Frost & Sullivan insights 7 month 28 Today, Keda Manufacturing, Shanhan Co., Ltd., Green Energy Materials Group Co., Ltd., Guoxuan High-Tech Co., Ltd. 4 home A issued by a listed company GDR It was officially listed on the Hong Kong Stock Exchange, welcoming the first batch of Chinese enterprises.   The first batch of Chinese enterprises issued GDR What are the significant implications of listing on the Hong Kong Stock Exchange? Will it attract more companies to list there? GDR Is listing expected to become the mainstream method for Chinese companies going global? Companies listed on the Hong Kong Stock Exchange can also list on domestic exchanges. Is there a possibility of achieving two-way connectivity in the future? Frost & Sullivan Frost & Sullivan, Mr. Lu Jing, Partner and Managing Director of Frost & Sullivan's Greater China Region (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Securities Daily to discuss the issuance of Chinese corporate bonds GDR And the reasons for listing on the SSE and future trends. Securities Daily Since the beginning of this year, Chinese enterprises have accelerated their pace of overseas financing, issuing GDR (Globally Depository Receipts) fundraising has become the main form, with Switzerland being a popular listing destination. According to the existing arrangements, 7 month 28 Today, Keda Manufacturing, Shanhan Co., Ltd., Green Energy Materials Group Co., Ltd., Guoxuan High-Tech Co., Ltd. 4 home A issued by a listed company GDR The company was officially listed on the Hong Kong Stock Exchange, welcoming its first batch of Chinese enterprises. It is reported that the exchange has established a dedicated GDR The listing and trading department helps to enhance the visibility and tradability of these securities, thereby improving liquidity.   First batch 4 an GDR The project's depositary banks are all Citibank.   "Current Issuance GDR Going public is an important measure for domestic enterprises to respond to the call of capital market policies, deepen the interconnection between China and European capital markets, and utilize overseas capital markets to promote the development of the real economy. 'Xu Kechen, head of Citi's depositary receipts business in China, said in an interview with a reporter from Securities Daily that expanding overseas direct financing channels can not only enhance the financial strength of enterprises but also attract foreign professional investment institutions and long-term industrial investors. This further optimizes the equity structure of enterprises, improves the transparency and standardization level of corporate governance, and provides a solid guarantee for the high-quality development of enterprises.' GDR High financing efficiency this year 2 month 11 On the same day, the China Securities Regulatory Commission (CSRC) issued the 'Regulatory Provisions on the Interconnection and Connectivity of Depository Receipts between Domestic and Overseas Stock Exchanges', expanding and optimizing the interconnection mechanism of domestic and overseas capital markets. Domestically, eligible listed companies on the Shenzhen Stock Exchange are included, while internationally, it has been extended to Switzerland and Germany. thereafter, A Promotion of the joint-stock company GDR The issuance and listing have sparked a minor climax. Simplicity and convenience are GDR A major feature of fundraising. As mentioned above 4 home A Taking listed companies as an example, in terms of the time taken to complete relevant internal and external procedures, from GDR The project is officially launched (the proposal has been reviewed and approved by the board of directors) to 7 month 28 Official launch, time varies 3 Over a month, at most 2 Over a month. Enterprises through GDR Financing not only takes less time but also involves a larger amount of fundraising, resulting in higher fundraising efficiency. Relevant announcements show that 4 The amount of funds raised at home is 1.73 billion dollars to 6.85 between hundreds of millions and billions. "Chinese Enterprises Issuing GDR Listing on the Hong Kong Stock Exchange not only broadens the financing channels for domestic listed companies overseas, which is beneficial to the long-term development of enterprises, but also enhances A "The internationalization level of the stock market has attracted more overseas investors." Mingming, chief economist at CITIC Securities, told the reporter of Securities Daily. GDR The shorter listing review time and the wider range of financing targets it faces are conducive to enterprises exploring overseas markets, optimizing shareholder structures, and enriching financing channels. It is expected that in the future GDR It will be favored by more domestic listed companies. "Switzerland, as a world-leading financial center, has a relatively mature financial environment and capital system. Its market openness and fairness are also higher, which has greatly attracted Chinese listed companies. In the future, more outstanding Chinese enterprises will go public in Switzerland." Lu Jing, Partner and Managing Director of Frost & Sullivan Greater China, told reporters. "At present, GDR Financing methods have become one of the important channels for Chinese enterprises to raise funds overseas. 'Xu Kechen said that with related GDR With the successful release of the project, more listed companies will join in the future, making GDR It has become a mature sector and an important part of China's capital market. The two-way connection is worth looking forward to. Based on the interconnection framework, eligible companies from both China and Europe can list and depositary receipts be issued on each other's capital markets to raise funds. According to Xu Kechen, the interconnection framework includes two directions: Chinese-funded enterprises going overseas GDR Formal listing (Westbound) and overseas related exchange-listed entities CDR (CDR) listed on domestic exchanges (domestic listing). Industry experts believe that with A The level of opening up the stock market to foreign investors is gradually increasing, and more overseas companies from countries such as Switzerland will come A The listing of stocks has raised funds, achieving two-way connectivity between Chinese and foreign capital markets.   "In recent years, China's capital market has achieved remarkable development results, A The stock market has become the world's second-largest, attracting a significant number of companies listed on the Hong Kong Stock Exchange. Due to the need for higher returns and risk diversification, domestic investors have a demand to allocate overseas assets. The listing of Hong Kong Stock Exchange companies in China will enrich investment targets. "Lu Jing said that the interconnectivity framework has made a good start, and with continuous improvement in related laws, systems, etc., it is very likely that two-way connectivity will be achieved in the future." It is clear that opening up to the outside world A The general trend of the development of the stock market. As the competitiveness of domestic listed companies continues to strengthen, more domestic enterprises may go public overseas in the future. At the same time, with A With the increasing openness of the stock market to foreign investors, it is expected that more overseas companies will choose to A The market for stock financing is undergoing restructuring, and two-way connectivity is worth looking forward to. Xu Kechen revealed, 'According to our understanding, there are some European companies with real needs for layout in the Chinese market that are CDR I'm quite interested in the mechanism. I believe that with the continuous expansion and optimization of interconnect services, it will surely attract high-quality overseas enterprises to list on domestic exchanges, thus truly achieving two-way connectivity.   * This article is reprinted from Securities Daily, reporter    Xing Meng    ,    Original title:    First batch 4 Chinese enterprises GDR Debut on the Hong Kong Stock Exchange The channels for overseas direct financing have been extensively expanded    "> Frost & Sullivan Insight & Extended Readings   Q :   The first batch of Chinese enterprises issued GDR What are the significant implications of listing on the Hong Kong Stock Exchange? Will it attract more companies to list there? A :   A A listed company issues through overseas markets GDR It has enhanced the interconnectivity between China's capital market and European capital markets, broadened the two-way financing channels for enterprises, which is of great significance for serving the stable and healthy development of the real economy. It also demonstrates China's determination to open up its capital market in both directions to the international community. At the same time, Sino-US relations and the international situation have a significant impact on Chinese companies listed in the US. Although the stock prices of Chinese concept stocks have rebounded recently, compared to 2021 The decline at the year's high was still significant. Actively expanding financing channels in European markets reduced the risks and uncertainties of a single listing for enterprises, enhancing their ability to withstand adverse factors such as geopolitical elements and trade barriers.   The choice range for Chinese high-quality enterprises to go public overseas has been further expanded, solving the problem of refinancing for listed companies. It provides international investors with an even better investment target, meets the needs of international capital layout, and expands the selection range for domestic investors' investment targets. Switzerland, as a world-leading financial center, has a relatively mature financial environment and capital system, as well as higher market openness and fairness. These provide convenient conditions for Chinese listed companies to list and raise funds in Switzerland, thus making it highly attractive. In addition, going public overseas plays a positive role in promoting enterprises with a deep overseas layout experience and an international development strategy. Under the combined effect of various factors, more outstanding Chinese enterprises will drive to list in Switzerland in the future. Q : GDR Is the listing expected to become the mainstream method for Chinese companies going public overseas? A : GDR issuance and overseas IPO listing Compared with having obvious advantages, GDR The issuer is a listed company A The stock company has a higher reputation. GDR The issuance review has become very standardized and mature, with a review time of approximately 1 - 2 The workload and execution cycle involved are much less than those overseas within [X] months IPO listing Total cost is lower than that overseas IPO listing . Chinese listed companies issue through GDR Issuing is conducive to broadening the international financing channels of enterprises themselves, enhancing the internationalization level and corporate governance of listed companies in China, as well as improving their international recognition and influence. GDR It is possible to introduce internationally and domestically renowned investors as shareholders for Chinese companies, thereby diversifying equity, improving corporate governance mechanisms, and stimulating innovation vitality. Domestic listed enterprises are exploring the issuance of various GDR This approach not only expands traditional overseas listing financing channels but also promotes the breadth and depth of cooperation between China and Europe's capital markets, holding broad prospects for future corporate financing.

Embrace innovation Towards the future   The Nantong Municipal Party Committee and Government of Jiangsu Province will 2022 The year is designated as the city's 'Year of Investment Attraction Breakthroughs', 'Year of Business Environment Improvement', and 'Year of Work Style Construction Enhancement'. Four mechanisms have been established: quarterly project construction observation meetings, quarterly investment attraction analysis meetings, bi-monthly regular meetings on technological innovation, and monthly progress meetings for corporate listings.   Against this backdrop, 7 month 28 On the day, co-hosted by the CPC Nantong Municipal Committee and the People's Government of Nantong Municipality, “ 2022 Embrace Innovation for the Future —— Nantong Equity Investment Summit —— Held at the Nantong International Conference Center in Nantong City, Jiangsu Province, Frost & Sullivan Frost & Sullivan, Dr. Wang Xin, Global Partner and President of Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was invited to attend the summit and delivered a speech on identifying new opportunities in the Chinese biopharmaceutical and medical device industry market.   Dr. Wang Xin first analyzed the Chinese biopharmaceutical market, pointing out that China has become the world's second-largest pharmaceutical market, but per capita medical expenditure is less than one-tenth of that in the United States, indicating significant growth potential.   . 2020 In [year], the US pharmaceutical market size was 5,245 billions, expected to 2025 In [year], the scale of the US pharmaceutical industry will reach 6,761 billion dollars 2020 Year to 2025 The annual compound growth rate for 5.2% . 2020 In [year], the scale of China's pharmaceutical market was 2,098 billion dollars   With the continuous development of domestic pharmaceutical companies and the implementation of multiple favorable policies in China, it is expected that by 2025 In [year], the scale of China's pharmaceutical industry will reach 3,315 billion dollars 2020 Year to 2025 The annual compound growth rate for 9.6% . Data shows that in China, digestive system and metabolic drugs are the sub-sectors with the highest market share, reaching 15.3% Proportion of the anti-tumor drug market 13.6% ; The cardiovascular drug market and the systemic anti-infective drug market account for, respectively, 12.2% and 12.0% Antitumor drugs and immunomodulators account for the largest market share globally, reaching 20.9% , followed by the proportion of digestive tract and metabolic drugs being 14.5% Antibacterial drugs, analgesics and neurotrophic drugs for the whole body accounted for 12.4% and 9.3% .   In summary, there is still significant room for the proportion of anti-tumor drugs in China to increase. In addition, sub-sectors such as pain and neurological drugs, as well as psychotropic drugs, also have great development potential in China. " 2021 The list of the world's top five best-selling drugs changed due to the impact of the pandemic, Pfizer COVID-19 mRNA The vaccine made the list and ranked first. Moderna COVID-19 mRNA Vaccines also rank among the top,”   Dr. Wang Xin said, "The COVID-19 pandemic has rewritten the global pharmaceutical market competition landscape. As major pharmaceutical companies... COVID-19 pandemic With the continuous advancement of drug research and development, stock prices have also risen due to favorable news from various parties. New COVID-19 treatment drugs may also become a new research hotspot in the future. It is reported that 2021 National Medical Products Administration NMPA ) Approved in total 83 A new drug, with a number 2016 New highs have been set for the year. In terms of drug types, the number of approved traditional Chinese medicines has surged; in terms of disease areas, oncology drugs and infectious diseases drugs remain the main focus. At the same time, 2021 The US Food and Drug Administration FDA ) Approved in total 50 The number of new drugs (excluding cell therapies and vaccines) is not significantly different from previous years, still mainly distributed in the fields of anti-tumor and autoimmunity. Among them, there are 34 The new drug was granted priority review. FDA Approval for marketing, including 27 A new molecular entity and 7 A new biologic product. In addition, there is 26 A variety was FDA Qualified for orphan drug status, accounting for all approved new drugs 52% .   In recent years, cross-border M&A transactions have significantly decreased due to the impact of the pandemic, but License-in Acquisition Transactions continue to set new highs in terms of volume and value, involving multiple emerging medical fields. Many biotech companies have chosen to introduce products that are currently in early research and development, clinical trials, or already on the market at home and abroad to acquire advanced R&D technologies, to make up for their own product pipeline shortcomings, create differentiated business advantages, and provide more treatment options for Chinese patients.   According to statistics, 2021 In [year], Chinese pharmaceutical companies License-in Acquisition The number of transactions has reached 130 Yu Qi, 2021 So far this year, the majority of individual transaction amounts exceed 1 billion US dollars, with some transactions exceeding 3 billions, product selection involves dual antibodies, siRNA , mRNA Vaccines, cell therapy, ADC and many other emerging fields.   The advantage of introducing advanced R&D technologies from home and abroad lies in two aspects. Firstly, if the target or indication area aligns with the company's core R&D direction, or if it compensates for a weakness in the company's own product pipeline, it can enrich the business layout and create differentiated advantages. Secondly, most of the products introduced are those that have already entered clinical trials or been launched on the market, and existing data can initially verify the efficacy and safety of these products. This will accelerate the domestic approval process and bring more treatment options to Chinese patients as soon as possible.   "With the enhancement of economic strength and the accelerated development of globalization, biotech companies are required not only to actively 'import' but also to seize the opportunity to boldly 'go global'." Dr. Wang Xin further explained, 'As the domestic innovation drug ecosystem gradually takes shape and matures, biotech companies are continuously leveraging...' License-out of the Mainland Transactions have brought domestic technology abroad, and cooperation with multinational companies can better enable participation in global competition. Due to the emphasis on product innovation and efficacy data by multinational pharmaceutical companies, domestic biotech enterprises have begun to accelerate the establishment and development of innovative technology platforms, improve new drug development efficiency, and shorten the time lag with international large pharmaceutical companies in order to enter larger international markets.   Bringing technology, equipment, and products out     momentum    at     On the one hand, cooperation with multinational pharmaceutical companies means that we can leverage their global experience in registration, clinical trials, and commercialization. At the same time, with a large amount License-out of the Mainland Driven by the project, FDA The recognition of Chinese clinical data is beginning to emerge, which will facilitate the internationalization of domestic products. Multinational pharmaceutical companies' resources in different commercial channels can also help them maximize product commercial benefits. Especially for domestic pharmaceutical companies with overseas expansion needs, the endorsement from multinational pharmaceutical companies is more conducive to market expansion, allowing them to focus their efforts and resources on more competitive projects.   On the other hand, enterprises can obtain sufficient cash flow support in the short term to strengthen In-house For the subsequent research and development of products, the substantial funds obtained enable the company to more readily introduce new technologies, expand new pipelines, develop new industries, and gradually form its own multinational corporation, thereby better participating in economic globalization competition. Currently, the steps for biotech companies to innovate and go global can be divided into 4 Stage one: The first step is product internationalization, directly authorizing the product to multinational pharmaceutical companies for global development; the second step is clinical internationalization, establishing overseas operational teams and conducting multi-center clinical research; the third step is R&D internationalization, directly forming early R&D teams overseas for global R&D; the fourth step is commercial internationalization, building a commercial team overseas to complete globalization sales.   "Today, Chinese enterprises have completed the first two steps of product and clinical internationalization. Some companies have also started setting up R&D departments abroad, which is expected to further enhance China's innovation drug R&D capabilities and its ability to export products overseas. At the same time, we believe that under the influence of various factors such as national policy guidance, global market nurturing, and the catalysis of the COVID-19 pandemic, 2022 In 2023, China's biomedicine industry will increasingly integrate into the global innovation pulse. "Dr. Wang Xin said."     Subsequently, Dr. Wang Xin analyzed the current development status and trends of China's medical device market. As the world's second-largest medical device market, China's market size is second only to that of the United States, also demonstrating tremendous growth potential. 2016 In [year], the market scale of medical devices in the United States reached 1,852 billion dollars, to 2020 Year-on-year increase 2,135 billion US dollars. It is expected to 2025 Year is coming 2,931 billion US dollars, with an annual growth rate of 6.5% . 2016 In [year], the market scale of medical devices in China was 557 US dollar, until 2020 Rapid year-on-year growth to 1,058 billions, with an annual growth rate as high as 17.4% are expected to 2025 In [a certain year], the market scale of medical devices in China will increase to 1,778 billion US dollars, with an annual growth rate of 10.9% .   The Chinese medical device market is characterized by a large number of enterprises, small scale, and low market concentration. There are few giant companies with multi-product layouts.   2020 In [year], the top ten global medical device companies by revenue included Medtronic, Johnson & Johnson, Fresenius, etc. The market share of the top three companies was [X]% respectively. 6.3% , 5.0% and 4.5% The top ten companies in terms of revenue scale in China include Philips, Siemens, and Roche, with the market share of the top three companies accounting for 2.6% , 2.0% and 1.9% . Compared with the global situation, low-value medical consumables occupy a relatively high market share in China.   Orthopedic instruments, ophthalmic instruments, general surgery and plastic surgery instruments, and drug delivery system instruments, which account for a relatively high share globally, have a low market share in China and still have great development potential.   2020 In the global medical device market, in vitro diagnostic devices, medical imaging devices, and cardiovascular devices account for the top three shares, at 14.7% , 14.0% and 11.0% . 2020 In the Chinese medical device market in [year], the shares of in vitro diagnostic devices, low-value medical consumables, and medical imaging devices ranked among the top three, accounting for 14.7% , 13.7% and 12.6% .   "The overall localization rate of China's medical device industry is low, and high-end product areas and core technologies are still monopolized by imports. Enterprises should adapt to policy trends, accelerate the transformation of their R&D pattern, and achieve a shift from developing low-value products to high-value products with innovative barriers."   Dr. Wang Xin pointed out that domestic medical devices are mainly concentrated in products with lower technical barriers, where the industry is severely homogenized and competitive at the low-end; however, the domestic rate of high-end medical devices is low, leaving a vast expansion space. However, due to the higher technical barriers of high-end devices, their localization process is slow.   Currently, domestic medical device companies are gradually deploying in the high-end medical device field through independent research and development, cooperative research and development, mergers and acquisitions, etc. It is expected that they will gradually increase the localization rate of high-end products in the future and further promote domestic substitution. Finally, Dr. Wang Xin briefly introduced the investment and financing situation of China's healthcare industry to the attending guests. 2021 The global equity financing scale has been steadily increasing, with the Chinese mainland consistently ranking second in recent two years. At the same time, affected by A The promotion of the share registration system, 2021 Domestic for the year IPO listing The amount and number of funds raised have reached new highs, compared with Hong Kong stocks IPO listing The market is more active.   In the field of healthcare, 2017 - 2021 Over the year, the number of listed companies has been on the rise in major global sectors, A Shares are highly favored. And in China A Stock market, healthcare industry IPO listing financing scale, IPO listing The number of enterprises ranks third and fifth among all industries.   Judging from the listed valuation level,   2021 year A The overall price-earnings ratio (excluding negative values) of the healthcare industry is higher than that of the US and Hong Kong healthcare industries. For unprofitable healthcare companies, A The stock also demonstrates a significant valuation advantage, in addition to A In addition to the valuation premium of the equity itself, and A The Sci-tech Innovation Board has higher requirements for the R&D progress of unprofitable enterprises seeking listing (for innovative drugs, at least one core product must enter pivotal clinical trials and be excluded in-licensee ) The current situation, where there are only innovative drugs available for listing without any profitable innovative medical devices, is also related to this.   Looking at the average daily trading volume after listing,   2021 year A The secondary market trading activity in the healthcare sector is higher than that of Hong Kong stocks. " A The average review days for the Sci-tech Innovation Board and Growth Enterprise Market are 300 Heavenly Reach 374 The review cycle is longer compared to Hong Kong stocks and US stocks. After the review phase is completed, A The registration and declaration of shares still need to pass the issuance review committee / The listing committee meeting process is more complex. Therefore, a professional listing application team will help pre-listed companies better complete their listing application materials and successfully pass the threshold." said Dr. Wang Xin.   "   Frost & Sullivan integrates the globe. 61 Consulting experience over the past year, entering China 24 Over the past year, we have served most of the biopharmaceutical companies listed on the Hong Kong stock market. 2019 year 7 Since the first batch of companies on the Sci-tech Innovation Board was listed, many enterprises on the board have also referenced our data and reports. "   According to the research results of Frost & Sullivan, there are currently biomedical R&D and production enterprises in Nantong. 68 Home, medical device manufacturer 220 home. 2021 In [year], the number of biomedical R&D projects signed and started in Nantong City reached 29 One, the total investment has reached 343.6 100 million yuan.   Dr. Wang Xin stated that the medical and health industry in Nantong has attracted investment from numerous pharmaceutical R&D projects, with total output value increasing year by year. With a solid foundation in bulk drug manufacturing, the formation of a pharmaceutical landscape, the development of model animal systems, and important and prominent exclusive varieties, there is a good development base and opportunities. Professional capital and consulting services will have the opportunity to promote the rapid development of Nantong's biopharmaceutical industry.

September 28, 2022 China · Shanghai Biotechnology Investment Forum   Against the backdrop of profound changes in the medical field, biotechnology is undergoing continuous industrial restructuring, leading to a recent explosive development in the industry. Various emerging technologies are constantly emerging, and innovative biotech companies have sprung up like mushrooms after rain. The continuous heat in the investment and financing market confirms that the development of the biotechnology sector is in full swing and has great potential for the future. Under the new situation of the development of the biotechnology industry: What is the current state of investment and financing in this field? What emerging tracks are worth paying attention to? How do biotech companies choose the path to listing? These questions have become hot topics of concern for every industry participant.   For this reason, Frost & Sullivan (Frost & Sullivan, abbreviated as "Frost & Sullivan") is launching the Biotechnology Investment Forum on the occasion of the 16th Frost & Sullivan Global Growth, Innovation and Leadership Summit, inviting authoritative experts in the field, including leading biotech enterprises, well-known investment institutions, and listed intermediary teams, to jointly interpret the future investment direction of the industry and discuss the key factors for enterprise growth and capital market success.   Conference scale   90 - 100 people   Conference topics   Review and outlook of the biopharmaceutical investment and financing market in 2021 Inventory of emerging biotechnology investment and financing tracks - Synthetic biology White paper release - Insights into the CDMO market and trends in China Diversified paths for biotech companies to go public   Organizational structure   Sponsoring units Sponsored units Co-sponsoring units     The official registration entrance for conference attendees has been opened Book now

7 month 25 On the same day, the National Medical Products Administration conditionally approved the registration application for adding the indication of treating COVID-19 to Zanubrutinib Tablets produced by Real Biotech. This is also the first domestically approved small molecule oral drug for COVID-19. What is the significance of the launch of China's first domestically developed small molecule COVID-19 oral drug? What is the demand for small molecule oral drugs? What is the supply situation of COVID-19 small molecule drugs in China? Frost & Sullivan Frost & Sullivan, Li Qian, Senior Consulting Director for Healthcare in Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by CBN to discuss the future direction of China's small molecule drug market after the approval of the first domestically produced COVID-19 oral medication. CBN   7 month 25 On the same day, the National Medical Products Administration conditionally approved the registration application for adding the indication of treating COVID-19 to Zanubrutinib Tablets produced by Real Biotech. This is also the first domestically approved small molecule oral drug for COVID-19.   There is no officially announced manufacturer for the real biological product. However, according to information disclosed by listed companies in the past, including Aoxiang Pharmaceutical, Tuoxin Pharmaceutical, and China Resources Shuanghe, these enterprises have stated that they have signed framework agreements for entrusted production with Real Biological. As of 7 month 26 At the close of trading on the day, Aoxiang Pharmaceutical 603229 ), China Resources Shuanghe 600062 The stock price has tumbled all the way to a one-character limit down, Tuo Xin Pharmaceutical 301089 ) Stock price fell 6.3% . 7 month 25 On the evening of the same day, Fosun Pharma announced a long-term strategic cooperation with Zhenre Biology for the exclusive commercialization of azvudine. A reporter from CBN learned that Fosun Pharma's upfront payment amount has reached 1 100 million yuan. Fosun Pharma 7 month 26 day A share 600196 ) and Hong Kong stocks 2196 The stock price has also fallen 3% left and right.   The key lies in market demand Market analysis suggests that the actual demand for Azvudine is still unclear, and the stock prices of related companies have been significantly pushed up in the early stages, which is also a reason for the significant market decline. Since the beginning of this year, the cumulative increase in the stock price of China Resources Double Crane has been close to 80% Oxbridge Pharmaceuticals also saw an increase of more than two-thirds. Image source: CBN Azvudine is a broad-spectrum antiviral RNA dependency RNA polymerase RdRp Nucleoside analogues that can also specifically act against the novel coronavirus RdRp The drug inhibits viral replication by targeting specific sites, making it highly targeted. It was originally marketed as an anti-AIDS medication and shares the same mechanism of action with remdesivir. "Multiple companies can produce Azvudine, but the key lies in future demand, which depends on the development of the pandemic and the effectiveness of the drug during actual use," a pharmaceutical expert told CBN reporters. According to the previously submitted pivotal Phase III registration clinical trial by Zhejiang Bio-Tech Co., Ltd., the results showed that azvudine has activity in inhibiting the novel coronavirus, with a virus clearance time of 5 days; after the first administration 7 Among the subjects whose clinical symptoms improved, the proportion in the azvudine group was 40.43% Proportion in placebo group 10.87% . "Judging from the current situation, if it cannot be proven that taking antiviral drugs can prevent severe illness and only shorten the time to virus clearance, then even with very strict clinical trials, their importance would be greatly reduced," said the above-mentioned drug expert to CBN reporters.   Li Qian   Senior Healthcare Industry Consultant, Frost & Sullivan Greater China Compared to other COVID-19 therapies such as neutralizing antibodies, the advantage of COVID-19 small molecule oral medications lies in their convenience of use and their ability to tolerate mutations to a certain extent. They have significant advantages such as high patient compliance, ease of storage and transportation, and convenient distribution. "As the pandemic becomes normalized, small molecule drugs can play a role in inhibiting viral replication at an early stage of infection, reducing the likelihood of developing into severe illness. They can be used as part of daily preventive measures, adding an important layer to epidemic control efforts." Li Qian, Senior Consulting Director for Healthcare Industry in Greater China at Frost & Sullivan, told CBN reporters.   The institution has significantly lowered its sales forecast for Pfizer's oral medications The only small molecule drug currently in clinical use for treating COVID-19 in China is Pfizer's antiviral drug against the novel coronavirus. Paxlovid This drug is also currently the leading medication in the global COVID-19 treatment market. However, according to the latest research predictions from data analytics companies, Paxlovid Sales for the next six months are likely to fall short of market expectations. Health data organization Airfinity It is reported that the latest data confirm that the order volume and quotes recently signed by Pfizer have begun to slow down gradually. The institution expects that by the end of this year, there could be as many as 7000 Ten thousand courses Paxlovid Excess. Airfinity Analysis suggests that this small molecule drug may interact with other drugs, which could limit its use. Airfinity analyst Harry Cheeld It is stated that Pfizer may re-examine its bullish outlook for the drug demand and address the issue of oversupply. Pfizer earlier said it plans to provide this year 1.2 Hundreds of millions of courses Paxlovid Since the beginning of this year, Pfizer's stock price has fallen by more than 12% Pfizer is about to 7 month 28 Announces the financial report for the latest quarter. According to Airfinity According to the forecast, another company providing COVID-19 oral medications, Merck & Co., expects this year's supply to be only 1500 Ten thousand treatment courses. Looking at overall sales, Airfinity It is expected that Pfizer Paxlovid The total sales volume will reach 232 billion US dollars, lower than the forecast for the past three months 236 billion US dollars; Merck's total oral drug sales are estimated to be 58 billions, lower than previously estimated 64 billion US dollars; the sales of the COVID-19 oral drug approved at a later date by the Japanese pharmaceutical company Ono Pharmaceutical are estimated to be 5 billion US dollars, lower than previously estimated 25 billion dollars. In China, in addition to the real-life biological AZVUDINE tablets, there are also Junshi Biotech's COVID-19 oral medication VV116 The film has also entered clinical trials III Phase. This year 5 month 23 Today, Junshi Biology announced that VV116 The film in a comparison with Pfizer PAXLOVID For the early treatment of mild to moderate COVID-19 III The phase-registered clinical study has achieved the primary endpoint preset in the protocol and is indicated to submit an application for marketing approval in the near future.   * This article is reprinted from 'CBN'.   ,   author    Qian Tongxin    ,    Original title:    After the approval of the first domestically produced COVID-19 oral medication, why did the manufacturer's stock plummet by one percentage point?    "> Frost & Sullivan Insight & Extended Readings Q :   What does the launch of China's first domestically developed small molecule COVID-19 oral drug indicate? A :   As of June this year, overseas 2 Several COVID-19 small molecule drugs have been approved for marketing and commercialization in multiple countries around the world, including Pfizer's Paxlovid and Merck Sharp & Dohme molnupiravir Before the launch of the first self-developed drug, the only available oral small molecule drug in China was Paxlovid Azvudine, as the first domestically approved small molecule oral drug for treating COVID-19, further builds upon our country's 'vaccine + neutralizing antibody + Integrated prevention and control system for small molecule drugs."   Q:    Globally, is there currently an oversupply of Pfizer's small molecule drugs?   A :    Paxlovid Applied to preventing high-risk populations from developing into severe cases, as the spread of the real epidemic continues unabated and the number of infections remains high, the demand for medication is still there. Although sales in the first quarter of this year were lower than market forecasts, overall sales are still considerable. In the global field of COVID-19 small molecule oral medications, Pfizer Paxlovid Dominating the field.   Q: What is the supply situation of COVID-19 small molecule drugs in our country?   A :    Fosun Pharma at 7 month 25 Announcements released on the evening of the same day disclosed that a strategic cooperation has been reached with True Biotech to advance joint development between both parties and for the exclusive commercialization of Azvudine by Fosun Pharma Industries. The commercialization layout of Azvudine will be carried out after the full industrial chain is established, aiming to meet current clinical medication needs through increased production.   Q: Which other companies are expected to receive approval?   A:    In China, in addition to the real-life biological AZVUDINE tablets, there are also 2 The development of this drug has progressed relatively rapidly in the research and development of COVID-19 oral medications, including one jointly developed by Junshi Biosciences and Wangshan Wangshui. VV116 Developing the pharmaceutical industry with Pukrulam, which is currently in clinical trials III During the Phase I trial stage, it is expected to be launched in the near future, and the progress of research and development is worthy of continuous attention.

2022 Since the beginning of this year, affected by complex international situations and environmental changes, the global economic recovery and financial market fluctuations have been fraught with uncertainties. The 'New Asset Management Regulations' were officially implemented at the beginning of the year, and the financial ecological environment has continuously shown new changes. The asset management market has also entered a new development stage.   Against this backdrop, hosted by the Economic Observer "Integrate & Symbiate" 2022 Industrial investment + Asset Management Summit ” is held on 2022 year 7 month 26 Held online,   Frost & Sullivan Frost & Sullivan Zhang Jian, Partner and Managing Director of Frost & Sullivan's Greater China Region, was invited to attend the forum and delivered a speech on the latest global industry technology trends.     Zhang Jianhua centered on 2020 Year to 2025 This report conducts an in-depth study and interpretation of emerging technologies that promote work efficiency, introducing the trends in technology integration and convergence. AI Automation and robotics trends, as well as cybersecurity trends, are analyzed, and strategic advice and predictions are provided for each trend from 'macro to micro'. Trends in Technological Connectivity and Integration   According to a Frost & Sullivan survey, from 2020 Year-end 2025 In the year 37 100 million smartphones, 5.2 100 million wearable health-related devices and 7 Hundreds of millions of tablets. Device diversity will profoundly impact the backend and frontend of enterprises. Among all trends in technology connectivity and integration, AR Technology has the greatest potential for enterprise applications because it can improve performance while VR Technology has greater mobility. Zhang Jian stated that the number of users collaborating globally through enterprise social networks will continue to rise.   Currently, in North America alone, there are already more than 72% Enterprises are using internal social networking software for office work and communication. Smartphones, tablets, laptops, and current wearable devices will continue to improve people's work efficiency. Companies, even small and medium-sized enterprises, need to design a device strategy that considers long-term scalability and solution unification.   reach 2025 In 2021, the usage rate of wearable devices in workplaces will increase significantly, with the market growth rate for smart glasses expected to be the highest. Wearable devices, especially when combined with augmented reality functions, will achieve rapid growth in the enterprise sector. Workplace wearable devices will quantify and analyze employee behavior to help management make data-driven decisions, and the United States has already deployed this technology on a large scale and rapidly. The next big thing in big data is to transform structured and unstructured data into actionable predictions, such as using normative analytics hours, days, or even weeks in advance to avoid emergencies. As of 2025 In the year, most enterprises will engage in regular analysis. As association organizations monetize their data, data aggregation will become a key service, providing deeper insights through extremely large datasets.   In addition, 2025 year 3D The printing market will grow to 215 Billions of dollars, with the reduction in costs and increased choice of printing materials, it is expected that more manufacturers will fully adopt this technology in the future. AI Automation and robotics trends   reach 2021 In the year, the global automation market exceeded 800 billion US dollars, with the industrial Internet of Things sensor market exceeding 110 Billions of dollars highlight the importance of automated internet solutions in manufacturing. Given the potential scope of applications and the ongoing progress in security and usability, professional service robots will have a significant impact on future workplaces. Zhang Jian pointed out that one direction in artificial intelligence development is the shift from consumer-oriented personal digital assistants to enterprise digital assistants. However, before this technology develops formally, privacy and security issues still need to be addressed.   The improvement in artificial intelligence capabilities will continue to drive progress in most technology fields, with natural language processing and image recognition technologies serving as long-term enablers for customers looking to grow their businesses in the corporate sector. In terms of enterprise readiness, employees need to adapt to AI-derived technologies and corresponding outputs, which requires appropriate training and a workplace culture that is curious about technology and encourages participation.   Given industrial networking and sensorization, the Industrial Internet of Things will be in 2025 The year began with widespread adoption. Due to improved data quality and reduced latency, production is more sensitive to demand, leading to fundamental changes in manufacturing. Both technology providers and users will form their own ecosystems. For suppliers, providing holistic solutions is crucial for maintaining partnerships, while manufacturers will adopt the sharing economy model to reduce downtime. The industrial robot market is relatively mature, and continuous innovation and application will maintain a sustained growth trend. Data shows that 2025 In [year], the number of industrial robots in use globally may exceed 500 One hundred thousand units. Therefore, globally, manufacturing centers will become increasingly automated. Service robots will become more flexible and user-friendly, and there is a certain possibility that they could fundamentally change the way many types of work are done. "In other words, these robots, which are positioned as collaborative machines, still require human supervision rather than job replacements," said Zhang Jianshe. Network security trends Zhang Jian pointed out that with the growth of connectivity trends, cybersecurity incidents will increase and evolve, thus requiring all enterprises to continuously carry out defense work. At the same time, as cybersecurity becomes a higher priority for enterprises, new roles will emerge, such as Chief Information Security Officer (CISO). For enterprises, recruiting qualified information security administrators will become a continuous challenge. In the future workplace, cybersecurity will include emerging technologies such as blockchain and machine learning.   Network security information exchange centers that share threat intelligence will become increasingly popular, as the advantages gained from sharing information outweigh the competitive advantage brought by information secrecy. Globally, network security information exchange centers will play an important role in sharing threat mitigation strategies with organizations in developing countries, which may not have government support but still need protection to avoid endangering global value chains.   Countries will advance the implementation of cybersecurity strategies to protect the information of enterprises, citizens, and governments. However, by 2020 In [year], the global cybersecurity market was close to 1,550 billions, with a global shortage of skilled cybersecurity professionals reaching 200 One hundred thousand people urgently need investment in new talent. Industry application scenarios   Finally, Zhang Jian summarized, 'The technologies needed in future workplaces (especially those stemming from AR , AI Connected technologies (IoT) will affect the working environment of most industries, leading to an overall improvement in productivity. The agricultural sector will adopt more robots, autonomous platforms, and aerial vehicles to increase yields and input accuracy, compensating for rising labor costs and shortages. Due to the integration of automation, the internet, and data analysis technology, industrial IoT technology will stand out in office technology scenarios within the industrial field. In office settings, artificial intelligence and big data technology can identify patterns that were previously unrecognizable and improve work efficiency by automating time-consuming tasks.

The 1st New Investment Expo 2022 The 16th Frost & Sullivan Global Growth, Innovation and Leadership Summit September 27 - 28, 2022   The 1st New Investment Expo 2022 and the 16th Frost & Sullivan Global Growth, Innovation and Leadership Summit (The following is referred to as the 'Conference') will be held at the Shanghai International Convention Center from September 27th to 28th. This conference is co-hosted by Frost & Sullivan (Frost & Sullivan, abbreviated as: Frost & Sullivan), Titanium Media, Roadshow China, and Huajun Media Group, with LeadLeo providing co-ordination. The conference aims to create the premier platform for corporate investment and financing, contributing to sustainable and high-quality development.   The inaugural New Investment Expo will passionately create a grand event for investment and financing. During the two-day New Investment Expo, hundreds of high-quality projects will gather at the site, presenting a hundred exciting roadshows to nearly a hundred leading investors.   The 16th Frost & Sullivan GIL Summit consists of one main forum and multiple sub-forums. The main forum brings together industry insights and investment trend perspectives, covering topics such as macro trends, value investing, big health, new energy, and mass consumption. On-site announcements will include the "CHUANG ·Set Sail" list of global emerging technology startups, the IPO performance report of Chinese private equity funds, the white paper "The Digital Transformation of Private Equity CFOs Aligns with the New Era Development Wave," and the list of CFOs of Chinese private equity funds, among other significant "new investment" research findings. Nearly a hundred representatives from governments, investment institutions, financial institutions focusing on industrial development, as well as universities and research experts, will jointly interpret market development opportunities and goals, discuss the decisive factors for corporate growth and success, anchor forward-looking future investment directions, and promote the symbiotic prosperity of industrial value and capital energy.   Offline Roadshow Sub-forum for Listed Companies Companies listed on Hong Kong and US stock exchanges in hot sectors such as the internet, mass consumption, TMT, biomedicine, intelligent manufacturing, real estate property, etc., will participate and share their insights. They will join hands with nearly a hundred institutional investors and securities firm researchers to look ahead at new economic trends and exchange ideas about the Hong Kong and US investment markets.   Biotechnology Investment Sub-forum We will focus on the new trends in biotech investment and financing post-pandemic era, jointly interpret the future investment directions of the biotech industry, and explore the key factors for corporate growth and capital market success.   The GIL Summit, established by Frost & Sullivan, has a history of nearly 30 years and is held in over 20 countries and regions around the world. Since its inception in China in 2008, the Frost & Sullivan GIL Summit has become an important platform for outstanding enterprises from various sectors in China to exchange successful experiences and jointly discuss development directions. It is also a vital window through which the world understands China's most cutting-edge development trends.   The 16th Frost & Sullivan GIL Summit in 2022 is set to make a comeback, and we look forward to meeting you by the Pujiang River to enjoy a value-for-money event!   The registration entrance for the conference audience has been officially opened.                                  

Frost & Sullivan insights 7 month 22 day, the first batch 25 The shares of listed companies on the Sci-Tech Innovation Board that were subject to a three-year lock-up period began to be traded on the market. Currently, no company has disclosed any plans for reducing the holdings of restricted shares. Overall, market sentiment has not been significantly affected by the lifting of the restrictions. 25 The company's stock price has performed steadily, 10 The price rose, 15 Only down, with an average slight decline 0.51% .   Frost & Sullivan Frost & Sullivan, Mr. Wang Chenhui, Managing Partner and Executive Vice President of Frost & Sullivan Greater China, was interviewed by Securities Daily. 25 Market dynamics on the first trading day of share lifting restrictions for companies listed on the Sci-Tech Innovation Board before their initial public offering 2022 Second half of the year outlook. Securities Daily 7 month 22 day, the first batch 25 The shares of listed companies on the STAR Market that are subject to a three-year lock-up period have begun to be traded on the market. Currently, no company has disclosed any plans to reduce their restricted shares. On the contrary, there have been previous instances. 11 Company shareholders have successively stated that they will not reduce their holdings of restricted shares or extend the lock-up period of restricted shares. Overall, market sentiment has not been significantly affected by the lifting of restrictions. 25 The company's stock price has performed steadily, 10 The price rose, 15 Only down, with an average slight decline 0.51% . "The first batch to go public 25 The market performance of listed companies basically met market expectations. "Wei Fengchun, chief economist at CGB Fund, told the Securities Daily that overall, the market performance of companies on the Sci-tech Innovation Board is affected by fundamentals and trading levels. Fundamentals include company performance, business direction, governance structure, etc. For companies that align with industry development directions, have stable performance, and stable corporate governance, investors' confidence in long-term holding increases, resulting in relatively smaller fluctuations. From a trading perspective, it is mainly affected by investor sentiment, which was previously influenced by the first batch..." 25 The lifting of the lock-up period for listed companies has been anticipated, and sentiment has been fully released. 25 enterprise No firm has announced a reduction in holdings The reporter noted that as of 7 month 22 day, the first batch 25 Among the companies listed on the Sci-Tech Innovation Board, none have disclosed their plans to reduce their restricted shares. According to the reduction rules, major shareholders, directors, supervisors, and senior management personnel who reduce their shares through centralized competitive bidding transactions should do so in advance. 15 Pre-disclosure was made on a trading day, but currently no company has issued a reduction in holdings announcement. "This indicates that the company's controlling shareholders, actual controllers, major shareholders, etc., are very confident in the industry outlook and the company's future development, and are optimistic about the company's long-term stable development." Wang Chenhui, managing partner and executive vice president of Frost & Sullivan Greater China, told a reporter from Securities Daily that the establishment of shareholder confidence is based on the company's past good development, from the past 3 Looking at the development in [specific year], many enterprises achieved double-digit performance growth. Despite the impact of the pandemic, these enterprises still demonstrated solid business performance, reflecting the resilience of enterprise development and the high growth potential of the Sci-Tech Innovation Board. "The fact that no company has disclosed a reduction in holdings indicates a high probability of long-term shareholding by shareholders," Wei Fengchun said. These companies have a relatively large number of technology personnel holding shares. Against the backdrop of the digital economy, new energy, new models, and new commercial consumption upgrades, the development of these companies aligns with China's policy expectations, industrial expectations, and consumer demand expectations, offering good prospects for long-term investment. Gui Haoming, chief market expert at Shenwan Hongyuan, analyzed to the Securities Daily reporter that currently 25 Among the listed companies on the STAR Market, none have disclosed their share reduction plans, which is due to multiple reasons. On one hand, some shareholders may believe that the current period is not the optimal time for reducing holdings; not reducing now does not mean they will not in the future. On the other hand, there are various channels for reducing shares of listed companies, such as block trades, which require a process of coordination and arrangement, and may not have yet reached a point where it is inevitable. "Reduction of holdings is an important means for shareholders to exit their assets. For investors, they should not expect shareholders not to reduce their holdings, and at the same time, shareholders should also reduce their holdings rationally, rather than through liquidation." Gui Haoming said. In fact, many companies on the Sci-tech Innovation Board have given the market a 'peace of mind' pill before their lifting of restrictions. 11 Company shareholders have announced that they will either not reduce their holdings of restricted shares or extend the lock-up period of these shares, expressing long-term confidence in the company's development prospects. The reporter sorted out and found, 11 Among the companies, there are Huaxingyuan Chuang, Tianyi Shangjia, Jiayuan Technology, etc. 6 Shareholders have promised not to reduce their holdings of restricted shares. China Telecom, Rongbai Technology, etc. 4 Shareholders of the enterprise stated that they are extending the lock-up period for restricted shares. For example, the controlling shareholder of China Railway Signal & Communication Group Co., Ltd. stated that as of 2022 year 7 month 22 Voluntary extension of lock-up period starting from the expiration date of daily limit order 6 Month to 2023 year 1 month 21 day. Second half of the year for the Sci-tech Innovation Board The performance growth trend will continue On the surface, the 'hesitant to sell' restricted shares held by shareholders of Sci-Tech Innovation Board companies reflect their optimism about their own company's stock price. Fundamentally, the foundation supporting the stock price of listed companies is good performance. From this perspective, the Sci-Tech Innovation Board, which has high growth characteristics, is a resource pool that gathers long-term high-quality value investment targets. The reporter sorted out and found that as of 7 month 22 Japanese reporters have released their articles, and so far 47 Companies listed on the Sci-Tech Innovation Board disclosed their semi-annual performance data through forms such as semi-annual reports, performance bulletins, and performance forecasts, showing overall good performance. Specifically: 47 In the company, 37 The company's performance is expected to increase, 3 The company turned losses into profits, accounting for a total 85% Among them, 13 The company expects the growth rate of net profit attributable to the parent company to exceed 100% , accounting for more than 30%. Gui Haoming stated that, based on the situation in the past two years, the profit growth of companies listed on the Sci-Tech Innovation Board has generally outpaced other sectors, and it is expected to continue growing in the first half of the year. However, due to uneven market development, there are significant disparities within the Sci-Tech Innovation Board, including both companies with excellent performance and those experiencing local losses. Historically, the first three years have been the golden period for the development of companies listed on the Sci-Tech Innovation Board, during which the development speed would significantly accelerate. Overall, the listed companies on the Sci-Tech Innovation Board are relatively small and are in the growth stage, so the performance growth trend will continue into the second half of the year. "The Sci-tech Innovation Board (STAR Market) has high growth characteristics. Investment in the STAR Market should not be too short-sighted, but rather recognize its long-term investment value," said Wei Fengchun. In the STAR Market, investments related to mid- to high-end manufacturing account for a relatively high proportion and their growth rate is also increasing, which has promoted the stability of the industry chain and industrial demand on the STAR Market. Against this backdrop, growth stocks that have withstood market tests, especially those with a high content of 'hard technology,' as well as companies with a well-implemented governance structure that integrates business models and technological growth, can be held for the long term. Wang Chenhui stated that in the second half of the year, more technology innovation enterprises from different fields will list on the Sci-tech Innovation Board. Through their own technological innovation and integrated development with the capital market, these enterprises will accelerate their growth, thereby leading the development of various technology innovation fields and boosting the overall economic growth recovery and structural optimization of our country. In terms of industries, key national strategic sectors such as new energy, electronics manufacturing, and biomedicine, which possess leading-edge technology innovation capabilities, will be areas with good investment opportunities.   * This article is reprinted from 'Securities Daily', with reporters Xing Meng and Wu Xiaolu. , Original title: 'The First Batch 25 The first day of share lifting restrictions for companies listed on the Sci-tech Innovation Board before their initial public offering: The Sci-tech Innovation Board is operating smoothly "The market is optimistic about the long-term investment potential of enterprises".

  2022 year 7 month 22 Today, Frost & Sullivan Frost & Sullivan (Frost & Sullivan), referred to hereinafter as 'Frost & Sullivan') and Guangming Furi Investment Management (Shanghai) Co., Ltd. ( Frost & Sullivan, referred to below as 'Guangming Investment', held a strategic cooperation signing ceremony at its Greater Bay Area headquarters located on the land of China Resources in Nanshan District, Shenzhen.   Dr. Wang Xin, Global Partner and President of Frost & Sullivan Greater China, and Mr. Wang Chenhui, Managing Partner and Executive Vice President of Frost & Sullivan Greater China, attended and received representatives from Bright Food International Fund and Bright Fortune Investment Management. ( shanghai ) Mr. Min Zhidong, General Manager of the Co., Ltd., and his delegation, along with LeadLeo's co-founder and CEO Mr. Yang Xiaocheng attended and witnessed the signing ceremony. At the ceremony, both parties signed the 'Strategic Cooperation Agreement between Guangming Investment and Frost & Sullivan', exchanging views on in-depth cooperation. In the future, the two sides will fully leverage their respective experiences and advantages in capital operation, investment management, industry research, and integration of industry and finance. They will collaborate to explore the establishment of an innovative consulting service platform that serves the entire food supply chain. By pooling their advantageous resources at home and abroad, they will give full play to their strengths in industrial consulting, policy consulting, market consulting, and capital services, providing comprehensive services for technological innovation, product innovation, and the green transformation and upgrading of the food industry. Together, they aim to promote the innovative development of the food industry. Signing Ceremony Venue   Mr. Min Zhidong stated that Frost & Sullivan is a top consulting firm in the field of domestic investment and financing strategies. What is even more commendable is its global perspective and robust database, which have long provided guidance on development directions for various enterprises. Frost & Sullivan's rich professional knowledge and consulting tools have laid a solid foundation for both parties to jointly build the preferred think tank for enterprises and institutions related to food supply systems, and provided the 'fertile soil' for constructing an innovative consumer goods development support platform supported by big data analysis. Mr. Min Zhidong made a speech   Dr. Wang Xin stated that Bright is a century-old brand and leading enterprise in the food consumption sector, with rich domestic and international industrial resources under its investment portfolio. Frost & Sullivan will actively integrate global resources, leverage its data analysis capabilities and industry research expertise to assist Bright Investment in green development, transformation, upgrading, and innovation, covering aspects such as global asset allocation, industry trend research, strategic formulation, business restructuring and resource integration, investment hotspot judgment, high-quality target screening, talent cultivation and training, capital appreciation services, etc. Dr. Wang Xin's presentation Both Guangming Investment and Frost & Sullivan fully recognize the importance of green development under the background of 'dual carbon', as well as the necessity of promoting industry innovation concepts and new investment ideas. The strong alliance between the two will attract authoritative institutions from industry, academia, and research circles at home and abroad, as well as more innovative enterprises and institutions, to jointly lead the future trend of consumer goods development, promote industrial prosperity, and sustainable development!

Frost & Sullivan insights 2022 year 7 month 22 Today marks the third anniversary of the launch of the Sci-Tech Innovation Board. Over the past three years, there have been a total of [X] listed companies on the Sci-Tech Innovation Board. 439 home, IPO listing The financing amount exceeds 6,400 100 billion yuan, total market value exceeds 5.5 trillion yuan. Compared with other sectors, the Sci-tech Innovation Board has become A The sector with the fastest growth in R&D investment and the highest intensity of investment over the past three years.   The institutional innovation of the Sci-tech Innovation Board in the past year A What impacts and lessons can be drawn from the equity capital market ecosystem? What more promising changes are expected for the Sci-tech Innovation Board in the next three years? Frost & Sullivan Frost & 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 three-year journey of the Sci-tech Innovation Board and its future development trends. China Securities Journal Tides rise on the shores of the East China Sea. The theme of the era of technological innovation surges in the capital market, riding the waves, while on the land of China, tides are high and the waves are rough. The Sci-Tech Innovation Board was born to meet this trend, playing the role of a brave adventurer in the tide's current. Three years ago, as the sound of gongs rang along the banks of the Huangpu River, the team for the Sci-tech Innovation Board gradually grew stronger, and a "hardcore technology" era that integrated national strategies for self-reliance through science and technology with high-quality capital markets quietly arrived. Looking back on the three-year growth journey of the Sci-Tech Innovation Board, changes have quietly “descended upon us”. Today's Sci-Tech Innovation Board features a more open and inclusive system, a more prominent focus on “rugged technology”, stronger growth potential, industrial chain clusters with more concentrated effects, and market-oriented new share pricing. The word “rugged” at the forefront attracts investors, and the Sci-Tech Innovation Board, which has embarked on a path of distinctive development, continues to attract the attention of more innovative technology companies. Enterprises in various sub-sectors carry dreams and passion, moving from fields, production lines, laboratories to the capital market, eager to nurture new vitality and strength through the fertile soil of the Sci-Tech Innovation Board. Seize the opportunity to forge ahead into a new chapter, and set sail anew with renewed vigor. For the Sci-tech Innovation Board (STAR Market), which was born for the innovation-driven development strategy, three years have marked the beginning of a "full market cycle" operation. With unchanging original aspirations and relentless dedication, in the context of an era that relies on innovation to improve development quality, the STAR Market, as a "test field" for capital market reform, will continue to move forward swiftly, taking on the mission of leading economic development towards innovation-driven transformation, and further promoting a virtuous cycle of scientific and technological innovation, capital, and industry. Over the past three years: 6348 100 million yuan for R&D of "living water" irrigation technology 437 Listed company, 5.56 trillion yuan total market value, 6348.34 100 million yuan IPO listing Fundraising amount...…&hellip>As of 2022 year 7 month 21 Today, the report card of the three-year-old Sci-Tech Innovation Board. From the perspective of industry distribution, 437 The company is highly concentrated in high-tech industries and strategic emerging industries. Among them, the new generation information technology industry 150 Home (Proportion 34.32% ), high-end equipment manufacturing industry 99 Home (Proportion 22.65% ), biomedicine industry 93 Home (Proportion 21.28% ), new material industry 39 Home (Proportion 8.92% ), energy conservation and environmental protection industries 32 Home (Proportionality 7.32% ), new energy industry 24 Home (Proportion 5.49% ). at 6348.34 100 million yuan IPO listing Behind the fundraising amount is the "development process" of hard technology companies that rely on the Sci-Tech Innovation Board to break through capital "bottlenecks," devoting themselves wholeheartedly to R&D and innovation. 2018 Based on the annual R&D investment amount, the compound growth rate of R&D investment in the Sci-Tech Innovation Board over the past three years is 29% The average R&D investment per company has decreased from 2018 year 0.95 RMB billion growth to 2.05 Yuan, with the R&D investment intensity maintained at nearly 13% at a high level. Compared with other sectors, the Sci-tech Innovation Board has become A The sector with the fastest growth in R&D investment and the highest intensity of investment over the past three years. China Securities Journal reporters have noticed that the fundraising projects of companies listed on the Sci-tech Innovation Board (STAR Market) are generally focused on the field of technological innovation, with all companies arranging for R&D-related fundraising projects. After going through the 'polishing and tempering' process following listing, some STAR Market companies' fundraising projects have achieved phased results. Listed in the first year of the market opening 70 Taking a company listed on the Sci-tech Innovation Board as an example, as of 2021 At the end of the year, the overall progress of these companies' initial public offering fundraising was approximately 54% At the same time, companies on the Sci-tech Innovation Board have leveraged fundraising and investment projects to achieve capacity expansion and upgrading, with initial economic benefits emerging. For example, Jiayuan Technology 5000 ton / The technical transformation project for high-performance copper foil for new energy power batteries in the year has been basically completed. 2021 Realize economic benefits in the year 1.41 100 million yuan. 2020 The companies listed on the Sci-tech Innovation Board in 2023 have also seen "good news after good news" regarding fundraising and investment projects. Wu Yunkun, President of Qianxin Information Technology Co., Ltd., said: "The company's fundraising and investment projects mainly consist of R&D projects, with most of the project implementation cycles being..." 2 Around the year 2023, most projects will enter the final phase, and individual fundraising investment projects have been completed. The implementation of fundraising investment projects has greatly enhanced the company's technical capabilities, strengthened its channel construction, and improved its digital management level. "One of the company's fundraising projects is an annual output of 40,000 ton / The annual production of sebacic acid by biological method has currently entered the commissioning phase, but it still takes some time from commissioning to full production. 'Liu Xiucai, chairman of Kaesai Bio, revealed. In the view of listed companies on the Sci-tech Innovation Board, current R&D investment, including fundraising projects, will transform into a driving force supporting the sustainable development of enterprises. Liu Xiucai introduced that several products that Kaisai Biotech has industrialized are based on independently developed achievements, which provide efficient and strong guarantees and support for the company's sustainable development. At the Shanxi production base, Kaisai Biotech is building an annual output of 50 Ten thousand tons of glutaraldehyde and annual output 90 The ten-thousand-ton bio-based polyamide project will elevate the company's overall production capacity and scale. Yin Zhiyao, Chairman of Zhongwei Company, said bluntly: 'Continuous high-level R&D investment is the key for the company to maintain its core competitiveness. This provides assurance for the company's independent research and development and innovation in advanced technologies globally, focusing on high-end micro-processing equipment. The company is accelerating the construction of projects such as Shanghai Lingang and Nanchang production bases, further expanding the capacity of high-end equipment, and continuously improving the level of R&D investment and product technological innovation.' This Year: Releasing New Momentum for Reform through Institutional Innovation Innovation and reform are the permanent 'vitality' of the Sci-Tech Innovation Board. Over the past three years, the Sci-Tech Innovation Board has been pioneering, not only creating one remarkable achievement after another but also supporting a new world for 'hard technology' enterprises. In the first two years of its operation, the Sci-tech Innovation Board (STAR Market) has continuously made institutional innovations in information disclosure, mergers and acquisitions, refinancing, equity incentives, inquiry-based transfers, and other areas. In the past year, the "experimental field" has achieved another fruitful result, with a series of innovative systems being implemented and yielding tangible benefits. This year, the new rules for new share inquiry and pricing were officially implemented. Entrusting the market with its own selection is the essence of the registration-based reform, and market-oriented issuance pricing is the core link of this reform. The implementation of the new rules for new share inquiry and pricing last year 9 Since the implementation of the policy, buyer competition has intensified, effective bid ranges have expanded, and the pricing efficiency of new shares has further improved. The phased 'group bidding' phenomenon in the early stages has also significantly improved. This year, the first stock from the Beijing Stock Exchange's transfer listing to the Sci-tech Innovation Board was listed on the Sci-tech Innovation Board. This year 5 In January, Guandian Defense Technology was listed on the Sci-tech Innovation Board, marking the true interconnection of China's multi-level capital market. As the first company to achieve a transfer of listing status at the operational level, Guandian Defense Technology has not only become a demonstration case for effective connectivity between China's multi-level capital markets but also provided a new model for high-quality small and medium-sized enterprises to develop through the capital market, which helps to further stimulate market vitality. In this year, the guidance on the application of the fifth set of listing criteria for medical device companies on the Sci-Tech Innovation Board was released. The fifth set of listing criteria supports companies in the R&D phase that have not yet generated a certain level of revenue and fully reflects the inclusive charm of the Sci-Tech Innovation Board. With the expansion of the fifth set of criteria to the medical device industry, it can encourage more medical device companies in the R&D breakthrough stage to carry out research and development of key core technologies. This year, the market maker system for the Sci-tech Innovation Board (STAR Market) was implemented. Currently, the trading systems in mature overseas stock markets are mainly a hybrid of market maker and competitive bidding trading systems. As an emerging market facing internationalization, it is an unshirkable mission for the STAR Market to align with international systems. The introduction of the market maker system on the STAR Market helps to further enhance the liquidity of STAR Market stocks, strengthen market resilience, and better promote sector construction. This year, Sci-Tech Innovation Board ESG The disclosure of information is in the ascendant. This year 1 In January, the Shanghai Stock Exchange clearly stated that companies listed on the Sci-tech Innovation Board should disclose in their annual reports ESG Relevant information, which shall be compiled and disclosed separately as appropriate. ESG Reports, etc. As of 2021 The annual report disclosure has ended, and all companies on the Sci-tech Innovation Board have disclosed it in their annual reports ESG Relevant information, 95 The company compiles and publishes its own social responsibility report or ESG Report, presenting investment value to investors in multiple dimensions. This is also the first time in China that a listed company ESG Exploration of information disclosure norms has had a positive exemplary effect on the main board, ChiNext, and other markets. Wang Xin, Global Partner at Frost & Sullivan and President of the Greater China Region, said: 'The institutional innovation related to the Sci-tech Innovation Board in the past year has been beneficial to China's capital market, especially A Further improvement of the stock market supervision system. The innovation of the Sci-tech Innovation Board (STAR Market) system provides more detailed document guidance for enterprises seeking initial public offerings or transfer listings, and the refinement of the system has created a better investment environment for a wide range of investors. The innovative provisions of the STAR Market effectively constrain financial market investment activities while ensuring reasonable market liquidity, which is conducive to the long-term sustainable development of China's capital market ecosystem. Looking ahead: more international first-class technology companies will emerge As clusters of scientific and technological innovation stars shine, the level of attention from international investors to the Sci-tech Innovation Board has quietly changed. From initial interest at the beginning of its launch to active research, participation in strategic investments, and even heavy positions today, the focus of international investors on the Sci-tech Innovation Board has been increasing year by year. For international investors, the Sci-tech Innovation Board (STAR Market) presents high growth potential, high liquidity, and a strong scientific and technological innovation attribute that serves national development strategies. These are the 'comparative advantages' of the STAR Market that they have identified when looking at global markets. Lian Peikun, Director of Research at UBS Securities Company, stated that over the past three years, the new economy has gained more attention and capital support globally without prior agreement. In terms of the Chinese market, China boasts a large number of technology companies and vast development potential. Helping startups achieve long-term development through financing is crucial for the future development of China's new economy. "The steady performance of listed companies on the Sci-tech Innovation Board, the convenience of investment, and the listing and trading mechanisms that align with international capital markets continue to attract international investors," said Lu Tian, deputy general manager of Goldman Sachs' Gao Hua Securities. It is reported that currently, international investors can either participate through Qualified Foreign Institutional Investors ( QFII ), Qualified Foreign Institutional Investors in RMB RQFII ) Mechanisms participate in the primary and secondary markets of the Sci-Tech Innovation Board, and can also participate in trading on Sci-Tech Innovation Board stocks through the Shanghai-Hong Kong Stock Connect (as of now, there are a total of 58 Only Sci-tech Innovation Board stocks are included in the scope of SSE Connect targets), and investors can also invest in Sci-tech Innovation Board stocks issued in overseas markets ETF and other product configurations to target the Sci-tech Innovation Board. Lu Tian said: 'We are seeing an increasing number of overseas investors through QFII , RQFII Participation in investing in the Sci-tech Innovation Board has increased; investment and trading through interconnect channels into the Sci-tech Innovation Board have also become more active. Judging from the data, the internationalization level of the Sci-tech Innovation Board is increasing day by day. In terms of the secondary market, since the beginning of this year, the proportion of transactions by foreign institutional investors on the Sci-tech Innovation Board has been 9% relatively 2020 year, 2021 Year-on-year increase 7 one, 2 Percentage points. Currently, overseas investors hold more than 1000 Yuan, accounting for nearly 5% relatively 2020 Rise at the end of the year 1.6 percentage points, and 2021 Remains flat at the end of the year. In terms of the primary market, as of 7 month 8 Today, the Sci-tech Innovation Board has listed stocks 435 In the company, a total 35 home has QFII Number of shares allocated upon successful participation in the new share inquiry and allocation 4533 10,000 shares, amount of bonus 9.59 Yuan. In terms of strategic placement participation, 4 home QFII Participated in 7 The strategic placement of shares by a company listed on the STAR Market has been completed, with a total allocation obtained 1.58 100 million shares, amount of shares allocated 45.3 Yuan. In the view of market participants, QFII The participation of funds in strategic placements on the Sci-tech Innovation Board has played a positive role in boosting market confidence, ensuring corporate issuance, and strengthening strategic cooperation with overseas investors. Persevere through long-term efforts, never ceasing in pursuit. With the continuous advancement of the market construction for the Science and Technology Innovation Board (STAR Market), its international attractiveness and influence are expected to further enhance. At the same time, the attention and participation of international investors are also greatly beneficial for STAR Market companies to improve their internationalization level. Technological innovation intelligence SaaS Guan Dian, co-founder of Service Provider Smart Seed, said: 'In the three years since the opening of the Sci-tech Innovation Board, we have seen an unprecedented market focus on 'technological innovation' and 'hard technology'. In the future, we believe that driven by the Sci-tech Innovation Board, more and more Chinese technology enterprises will emerge at an international advanced level.' * This article is reprinted from China Securities Journal, with the reporter being    Huang Yiling,    Original title:    Three years since the market opened! The brilliance of science and innovation continues to highlight China's new economic strength    "> Frost & Sullivan Insight & Extended Readings Q The institutional innovations of the Sci-tech Innovation Board in the past year (such as new share inquiry, market makers, and delisting) A What impacts has the equity capital market ecosystem brought about and what experiences can be learned from it? A :   In the past year, the Sci-tech Innovation Board has successively introduced a series of innovative systems, mainly covering aspects such as new share inquiry, market makers, and transfer to the main board.   In terms of new share inquiry   , 2021 year 9 month 18 On the same day, the Shanghai Stock Exchange issued the "Implementation Measures for the Issuance and Underwriting of Stocks on the Sci-Tech Innovation Board of the Shanghai Stock Exchange ( 2021 Announced for Revision in [Year]》(Revised) and the 'Guidelines on the Application of the Issuance and Underwriting Rules for Sci-Tech Innovation Board of the Shanghai Stock Exchange No. 1 Initial Public Offering (IPO) 2021 Annual revision)». The two documents, following the principles of marketization and legalization, propose more detailed rule revisions taking into account aspects such as fairness and efficiency in new share issuance under the registration-based system. They provide policy guidance for further optimizing the underwriting system for new shares issued on the Sci-Tech Innovation Board, promoting a more balanced game between buyers and sellers, and guiding investors to participate prudently in offline issuance. In the context of China as a whole A From the perspective of the stock market, the formulation of such systems   It is conducive to strengthening the supervision of offline investors' quotation behavior, improving the efficiency of capital markets serving the real economy under the registration-based system, and contributing to A Improvement of stock market supervision measures and investor education efforts.   In terms of market makers   , 2022 year 5 month 13 On the same day, the China Securities Regulatory Commission (CSRC) officially issued the "Pilot Provisions for Market-making Trading of Stocks on the Sci-tech Innovation Board by Securities Companies," introducing a stock market maker mechanism into the Sci-tech Innovation Board. The document mainly includes provisions on market maker access conditions and procedures, internal control, risk monitoring, supervision and enforcement, etc. After the release of the rules, eligible securities companies can apply to the CSRC for pilot qualifications for market-making trading of stocks on the Sci-tech Innovation Board as required. To prevent potential conflicts of interest between market-making trading and brokerage, proprietary trading, asset management, and other businesses, strict requirements are set for pilot securities companies. First, improve the business isolation system to prevent improper flow of sensitive information and strictly guard against conflicts of interest; second, establish and improve internal control, decision-making processes, and checks and balances mechanisms for market-making trading business to ensure standardized and orderly operations; third, strengthen the management of market-making trading business, improve integrity risk prevention and control, and anti-money laundering requirements to prevent illegal and irregular activities such as interest transfer, insider trading, and market manipulation. The improvement of this system   It is conducive to further promoting the establishment of the Sci-tech Innovation Board and piloting the registration-based system reform, improving the trading system of the Sci-tech Innovation Board, enhancing the liquidity of Sci-tech Innovation Board stocks, and strengthening domestic A Market resilience.   In terms of going public through a secondary listing   Under the overall guidance of the China Securities Regulatory Commission, the Shanghai Stock Exchange 2021 year 7 month 23 On _, the "Guidelines for the Application of the Issuance and Listing Review Rules of the Sci-tech Innovation Board of the Shanghai Stock Exchange" were formulated and issued. 3 Registration —— Prospectus for Listing on the Main Board and Other Documents》、《Guidelines for the Application of the Issuance and Listing Review Rules of the Sci-Tech Innovation Board of the Shanghai Stock Exchange No. 4 Registration —— Contents and Format of the Listing Transfer Report', 'Guidelines for the Application of the Issuance and Listing Review Rules of the Sci-tech Innovation Board of the Shanghai Stock Exchange No. 5 The 'Sponsorship Letter for Listing on the New Board' and other supporting guidelines for listing on the new board are included. The supporting guideline documents clarify the conditions for listing on the new board and the disclosure requirements for the standardized operation of listed companies during the listing period, simplify the information disclosure requirements for changes in shareholders, adjust matters not applicable to listing on the new board such as expected market value; further highlight the importance and relevance of information disclosure, making it more convenient for investors to consult; and make differentiated information disclosure requirements. The release of this series of supporting guidelines is under the unified deployment of the China Securities Regulatory Commission.   Establishing a regulatory connection mechanism for the transfer to the National Equities Exchange and Quotations (NEEQ) with the China Securities Depository and Clearing Corporation Limited is conducive to the smooth progress of various tasks related to the transfer to the NEEQ under a unified standard.   In terms of supervision and review   The Sci-tech Innovation Board (STAR Market) implemented the share issuance registration system earlier than the main board market. Referring to the relevant requirements for the proposed stock issuance registration system reform, the STAR Market has established a listing review mechanism centered on information disclosure, with listed enterprises and intermediary institutions ensuring the authenticity, accuracy, and completeness of information disclosure. Centered around the registration system, the market's inclusiveness is enhanced, allowing red-chip enterprises, unprofitable enterprises, and enterprises with differential voting rights to list on the STAR Market. This provides capital for small, medium-sized, high-tech enterprises, accelerates technological innovation in the capital market, and is conducive to the realization of the country's strategies for innovation-driven development and strengthening the nation through science and technology.   According to the 'Three-Year Summary Report of the Sci-tech Innovation Board' by LeadLeo Research Institute, the registration-based system has strengthened information disclosure and compacted market responsibilities. The pilot registration-based system on the Sci-tech Innovation Board has provided a foundation for A The stock market has laid a solid foundation for entering the era of full registration-based trading. Overall, the institutional innovation related to the Sci-tech Innovation Board in the past year has been beneficial to China's capital market, especially A The further improvement of the regulatory system for the stock market. The innovation of the Science and Technology Innovation Board (STAR Market) system provides more detailed document guidance for enterprises seeking initial public offerings or transfer listings. The refinement and implementation of the system have created a better investment environment for a wide range of investors. The innovative provisions of the STAR Market effectively constrain financial market investment activities while ensuring market liquidity, which is conducive to the long-term sustainable development of China's capital market ecosystem. Q :   If you were to describe the development of the Sci-tech Innovation Board (STAR Market) over the past three years using keywords, what would your answer be? Looking ahead to the development of the STAR Market over the next three years, which more promising changes do you think will occur? A :    Keywords:      Boom in development Over the past three years, the Sci-tech Innovation Board (STAR Market) has shown vigorous vitality. From a pilot field to a new high ground, the exploration and development path of the STAR Market is of great significance to China's capital market. Since its establishment, the STAR Market has positioned itself to serve technology innovation enterprises that align with national strategies, break through key core technologies, and are highly recognized by the market. The STAR Market has achieved   Formulating more inclusive listing conditions has facilitated direct financing for various science and technology innovation enterprises, enhancing the service level of the capital market in improving China's core technological innovation capabilities.   At the same time, the Sci-tech Innovation Board is an important part of the comprehensive registration-based system reform. By further optimizing the listing process and improving the efficiency of IPOs, it aims to concentrate more capital in the field of technological innovation, thereby better addressing the 'bottleneck' issues in the technology sector.   Over the past three years, the institutional system of the Sci-tech Innovation Board has been gradually improved, and a series of innovative systems have taken effect, supporting 'hard technology' enterprises with a new world of possibilities. As of 2022 year 6 month 30 Daily, supply and demand of listed companies on the Sci-tech Innovation Board 431 Home, total market value 5.91 trillion yuan, in A Total number of listed companies on the stock market A Proportion in total market value of stocks is 8.9% and 6.3% In the first half of this year, the number of newly listed companies on the Sci-tech Innovation Board was 54 Home, accounting for the total number of newly listed companies 171 home) 31.6% It is significantly more than that of the main board. In terms of industry distribution, companies listed on the Sci-tech Innovation Board are mainly concentrated in electronics, pharmaceuticals and biotechnology, power equipment and new energy, computers, and national defense.   In industries such as engineering and basic chemicals, there are very distinct industry distribution characteristics. According to the 'Three-Year Summary Report of the Sci-tech Innovation Board' by LeadLeo Research Institute, over the past three years, listed companies on the Sci-tech Innovation Board have made tangible progress in performance and operational capabilities. 2019 till 2021 During the year, the average annual compound growth rate of operating revenue of the top ten companies by market value reached 38.7% In terms of net profit, the average annual compound growth rate of net profit for the top ten companies by market value reached 99.0% This fully demonstrates that the Sci-tech Innovation Board has effectively supported the development of China's real economy, especially emerging technology-based enterprises. It has aligned with the development trend of technological innovation and industrial upgrading, and high-tech research and development efforts have entered a sustainable phase.   Standing at this historical juncture, facing the downturn in real estate, recurring epidemics, cyclical factors such as global inflation, and the structural forces for China's economic transformation and upgrading remain vibrant. China has accumulated a large number of industrial clusters in industries such as new energy vehicles, semiconductors, aerospace, biomedicine, cloud computing, and new materials. With the support of capital markets such as the Sci-Tech Innovation Board (STAR Market), it is expected to achieve leapfrog development. At the same time, a series of systems on the STAR Market are expected to be further improved, such as through fair pricing, information disclosure, governance norms, and various methods and channels to urge science and technology innovation enterprises to continuously improve their quality. Secondly, the future of the STAR Market will   Strengthen its interaction, linkage, and coordination with other sectors   Promote the deepening reform of the entire market and build a modern capital market system with Chinese characteristics that is standardized, transparent, open, dynamic, resilient, and innovative. Looking ahead, the Sci-tech Innovation Board will continue to innovate and make even more remarkable achievements.

Frost & Sullivan insights   As of 7 month 22 On 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". 203 Home (Shanghai 65 Home, Jiangsu 85 Home, Zhejiang 37 Home, Anhui 16 (homes), accounting for the total number of sector companies 46% ; Total funds raised at the initial public offering 3175.90 100 million yuan, with an average fundraising 15.64 100 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 & Sullivan Frost & 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 others 4 Parent Triangle Enterprises Listed on the Sci-tech Innovation Board; Three Years Ago Today, the First Batch of Companies Listed 25 Among the companies listed on the Sci-tech Innovation Board 12 I 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 of 7 month 22 On 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". 203 Home (Shanghai 65 Home, Jiangsu 85 Home, Zhejiang 37 Home, Anhui 16 (homes), accounting for the total number of sector companies 46% ; Total funds raised at the initial public offering 3175.90 100 million yuan, with an average fundraising 15.64 100 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 and IPO listing The fundraising amount ranks first, and Zhejiang Genomics & Therapeutics Co., Ltd. becomes the first company on the Sci-tech Innovation Board to be listed. A Huaren 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, 2021 In the year, the total R & D investment of listed companies on the Sci-tech Innovation Board in the Yangtze River Delta reached 387.99 Yuan, a year-on-year increase 26% The average proportion of R&D investment to operating revenue is 12% Among them, there are a total of 63 Home Sci-Tech Innovation Board companies have been selected into the national list of specialized, refined, distinctive and innovative "little giant" enterprises, accounting for 31% . 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 from 2018 year 11 Since 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, 2021 In total, listed companies on the Sci-Tech Innovation Board in the Yangtze River Delta region achieved operating revenue 3998.63 Yuan billion, growth 39% ; Realize net profit attributable to the parent company 523.84 Yuan billion, growth 78% Among them, 90% of the companies saw an increase in operating revenue. 22 The company's revenue has doubled; recently 7 The net profit attributable to the parent company has increased. 39 The company's profit growth rate is at 100% As mentioned above, the highest profit increase reached 12 times. Headquartered in the Shanghai region, in 2019 year 7 Microsemi, listed on the Sci-tech Innovation Board 2021 The company's operating revenue and net profit attributable to the parent company both reached record highs, reaching 31.08 yuan 10.11 Yuan. 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. 650 Yuan-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   Q 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? A :   till 2022 year 7 month 1 On 432 Among them, the number of listed companies on the Sci-Tech Innovation Board in the Yangtze River Delta region is 197 The total number of listed companies on the Sci-tech Innovation Board 45.6% 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: 2019 In 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 by 2025 In [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. Q The 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. since 2018 year 11 Since 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. 80 For 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 Delta G60 The Sci-Tech Innovation Corridor strategy has begun to show results. 2022 In 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, with 11 home, 6 The company; its listed company ranks among the top in terms of fundraising amount, with the respective fundraising amounts being 250.25 yuan, 145.63 100 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.