Kechuang board and registration system are coming! Who will be the first to taste it?

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 Kechuang board and registration system are coming! Who will be the first to taste it?


Photo Source: Photograph Network

Xi Jinping, General Secretary of the Central Committee of the Communist Party of China, Chairman of the State, Chairman of the Central Military Commission and Director of the Central Committee for Comprehensive Deepening Reform, chaired the sixth meeting of the Central Committee for Comprehensive Deepening Reform on the afternoon of 23 July. The meeting deliberated and adopted the General Implementation Plan for the Establishment and Pilot Registration System in Shanghai Stock Exchange and the Notes on the Establishment and Pilot of the Sector Creation System in Shanghai Stock Opinions on the implementation of the registration system and other contents.

The meeting pointed out that the establishment of a technology-based board and pilot registration system in Shanghai Stock Exchange is an important measure to implement innovation-driven development strategy and deepen capital market reform. We should enhance the inclusiveness of capital market to technological innovation enterprises, focus on supporting key core technological innovation, and improve the economic capacity of service entities. We should steadily pilot the registration system, comprehensively promote the reform of basic systems such as issuance, listing, information disclosure, trading and delisting, and establish and improve the stock issuance and listing system centered on information disclosure.

By interviewing market experts and insiders, Chinese journalists from securities firms believe that the move has released five signals:

1. Following President Xi Jinpings announcement on November 5 last year that he will set up a new technology innovation board and pilot registration system in Shanghai Stock Exchange, the Central Committee for Deep Reform adopted two documents, including the implementation plan of technology innovation board, to illustrate the great importance attached by the Party Central Committee to the technology innovation board and the pilot registration system.

2. Kechuang board was first considered and approved at the meeting of the Central Committee for Reform and Development, which indicates that Kechuang board has a high level of decision-making and high priority, which may be unprecedented in the capital market and even in the financial field.

3. Creative stock market is an incremental reform of capital market. It is of great significance to introduce it at present. It can not only make up for the shortcomings of technological innovation in capital market services, but also drive stock system reform such as issuance, listing, information disclosure, trading and delisting.

4. From the point of view of serving the real economy and serving the national strategy of the capital market, it is very timely and necessary to launch the science and technology innovation-driven strategy.

5. At present, the capital market has already met some conditions, including the normalization of new stock issuance, the relatively smooth operation of capital market, the basic rules of delisting, suspension and reinstatement, merger and acquisition and reorganization, etc.

In accordance with the usual practice, the SFC and the exchange will publicize specific implementation plans and implementation opinions to the market after making preparations, and the market expects the rules to come to the ground before the year.

Photo Source: Photograph Network

Focus 1: The Central Committee for Deepening Reform and Promoting the Inclusion of Capital Markets to Technological Enterprises

The meeting pointed out that the establishment of a technology-based board and pilot registration system in Shanghai Stock Exchange is an important measure to implement innovation-driven development strategy and deepen capital market reform. We should enhance the inclusiveness of capital market to technological innovation enterprises, focus on supporting key core technological innovation, and improve the economic capacity of service entities. We should steadily pilot the registration system, comprehensively promote the reform of basic systems such as issuance, listing, information disclosure, trading and delisting, and establish and improve the stock issuance and listing system centered on information disclosure.

At the meeting of the Central Committee for Further Reform, it was also mentioned that we should achieve decisive results in the reform of key areas and links by 2020, continue to fight hard battles, gnaw hard bones, and ensure that every piece of work will be a piece of work.

Fu Lichun, Director of Northeast Securities Research, believes that KIB took the lead in deliberating and adopting KIB at the meeting, which indicates that KIB has a high level of decision-making and high priority, which may be unprecedented in the capital market and even in the financial field. Unlike the GEM, the new third board and other procedures, it is expected that the process of GEM will be greatly accelerated. The general plan and Implementation Opinions of GEM may be published soon, and the implementation of GEM will be in the near future. At the same time, the approval of the overall plan shows that the top-level design of the sheet is basically formed, and the key issues such as the location, principles, paths and steps of the sheet are basically determined. It is expected that the sheet will be formed initially in the first half of 2019, and the stage mature achievements in 2020 can be expected.

The meeting pointed out the strategic position of science and technology innovation board, supported innovation-driven development strategy, deepened capital market reform, and emphasized scientific and technological innovation and core technology. The registration system is stable. The basic systems of issuance, listing, information disclosure, trading and delisting are brand-new, and the issuance and listing are centered on letter and pontiff. This has pointed out the direction for the construction of science and technology innovation board, and the specific content should pay attention to the published program content.

Since the introduction of Kechuang Ban at the end of last year, it has been a hot topic in the capital market. While bringing incremental reform to the capital market, it will also bring changes to the basic systems of issuance, listing, information disclosure, trading, delisting and investor appropriateness management. In the view of most securities firms, under the principle of robust pilot, the probabilistic rate of the first batch of technology-based board companies will have better financial indicators, and even converge with the main board companies at this stage. Citic Securities pointed out that the first pilot probably came from the securities business counseling project. These projects generally have the profitability to sprint A-share listing, meeting 51 IPO audits.

Focus 2: Importance of Kechuanbans launch at this stage

After the deliberation of the Committee for Deep Reform, it shows that the CPC Central Committee attaches great importance to this issue. Yang Changcheng, chief economist of Shen Wanhongyuan Securities Research Institute, said that promoting the development of science-based ventures and supporting science-based ventures is a leading step in deepening capital market reform.

Yang Changcheng said that the first is to be inclusive to start-ups. Because of their development stage, the profit model and operation mode of start-ups are quite different from those of ordinary enterprises, and they should be inclusive to their development model. Second, we need to support the development of key technologies, especially those enterprises that play a key role in science and technology leading and industrial upgrading. Thirdly, special emphasis should be placed on the integration of the system and mechanism, not on the registration system. The registration system is only a change in the way of issuance. We should make overall institutional changes at the regulatory levels of listing, trading and delisting, and introduce supporting policies in all aspects.

In December 2015, the Standing Committee of the National Peoples Congress has authorized the implementation of the stock issuance registration system, which has sufficient legal basis for the pilot registration system of science and technology innovation board. Yang Changcheng said that the core of the registration system is to strengthen the supervision concept and mechanism of improving the information disclosure system, and to implement the registration system requires more stringent information disclosure.

Wei Fengchun, chief macro strategist of Boshi Fund, pointed out that capital market plays a vital role in financial operation. In order to guard against financial risks, while reforming the original stock system, incremental reforms are needed to solve the current problems faced by economic and strategic development.

Industry insiders said that it is of great significance to launch the technology innovation board at this time. The purpose of the technology innovation board is to complement the shortcomings of the capital market service. It is an incremental reform of the capital market. It will make more appropriate differentiation arrangements in terms of profitability, ownership structure and so on, so as to enhance the inclusiveness and adaptability of innovative enterprises.

Over the past few years, strict supervision of the capital market in accordance with the law and the corresponding system construction have created corresponding conditions for the reform of science and technology innovation board and the pilot registration system. Normalized issuance of new shares, relatively stable operation of capital market in the near future, and increasingly perfect basic rules such as delisting, merger and acquisition, reorganization, suspension and reinstatement system. In addition, the pilot of registration system has strict standards and procedures. In all aspects of acceptance, auditing, registration, issuance and trading, more attention will be paid to the authenticity and comprehensiveness of information disclosure, more attention to the quality of listed companies and more attention to stimulation. Market vitality, pay more attention to the protection of investorsrights and interests.

Photo Source: Photograph Network

Focus 3: Which companies will take the lead in landing in the company?

Before the implementation of the plan, regulators have listened to market opinions many times and brewed key information in the policy. From the content revealed, the enterprises recommended by securities firms need to meet a number of requirements, including independent intellectual property rights, related technologies to break through the international blockade; related technologies are the main driving force for the growth of enterprise income, and the main source of income of enterprises is their technology (not set up). With mature R&D system, R&D team, mature business model, etc.

Five types of industries will be more popular:

First, a new generation of information technology, including integrated circuits, artificial intelligence, cloud computing, big data, the Internet, software, the Internet of Things and so on.

Second, high-end equipment manufacturing and new materials, mainly including ships, high-end rail transit, marine engineering, high-end CNC machine tools, robots and new materials;

Third, new energy and energy conservation and environmental protection, mainly including new energy, new energy vehicles, advanced energy conservation and environmental protection;

Fourth, biomedicine, mainly including biomedicine and medical devices;

Fifth, in the field of technical services, mainly for semiconductor integrated circuits, new energy, high-end equipment manufacturing and biomedical enterprises to provide technical services.

The implementation plan has not yet come out, and everything is final landing. However, including local governments, securities firms, venture capitalists and other institutions have been actively groping for the research coverage of high-tech enterprises in the early stage.

Lanqi Technologies Co., Ltd., a star semiconductor design company returned from Nasdaq, submitted its IPO guidance to the Shanghai Regulatory Authority for the record on the 14th, and the guidance institution is CITIC Securities, the website of Shanghai Bureau of Securities Regulatory Commission announced on the 21st.

According to the report of counseling and filing, Lanqi Science and Technology was established in May 2004 with a registered capital of 1.017 billion yuan and legal representative Yang Chonghe. The companys main business is to provide chip-based solutions for cloud computing and artificial intelligence, providing high-performance, safe and controllable CPU, memory modules and memory interface chip solutions.

It is reported that the company has been working in the field of memory interface chips for more than 10 years, and is the only global supplier that can provide full buffer/semi-buffer solutions from DDR2 to DDR4 memory. The DR4 full buffer 1+9 architecture invented by Lanqi Science and Technology has been adopted as international standard by JEDEC (Solid State Technology Association, the leading standard body of the global microelectronics industry). Its related products have successfully entered the mainstream memory, servers and cloud computing fields in the world, and occupy the main share of the international market.

On January 22nd and 23rd, A shares immediately gave a positive response, and the concept of Kechuangban and Licorne shares was outstanding.

Photo Source: Photograph Network

Focus 4: What is the impact of Sci-Tech board on the market?

On the impact of capital market, Yang said that investors want a large number of high-quality, industry development direction, representing the new driving force of economic growth, new enterprises listed, only good assets can attract more capital and new investment needs, the introduction of live water for the market, only the market with high-quality resources listed can be active.

Yang Changcheng believes that first, scientific innovation can guide the further deepening of the reform and innovation of the capital market system. The reform of science-based innovation board is the pioneer of the whole capital market reform. The overall idea of capital market reform is to relax market entrance, strengthen supervision and market elimination mechanism. Science-based innovation board represents an attempt of future capital market reform, and the continuous innovation and reform of system is the driving force of development. The second is to make the listing structure of the market consistent with the dynamic transformation of economic development. In the whole economic growth, the proportion of new formats and service enterprises is higher and higher. Third, attract new investors. We should guide foreign and domestic long-term funds to pay close attention to and enter the market so as to make the supply and demand of the market more balanced and healthy. Fourth, improve the multi-level capital market system, greatly enhance the ability to serve the real economy.

Focus 5: What preparations should all parties in the market prepare for the coming of Kechuang board?

A-share market is looking forward to the landing of the policy. Yang Changcheng believes that all parties in the market need to be prepared for the establishment of the board. First, institutional preparations. Regulators must determine the principles, ideas and a series of supporting systems for the trial registration system of the board. Second, the reserve of listed resources. Although there are abundant listed resources at present, we still need to screen them through appropriate standards. Thirdly, we should do a good job in cultivating market investment concepts and investor education. There are great differences in the growth path, asset form and listing conditions of GEM enterprises, so the way and method of evaluation and valuation of GEM enterprises should be changed. The core of traditional enterprise assets is fixed assets, but the main assets of GEM enterprises are talents, information, technology, patents and so on. These assets belong to the form of movable property. At present, the market recognition in this respect is not perfect, so we should be prepared for investorsinvestment ideas.

Wei Fengchun said that Kechuang is a model of Chinas capital market in the new era. For the regulatory authorities, the subject and process of supervision should be adjusted accordingly, and the responsibilities of the exchanges should be strengthened in accordance with the principle of marketization.

For intermediaries, to adhere to the most basic market rules and improve their self-censorship ability, it is imperative for intermediaries to improve their professional level, especially their pricing ability.

For investors, the wide advance of registration system also means that delisting may be easier, market volatility will be higher than the main board and GEM, and investors participating in GEM should have a certain risk tolerance.

Source: ID: quanshangcn reporter: Wang Junhui, Cheng Dan