The Registration System Reform Of Gem Is In Line With The Scientific And Technological Innovation Board

On August 24, the gem registration system ushered in the first batch of listed enterprises. This means that since the establishment of the science and technology innovation board and the pilot registration system in 2019, the registration system reform has been pushed forward in the A-share market.

The registration system reform of gem includes both stock market reform and incremental market reform. It forms the incremental reform system together with the science and technology innovation board and the selected layer of the new third board.

The same is the registration system, and the comparison between gem and sci tech innovation board is an unavoidable topic.

On the whole, the gem reform and pilot registration system, on the basis of fully learning from the experience of the science and technology innovation board, and based on the situation of the gem, some targeted arrangements have been made, such as IPO listing conditions, investor suitability requirements, delisting system, securities dealers and speculation system, etc.

At the listing ceremony of the first batch of enterprises registered on the gem held on August 24, Yi Huiman, chairman of the China Securities Regulatory Commission, put forward that "we hope that Shenzhen Stock Exchange will stick to the position of gem, highlight its characteristics and develop in a wrong way."

Industry insiders generally believe that there are obvious differences in the positioning of the science and technology innovation board and the growth enterprise market, and each has its own characteristics in terms of industry distribution and scale distribution of listed companies. Although there are overlapping in some industries, a moderate competition will be formed and a benign resonance will be formed in the future.

System integration

The 21st century economic report reporters have found that there are differences in some systems between gem and KEB. For example, the science and technology innovation board has set five sets of listing standards around the "market value" as the core, and the fifth set of standards allows non-profit enterprises to be listed. After the reform of gem, there are still certain profit requirements. Three sets of listing standards have been set, and the listing standards for unprofitable enterprises have been clarified. However, they will not be implemented for one year, and the evaluation will be made after one year.

In terms of investment threshold, the newly added gem individual investors under the gem registration system are expected to meet the daily average assets of no less than 100000 yuan in the first 20 trading days, and participate in securities trading for more than 24 months. The scientific and technological innovation board has set a threshold of 500000 assets and two years of securities trading experience for individual investors to open an account.

In terms of delisting mechanism, the market value standard was introduced for the first time in the science and technology innovation board, which forced the delisting of listed companies whose market value was less than 300 million yuan for 20 consecutive trading days, while the gem added a delisting index of "the market value of 20 consecutive trading days was less than 500 million yuan".

In terms of the follow-up mechanism of sponsor institutions, it is different from that of the science and technology innovation board. The gem only applies the system of mandatory follow-up investment by relevant subsidiaries of the sponsor for non-profit enterprises, enterprises with special equity structure, red chip enterprises and high-priced issuing enterprises.

In terms of trading system, gem is fully integrated with the science and technology innovation board, including price limit, after hours pricing transaction, financial system and mechanism. What has a greater impact on the market is the relaxation of the price limit: there is no increase or decrease in the first five days before the listing of new listed enterprises on the gem, and then the price limit is adjusted from 10% to 20%, and the daily rise and fall of stock companies are simultaneously expanded to 20%.

On August 24, as of the close of the stock market, all 18 new shares on the gem had risen over the issue price, with an average increase of 212.37%, but the median increase was 126.18%, indicating that the stock price of a few leading companies has risen significantly higher than that of other companies.

For the incremental reform of the registration system of the gem, some market participants have previously worried: will the gem form capital diversion for other sectors?

Facts have proved that the market shows obvious immunity to the theory of diverting funds. At the end of August 24, the three major stock indexes rose, with the Shanghai Composite Index up 0.15%, the Shenzhen composite index up 1.4%, and the gem index up 1.98%. Gem refers to the transaction volume of 229.512 billion yuan in the whole day, compared with 66.495 billion yuan last Friday, indicating that incremental funds have entered the market. On the first day, the total transaction volume of 18 registered new stocks on GEM was 23.03 billion yuan, accounting for 2.6% of the total turnover of Shanghai and Shenzhen stock exchanges.

Xie Yaxuan, chief Macro Analyst of China Merchants Securities, told reporters in an interview with the 21st century economic report that "from the perspective of historical experience, new listed companies have joined in the new market or changes in market transactions, and bring more new rules, which will generally attract more capital. At the same time, the current market incremental capital, especially industrial capital into the market is also a gradual process, so there should be no so-called diversion problem. "

Dislocation development

In addition to the differentiated institutional arrangements, fundamentally speaking, the positioning of gem and sci tech innovation board is different.

The gem mainly serves growth oriented innovative and entrepreneurial enterprises, supports the deep integration of traditional industries with new technologies, new industries, new formats and new models, and puts more emphasis on promoting the innovation and upgrading of traditional industries. It is different from the scientific and Technological Innovation Board "facing the world's scientific and technological frontier, facing the main economic battlefield, and facing the major national needs", which mainly serves the scientific and technological innovation enterprises that meet the national strategy, break through the key core technologies and have high market recognition.

At the same time, Shenzhen Stock Exchange has set up a list of enterprises listed on the Shenzhen Stock Exchange, which also highlights the negative characteristics of the real estate industry. On the other hand, it also supports and guides the transformation and upgrading of traditional industries by allowing traditional enterprises listed in the negative list of industries deeply integrated with new technologies, new industries, new formats and new models.

For example, if we further analyze the IPO Strategy of A-share, such as the A-share IPO Strategy of China's hi-tech enterprises, such as the A-share market, which will be listed in the stock market of China's hi-tech industry, such as the A-share market, will be returned to the stock market of hi-tech. The six industries of the science and technology innovation board are relatively clear. As long as the companies in these six industries choose the science and technology innovation board more. If it is a growth-oriented innovation and start-up company, including the traditional industry technology combination, soft some, more will choose the gem. "

Xun Yugen, chief strategic analyst of Haitong Securities, said, "the positioning of the two sectors is somewhat different, but both are driven by innovation driven development strategies and serve the development of the real economy. Both plates are designed to support new economy enterprises to finance more efficiently and more conveniently. In the long run, the growth enterprise market and the science and technology innovation board should develop synergistically and have a positive correlation with the development trend. "

At the same time, Wang Delun pointed out that although the positioning of gem and sci-tech innovation board are different, they are intersected in some industries, so a moderate competition will be formed. However, this kind of benign competition is a good thing, because marketization itself contains the concept of competition. On the contrary, companies are also faced with more optimized competition. To attract more investors, it is actually a virtuous circle of ecology.

"In the future, with the implementation of the new regulations on the gem registration system and the opening of the era of gem registration system, the gem is expected to be gradually scientific and innovative, which will further inject strength into the current market with low risk preference." Zhang Qiyao, chief strategic analyst at Guosheng securities, said.