In the spring of three years ago, the science and Innovation Board started the acceptance procedure, and the registration system opened the door of the pilot. After a spring thunder broke the institutional barriers, the dream was reflected into reality. The science and innovation board made entrepreneurs embark on a journey bordering the capital market with vision and passion. After three years of exploration and hard work, China’s hard technology clusters have a clear appearance. Today, the science and innovation board has undergone deep-seated structural changes and has better and more stable market expectations.
If science and technology prospers, the nation prospers, and if science and technology is strong, the country is strong. Through the effective allocation of resources in the capital market, the “breakpoints” that have shackled the blood of the science and innovation industry chain for a long time have been connected and the “blocking points” have been dredged, which makes the six hard science and technology fields supported by the state form clusters on the science and innovation board and have a large-scale map. Support hard science and technology enterprises to become bigger and stronger and build a powerful country in science and technology. The function of science and innovation board is becoming more and more obvious.
connect “breakpoint” and drain “blocking point”
In June and November 2021, Longxin Zhongke and haiguang information’s Sci-tech Innovation Board IPO applications were accepted, which had a far-reaching impact in the digital economy and new generation information technology industry.
The prospectus shows that Godson Zhongke has formed an independent instruction system architecture and independently developed hundreds of core modules including processor cores; The technical route of domestic Hisense x86 processor of Hisense information, an upstream chip enterprise of Xinchuang, has been independently controllable. These two companies are just an epitome of the group images of the companies applying for the science and innovation board in recent years. More and more new application enterprises show strong independent innovation ability.
“The contrast is obvious.” A science and technology research expert said that in recent three years, several major sectors of A-share, including the science and innovation board, have accurately focused on hard science and technology standards. From regulators to enterprises themselves, they are working in key areas that can represent international competitiveness.
From upstream chip design, midstream wafer foundry and downstream packaging testing, all links of the integrated circuit industry chain have been reflected in listed companies on the science and innovation board. However, to truly break through the “neck” technology, it is not only the completeness of the industrial chain, but also the supporting links of infrastructure such as semiconductor materials and equipment. Kelun electronics, which applied for the IPO of the science and innovation board in June last year, is a leading domestic EDA enterprise. As the cornerstone of the integrated circuit industry chain, EDA tool’s application fills the gap in related fields of science and innovation board.
“The formation of agglomeration effect plays an exemplary role in opening up the upstream and downstream of the industrial chain and promoting the large-scale innovation. At the same time, it can effectively connect the ‘breakpoints’ and dredge the’ blocking points’ of the industrial chain, so as to provide strong support for promoting the manufacturing industry to move towards the middle and high end and realizing the strategic goal of becoming a powerful manufacturing country.” The above experts said.
A batch of newly declared scientific and technological innovation enterprises show the attraction of the scientific and technological innovation board to hard technology enterprises with core competitiveness. Similarly, hard science and technology enterprises take off and expand with the help of the platform of science and innovation board, and the reform “experimental field” of science and Innovation Board breeds more energy.
According to the data, in 2021, the company achieved a total operating revenue of 812693 billion yuan, a year-on-year increase of 36%; The net profit attributable to the parent company was 92.909 billion yuan, a year-on-year increase of 72%. Among them, nearly 90% of the companies achieved year-on-year growth in operating revenue, nearly 70% of the companies achieved year-on-year growth in net profit attributable to the parent company, and 55 doubled year-on-year.
“hard technology” features highlight
Science and Innovation Board continues to register “science”, which is closely related to the enhancement of science and innovation attributes.
In April last year, the CSRC revised the guidelines for the evaluation of scientific and technological innovation attributes. At the same time, the Shanghai Stock Exchange issued Interim Provisions on the issuance and listing application and recommendation of science and Innovation Board enterprises to further clarify the requirements of science and innovation attributes.
A son is settled and everything is alive. The reporter of China Securities Journal noted that since then, the trend of hard technology enterprises to concentrate on the science and innovation board has become more obvious, and the characteristics of hard technology of enterprises accepted by the science and innovation board have become more prominent.
Compared with previous years, the “section content” of the scientific innovation board in its third year has not only continued to rise, but also has higher quality and purer “lineage”, resulting in a series of hard core changes. In 2021, the science and Innovation Board accepted 177 new enterprises, of which enterprises with more than 50 invention patents accounted for 30%, the median proportion of R & D personnel increased from 22% in previous years to 33%, and the median proportion of R & D investment increased from 7.9% in previous years to 10.52%.
The acceptance enterprises and industries are further concentrated. The total number of enterprises in the six major science and innovation board industries of new generation information technology, biomedicine, high-end equipment, new materials, new energy and energy conservation and environmental protection accounted for 99%. The application of the fifth set of listing standards for unprofitable biomedical enterprises was expanded to medical device enterprises for the first time. A total of 12 enterprises applied in 2021, and the number increased steadily year by year. The proportion of enterprises that choose the listing standards related to red chips and differential voting rights has also increased. With the gradual clarification of the “bayonet” problem faced by special innovative enterprises in the issuance and listing of science and innovation board, the attraction and inclusiveness of science and innovation board to keep excellent red chip science and innovation enterprises listed in China have gradually emerged.
The science and innovation board with flexible equity incentive mechanism has shown the role of demonstration, guidance and “back feeding”. In 2021, 77% of the enterprises accepted by the science and Innovation Board had employee stock ownership plans or equity incentive plans, a significant increase from 40% in previous years. “Through the market-oriented interest binding mechanism, ESOP and equity incentive plan can not only attract talents for hard technology companies, but also stimulate the vitality of R & D and performance growth.” A senior market observer said.
“little giant” thrives
As a gathering place of scientific and technological innovation enterprises, over the past two years, the science and innovation board has gathered 115 specialized, special and new small and medium-sized high-quality enterprises, accounting for 29%.
The gathering of “invisible champions” in various industrial chains and segments has brought significant leading effect. From the disclosure of the performance forecast, the performance of specialized and special new enterprises on the science and innovation board is brilliant. In 2021, the total operating revenue and net profit attributable to the parent company increased by 39% and 42%, more than 60% of the company’s revenue and net profit increased, and the competitive advantage in subdivided fields was further consolidated. Among them, the first batch of national specialized and new “little giant” enterprises Kingsemi Co.Ltd(688037) , deeply ploughed the sub track of semiconductor equipment, and achieved an operating revenue of 829 million yuan in 2021, with a year-on-year increase of 152%; The net profit deducted from non parent company was 636813 million yuan, with a year-on-year increase of 395%.
In the view of insiders, the gathering of specialized and new “little giants” highlights the scientific and innovative attributes of science and Innovation Board enterprises, which focus on market segments, focus on main business, strong innovation ability and good growth, and has played an exemplary role in high-quality development.
It is worth mentioning that there are sufficient “reserve forces” specialized in science and innovation board. In the list of three batches of “little giant” enterprises published by the Ministry of industry and information technology from 2019 to 2021, by the end of 2021, 189 had applied for the science and innovation board, accounting for 26.7% overall. Among them, 45 of the enterprises accepted in 2021 are “little giant” enterprises, and their industries cover six major science and innovation board industries, accounting for 25.4% of the total number of enterprises accepted in 2021.
It can be predicted that in the future, the agglomeration effect of hard technology of science and Innovation Board will be further highlighted. “‘hard technology enterprises should go on the science and Innovation Board ‘is no longer just a slogan. More and more hard technology enterprises have taken the science and innovation board as the first choice for listing.” These people said.
