Article/Pan Helin, columnist of Sina Financial Opinion Leader Column (WeChat official account kopleader)
We also need to take a rational view of this emerging thing. The successful experience of other countries is worth learning from, but it is not a matter of borrowing from others. Our goal is not to create a copy of the NASDAQ of the United States, but a new Chinese science and technology innovation board.
On November 13, Shanghai Stock Exchange convened a special seminar on the Science and Technology Innovation Board for the heads of investment banking business of major domestic securities firms. The information disclosed at the meeting shows that the Science and Technology Innovation Board will be promoted at a faster speed. It is expected that the draft for the establishment of the Science and Technology Innovation Board will be launched at the end of this month and the beginning of next month, and the first batch of enterprises can be listed on the Science and Technology Innovation Board as soon as the first quarter of next year. The "launch" of the Science and Technology Innovation Board has stimulated the enthusiasm of many scientific and technological innovation enterprises to enter the market.
Shanghai Pudong has set up a special working group for the Science and Technology Innovation Board, and created a database of backup enterprises for the Science and Technology Innovation Board. Himalayan, Hujiang and other enterprises are working hard to communicate with regulators in other regions, including Beijing, Shenzhen and other companies. Cambrian, Yuncong Technology, Yitu Technology and others have the opportunity to land on the Science and Technology Innovation Board. According to the prediction of relevant institutions, In the next 3-5 years, it will focus on attracting 300-600 high-quality scientific and technological innovation enterprises. The vigorous implementation of the Science and Technology Innovation Board also demonstrates the country's concern for scientific and technological innovation enterprises.
Financing has always been the most troublesome problem for science and technology innovation enterprises. As the main financing method, bank loans have not given these enterprises a foothold in the current stock market, because most science and technology innovation enterprises are start-ups, still in the embryonic stage, with small companies and large uncertainties in the future, President Xi Jinping personally mentioned the GEM this time, which shows that the country is really helping enterprises solve the issues most relevant to their immediate interests.
At the same time, the arrival of the science and technology innovation board will make many scientific and technological innovation enterprises no longer "leave their homes". Ali and Jingdong went to the other side of the ocean, which made us realize that the excellent enterprises cultivated locally cannot raise funds in the domestic market, nor benefit domestic investors. The profit, scale and market value thresholds set by the current stock market structure for unicorn enterprises make it difficult for these "newborns" to meet the requirements and force them to "run away". The science and technology innovation board does not set profit, scale and other indicators, and all decisions are left to investors in the market, which can be said to give these scientific and technological innovation enterprises a chance to step on the financing stage, No longer "away from home".
However, when we welcome the Science and Technology Innovation Board and its registration system, we should also have some independent thinking.
The registration system can be called as a public management principle. The securities issuance review institution only conducts formal review of the registration documents, and does not make substantive judgments. No one is responsible for the correctness of investors' decisions, and only investors are responsible for themselves. The key of the registration system is that the company issuing securities should provide all information about the securities issuance itself and related to the securities issuance. Information disclosure is the core of the registration system's vitality, otherwise, the registration system will evolve into fraud and gambling.
However, Huge Group 、 Meidu Energy 、 Shengda Mining The financial fraud and illegal information disclosure cases of listed companies make us realize that even the heavily regulated main board market also has information disclosure problems. Therefore, if we want to really let the registration system play its due role, we need to first create a complete system and market for information disclosure.
We always regard NASDAQ as the vision of the domestic stock market, but the Science and Technology Innovation Board is not a copy of NASDAQ. When the GEM appeared, we said it was China's NASDAQ. When the NEEQ appeared, we said it was China's NASDAQ. Now it is the turn of the science and technology innovation board. However, is it our goal to become a NASDAQ? Is it our goal to copy a Chinese NASDAQ?
It is not the registration system that has been implemented, but the NASDAQ. We do not have their perfect and scientific delisting system, and the largest feature of China's stock market is still to increase the number of investors and decrease the number of investors; It is not that we have implemented the circuit breaker mechanism, that is, NASDAQ. Our trading system is still T+1, which is essentially different from that of NASDAQ; Not to mention that we have liberalized the fluctuation mechanism, that is, NASDAQ. Our investors are still mostly retail investors, not as rational as many institutional investors in NASDAQ.
Of course, it is understandable to learn from the historical experience of a successful securities market, but it is overcorrection to persist in the "take it" principle. We envy NASDAQ for creating numerous excellent high-tech enterprises, so what we should learn is not the superficial issuance and trading system, but the core mechanism, including delisting and information disclosure review, etc, The correct way to get closer to our beautiful vision is to make amendments suitable for our national conditions according to their mechanism.
Finally, I think that the emergence of the science and technology innovation board will solve the financing problems of a large number of scientific and technological innovation enterprises in China, help them overcome the financial difficulties, and also be able to pilot the registration system. However, we still need to take a rational view of this emerging thing. The successful experience of other countries is worth learning, but it is not just a case of borrowing from others, Our goal is not to create a copy of the NASDAQ of the United States, but a new Chinese science and technology innovation board.
(The author of this article introduces: famous young economist, famous financial commentator)
