Previously, the registration-based system reform has been piloted on the Sci-tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange. The pharmaceutical and health sector has benefited significantly, with capital vitality injecting momentum into the industry. In particular, the growth momentum in the biopharmaceutical field has been significantly boosted in the past few years.
What is the reference value of the experience gained from the pilot registration-based systems on the Sci-tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange? Especially for biopharmaceutical companies? What impact does it have on biopharmaceutical companies that are already listed on science and technology innovation boards, entrepreneurship markets, or the Beijing Stock Exchange? Frost & SullivanFrost & SullivanZhu Yi, Senior Consulting Director of Healthcare Industry in Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by CBN.com to discuss The pharmaceutical and health sector under the comprehensive registration-based system reform .
Caijing.com
What is the reference value of the experience gained from the pilot registration-based system on the Sci-tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange? Especially for biopharmaceutical companies?
After institutions such as the Sci-tech Innovation Board, ChiNext, and Beijing Stock Exchange4The cautious pilot implementation in [year] has proven that the registration-based system has withstood the test of the market. With the continuous deepening and improvement of the registration-based reform, the conditions for the full implementation of a registration-based framework and system that suit China's national conditions have matured.
In past experience, after the implementation of the stock issuance registration system, there will be a strengthening of the linkage between issuance supervision and continuous supervision of listed companies. This is mainly reflected in three aspects: 1) Consolidate the information disclosure responsibilities of listed companies; 2) It is conducive to unblocking exit channels such as mandatory delisting and voluntary delisting, and promoting the survival of the fittest among companies;3With the establishment and improvement of the transfer board mechanism, the multi-level capital market sector structure has gradually become clear.
Therefore, with the implementation of the full registration system, from the perspective of the primary market, the screening and quality control of listed projects will be unprecedentedly strengthened, truly achieving 'strict selection and prioritization' of projects. From the perspective of the secondary market, truly high-quality listed companies will accordingly receive more market attention and valuation premiums.
For biopharmaceutical companies, with the full implementation of the registration-based system, these high-growth industries that align with the national strategic development direction are expected to receive policy support.
After the launch of the comprehensive registration-based reform, the listing conditions for issuance have become more inclusive, and speculative behavior will be curbed. This is conducive to medium- and long-term holding of high-quality assets, encouraging more entrepreneurs in the life sciences field and those involved in the high-risk, high-return medical industry. At the same time, as a representative industry for high returns and long-term investment, the biopharmaceutical sector will continue to attract long-term capital inflows, which is also more beneficial for the development of biopharmaceutical companies.
Q
What impact does it have on biopharmaceutical companies that are already listed on science and technology innovation boards, entrepreneurship markets, or the Beijing Stock Exchange?
1As is well known, the progress of the biopharmaceutical industry is closely related to substantial research and development efforts. With the implementation of the comprehensive registration system, the injection of R&D funds will further introduce fresh vitality into the development of the biopharmaceutical industry.
2Survival of the fittest, entrusting the issuance dominance to the market. Under the premise of full information disclosure, let the market make its own choices, forming a virtuous game.
3Going public is no longer the end point of innovation but a new starting point for biopharmaceutical companies.
* This interview was published on Finance and Economics Network, with reporter Duan Jingyuan. The original title is Comprehensive registration-based reform 'projecting' into the pharmaceutical and health sector: balancing speed with price, enjoying dividends with survival of the fittest 》(Click "Read the Original Article" at the end of the text to read the full report).
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