exchange has an epoch-making important role in the development of small and medium-sized enterprises. "Judging from the development process of more than two years, the Beijing Stock Exchange has improved significantly in terms of efficiency, scale, function, activity, stability, etc., which is highly consistent with the medium-term guidance plan for the Beijing Stock Exchange in the '19 Articles of Deep Reform' released in September. ”
According to him, since the tightening of the Shanghai and Shenzhen IPO markets at the end of August, the enthusiasm for listing on the Beijing Stock Exchange has been high, and the market activity has increased significantly. As of December 20, a total of 36 companies have applied for IPOs on the Beijing Stock Exchange, a significant increase compared with 2 in August and 1 in July. During this period, 2 companies were declared on the main board of the Shanghai Stock Exchange, 2 companies were declared on the main board of the Shanghai Stock Exchange, 2 companies were declared on the Science and Technology Innovation Board, and 5 companies were declared on the Growth Enterprise Market. During the same period, a total of 109 companies carried out IPO counseling and filing registration on the Beijing Stock Exchange, while only 17 companies in Shanghai ** had IPO counseling and filing registration.
The next two years are expected to grow explosively
The Beijing Stock Exchange's "19 Deep Reforms" released on September 1 proposed that in the next 3 to 5 years, the Beijing Stock Exchange's goal is to improve market scale, efficiency, function, activity, stability, etc.
Zhu Haibin, general manager of the Beijing Stock Exchange Research Center, pointed out, "Combined with the two five-year development goals of the Beijing Stock Exchange, the next three years will be the key expansion and construction period of the Beijing Stock Exchange, and high-quality expansion is still the main goal of the development of the Beijing Stock Exchange." "Referring to the history of the construction of the Science and Technology Innovation Board and the fact that the Beijing Stock Exchange will increase the number of direct IPOs in the future, it is expected that the number of new shares listed on the Beijing Stock Exchange in 2024 will be about 120 to 150;In terms of volume and scale, at this stage, the net profit scale of the companies queuing up on the Beijing Stock Exchange in 2022 has generally risen, "Combined with the gradual revaluation of the market value of the stock enterprises on the Beijing Stock Exchange and the acceleration of high-quality expansion of the Beijing Stock Exchange, the Beijing Stock Exchange is expected to advance to the trillion-level market in the next two years." ”
Liu Ping'an, chairman of Jin Changchuan Capital, also said that since 2009, there have been more than 1,300 listed companies on the GEM, and more than 500 on the Science and Technology Innovation Board since November 2018. If the "19 Articles of Deep Reform" plan is promoted, it is more likely that there will be more than 1,000 listed companies on the Beijing Stock Exchange in five years. In particular, once the direct IPO policy is implemented, it will have a significant impact on the Beijing Stock Exchange market, the quality of listed companies will be fundamentally improved, and the number of listings will also increase significantly.
Two types of targets deserve attention
Liu Jing, chief analyst of Shenwan Hongyuan, said that the sustainability of the Beijing Stock Exchange has exceeded many people's cognition, and "capital market policy + A** field style + Beijing Stock Exchange's low-level advantage + positive capital inflow" jointly promotes the market strengthening. In the case of the overall capital stock of A-shares and even the reduction game, the money-making effect of the Beijing Stock Exchange and the capital inflow under the guidance of the policy make it a rare sector with positive capital inflow. This positive feedback mechanism is even more scarce when the money-making effect of Shanghai and Shenzhen declines.
Liu Ping'an said that the Beijing Stock Exchange has improved significantly recently, but in order to fundamentally improve liquidity, it is also necessary for market makers, public offerings and other parties to enter the market.
Zhu Haibin believes that in the next 3 to 5 years, after the second step of the systematic revaluation of the Beijing Stock Exchange, its normalized valuation is expected to reach the level of 6% of the Science and Technology Innovation Board and 7% of the GEM.
Xi Qingqing, chairman of Qingmingbo**, believes that after this wave, the valuation of small tickets on the Beijing Stock Exchange has increased by 2 to 3 times, and the valuation difference with Shanghai and Shenzhen ** is basically gone. "From the perspective of the next 3 months or even longer, there are still some valuation differences in the relevant concept targets of the logical line, and some performance pre-increase targets are concerned by institutions, and it is expected that these two directional targets are better than those that follow the trend and speculate. ”
Editor: Captain Review: Xu Wen.
China** Daily "2023 Year-end Report".