Science And Technology Board IPO "Ke Chuang" Attribute Quality Inspection Report: Controversy And Future Under The Guidance Of "3+5" Evaluation

Since the launch of the science and technology board, there has been controversy about the content of the company. How to improve the positioning of "Chuang Chuang" of the science and technology board has always been the direction of reform for regulators and the market.

In March 20th, the China Securities Regulatory Commission (CSRC) formulated and published the guidelines for the evaluation of the nature of science and Technology (hereinafter referred to as "guidelines"). It first proposed the specific evaluation index system of science and technology creation attributes, so as to better support and encourage the "hard technology" enterprises to be listed on the science and technology innovation board.

The release of the guidelines, such as a blockbuster, triggered a heated response in the regulatory authorities, listed companies and intermediaries. "After the guidelines came out, we were very concerned. The first time we did some communication with the sponsor, we found that we have reached all the indicators, and it is much higher, so it has little impact on us." In March 23rd, a person responsible for the creation of a board in Beijing area told reporters.

Just a few words can show the concerns of all parties in the market.

Then, with the introduction of the guidelines, will there be a corresponding change in the future of science and Technology Board Audit and declaration? Is the threshold of science creation board improved? What will be the impact on the whole capital market? In twenty-first Century, the economic report interviewed a number of market participants. Let's listen to all sides.

How to improve the positioning of "science and technology" has always been the direction of reform for regulators and the market. -IC photo-

Competition of science and technology

When the science and technology board was launched, it emphasized the "science creation attribute" and "science innovation positioning", and supported and encouraged the "hard technology" enterprises to go public. As a result, there has been controversy. From the papaya mobile initiative, the Jiangsu northerners, and the Titan technology that has been denied, the market has raised questions about its market content.

Zhu Zhenyou, chairman of the Jiangsu northerners, questioned the media and said "grievances" through the media. He replied, "the Jiangsu northerners may not be the best quality among the first batch of science and technology board players, but the robot system integration industry also has a high technical content."

Taking Titan technology as an example, the reason for its failure to enter the company is related to the lack of fineness of the core technology of the company. The listing committee considered that Titan technology failed to accurately disclose the business model and business essence, failed to accurately disclose its core technology and its advanced nature and mainly rely on the core technology to carry out production and operation. Therefore, it decided to terminate its application for the listing of its science and technology board.

As a regulator of the Shanghai Stock Exchange, after the announcement of the second batch of science and technology enterprises that had been accepted last year, they responded to the reporters' questions in response to the reporter's questions, and responded to the controversy over the content of the company's creation.

At that time, the Shanghai Stock Exchange said that it would conduct rounds of inquiries on issues such as the representativeness, technological capability and quality of the company, which were widely concerned about the market. Through full disclosure of information, the Shanghai Stock Exchange will form a market-oriented constraint on the pricing, issuance and listing of enterprises. The issuer shall disclose the information in a truthful, accurate and complete manner. The sponsor shall fully demonstrate whether the issuer is in line with the location of the science and innovation board.

Behind all these controversies and concerns is the common problem that plagued the companies of the Chuang Chuang board. No matter whether the listed companies, intermediaries or regulators are concerned, there is no quantitative standard for the definition of the science creation attribute, which brings difficulty to the related work.

"Previously, the listed companies and intermediaries had different opinions on whether or not enterprises owned the property of science and technology. Because of the absence of a clear judgment dimension, the cost of listing and the speed of declaration were increased. In the process of auditing and inquiring, the nature of science creation is the focal point of inquiries, and the questions of different enterprises are different. A senior market person told reporters.

Provide standards of measurement

The publication of the guidelines has finally solved the above problems and provided a self testing standard for the listed companies and intermediaries.

The evaluation index system of Ke Chuang property adopts the structure of "conventional indicators + exception clauses", including 3 conventional indicators and 5 exceptions. If enterprises meet 3 conventional indicators at the same time, they can be considered to have the attributes of scientific creation. If 1 items are not met at the same time, they meet 3 conventional indicators, but they can satisfy 1 items of the 5 exception clauses.

"In the course of the audit, there are many subjective judgements on the nature of science creation. After having guidelines, it is clear that the related matters are a good thing for enterprises." The aforementioned science and technology board accepts the relevant person in charge of the enterprise.

Specifically, the 3 conventional indicators are "R & D investment or R & D investment share of operating income", "invention patent", "operating income or operating income compound growth rate", which mainly reflects the R & D input, output of the enterprise and its actual impact on enterprise management, and can comprehensively measure the R & D input and output and technology content of the enterprise. In particular, considering the fact that there is no profitability and the adoption of fifth listing standards, it is permitted that such enterprises do not have to meet the conventional indicator 3.

The 5 "exceptions" include: international leading, National Science and technology progress award, national major science and technology award, import substitution, invention patent 50, etc., which is "further support for the" management of the first public offering stock registration method (Trial Implementation) ". Implement and implement.

According to the SFC, the evaluation index system of science creation attributes proposed by the guidelines is determined according to the actual situation of science and technology enterprises at this stage. The SFC will adjust the corresponding guiding policies appropriately according to the process of promoting the work of the science and technology innovation board.

For this set of "3+5" indicators, the market generally believes that it will bring convenience to reporting and auditing.

It is easy to grasp all kinds of quantitative indicators in the Listing Rules of the "Chuang Chuang" board. The most puzzling problem for intermediaries and enterprises is the non quantitative "science creation attribute" judgment. Now we give the specific quantitative reference index of the science creation attribute, which will bring great convenience to the enterprise screening. Li Ding capital CEO Gao Fengyong told reporters in an interview with twenty-first Century economic report.

"After the index is released, the issuer's self-assessment of the nature of the company's innovation and the professional judgment of the sponsor's issuer's property will be simpler and clearer. Compared with the audit related to the nature of the innovation, the regulatory authorities will also greatly simplify the audit and further improve the efficiency of the issue and listing." In twenty-first Century, economic news reporters learned from the regulators.

What does a guide mean?

Since there are quantitative indicators, it is inevitable to have a comparison.

As of March 23rd, a total of 216 enterprises have been accepted by the Shanghai Stock Exchange.

According to the GF Securities strategy research team statistics, as of March 22nd, 92 listed companies of the science and technology innovation board which had been listed in the market, a total of 80 met the requirements (R & D investment), 85 met the conditions two (invention patents), 87 met the conditions three (revenue), and three categories of 69, accounting for 75%.

According to the internal law, the companies with the condition three are generally low market capitalization, with an average of 60.80 and 6 billion 776 million respectively. In addition, agriculture, forestry, animal husbandry and fishery, non-ferrous metals, communications, public utilities, defense industry and other industries reached a low rate of compliance, about 50%.

In twenty-first Century, the economic report further counted the 94 science and Technology Board companies that were still being processed, of which 86 met the requirements (R & D), and 75 of them met the requirements of three (revenue). Generally speaking, the number of enterprises that meet the requirements is quite limited.

A business person who has the intention to declare the company is saying: "(Declaration) is on the way, and it seems that the index is relatively easy to achieve."

"Judging from the standards, it is really not difficult for the real science and technology enterprises to achieve the target, and it has given us the direction and scale to make the enterprises invest in R & D targeted. The introduction of the standard will not bring substantial changes to the IPO, but it is a good thing to add more specific reference options to enterprises. Gao Fengyong said, "China's capital market is multi-layered, not only a way to create a new board, the gem will also push the registration system reform immediately, and the selected layer will also launch the IPO system, so the enterprises can choose a lot of ways."

For the introduction of the guidelines, there are also market participants believe that the move to improve the threshold of science and create plates.

Zhu Weiyi, chairman and general manager of Hua Tuo capital, said in an interview that "the guidance of the science and technology board" is very beneficial to the whole capital market. He has made clear the threshold of the science and technology board and improved the entry threshold. On the one hand, it is conducive to improving the quantity and quality of the company. On the other hand, it is conducive to the introduction of the new third board selection layer. Previously, there are some new three board enterprises that do not have the qualifications to run to Ke Chuang board. In fact, there is no need to go to the selective layer or the gem registration system.

Wang Jiyue, a senior investment banker, said, "in fact, the threshold of science creation board will be raised. If the enterprise continues to report on the standard, it must be questioned by the media. Unless it is really strong, why do the issuers go to the" science creation board "? You can go to the gem. It is expected that no standard declaration will be achieved. "

However, some authoritative people stressed to reporters that "3+5 is a support, not a threshold, nor is it a hard indicator, but a good indicator, which is a guide to listing."

"The guideline aims at improving the efficiency and accuracy of reporting, rather than increasing the threshold. Encouragement and support means that enterprises that meet the requirements of 3+5 are considered to have the nature of innovation, and no longer increase the cost of listing on the "attribute" issue. At the same time, enterprises that do not comply with the 3+5 conditions are also answering the questions. The listing conditions have not changed, and the market access is still smooth. The source said.

In fact, in the market recognition of the higher science and technology creation of the Anji technology, the core source micro, in the IPO declaration material has not reached the 3 standard in the standard of revenue growth rate, but still does not prevent them to become a science and innovation board company.

"I understand that this is just a market guide, not an administrative order, not an administrative regulation. The SFC must adhere to the inclusion and marketization nature of registration system, and the independent audit authority granted to the SFC will never be taken back in disguise. Dong Dengxin, director of the financial and Securities Research Institute of Wuhan University of Science and Technology, said in an interview.

GF strategy research team also believed that the "science and technology board" attribute standard set clear "hard technology" science and technology board positioning, but not set new entry threshold, black technology, platform type (Internet +), small market value and other companies may be reduced enthusiasm, guidance helps reduce the listing costs, improve audit efficiency, speed up the issuance of audit rhythm; at the same time, quantitative indicators emphasize invention patents. It will guide the differentiation of the two level market and the precipitation of enterprises in the primary market.

Wang Jiyue believes that "the market will judge the nature of creativity, but more concerned about growth. The market does not think the standard must be right or reasonable, and the market will have its own judging standard. The real gold and silver voting is more reasonable than the administrative setting standards.