three months after the release of the "eight measures for science and technology", the shanghai stock exchange is working on formulating a number of supporting systems
2024-09-20
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three months after the release of the "eight science and technology regulations", the paper learned that the shanghai stock exchange is speeding up the introduction of supporting rules, and a series of innovative systems have been implemented or are on the way.
on june 19, the china securities regulatory commission issued the "eight measures on deepening the reform of the science and technology innovation board to serve technological innovation and the development of new productivity" (hereinafter referred to as the "eight measures"), which proposed more than 30 support and optimization measures in eight aspects, including supporting the listing of hard technology companies on the science and technology innovation board, optimizing the issuance and underwriting system, supporting mergers and acquisitions with greater efforts, and enriching indexes and products. it is reported that over the past three months, the shanghai stock exchange has continued to conduct market research and publicity, explain regulatory policies, answer market concerns, and actively promote the implementation of relevant rules, cases, and products, and has successively "updated" initial public offerings, mergers and acquisitions, and index products.
we are promoting the introduction of relevant policies and measures
the "eight measures for science and technology innovation" have introduced a series of institutional innovation measures in the areas of issuance and underwriting, refinancing, and equity incentives, aiming to give full play to the role of the science and technology innovation board as a "test field" for reform, enhance the level of service for scientific and technological innovation, and better support the development of new quality productivity. it is reported that currently, two systems have been implemented, and a number of supporting systems are being formulated.
the two systems that have been implemented are: first, to clarify the high-price exclusion ratio for new stock pricing in the sci-tech innovation board pilot adjustment. on the evening of july 24, longtu optoelectronics, as the first sci-tech innovation board ipo company to apply the 3% exclusion ratio for the highest bid price in the issuance pricing stage, released the new stock pricing results. at present, in addition to longtu optoelectronics, two other sci-tech innovation board new stocks, inos and hehe information, have also applied the 3% high exclusion ratio, and the overall quotation pricing is prudent and reasonable.
second, according to the "implementation rules for the offline issuance of initial public offerings in the shanghai market" issued by the shanghai stock exchange and china securities depository and clearing corporation, the requirement of holding the market value of the science and technology innovation board (average market value of more than 6 million yuan in the first 20 trading days) has been added. industry insiders pointed out that this measure will help the science and technology innovation board to introduce more incremental funds, guide funds to hold the stocks of science and technology innovation board companies for a long time, and enhance the inherent stability of the market.
it is understood that recently, the shanghai stock exchange has also actively conducted market research and cooperated in the drafting of rules around a number of systems such as optimizing the application of short-term trading rules for equity incentives, refinancing shelf issuance, and "light asset, high r&d" identification standards. it is vigorously promoting the introduction of relevant policies and measures, continuously improving the convenience and pertinence of the science and technology innovation board system, and customizing more "handy" institutional tools for scientific and technological innovation enterprises.
more than 20 m&a and restructuring cases have been generated
since the beginning of this year, the policy of mergers and acquisitions has been warming up. a series of supporting policies have been introduced intensively to optimize the policy environment for mergers and acquisitions, improve the relevant system, and encourage enterprises to grow bigger and stronger through mergers and acquisitions. on this basis, the "eight measures for science and technology" will support mergers and acquisitions with greater strength, further clarifying the improvement of valuation inclusiveness of mergers and acquisitions, enriching payment tools for mergers and acquisitions, supporting mergers and acquisitions upstream and downstream of the industrial chain, and supporting sci-tech innovation board listed companies to focus on improving and strengthening their main businesses and carry out absorption mergers.
the rapid approval of the m&a and reorganization project of precision electronics (688337) is an important manifestation of the effectiveness of the implementation of the "eight measures for science and technology". on july 16, precision electronics issued shares to purchase 67.74% of the equity of naisu electronics and obtained the approval of the china securities regulatory commission for registration. this was only two months after the reorganization application was accepted on may 14. this transaction is not only the first m&a and reorganization registration of listed companies after the release of the "eight measures for science and technology", but also the first m&a and reorganization project registered on the science and technology innovation board this year.
on september 13, siruipu (688536)'s restructuring application for issuing directional convertible bonds with cash to acquire chuangxinwei was approved by the china securities regulatory commission. the innovation of the scheme in this case has attracted great attention from the market. for example, the transaction target chuangxinwei is an unprofitable company planning to go public. chuangxinwei's operating income in 2023 was 253 million yuan, and its net profit was -4.06 million yuan. it is an unprofitable company. it has previously started preparations for its ipo. finally, based on factors such as market conditions and industry trends, it chose to integrate with the listed company; for example, setting differentiated pricing to take into account the demands of all parties. on the basis that the total amount of consideration paid does not exceed the asset appraisal value, taking into account factors such as the initial investment costs of different counterparties, the parties to the transaction negotiate to set differentiated pricing arrangements; for example, the evaluation method and valuation fully respect market choices. this transaction was evaluated using the income method and the market method, and the market method evaluation conclusion was selected as the pricing basis. the evaluation appreciation rate was about 3 times, and the valuation appreciation rate corresponding to the transaction price of some counterparties exceeded 6 times; in addition, in terms of the choice of payment tools, the use of directional convertible bonds with cash reduced the transaction uncertainty caused by price fluctuations in the secondary market. this is the first case in the shanghai stock exchange to use convertible bonds as a payment tool after the new convertible bond regulations. the successful implementation of this case also provides a useful reference for many companies planning to go public, including ipo-rejected companies with no major defects in compliance, to reasonably choose securitization methods, and for venture capital institutions to reasonably choose exit channels.
after the release of the "eight measures for science and technology innovation", more than 20 companies on the science and technology innovation board, including xinmai medical (688016), xinlian integration (688469), and sanyou medical (688085), have successively released industrial merger and acquisition plans, and the number has increased significantly compared with the same period last year. in the past week alone, three companies, zhuoyi information (688258), hangyu technology (688239), and pumen technology (688389), have launched merger and acquisition plans. on september 11, hangyu technology disclosed the acquisition of 90% of the equity of chengdu chenghangfa to deepen the company's layout in aerospace, gas turbines and other fields and improve customer stickiness; on the same day, pumen technology and its related parties increased their capital in sichuan anjiechang to obtain its 26% equity; on september 14, zhuoyi information disclosed the acquisition of 48% of the equity of aipuyang technology, with a transaction price of 273 million yuan and an appreciation rate of 1,097.25%. after the completion of the transaction, aipuyang technology will become a wholly-owned subsidiary of the company. the two parties can form synergy and complementarity in technology accumulation and improve the company's independent and controllable product chain.
in the past three months, these m&a plans have also made positive progress. on august 29, xidiwei (688173) completed the transaction of acquiring the korean listed company zinitix; on august 30, the merger and reorganization plan of sanyou medical was reviewed and approved by the shareholders' meeting; on september 5, xinlian integrated circuit disclosed the reorganization draft and acquired the remaining 72.33% equity of its holding subsidiary xinlian yuezhou for 5.897 billion yuan, which is also the largest chip m&a in the a-share market this year.
with the joint effect of policy support and market demand, mergers and acquisitions on the science and technology innovation board are becoming increasingly active, and the published cases may set an example for more science and technology innovation companies to carry out industrial mergers and acquisitions. it is expected that more science and technology innovation companies will improve asset allocation through mergers and acquisitions and restructuring, further stimulate market vitality, and promote the creation of a new industrial ecology.
index and fund products continue to be updated
on august 2, the shanghai stock exchange officially announced the formulation of the "three-year action plan for index business (2024-2026)", which clearly stated that it would continue to enrich the varieties of the science and technology innovation board index, improve the index investment ecosystem, and gradually build an index risk management system. after the launch of the "eight measures for science and technology innovation", the science and technology innovation board added 8 new indexes, including the science and technology innovation 200 index and the shanghai stock exchange science and technology innovation board semiconductor materials equipment, with the number increasing by 50%. the science and technology innovation board has a total of 24 indexes, initially forming an index system consisting of broad-based indexes represented by science and technology innovation 50 and science and technology innovation 100, industry theme indexes represented by science and technology innovation information, science and technology innovation biology, science and technology innovation chips, and science and technology innovation materials, regional theme indexes represented by science and technology innovation yangtze river delta and science and technology innovation greater bay area, and strategy indexes represented by science and technology innovation growth.
on september 6, huatai-pinebridge sse star 200 etf was officially approved. this is also the first product tracking the sse star 200 index to be officially launched after the index was released on august 20 and the product was reported on august 29. in the view of industry insiders, the launch of the first sse star 200 etf not only marks the further enrichment of the sse star index system and index products, and broadens new channels for investors to participate in sse star investment, but is also an important practice for public funds to help the development of new productivity, and is expected to guide more funds to focus on the "hard technology" industry.
recently, many fund companies have also actively reported index products related to the science and technology innovation board. according to wind data, since june, fund companies such as bosera, china asset management, harvest, fuguo, invesco great wall, and wanjia have reported etfs related to the science and technology innovation board and their linked funds, tracking indexes including science and technology innovation board 50, science and technology innovation board new energy, science and technology innovation board growth, science and technology innovation board industrial machinery, science and technology innovation board biomedicine, etc. at present, the scale of etfs tracking the science and technology innovation board index has exceeded 150 billion yuan, among which the scale of science and technology innovation board 50 etf and its enhanced etf is close to 130 billion yuan, and 13 products have been listed on exchanges in 7 countries and regions such as the united states, the united kingdom, and japan, becoming one of the a-share broad-based indexes that are highly concerned by domestic and foreign investors.
industry insiders pointed out that with the gradual implementation of innovative systems, typical cases, index products, etc., the policy and market effects brought about by the "eight measures for science and technology" will become more apparent, providing a broader space for scientific and technological innovation and the development of new quality productivity.
the paper reporter qi yeyun
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