Frost & Sullivan insights
As of7month22On this day, there are a total of 13 listed companies on the Sci-Tech Innovation Board in the Yangtze River Delta region consisting of "three provinces and one municipality".203Home (Shanghai65Home, Jiangsu85Home, Zhejiang37Home, Anhui16(homes), accounting for the total number of sector companies46%; Total funds raised at the initial public offering3175.90100 million yuan, with an average fundraising15.64100 billion yuan. The Sci-tech Innovation Board has opened For three years, the Yangtze River Delta region has continuously provided the Sci-Tech Innovation Board with 'fresh water from the source'.
Among the listed companies on the Sci-tech Innovation Board, the Yangtze River Delta region accounts for nearly half. What factors are behind the Yangtze River Delta region becoming the main force in listing on the Sci-tech Innovation Board? Can the Yangtze River Delta region continue to maintain its leading advantage in the future? Will the resource advantages of science and technology innovation in the Yangtze River Delta region feed back into the Sci-tech Innovation Board, promoting its growth and strengthening? Frost & SullivanFrost & Sullivan,Dr. Wang Xin, Global Partner and President of Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by China Securities Journal to discuss the impact of the Yangtze River Delta region on the Science and Technology Innovation Board (STAR Market) and its future prospects.
China Securities Journal
On the occasion of the third anniversary of the opening of the Sci-tech Innovation Board, two Yangtze River Delta enterprises, Longda Co., Ltd. and Guobang Electronics Co., Ltd., were listed on the Sci-tech Innovation Board today.
Looking back, enterprises in the Yangtze River Delta have witnessed every significant moment at the opening anniversary of the Sci-Tech Innovation Board. One year ago today, Suzhou Ruikeda was listed on the Sci-Tech Innovation Board; two years ago today, Shanghai Sansheng Guojian, and others4Parent Triangle Enterprises Listed on the Sci-tech Innovation Board; Three Years Ago Today, the First Batch of Companies Listed25Among the companies listed on the Sci-tech Innovation Board12I come from the Yangtze River Delta region.
For three years, the Yangtze River Delta region has continuously provided the Sci-Tech Innovation Board with 'fresh water from the source'.
Industry insiders believe that the Sci-Tech Innovation Board and the resource advantages of scientific innovation in the Yangtze River Delta region have formed a virtuous cycle of symbiosis and mutual benefit. On one hand, the birth of the Sci-Tech Innovation Board has provided capital support to technology enterprises in the Yangtze River Delta region, enabling them to develop rapidly. On the other hand, the demonstration and leading effect has begun to emerge. In the future, more science and technology innovation enterprises with 'hard technology' attributes will list on the Sci-Tech Innovation Board in the Yangtze River Delta region, further promoting the growth and strengthening of the board.
Be the "Pioneer" of Sci-Tech Innovation Board
The Yangtze River Delta encompasses Jiangsu, Zhejiang, Anhui, and Shanghai “s three provinces and one municipality&rdquo. In recent years, scientific and technological innovation in the Yangtze River Delta has witnessed significant development, with the organic interaction between hard technology enterprises in the region and the Sci-Tech Innovation Board being one microcosm of this progress.
As of7month22On this day, there are a total of 13 listed companies on the Sci-Tech Innovation Board in the Yangtze River Delta region consisting of "three provinces and one municipality".203Home (Shanghai65Home, Jiangsu85Home, Zhejiang37Home, Anhui16(homes), accounting for the total number of sector companies46%; Total funds raised at the initial public offering3175.90100 million yuan, with an average fundraising15.64100 million yuan.
Specifically, in terms of industry segmentation, industries such as new-generation information technology, biomedicine, and high-end equipment are significantly concentrated within the Yangtze River Delta region. Especially in the fields of integrated circuits and biomedicine, a full industrial chain layout has been formed.
In terms of enterprise types, the Sci-Tech Innovation Board also demonstrates a high level of inclusiveness in corporate listings within the Yangtze River Delta region. Over the past three years, enterprises from the Yangtze River Delta have won several 'firsts' on the Sci-Tech Innovation Board. For example, SMIC became the first company on the board to...A+H”Red-chip enterprises andIPO listingThe fundraising amount ranks first, and Zhejiang Genomics & Therapeutics Co., Ltd. becomes the first company on the Sci-tech Innovation Board to be listed.AHuaren Microelectronics, the first Sci-tech Innovation Board company to list after the market opened for unprofitable enterprises and the first to adopt the fifth set of standards, became the first red-chip listed company on the Sci-tech Innovation Board. It also introduced the 'Green Shoe Mechanism' first, making Youke Digital the first Sci-tech Innovation Board company with different classes of shares.
In terms of the highly anticipated innovation and entrepreneurship achievements,2021In the year, the total R & D investment of listed companies on the Sci-tech Innovation Board in the Yangtze River Delta reached387.99Yuan, a year-on-year increase26%The average proportion of R&D investment to operating revenue is12%Among them, there are a total of63Home Sci-Tech Innovation Board companies have been selected into the national list of specialized, refined, distinctive and innovative "little giant" enterprises, accounting for31%.
In the view of industry insiders, the Yangtze River Delta region is one of the strongest areas in China for scientific research innovation, economic development, openness, and capital inclusiveness. The excellent business environment and policy support for science and technology innovation industries in the Yangtze River Delta are conducive to the establishment, development, and rapid growth of science and technology innovation enterprises.
Tao Dongyan, head of the Smart Seed Innovation Research Center, told China Securities Journal reporters: 'Yangtze River Delta's science and technology innovation enterprises have certain advantages over the overall Sci-Tech Innovation Board in some indicators. On one hand, this is due to the active atmosphere for scientific and technological innovation among enterprises in the region, as well as the vigorous development of small and medium-sized enterprises. On the other hand, it is also related to policy encouragement and guidance. In the context of regional integration development, the Yangtze River Delta actively encourages local technology companies to list on the Sci-Tech Innovation Board at both institutional and operational levels.'
Joint efforts to help enterprises in the Yangtze River Delta "make it to the top"
The formation of the strength of the Yangtze River Delta's science and technology innovation board cannot be separated from the assistance of all parties. It is precisely because a relatively good interaction has been established among local governments, regulatory authorities, enterprises, and financial capital within the Yangtze River Delta region that they can jointly cultivate and promote the development and growth of the science and technology innovation enterprises in the region.
A reporter from China Securities Journal learned from the Shanghai Stock Exchange that it has strengthened collaboration and exchanges with local governments such as those in Shanghai, Jiangsu Province, Zhejiang Province, and Anhui Province. A working mechanism for paired services has been established, with market service personnel providing specialized services to corresponding regions.
For example, the Yangtze River Delta Capital Market Service Base was jointly established by the People's Government of Pudong New Area, Shanghai and the Shanghai Stock Exchange, starting from2018year11Since its unveiling and launch, the system has focused on serving the national strategy of integrated development in the Yangtze River Delta and the tasks of the registration-based IPO system reform on the Sci-Tech Innovation Board. It has constructed an integrated service network for the Yangtze River Delta and a full-life-cycle innovation finance ecosystem. By tapping into Yangtze River Delta science and technology innovation enterprises willing to go public, a reserve pool has been formed.-cultivation library-The "reservoir" of the recommended database promotes capital support for science and technology innovation enterprises in the Yangtze River Delta.
Wang Xin, Global Partner at Frost & Sullivan and President of Greater China, introduced that the Yangtze River Delta Capital Market Service Base has not only pioneered the listing discovery and cultivation function nationwide but also the pre-listing review and evaluation function. By constructing a pre-review scoring system based on the listing standards and key points of inquiry for the Sci-tech Innovation Board, it provides comprehensive scoring for enterprises, addressing various difficulties in listing on the Sci-tech Innovation Board. 'The Yangtze River Delta Capital Market Service Base has injected strong momentum into the vigorous development of the region,' said Wang Xin.
"Judging from the current operational reality, the Shanghai Stock Exchange has achieved significant results in serving technology innovation enterprises in the Yangtze River Delta." A relevant person in charge of the Shanghai Stock Exchange stated that in the future, the exchange will continue to deepen the integration and linkage of financial elements with scientific and technological innovation resources, further streamline the enterprise listing service chain, cultivate and empower technology innovation enterprises in the Yangtze River Delta, and make positive contributions to helping the Yangtze River Delta achieve high-quality integrated development.
The 'reserve force' is strong
Tech innovation enterprises are born in technology and thrive in finance. After listing on the Sci-Tech Innovation Board, enterprises from the Yangtze River Delta have made significant progress.
The data shows,2021In total, listed companies on the Sci-Tech Innovation Board in the Yangtze River Delta region achieved operating revenue3998.63Yuan billion, growth39%; Realize net profit attributable to the parent company523.84Yuan billion, growth78%Among them, 90% of the companies saw an increase in operating revenue.22The company's revenue has doubled; recently7The net profit attributable to the parent company has increased.39The company's profit growth rate is at100%As mentioned above, the highest profit increase reached12times.
Headquartered in the Shanghai region, in2019year7Microsemi, listed on the Sci-tech Innovation Board2021The company's operating revenue and net profit attributable to the parent company both reached record highs, reaching31.08yuan10.11Yuan. Yin Zhiyao, Chairman of Zhongwei Company, told China Securities Journal reporters: 'With the support of the capital market, the company has broadened its financing channels, enhanced its market brand, brought more cooperation opportunities, and achieved rapid development. To better motivate the management team and employees, the company also implemented a Class II restricted stock incentive plan that basically covers all employees after going public.'
In the view of industry insiders, the integration development process in the Yangtze River Delta places great emphasis on the boost that the Sci-tech Innovation Board (STAR Market) can provide to technology. As the STAR Market facilitates financing for science and technology innovation enterprises in the Yangtze River Delta, these listed companies have also played a demonstrative and leading role invisibly, attracting more 'hard technology' enterprises from the region to apply for the STAR Market and actively promoting the integrated economic development of the Yangtze River Delta. According to statistics by China Securities Journal reporters, looking at the situation of companies planning to go public, the Yangtze River Delta's strength as a 'reserve force' for the STAR Market is very substantial, including those planning to raise funds.650Yuan-billion agricultural giant Syngenta Group, Guofu Hydrogen Energy and other specialized & innovative 'little giants'.
*This article is reprinted from China Securities Journal,The reporter is Huang Yiling, and the original article's title is 'Demonstration Leading Effect Emerges The Yangtze River Delta's strength supports the development of a new highland for the Sci-Tech Innovation Board».
Frost & Sullivan Insight & Extended Readings
QAmong the listed companies on the Sci-tech Innovation Board, the Yangtze River Delta region accounts for nearly half. What factors are behind the Yangtze River Delta region becoming the main force in listing on the Sci-tech Innovation Board? Can the Yangtze River Delta region continue to maintain its leading advantage in the future?
A: till2022year7month1On432Among them, the number of listed companies on the Sci-Tech Innovation Board in the Yangtze River Delta region is197The total number of listed companies on the Sci-tech Innovation Board45.6%It ranks first. The Yangtze River Delta region has become one of the regions in China with the largest number of companies listed on the Sci-Tech Innovation Board, the highest total market value, and the largest proportion of market value scale.
The Yangtze River Delta region is one of the areas in China with the strongest scientific research innovation, economic development, openness, and capital inclusiveness. It occupies an important position in the country's modernization drive and international open development strategic layout. Relevant favorable policies have further promoted the economic and scientific and technological innovation development in the Yangtze River Delta region, for example:2019In the Outline of the Development Plan for Regional Integration in the Yangtze River Delta Region issued by various ministries and commissions of our country in [year], it is proposed that by2025In [year], the integrated development system of science and technology innovation industries was basically established; the regional collaborative innovation system was largely formed, becoming an important innovation source in the country. At the same time, high-growth innovative enterprises in the Yangtze River Delta region are encouraged to list on the Sci-tech Innovation Board for financing. The excellent business environment and policy support for science and innovation industries in the Yangtze River Delta region are conducive to the establishment, development, and rapid growth of science and innovation enterprises. Therefore, the Yangtze River Delta region has incubated a large number of science and technology innovation enterprises that have gone public on the Sci-tech Innovation Board for financing, becoming the main force in listing on the board.
The establishment of the Sci-Tech Innovation Board has actively promoted the integrated economic development of the Yangtze River Delta. In the long run, the Yangtze River Delta region has relatively favorable entrepreneurial conditions, with clear assistance policies for various related industries and rich industrial resource advantages. In the future, the Yangtze River Delta region will continue to incubate a large number of emerging technology startups that will go public on the Sci-tech Innovation Board and maintain its leading edge.
QThe Sci-Tech Innovation Board has provided convenience for financing of science and technology innovation enterprises in the Yangtze River Delta. In the future, will the resource advantages of science and technology innovation in the Yangtze River Delta feed back into the Sci-Tech Innovation Board to promote its growth and strength? Is there already such a trend now?
A: The Sci-Tech Innovation Board and the resource advantages of science and technology innovation in the Yangtze River Delta have formed a virtuous cycle of symbiosis and mutual benefit. In order to effectively serve the science and technology innovation enterprises in the Yangtze River Delta region, financial capital has joined hands with local governments to establish a Yangtze River Delta Capital Market Service Base, injecting strong momentum into the vigorous development of the region.
since2018year11Since its unveiling and launch, the Yangtze River Delta Capital Market Service Base has been continuously innovating, not only The country's first listing discovery and cultivation function : Established three resource libraries, namely the Yangtze River Delta Science and Technology Innovation Enterprise Reserve Library, Cultivation Library, and Recommendation Library; Innovative pre-listing review and evaluation feature : Construct a pre-examination scoring system by comparing with the listing standards and key points of listing review inquiries of the Sci-tech Innovation Board. Combine the opinions of the Shanghai Stock Exchange and industry experts to comprehensively score enterprises, and evaluate the scores.80For enterprises marked above with “Recommended for Declaration”, we address various difficulties in listing on the Sci-tech Innovation Board.
Supported by the Capital Market Service Base, Yangtze River DeltaG60The Sci-Tech Innovation Corridor strategy has begun to show results.2022In the first half of the year, companies listed in Jiangsu Province and Shanghai alone accounted for one-third of the total number of companies listed on the Sci-tech Innovation Board, with11home,6The company; its listed company ranks among the top in terms of fundraising amount, with the respective fundraising amounts being250.25yuan,145.63100 million yuan. The Yangtze River Delta's science and technology innovation ecosystem will continue to make efforts in the future, strengthening its ability to serve the real economy through financial services, cultivating and incubating highly competitive enterprises listed on the Sci-tech Innovation Board (STAR Market), and promoting the growth and strength of the STAR Market.
