Article/Cao Zhongming, columnist of Sina Financial Opinion Leader (WeChat official account kopleader)
Referring to the investor appropriateness management system of GEM, the Science and Technology Innovation Board may set the threshold for investors to enter, but this is not the "talisman" of investors. In terms of protecting the interests of investors, I think the quality of companies listed on the Science and Technology Innovation Board is the top priority. In addition, we must severely punish the insider trading, market manipulation and other illegal acts on the Science and Technology Innovation Board.
At the opening ceremony of the first China International Import Expo, President Xi Jinping said that he would set up a science and technology innovation board in Shanghai Stock Exchange and pilot the registration system, support the construction of Shanghai International Financial Center and Science and Technology Innovation Center, and constantly improve the basic system of the capital market. This shows that after the Shenzhen Stock Exchange's GEM, the Shanghai Stock Exchange will usher in the Science and Technology Innovation Board.
Previously, Shanghai Stock Exchange had put forward the idea of strategic emerging industry board, but for various reasons, the strategic emerging industry board has not been launched. This high-level decision to set up a science and technology innovation board in Shanghai may be regarded as an extension of the strategic emerging industry board. Of course, since the Science and Technology Innovation Board is to be launched, it must be different from the original strategic emerging industry board, and it should also be different from the Shenzhen GEM.
With the establishment of the Science and Technology Innovation Board, its listed enterprises should be technology-based and innovative enterprises, and its positive role is obvious. On the one hand, the establishment of a science and technology innovation board will virtually provide a new exit channel for venture capital funds, or further stimulate the upsurge of venture capital. On the other hand, it is undoubtedly a great benefit for scientific and technological innovation enterprises, and it is also conducive to promoting the development of scientific and technological innovation enterprises. At the same time, the establishment of the Science and Technology Innovation Board is also conducive to the successful transformation of China's economy.
It is worth noting that the registration system that has been so noisy before will be piloted on the science and technology innovation board. Although it is only a pilot in the Science and Technology Innovation Board, once the pilot is successful, it will eventually be promoted in the Shanghai and Shenzhen stock markets. Therefore, the pilot project of the registration system also shows that the registration system may not be far away from full implementation, but investors are afraid of the registration system. On this point, the regulatory authorities must have a clear understanding.
We can wait and see whether the Science and Technology Innovation Board will be built into the second GEM. However, after the launch of the GEM, all kinds of problems arising from the GEM should be paid attention to and taken as a warning. Otherwise, if the Science and Technology Innovation Board becomes the second GEM, it will have no meaning.
After the A-share market has already had the Shanghai and Shenzhen main boards, Shenzhen small and medium-sized boards and the GEM, the launch of the Science and Technology Innovation Board in Shanghai is conducive to building Shanghai into an international financial center and scientific and technological innovation center. However, I personally think that the introduction of the Science and Technology Innovation Board needs to face three major problems.
Question 1: How to ensure the quality of listed companies on the Science and Technology Innovation Board? Although the pilot registration system does not mean that the listed enterprises fail to pass the review, it is an indisputable fact that the threshold for listing will be lowered after the implementation of the registration system. The current GEM, under the strict review of the Development and Examination Committee of the Securities Regulatory Commission, will still appear such as Xintai Electric Geeya Technology It is undoubtedly worth paying attention to whether there will be more "Xintai Electric" and "Geeya Technology" landing on the science and technology innovation board under the registration system for enterprises that have been listed through fraudulent issuance.
To say the least, even if there is no fraudulent issuance on the Science and Technology Innovation Board, it is entirely possible for enterprises with poor performance, insufficient growth or no future to appear on the Science and Technology Innovation Board under the background of the registration system. If there are more such enterprises, the overall quality of the scientific innovation board enterprises will be reduced virtually, and their investment value will also be discounted. Therefore, the quality of science and technology innovation board enterprises under the registration system is an unavoidable problem.
Question 2: Will the Science and Technology Innovation Board become a "cash out board"? Once, as a new thing, the GEM was sought after by the market. In general, the valuation of the GEM was higher than that of the main board in Shanghai and Shenzhen, and far higher than that of the SME board in Shenzhen. It is precisely because of the high valuation of the GEM that the sponsors' shareholders made a big cash out. As an exit channel for venture capital funds, it is also worth paying attention to whether venture capital funds will be cashed out after the shares of listed companies are lifted.
If the Science and Technology Innovation Board does not become a "cash out board" like the GEM, the first thing is that investors should not blindly pursue the stocks of the Science and Technology Innovation Board, otherwise, overvaluation will trigger the cash out impulse of shareholders of relevant listed companies. Secondly, since the Science and Technology Innovation Board implements the registration system, it is necessary to extend the lock up period of the shares held by the sponsors of the Science and Technology Innovation Board. For example, if the shareholding ratio is less than 5%, the lock up period shall not be less than three years; if the shareholding ratio is more than 5%, the lock up period shall not be less than five years.
Question 3: How to protect the interests of investors in the Science and Technology Innovation Board? The registration system focuses on information disclosure. As long as the issuer's information disclosure is timely, sufficient, complete and accurate, there should be no obstacles for scientific and technological innovation oriented enterprises to be listed on the science and technology innovation board. However, low quality scientific and technological innovation enterprises are obviously not conducive to the protection of investors' interests. In particular, if there are fraudulent issuance cases such as Xintai Electric on the science and technology innovation board, even if there is advance compensation from securities companies, investors' interests will also be damaged because they cannot achieve full coverage of investors with damaged interests and investors' losses.
Referring to the investor appropriateness management system of GEM, the Science and Technology Innovation Board may set the threshold for investors to enter, but this is not the "talisman" of investors. In terms of protecting the interests of investors, I think the quality of companies listed on the Science and Technology Innovation Board is the top priority. In addition, we must severely punish the insider trading, market manipulation and other illegal acts on the Science and Technology Innovation Board.
(About the author of this article: Independent financial writers have published hundreds of articles in three major securities newspapers and other media)
