“There is a stage for innovative small and medium-sized enterprises in the capital market. The spotlight is on us this time!” Many enterprises listed on the Beijing stock exchange are excited. Since the opening of the Beijing stock exchange, the market has operated steadily on the whole. As of December 8, the total turnover of 82 listed stocks had reached 43.016 billion yuan. Among them, 71 translational stocks traded a total of 29.52 billion yuan; The turnover of 11 new shares was 13.497 billion yuan, an average increase of 101.49%.
What is the contribution of the Beijing stock exchange to the innovation and development of small and medium-sized enterprises? What are the changes of enterprises after listing on the Beijing stock exchange? The reporter interviewed a number of listed enterprises, relevant departments and experts.
Alleviate financing problems and become an innovation “accelerator” for small and medium-sized enterprises
In the intelligent production line in the production workshop of Beijing Sanyuan gene Pharmaceutical Co., Ltd., a kind of recombinant human interferon α- 1B’s drugs are going offline at the rate of 300 boxes per minute. This drug is a class of genetically engineered drugs with independent intellectual property rights in China, which has achieved a zero breakthrough in China’s genetically engineered drugs.
“Listing on the Beijing stock exchange is equivalent to installing an ‘accelerator’ for innovation, and the business face of the enterprise takes on a new look.” Cheng Yongqing, chairman of Sanyuan gene, said that at present, the company is promoting four global first research projects, including interferon for the treatment of RSV pneumonia in children α- 1B children’s aerosol inhalants and other products have been in clinical phase III, and the listing will strongly promote the progress of various research projects.
“Innovation requires a lot of capital investment, and the financing ability largely determines the innovation ability of enterprises. Due to the lack of sufficient mortgage and guarantee, small and medium-sized enterprises have poor financing ability, which is a global problem.” Cheng Yongqing introduced that Sanyuan gene entered the basic layer of the new third board in 2016. As a listed enterprise growing up from the new third board layer by layer, it raised 300 million yuan for innovation and development in five years, but the enterprise still felt that it was not enough to “quench its thirst” and the pace of innovation was constrained by funds.
The northern stock exchange has opened up a new field of direct financing for innovative SMEs. After listing, Cheng Yongqing immediately realized the double improvement of the enterprise’s market status and legal status. “From a company listed on the new third board to a company listed on the Beijing stock exchange, the enterprise has attracted the attention of all parties and its popularity has started immediately. At the same time, due to the entry of long-term stable funds such as insurance fund and social security fund, the investor access threshold has been further optimized, and the Beijing stock exchange has greatly broadened the source of enterprise financing.”
Shaanxi Tongli Heavy Industry Co., Ltd. is also on the list of the first batch of listed enterprises. The company mainly develops and produces mining dump trucks and other off-road transportation equipment. Yang Peng, Secretary of the board of directors of the company, described the pace of innovation of the company after listing from “small steps and fast walking” to “accelerating running”. In 2007, Tongli wanted to invest in the construction of a vehicle factory in Xi’an, but finally gave up the plan because of capital problems. “Although our profitability is relatively strong, and we can get more than 20 million yuan through debt and equity financing every year, it is still far from enough. It is difficult to drive our R & D and production expansion.” Yang Peng said that at that time, enterprises could only slow down and accumulate energy.
The listing coincides with the time for Tongli shares. “Our technology center for vehicle R & D and evaluation is under construction. After that, we have to purchase additional equipment and expand the R & D team. It is the time to invest.” According to Yang Peng, it is conservatively estimated that the raised investment projects can be put into operation one year in advance after listing.
What impressed Yang Peng more was the continuous financing system tailored by the Beijing stock exchange for innovative small and medium-sized enterprises. It can be refinanced six months after listing, with diversified financing varieties. It provides rich equity financing tools such as ordinary shares, preferred shares and convertible bonds. The issuance method is also very flexible. It introduces issuance mechanisms such as authorized issuance, shelf issuance and self operated issuance to reduce the financing cost of small and medium-sized enterprises. “Enterprises can flexibly plan refinancing according to their own innovation rhythm.” Yang Peng said.
Shanghai Airong Software Co., Ltd., which is committed to developing financial software, has also experienced a difficult entrepreneurial process with tight funds. “Although the company has a good growth, the input-output cycle of software innovation is very long, which is easy to be trapped in the early R & D link.” Wang Tao, Secretary of the board of directors of the company, said, “the long-term capital support of the capital market can help innovative small and medium-sized enterprises cross the mountain from technical breakthrough to market application.”
The listing on the Beijing stock exchange has accelerated the software development and business expansion of Airong software. “More importantly, listing has greatly enhanced the company’s attraction to high-tech talents such as software engineers.” Wang Tao said that talents are the first resource for innovation. The company has implemented the phase I equity incentive plan, and the supervision of the Beijing stock exchange on equity incentive is more flexible, allowing listed companies to reasonably set the term exercise price lower than the stock market price on the premise of full disclosure and performing corresponding procedures, so as to enhance the incentive effect, The company will attract talents with greater equity incentive in the future.
Like Sanyuan gene, Tongli Co., Ltd. and Airong software, 82 listed enterprises have stable operation and outstanding growth, and most of them are leaders in the field of industry segmentation. Small and medium-sized enterprises contribute more than 70% of China’s technological innovation. Direct financing will break through the shackles of development and further release the innovation ability of these enterprises.
“From the current trading situation, the overall market trading activity is in line with expectations, and the liquidity is significantly improved compared with the selected layer. The future market is worth looking forward to.” Li Xudong, member of the securities investment banking commission and managing director, said.
Realize dislocation development and let more innovative small and medium-sized enterprises stand out
“It’s not that we haven’t tried to go public before, but the ‘size’ is too small. Many enterprises are ahead of us.” During the interview, the reporter found that many enterprises had applied for listing, but it was not until the Beijing stock exchange came and built a “through train” for enterprises to enter the capital market that they finally realized their listing dream.
“Compared with the science and innovation board and gem that also serve innovative enterprises, the Beijing stock exchange focuses on ‘earlier, smaller and newer’.” Li Xudong said when analyzing the enterprises listed on the Beijing stock exchange that they were earlier – most of these enterprises were in the early stage of industrialization, and there was great room for expansion of their business models; Smaller – these enterprises have good growth, but their business scale is relatively small; Renewal – the first batch of listed enterprises show strong innovation, with advanced manufacturing, modern service, high-tech service and strategic emerging industries accounting for more than 80%.
In the view of many enterprises, the key to focusing on the development of innovative small and medium-sized enterprises and realizing the dislocation development with Shanghai and Shenzhen stock exchange lies in the pilot securities public offering registration system and the establishment of an issuance and listing system and information disclosure system adapted to the characteristics of small and medium-sized enterprises.
Liu Xiaoliang, the first board secretary of Yingtai biology, believes that the registration system implemented by the Beijing stock exchange reflects the support for innovative small and medium-sized enterprises in many aspects: the threshold is lower, the listing and issuance conditions are more inclusive, and the financial indicators are reduced, which is conducive to the listing, financing and innovative development of innovative small and medium-sized enterprises with weak financial strength; Listing is faster. The registration system is changed to the exchange to review and issue materials. The CSRC decides whether to register according to the review opinions of the exchange. The review time of the Beijing stock exchange is 2 months, which is relatively shorter, the listing cycle is easier to control, and reduces the financing cost and difficulty of small and medium-sized enterprises.
“More importantly, the registration system gives the decision-making power of listed companies to enter and exit the stock market to the market. On the one hand, it dredges the entrance of IPO (initial public offering). On the other hand, a more flexible delisting system can also dredge the export of capital market.” Liu Xiaoliang believes that while allowing more innovative small and medium-sized enterprises to enter the capital market, the Beijing stock exchange can also allow poorly managed enterprises to withdraw from the market, make the water flow in the asset pool smoother, flow to higher quality small and medium-sized enterprises, and better form the market atmosphere of survival of the fittest, “encourage our listed enterprises to focus more on innovation, standardize operation and management, and improve the quality of the company.”
“The Beijing stock exchange and the foundation layer and innovation layer of the new third board have formed a progressive market structure.” Wang Tao believes that the establishment and pilot registration system of the Beijing stock exchange is not only conducive to enhancing the attraction of the new third board to small and medium-sized enterprises and investors, but also conducive to guiding more small and medium-sized enterprises of different growth stages and types on the new third board, enhancing their awareness of information disclosure and cultivating the culture of corporate governance.
Cheng Yongqing said that the establishment and system design of the Beijing stock exchange convey a concept that enterprise development does not have to blindly pursue scale. The “small and beautiful” of deep cultivation and meticulous work can also breed great innovation, which is highly consistent with the requirements of high-quality development. “China has cultivated three batches of 4762 ‘specialized and special new’ small giant enterprises. The emergence of the Beijing stock exchange will also encourage more small and medium-sized enterprises to develop in the direction of ‘specialized and special new’. As the first batch of listed enterprises, we are very lucky, but we also feel that we have a great responsibility.” Cheng Yongqing said.
Continue to improve the system and promote the stable development of the Beijing stock exchange
Born in the expectation and growing in the attention, the development of the Beijing stock exchange has a long way to go and needs the efforts of all parties.
“Companies listed on the Beijing stock exchange must strive to ensure the operation quality and better use valuable funds for innovation; at the same time, the issuance and pricing of new shares under the registration system are more market-oriented, and investment institutions should greatly improve their investment and research ability.” Cheng Yongqing said.
“We hope that the Beijing stock exchange will improve its functions at both the financing end and the investment end, further enrich financial instruments and set up efficient and convenient financing channels at the financing end, so that excellent small and medium-sized enterprises can make great progress in the Beijing stock exchange; the investment end will moderately reduce the threshold and improve liquidity, so that investors can share the dividends of the rapid growth of innovative small and medium-sized enterprises.” Liu Xiaoliang suggested.
Tian Xuan, vice president of Wudaokou School of finance of Tsinghua University, believes that the degree of differentiation between the issuance conditions, transaction mode and governance mechanism of the Beijing stock exchange and the gem and the science and innovation board needs to be further expanded. At the same time, we should clarify and expand the scope of responsibilities of intermediaries, do a good job in the corporate governance of the exchange according to the characteristics of corporate management, improve the transparency of exchange supervision, create a good market environment and protect the rights and interests of investors.
The relevant person in charge of the Beijing stock exchange said that in the next step, in the process of market construction, the Beijing stock exchange will put supporting innovation in a more prominent position and solve several key mechanism problems in supporting the innovation and development of small and medium-sized enterprises: first, the innovation inclusion mechanism will continuously optimize the listing access conditions and enrich the innovation evaluation dimensions according to the characteristics of high innovation risk, high uncertainty and long cycle, Improve inclusiveness; Second, the fund supply mechanism supports and guides private and public funds to increase investment, promote the entry of long-term funds such as insurance funds and social security funds into the market, and continue to optimize the “small, fast, flexible and diversified” issuance and financing system; Third, price discovery mechanism, continuously enrich the types of trading mechanism and improve the market maker system; Fourth, the talent incentive mechanism, continuously optimize the equity incentive system and differentiated voting right system, promote the management, technical talents and capital owners to form a community of interests, and further release the innovation vitality of small and medium-sized enterprises. (reporter Zhao Zhanhui)
(people’s daily)
