Gem, Science And Technology Board "Dislocation Development" Exchange Innovation Enterprise Arena Expansion

Late in April 27th, the long-awaited registration system reform of the growth enterprise market came into being.

China Securities Regulatory Commission responsible person said that the current round of gem pilot registration system, the first registration method generally followed the core system arrangement of the Chuang Chuang plate pilot registration system, and fully absorbed the successful practices of the Chuang Chuang plate pilot registration system.

However, the gem registration system is different from the experience gained from the reform of the science and technology innovation board. The SFC pointed out that the gem and the Chuang Chuang board bear the strategic tasks of the innovation and development of the capital market services and the high quality development of the economy, and the two plates have their own characteristics and dislocation development.

Combing the twenty-first Century economic report reporter found that there are subtle differences between the two in terms of IPO listing requirements, investor appropriateness requirements and delisting system. Why should these differences be arranged in the system? How can the two plates be misplaced?

Differentiated institutional arrangements

The company set up five sets of listing standards around the core of "market value". Among them, fifth sets of standards allow non profit enterprises to go public.

After the reform of gem, there are still some profit requirements, and three sets of listing standards have been set up. Among them, the standard of profit listing has been perfected, which requires "net profit in recent two years is positive and total net profit is not less than 50 million yuan" or "the market value is not less than 1 billion yuan. The net profit is positive in the latest year and the operating income is not less than 100 million yuan". At the same time, clear the listing standard of non profit enterprises, but they will not be implemented within one year, and will be evaluated after one year.

Wang Shuguang, managing director of the investment banking department of CICC, said in an interview that the arrangement was made from the perspective of investors' interests. "GEM has been listed as a profitable company in the past 10 years. Now is the main body to maintain profitability requirements, and then there is a year of transition, there will be some mature and not yet profitable enterprises will be allowed to go public. This is closely related to the characteristics of the plate investors, and it is also an important move to steadily push forward the reform of the gem. "

On the request of investor's appropriateness, there are obvious differences between the two. The new gem registration system is designed to meet the threshold of individual investors who want to meet the first 20 transactions. The average daily assets are not less than 100 thousand yuan, etc., and participate in securities trading for more than 24 months. The stock customers will not be affected. And the creative board set up a threshold of 500 thousand assets and 2 years of securities trading experience for individual investors.

It is easy to see that the threshold of suitability for GEM investors is lower than that of Chuang Chuang. "On the one hand, the risk of GEM companies is relatively small. After all, deficit companies can not be listed on GEM. On the other hand, it is the consideration of investors. Publicly available data show that over 80% trading experience of GEM investors is two years, and the average account assets are 510 thousand. That is to say, the market itself has been stratified by investors. It is also necessary to create a new board. Wang Jiyue, a senior investment bank, said.

With regard to the threshold of investors, one of the concerns of the market is whether it will lead to more investors flocking to the gem, which will have a certain impact on the liquidity of the science and technology board.

Tan Yunhun, head of the Guangdong securities strategy group, said there was no need to worry too much. The two is the relaxation of monetary policy and the relatively loose liquidity. There is no shortage of funds in the market. However, how to guide capital into the stock market highlights the importance of institutional reform. Three, we are looking back at the opening of the science and technology board, which has also led to the overall activity of the gem.

"Gem reform is a matter of time. The overall registration system is also a matter of time. The ultimate competition is not the threshold of investors, but the quality of listed companies." Wang Jiyue added further.

On the delisting mechanism, the gem generally refers to the clean up mechanism of the shell company zombie company, but there are differences in the nuances. For example, the first introduction of the market value standard of the Chuang Chuang board, a mandatory delisting of listed companies with a market value of less than 300 million yuan for 20 consecutive trading days, and a delisting index of "20 consecutive trading days with a market value of less than 500 million yuan".

Dislocation development

The difference of institutional arrangement reflects the different nature of the two plates.

For the future direction, Li Chao, vice chairman of the SFC, bluntly said that we should co-ordinate the reform of the gem and the construction of a multi-level capital market system, and adhere to the strategy development of the gem and other sectors, so as to form an appropriate competition pattern with emphasis and complement each other.

The relevant leaders of the SFC also pointed out the differences in positioning between the two in answering reporters' questions: the science and technology innovation board, facing the world's leading edge of science and technology, facing the main battlefield of the economy and facing the major needs of the state, mainly serves the technological innovation enterprises that meet the national strategy, break through the key core technologies and have a high degree of market recognition. The gem mainly serves growth oriented innovation and entrepreneurship enterprises, and supports the deep integration of traditional industries with new technologies, new industries, new formats and new modes.

Li Ding capital CEO Gao Fengyong analysis, "science and technology board to encourage hard technology, biological medicine, semiconductor industry benefit most significantly. No matter from the location of the science innovation board or the portrait of the listed companies in the past half a year, the mode innovation enterprises are more difficult to list on the Chuang Chuang board. More typical, pure Internet companies mostly belong to the mode and format innovation, such as electricity providers, O2O and so on.

"There is a clear positioning difference between the gem and the" Chuang Chuang "board. The science and technology board is the integration of technology and manufacturing. The gem is the integration of technology and mode with traditional industries. Traditional industries include not only manufacturing, but also a large number of service industries. Many of the Internet models belong to the integration of technology, mode and service industry, so it is a typical beneficiary industry. Gao Fengyong further analyzed.

In Wang Jiyue's view, "the dislocation development of the two is on the one hand, and the gem is more emphasis on innovation and creativity." It will take several years for the dislocation development to see results, and we believe that the market mechanism will allocate the effectiveness of resources.

The launch of the gem registration reform also poses new challenges to the investment bank's work.

Wang Shuguang said, "in the future to help these listed companies in the selection of the plate, for hard technology, in line with the science and technology board standards, companies will still mainly choose the" Chuang Chuang "board. For those enterprises that the gem reform wants to attract, they will also think about the choice of plates and choose a more suitable sector. As far as investment banking is concerned, pressure and responsibility will become heavier. We should not relax the requirements for specific work because of the promotion of registration reform, and choose and recommend companies more carefully.

"However, in any case, including the new third board selection layer, the three plates clearly reflect the encouragement of technological innovation." Gao Fengyong said.