On November 5th, the news that China decided to set up a science and technology board and pilot the registration system has aroused widespread concern. Analysts here believe that this move is an important measure for deepening reform of China's capital market, and it is expected to create a true Chinese version of Nasdaq to promote China's economic transformation and upgrading.
It is reported that Kechuang Board aims to fill the shortcomings of the capital market service technology innovation, is the incremental reform of the capital market, will make more appropriate differentiation arrangements in terms of profitability, shareholding structure, etc., and enhance the innovation of enterprises. Inclusive and adaptable. According to the Shanghai Stock Exchange, Kechuang Board is a new section independent of the existing main board market, and a registration system pilot is conducted within the section.
The idea of ​​setting up a science and technology board by the Shanghai Stock Exchange is mainly to support the development of some science and technology innovation enterprises, support economic transformation, and improve the construction of multi-level capital markets. The pilot registration system in the science and technology board is mainly to make the issuance more market-oriented and better protect the interests of investors. Compared with the review system, the registration system makes the market play a decisive role in the pace and pricing of new share issuance, but the implementation of the registration system does not necessarily mean that the number of new shares issuance will increase significantly.
The company will focus on small and medium-sized enterprises that have not yet entered maturity but have growth potential and meet the normative, technological and innovative characteristics. According to industry insiders, since start-ups are often considered to be too risky, domestic credit funds are difficult to bear high risks, and Kechuang Board will provide a direct financing platform for such enterprises, and provide a game stage for high-risk preference players. Reduce the leverage ratio of SMEs. The relaxation of the entry barrier will effectively expand direct financing, create a better exit channel for PE/VC, encourage innovation and entrepreneurship, and allow the capital market to further serve the real economy.
Xiaobian micro-evaluation:
As China's economy enters the stage of high-quality development, the manufacturing industry is moving towards the middle and high-end level. Abrasives as a traditional industry in the industrial field are currently in the critical period of transformation and upgrading. After decades of development, the domestic abrasives industry has made great progress. However, the problem of low-end surplus and high-end shortage still plagues the development of the industry, especially the demand for high-end market is obviously insufficient. The gap between foreign abrasives and developed countries is relatively large, and technological innovation is the weakest link in the development of the industry. To achieve the transformation and upgrading of the industry, it is necessary to take scientific and technological innovation as the first shortcoming that must be filled, and tightly hold the key to innovation. In the abrasives industry, the number of SMEs is the majority. For SMEs, lack of talent and shortage of funds are prominent problems that plague enterprises to carry out scientific and technological innovation. Engaging in technological innovation requires continuous investment of human and financial resources. The support of the capital market is an effective way. In the past, the financing platform set stricter thresholds for SMEs, and the establishment of the science and technology board has potential for growth and technology. Small and medium-sized enterprises with innovative and innovative features provide a relatively easy-to-follow direct financing platform, which will also significantly reduce the leverage ratio of SMEs. It can be expected that the launch of Kechuang Board will bring more opportunities for domestic high-tech, high-growth abrasives and innovative enterprises to respond to the rapid changes in the market, and will quickly raise funds for them, shorten product development and delivery. The market cycle is conducive to the speed of industry transformation and upgrading. Of course, in a certain sense, the establishment of the science and technology board reflects the state's emphasis on and support for science and technology innovation. When an industry forms a strong atmosphere of technological innovation, is this industry far from strong and strong?
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