Today, Heyuan biology and Junpu intelligence are listed on the science and Innovation Board of Shanghai Stock Exchange. Since the opening of the market on July 22, 2019, the number of listed companies on the science and innovation board has reached 401, with a total initial fund-raising of more than 560 billion yuan and a total market value of nearly 5 trillion yuan.
According to the reporter's statistics, the number of enterprises belonging to the six major fields of new generation information technology, high-end equipment, new materials, new energy, energy conservation and environmental protection and biomedicine among all science and Innovation Board companies is 148, 77, 36, 16, 38 and 86 respectively.
In an interview with reporters, Sansure Biotech Inc(688289) Board Secretary Peng Zhu said that the science and innovation board provided a good capital platform for enterprises to strengthen scientific and technological innovation and accelerate the transformation of scientific and technological achievements, and provided strong support for the construction of China's scientific and technological power and high-quality development. After the company landed on the science and innovation board, with the help of its outstanding performance in the covid-19 anti epidemic process, the brand awareness and reputation of the company have been continuously improved.
Shenwan Hongyuan Group Co.Ltd(000166) Securities believes that the pilot registration system reform of the science and innovation board has been steadily promoted on the basis of "non intervention in market operation". The regulatory authorities fully believe in the resilience of the capital market, maintain concentration, accelerate and deepen reform, and significantly improve the predictability and stability of the capital market.
outstanding enterprise growth
2022 starts well
In 2021, the overall operating revenue and net profit of Kechuang board increased significantly year-on-year. According to the disclosure, based on scientific and technological innovation, the science and innovation board company is deeply engaged in the main business of science and innovation. In 2021, the performance continues the high growth trend, and the role of serving the national innovation driven strategy and the high-quality development of the real economy is gradually emerging.
According to statistics, listed companies on the science and Innovation Board achieved a total operating revenue of 818434 billion yuan in 2021, a year-on-year increase of 36%; The net profit attributable to the parent company was 93.682 billion yuan, a year-on-year increase of 71%. In terms of operating revenue, nearly 90% of the companies achieved an increase in operating revenue, 112 companies achieved a revenue increase of more than 50%, and 40% of the companies had an operating revenue of more than 1 billion yuan. In terms of net profit, 90% of the companies achieved profits, nearly 70% of the companies' net profit attributable to the parent increased, and the net profit of 55 companies doubled, with the largest increase of Beijing Hotgen Biotech Co.Ltd(688068) , an increase of more than 18 times.
After the listing of the company on the science and innovation board, it has embarked on the fast lane of development. With the rapid development and growth of the capital market, the performance center will move up as a whole in 2021. When 162 listed companies are added that year, the average operating revenue will rise from 1.525 billion yuan to 2.078 billion yuan, and the average net profit will rise from 138 million yuan to 238 million yuan; The median operating income increased from 560 million yuan to 760 million yuan, and the median net profit increased from 90 million yuan to 110 million yuan.
At the same time, 2022 had a good start, with many companies increasing revenue and profits, and the performance exceeded expectations. On March 8, Semiconductor Manufacturing International Corporation(688981) took the lead in disclosing the monthly operating data. The company achieved an operating revenue of about US $1.223 billion from January to February, an increase of 59.1% year-on-year; The net profit was about US $309 million, a year-on-year increase of 94.9%. Both revenue and net profit showed rapid growth, and the profit growth was significantly higher than that of revenue.
As of March 21, 14 Sci-tech Innovation Board companies have successively disclosed monthly operating data and locked in the good results of the first quarter in advance The revenue and net profit of Montage Technology Co.Ltd(688008) , Shenzhen Xinyichang Technology Co.Ltd(688383) , Beijing Huafeng Test & Control Technology Co.Ltd(688200) and other three companies doubled in the first two months. In addition, Xinjiang Daqo New Energy Co.Ltd(688303) , Kede Numerical Control Co.Ltd(688305) , Farasis Energy (Gan Zhou) Co.Ltd(688567) and other companies disclosed key operating data such as shipment volume, production and sales volume, which showed that capacity expansion was proceeding in an orderly manner.
It is worth noting that 31 unprofitable enterprises listed on the science and innovation board are making steady innovation and development, and the progress of R & D and product commercialization are accelerating. In 2021, seven companies turned losses into profits. Six companies including Guizhou Zhenhua E-Chem Inc(688707) , Tianyue advanced, etc. are expected to realize positive net profits before and after deduction for the first time after listing. The stock abbreviation will realize "pick u" after the disclosure of the annual report. At that time, a total of nine companies on the science and Innovation Board will realize "pick u" Sinocelltech Group Limited(688520) and other 8 innovative drug enterprises listed according to the fifth set of standards, and the scale of drug sales revenue will continue to expand in 2021 Cansino Biologics Inc(688185) , Bio-Thera Solutions Ltd(688177) and Shanghai Allist Pharmaceuticals Co.Ltd(688578) achieved profits for the first time after years of continuous losses National Silicon Industry Group Co.Ltd(688126) , Guizhou Zhenhua E-Chem Inc(688707) , Everdisplay Optronics (Shanghai) Co.Ltd(688538) 3 unprofitable enterprises at the time of listing also predicted that the business was improving in the first two months and the loss was narrowing significantly.
global influence and attraction
steady improvement
Kechuang board has become a market dominated by professional investors. As of December 2021, the trading proportion of professional investors on the science and Innovation Board was close to 90% and the shareholding reached 64%. Compared with 70% of professional investors in December 2019, it has achieved a significant increase. According to statistics, the number of active accounts of professional institutional investors increased by 64% year-on-year and the number of active accounts of individual investors increased by 27% year-on-year in 2021.
Kechuang 50ETF products continue to grow and are very popular in the market. Since 2022, the volatility of the secondary market has increased, but investors' long-term expectation of the development prospect of the science and innovation board has not changed. The ETF of the science and innovation board has been subscribed by a large amount of funds, and the share has increased against the market. From the beginning of 2022 to the end of February, the Kechuang 50 index fell by 8.45%, while the four domestic Kechuang 50etfs bucked the market, increasing by 5 billion to 32.4 billion. Since the release of ETF products of Kechuang 50 index, foreign capital has obtained new channels to enter the market, and the attraction of Kechuang board has been further highlighted. Many overseas exchanges in the United States, Japan, the United Kingdom and other places have released ETF products of Kechuang board 50 index. By January 2022, there were 12 products related to the overseas sci-tech 50 index.
Sci tech Innovation Board stocks are increasingly favored by international investors. In the second quarter of 2021, the companies on the science and innovation board were included in the three major index samples for the first time, and then the number continued to expand. After just over a year, the number of companies included in the MSCI, FTSE and S & P indexes was 18, 36 and 24 respectively, totaling 38 and 78 times. The science and innovation board is rapidly entering the "investment basket" of international investors. The inclusion of international index institutions not only guides the inflow of foreign capital into the science and innovation board, but also is more similar to the certification certificate of global capital allocation, reflecting the continuous improvement of the global influence and attraction of the science and innovation board.
Specifically, on the one hand, international investors actively participate in the issuance of new shares on the science and innovation board. By the end of November 2021, 38 foreign-funded institutions had participated in the preliminary inquiry of the primary market of the science and innovation board, of which 29 had been successfully allocated with a total amount of 774 million yuan. In terms of strategic placement, four international investment institutions participated in the strategic placement of six science and Innovation Board companies, with a total of 157 million shares and 4.484 billion yuan.
In July 2020, as a strategic investor, GIC participated in the issuance of Semiconductor Manufacturing International Corporation(688981) new shares and was allocated RMB 3 billion, the largest amount of foreign capital participating in the strategic placement in Shanghai and Shenzhen markets since July 2019; The company has participated in the strategic allotment of 3.58 billion yuan and 3.54 billion yuan.
On the other hand, the shareholding scale of foreign-funded institutions in the secondary market continued to grow. With the further expansion of the channels for foreign investment in the science and innovation board, the scale of foreign ownership continues to increase. As of February 28, 2022, the market value of sci-tech innovation board company held by foreign capital through the secondary market was 45.7 billion yuan. 107 Sci-tech Innovation Board companies are held by foreign-funded institutions, accounting for 27% of the total number of companies. On average, each company has 7 shares held by foreign-funded institutions, and 41 companies such as Advanced Micro-Fabrication Equipment Inc.China(688012) , Western Superconducting Technologies Co.Ltd(688122) etc. have more than 10 foreign-funded institutions. From the perspective of the types of foreign-funded institutions, they are mainly sovereign funds, pensions, asset management companies, investment banks and other types of institutional investors Nine companies, including Opt Machine Vision Tech Co.Ltd(688686) , Wave Cyber (Shanghai) Co.Ltd(688718) and Wave Cyber (Shanghai) Co.Ltd(688718) account for more than 10% of the circulating market value, of which Opt Machine Vision Tech Co.Ltd(688686) accounts for the highest proportion of 44.27%. The shareholding institutions include Goldman Sachs Group, Morgan Stanley and other five well-known QFII.
hard technology features
industrial agglomeration effect formation
Over the past two years since the opening of the sci-tech innovation board, listed companies have been highly concentrated in high-tech industries and strategic emerging industries. After listing, these Sci-tech Innovation Board companies continue to increase R & D investment. According to the third quarterly report of 2021, the total R & D investment of Kechuang board company is 37.668 billion yuan, with a year-on-year increase of 40%. The investment amount is close to the annual level of 2020, and the average R & D investment intensity reaches 13%, ranking first in all sectors of a shares.
Among the 401 listed companies on the science and innovation board, the new generation of information technology, biomedicine and high-end equipment manufacturing industries have initially formed an industrial agglomeration effect. The number of listed companies has reached 311, accounting for 78% of the total number of listed companies on the science and innovation board. 118 companies were selected into the list of "little giants" specializing in Texin, and 37 were rated as the single champion of manufacturing industry, accounting for 35% of the total number of companies listed on the science and innovation board.
Insiders interviewed by the reporter pointed out that the formation of the agglomeration effect of the science and innovation board has played an exemplary role in opening up the upstream and downstream of the industrial chain and promoting the large-scale innovation.
Today, in the integrated circuit industry chain, Kechuang board has formed a whole industry chain pattern covering chip design, chip manufacturing, chip packaging and testing, and semiconductor equipment and materials. The number of listed companies has reached 49, accounting for half of the A-share companies in the same industry. It supports a number of leading enterprises such as Semiconductor Manufacturing International Corporation(688981) , Advanced Micro-Fabrication Equipment Inc.China(688012) , Shanghai Anlogic Infotech Co.Ltd(688107) . Among them, Advanced Micro-Fabrication Equipment Inc.China(688012) , National Silicon Industry Group Co.Ltd(688126) and other IC industry chain companies started refinancing after listing, making it better and stronger with the help of the capital market.
Among the 401 listed companies on the science and innovation board, 86 belong to the biomedical industry, accounting for 21%. In the face of the outbreak and continuous repetition of covid-19 pneumonia, Kechuang board biomedical company highlights the background of hard science and technology and strongly supports the global anti epidemic There are more than 98 enterprises in Australia and the United States for in vitro diagnostics.
Peng Zhu told the securities times that after landing on the science and technology innovation board, the company continued to increase investment in scientific and technological innovation, and the results continued to emerge. At the same time, with the help of its outstanding performance in the covid-19 anti epidemic process, the company's brand awareness and reputation have been greatly improved. In the future, the company will further explore the scientific and technological frontier in the field of molecular diagnosis, extend to the upstream and downstream of the industrial chain, and constantly break through the key core technologies of the industry.
At the beginning of the outbreak in 2020, Sansure Biotech Inc(688289) developed a series of scientific and technological anti epidemic products such as covid-19 nucleic acid detection reagent and "minute level" rapid nucleic acid detection equipment for the first time, and extended the "Shengxiang program" to more than 160 countries and regions around the world; Cansino Biologics Inc(688185) , a leading innovative vaccine company, has developed a recombinant New Coronavirus vaccine (adenovirus type 5), which has been granted China's conditional approval and emergency use authorization in many other countries. It has become China's first COVID-19 vaccine approved for sequential immunization. The covid-19 neutralizing antibody developed by Shanghai Junshi Biosciences Co.Ltd(688180) has been authorized by Eli Lilly to be used for anti epidemic treatment in the United States. The covid-19 oral drug vv116 developed in cooperation has been approved for emergency use in Uzbekistan and has also carried out clinical trials in many countries around the world; The leading API Brightgene Bio-Medical Technology Co.Ltd(688166) , which has obtained the authorization to imitate the oral drug covid-19 of MSD, can carry out the production and commercialization of covid-19 pneumonia treatment in 105 low-income countries / regions and fields such as India and Pakistan.
Recently, in response to the latest national covid-19 detection strategy, covid-19 virus antigen detection kits of Nanjing Vazyme Biotech Co.Ltd(688105) , Zhejiang Orient Gene Biotech Co.Ltd(688298) , Beijing Hotgen Biotech Co.Ltd(688068) and other companies have been approved for listing. As an aid and supplement to nucleic acid detection, it will further improve the ability of virus "early detection" and help the national epidemic prevention and control in the critical period.
In addition, the number of hard technology enterprises in power cells, photovoltaic and other new energy industries listed on the science and innovation board has also increased year by year, and the financing scale has increased steadily. A number of photovoltaic leaders such as the leader of photovoltaic modules Trina Solar Co.Ltd(688599) , Jingke energy, and the leader of silicon Xinjiang Daqo New Energy Co.Ltd(688303) gathered on Kechuang board, and the number of photovoltaic enterprises on Kechuang Board reached 11. 13 "invisible champions" in the field of power battery segmentation continue to deepen technological innovation and occupy a leading position in the industry Ningbo Ronbay New Energy Technology Co.Ltd(688005) of high nickel ternary cathode materials ranked first in China for four consecutive years, and Anhui Estone Materials Technology Co.Ltd(688733) of boehmite for lithium batteries ranked first in China and second in the world.
The reporter also found that recently, a number of science and technology innovation board enterprises, including Trina Solar Co.Ltd(688599) , Shenzhen Chipscreen Biosciences Co.Ltd(688321) , Liaoning Chengda Biotechnology Co.Ltd(688739) and others, have issued voluntary disclosure announcements on R & D progress.
Li Zhan, chief economist of China Merchants Fund Research Department, believes that in less than three years, the capacity of the science and innovation board has continued to expand, which has rapidly improved its market attraction. About 88 public funds (including theme funds and ETFs) have been issued on the market, with a total issuance share of 97.76 billion yuan. In the foreseeable future, the science and Innovation Board will usher in more excellent enterprises with scientific and technological strength and growth, which is worth exploring more investment opportunities.
