The first share of the board transfer of the Beijing stock exchange was officially born.
On March 31, Guandian defense was approved to be listed on the science and innovation board, becoming the “first share transferred to the board of the Beijing stock exchange”. It is worth noting that Guandian defense, as the “first share of UAV anti drug” in the A-share market, became the “first” enterprise listed on the selected layer in 2020. At the same time, it was also the first enterprise to apply to the science and Innovation Board of Shanghai stock exchange for board transfer in 2021, and became the first enterprise to pass the board transfer in 2022.
Guandian defense has been approved by the Shanghai stock exchange for board transfer
became the “first share transferred to the board of Beijing stock exchange”
On March 31, Guandian defense obtained the Shanghai Stock Exchange’s decision to transfer the board. This means that Guandian defense will become the first enterprise to be listed on the Shanghai and Shenzhen Stock Exchange from the Beijing stock exchange, and the “first share of the board” will be officially born Citic Securities Company Limited(600030) is its sponsor broker.
Reviewing the process of Guandian defense board, the process is fast. On November 10, 2021, Guandian defense board transfer application was accepted, entered the inquiry stage on December 3, and successfully held the meeting on January 27 this year.
It is understood that Guandian defense is a national specialized new “little giant” and high-tech enterprise. It is a leading UAV anti drug service provider in China. The company’s main business is UAV flight service and data processing, and the R & D, production and sales of UAV system and intelligent defense equipment.
As the earliest enterprise engaged in the research and development of UAV anti drug products and the industrialization of services in China, the company has built a business system dominated by UAV anti drug and supplemented by other applications after years of technology accumulation, relying on self-developed UAV products, rich experience in drug original plant interpretation and flight operation, massive business samples, geographic information data and characteristic data identification core algorithms.
The company is a high-end equipment company and meets the requirements of relevant defense industries. In terms of advanced technology, the defense company has the leading edge in flight service and data processing, UAV system and intelligent defense equipment.
In addition, the board transfer company meets the listing conditions specified in Item (1) of article 2.1.2 of the listing rules. That is, the market value is expected to be no less than RMB 1 billion, the net profit in the last two years is positive and the cumulative net profit is no less than RMB 50 million, or the market value is expected to be no less than RMB 1 billion, the net profit in the last year is positive and the operating revenue is no less than RMB 100 million.
UAV drug control service revenue accounts for a relatively high proportion
At the same time, Guandian defense also suggests a number of risks. It is pointed out that the company’s UAV drug control service revenue accounts for a relatively high proportion, which largely depends on the financial investment of government departments in the field of drug control. During the reporting period, the company’s UAV drug control service revenue was 338611 million yuan, 543127 million yuan, 622529 million yuan and 265274 million yuan respectively, accounting for a high proportion of UAV flight service and data processing business revenue, 81.40%, 73.31%, 67.86% and 46.01% respectively.
The market space of UAV anti drug industry depends on the government’s financial budget in the field of anti drug. If the government’s financial budget in the field of anti drug is reduced in the future, or the strength of policy support is reduced, the growth rate of the company’s future anti drug service revenue may slow down and the growth space may be limited, which will have an adverse impact on the overall development of the company.
In addition, the company’s UAV system and intelligent defense equipment business is smaller than that of leading enterprises in the same industry, the technical level needs to be further improved, the gross profit margin fluctuates, and the related products face great competitive pressure; UAV technology and products have the characteristics of rapid renewal, the company’s R & D team has few personnel, and the R & D ability and continuous investment need to be further improved; The risk of long collection cycle of accounts receivable; Data use compliance risk, etc.
issued by CSRC
guidance on board transfer of listed companies of Beijing stock exchange
On January 7, the CSRC issued the guiding opinions on the board transfer of Listed Companies in Beijing stock exchange. On the basis of maintaining the system framework, style and main contents of the original guidance, this revision mainly includes five aspects.
First, adjust the formulation basis. Delete the decision of the State Council on issues related to the national share transfer system for small and medium-sized enterprises (GF [2013] No. 49). Second, name revision. The “national stock transfer company” and “selected layer company” are revised to “Beijing stock exchange” and “listed company of Beijing stock exchange” respectively, and the “listing on the board” is revised to “listing on the board”. Third, clarify the calculation of listing time. When applying for board transfer, a listed company on the Beijing stock exchange shall have been listed on the Beijing stock exchange for more than one year, and its listing time on the original selection layer and the listing time on the Beijing stock exchange can be calculated together. Fourth, share restriction arrangements. Clarify the limited sale period of shares after the board transfer of listed companies on the Beijing stock exchange. In principle, the limited sale time in the original selection layer and the Beijing stock exchange can be deducted. Fifth, it has made adaptive adjustments to other written expressions.
In this regard, Soochow Securities Co.Ltd(601555) said that the introduction of the board transfer system of the Beijing stock exchange means another substantive step has been taken in the interconnection of China’s multi-level capital market. Under the expectation of the implementation of the main board registration system, all sectors are expected to realize interconnection in the future. The board transfer system will also force the Beijing stock exchange to continue to deepen reform and better reflect its inclusiveness, innovation and service.
Guandian defense has witnessed several “firsts” in the development of multi-level capital market from becoming the first company to apply for the selected layer of the new third board, to the first company to apply for direct transfer of the board, to moving to the Beijing stock exchange together with other selected layer companies, and then to the first company to successfully participate in the transfer of the board. The success of Guandian defense is the embodiment of the capital market’s continuous enhancement of the ability of financial services to the real economy. Enterprises at different development stages can obtain differentiated and convenient services in the capital market. Enterprises can independently choose trading places according to their own needs and make full use of the characteristic systems of different markets to support enterprise development.
Soochow Securities Co.Ltd(601555) pointed out that the successful meeting of Guandian defense also marked the better play of the market function of the new third board. The board transfer system is combined with the existing innovation layer and foundation layer of the Beijing stock exchange and the new third board to form a demonstration effect and build a market structure connected from top to bottom, which is conducive to stimulate the vitality of the new third board market through the transmission mechanism and form a good market ecology that meets the needs of both investors and financiers.
measures for board transfer of listed companies of Beijing stock exchange
On March 4, the Shanghai and Shenzhen Stock Exchange issued the board transfer rules for listed companies on the Beijing stock exchange, namely the measures for the transfer of listed companies on the Beijing stock exchange to the science and Innovation Board of the Shanghai Stock Exchange (for Trial Implementation) and the measures of the Shenzhen Stock Exchange on the transfer of listed companies on the Beijing stock exchange to the Innovation Board (for Trial Implementation).
The key points of this board transfer method include: the total share capital of the board transfer enterprise shall not be less than 30 million, the number of shareholders shall not be less than 1000, and the cumulative trading volume of shares realized through competitive trading for 60 consecutive trading days (excluding the stock suspension day) shall not be less than 10 million shares; The board transfer company shall comply with the sector positioning and submit special instructions; The Shanghai and Shenzhen Stock Exchange inquires about the board transfer enterprises; Specify the reduction requirements and shall not transfer the shares before the board transfer within one year; The opening price is the closing price of the last trading day of the Beijing stock exchange.
Kaiyuan Securities believes that the official release of the rules for the board transfer marks that the board transfer of listed companies on the Beijing stock exchange has entered the stage of standardization and normalization, and represents the initial completion of China’s multi-level capital market system with the three major exchanges as the core. As an important link of China’s multi-level capital market system, the Beijing stock exchange, on the one hand, forms a progressive listing channel for small and medium-sized enterprises with the basic layer and innovation layer of the new third board; On the other hand, with the dislocation development and interconnection of Shanghai and Shenzhen stock exchanges and regional equity markets, it forms a capital market structure with complete system, clear levels and complementary functions.
In fact, in addition to Guandian defense, a number of enterprises including Hanbo hi tech, taixiang shares, Longzhu technology and xin’anjie also followed suit and successively started the board transfer.
However, with the establishment and opening of the Beijing stock exchange, Longzhu technology and xin’anjie have announced their intention to terminate the board transfer and decided to stay in the Beijing stock exchange. Longzhu technology said that the cancellation of board transfer is based on the current macro environment and the stage of enterprise development. The most suitable capital market for the company at this stage is the best market.
Xin’anjie said that the policy system, system system and service system of the Beijing stock exchange can provide a good environment for the operation and development of the company, which is in line with the company’s operation and development strategy. The current volume of the company is more suitable for the development of the Beijing stock exchange. With the realization of the phased goal of listing, the company should no longer focus on the board transfer, but return to the main business development and further improve its operating performance. Therefore, it is proposed to terminate the board transfer to the gem.
