In addition, some venture capitalists confessed to the reporter of International Finance Daily that the establishment of a technology innovation board and pilot registration system is a top-down capital system reform, which will have a very positive impact on venture capital. On the one hand, it cultivates excellent national hard science and technology to strengthen the national competitiveness; on the other hand, it drives the continuous evolution of venture capital and insists on value investment.
At the same time, some venture capitalists put forward their worries and suggestions: first, to avoid the phenomenon of quick success and instant benefit after the start of the Sci-Tech board, we need to strictly implement the system of delisting, and put an end to the trend of capital gamblers; secondly, Sci-Tech board should allow competitive enterprises to obtain a full free competitive market, so that they can truly be tolerant and flourishing, and retain excellent domestic enterprises and talents. Finally, we should change the inadequacies of the original capital market and learn from the experience and lessons of GEM.
Reform and Innovation of Capital Market
Nowadays, Kechuang board once again carries the vision ofChina Nasdaq. We should avoid repeating the same mistakes and hope that it will have a more market-oriented and flexible state in auditing, delisting and so on. Xu Qing, Yuanhe Chenkuns managing partner, confessed to the reporter of International Finance Daily, Looking from the feedback received from the enterprises, Kechuang board is still a little far from the real registration system at present. Creative stock market can become aspecial zoneof the securities market, learn from the Nasdaq mechanism, truly tolerant, so that competitive enterprises can obtain a full free competitive market, and do not let domestic excellent enterprises run away from home.
As Chinas Nasdaq, Kechuanbao can be more inclusive and open. We should not only retain domestic excellent enterprises and talents, but also attract foreign excellent enterprises and talents to become a global scientific and technological highland. Li Chengbin put forward his views.
As of June 12, the Shanghai Stock Exchange has accepted 122 companiesapplications for listing on the GEM. Six of them have successfully met, and three of them have submitted applications for registration.
From the point of view of the orientation of science and technology innovation board, we will focus on supporting the new generation of high-end information technology equipment, new materials, new energy, energy conservation and environmental protection, as well as biomedicine and other high-tech industries and strategic emerging industries. From the point of view of these acceptance enterprises, science and technology board has obvious tendency of hard science and technology.
National science and technology urgently need to rise. It is a good thing for the state to pay attention to hard science and technology from top to bottom. Xu Qing confessed to reporters.
Li Chengbin further explained to reporters that Kechuangban will be the capital system support for the development of hard science and technology enterprises and provide them with effective financing channels. Once the company has achieved good performance, it will play a demonstration effect on the market and promote the development of the whole industry.
Renminbi Fund Benefits More
Nowadays, the company has officially launched a new venture board, which is full of joy and encouragement. It is generally believed in the industry that SCB provides a new channel for venture capital firms to withdraw, is conducive to breaking through the four links of fund raising, investment management and withdrawal, and is bound to benefit the development of the industry.
Compared with the change of GEM-driven venture capital structure to quantity ten years ago, GEM-driven venture capital will change to quality.
This also means that investors need to improve industry awareness and have value judgment ability. In Zhangs view, from the investment stage, long-term value investment VC will become the biggest beneficiary of KIB, and the investment PE of Pre-IPO is relatively negative. In the long run, there may be polarization in the equity investment market.
Zhang further explained that long-term value investment VC can capture high-quality projects at an earlier stage, and its pricing logic is consistent with the market-oriented inquiry pricing mechanism logic under the Kechuang IPO registration system, which can effectively withdraw. Pre-IPO investment PE is mostly to take profits from the valuation price difference between the primary and secondary markets, while the registration system and market-oriented inquiry pricing mechanism implemented by Kechuang Board will eliminate the valuation price difference between the primary and secondary markets.
According to the shareholder structure of six companies that have met at present, the reporter of International Finance Daily found that the VC/PE penetration rate is high, among which RMB funds such as Shenzhen Venture Capital are dominant.
In addition, Xu Qing also said that the venture capital mother fund could play a greater role as a platform around the national strategies and important tasks of building a science and technology innovation center with global influence, setting up a science and technology innovation board and pilot registration system, and integrating the development of the Yangtze River Delta.
Source: Responsible Editor of IFC: Ren Hui_NBJ9607