On December 22, Weibo hydraulic officially issued shares to unspecified qualified investors. As the first company to participate in the fair after the opening of the Beijing stock exchange, the prospectus (last draft) of Weibo hydraulic has new disclosure contents and added the column of “the issuer’s own innovative characteristics”.
In addition to Weibo hydraulic, this chapter appears in the conference draft of other application enterprises such as Hujiang materials and Weimao electronics. Industry insiders believe that the Beijing stock exchange is positioned to serve innovative small and medium-sized enterprises. In the future, the regulators are likely to further standardize the disclosure standards of “innovation characteristics”. This new chapter can not only help enterprises show their own value, but also help investors better understand enterprises and make reasonable investment choices.
the issuer’s “innovative features” have attracted much attention
There are 13 chapters in the prospectus of Weibo hydraulic, and the name and structure of the chapters have not been changed yet. In the overview of the second chapter, after the end of subsection 8 “description of the equity relationship between the issuer and intermediaries related to this offering”, a new subsection “the innovative characteristics of the issuer itself” is added.
In this section, the prospectus first summarizes the industry characteristics of Weibo hydraulic with about 150 words, and then expounds and analyzes the innovation characteristics of Weibo hydraulic from three aspects: business innovation, product innovation and technological innovation, in which four product charts are also provided for clearer display.
This disclosure was newly added after the opening of the Beijing stock exchange on November 15. Weibo hydraulic, Hujiang materials and Weimao electronics were supplemented and disclosed in the draft of the meeting. The newly accepted Jikang instrument and Tede shares are described in the first edition of the prospectus.
At the same time, regulators also began to focus on the characteristics of enterprise innovation when reviewing the prospectus. Recently, Hangzhou Luqiao and lux were asked about this in the second round of inquiries.
The first question in the second round of inquiry of Hangzhou Road and bridge is “the embodiment of innovation characteristics is not clear”, which requires the company to explain the specific embodiment of innovation characteristics in combination with R & D investment, R & D capacity, whether there is overcapacity and so on. Lux is required to further analyze and demonstrate whether it meets the positioning of Beijing stock exchange to support innovative small and medium-sized enterprises in combination with its own industry, core technology and process embodiment, R & D investment and high-tech enterprise qualification.
“innovative features” disclosure will be inevitable
At present, the companies applying to the Beijing stock exchange have different descriptions of “innovation” in the prospectus. In the conference draft of Weibo hydraulic, Hujiang materials and Weimao electronics, the innovation features are described in words of more than 1000 words, basically focusing on business innovation, product innovation, technological innovation and other dimensions; The description of “innovation features” in the application draft of Jikang instrument and Tede mainly focuses on technology, patents, awards, etc., of which Tede wrote 193 words.
Zhu Haibin, research director of the new third board of Anxin securities, said that it is a good thing to add the disclosure of “innovative features” to the prospectus. Beijing stock exchange is positioned as a service innovative small and medium-sized enterprise, which does not mean that enterprises in traditional industries cannot log on to Beijing stock exchange. When looking at the enterprises to be listed on the Beijing stock exchange, we should not only focus on whether the industry in which the enterprise is located is an emerging industry or a traditional industry, but should focus on whether the company itself has developed innovative businesses and made innovative products. There will also be innovation in traditional industries.
“This new disclosure should not be over interpreted. It is inevitable that the Beijing stock exchange requires issuers to disclose ‘innovative features’, and I believe that relevant rules will be supplemented to regulate how to disclose in the future. There are hundreds of’ little giant ‘enterprises specializing in special and new industries on the new third board, and some enterprises also belong to traditional industries, but they have achieved the degree of’ special and new ‘. Disclose this more clearly This content is also responsible to investors, which is convenient for investors to tap high-quality targets. Just like the electric hydraulic core parts developed by Weibo hydraulic production are scarce targets in the hydraulic industry chain. Therefore, the disclosure of innovation characteristics can also enable enterprises to further show their value. ” Zhu Haibin told reporters.
Gem and Sci-tech Innovation Board also have relevant requirements on “innovation”. The industry positioning of gem can be specifically summarized as “three innovations and four innovations”, that is, enterprises meet the general trend of “innovation, creation and creativity”, or traditional industries are deeply integrated with “new technology, Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) , new business form and new model”.
Enterprises planning to apply for the science and innovation board need to meet the positioning requirements of the science and innovation board. The guidelines for the evaluation of science and innovation attributes (for Trial Implementation) issued by the Shanghai Stock Exchange has improved the evaluation index system of science and innovation attributes. The issuer needs to conduct a full self-assessment on whether it meets the positioning of the science and innovation board, issue a special description, and ensure that the special description is true, accurate and complete.
(Shanghai Securities News)
