Scriptures 丨 The comprehensive registration system has gradually moved near the venture capital industry to usher in new development

Cover reporter Xiong Yingying Ma Mengfei

Since the beginning of this year, the topic of the comprehensive registration system has been repeatedly mentioned.

Recently, the chairman of the CSRC Yi Huiyan published an article in "Seeking", which mentioned that after nearly three years of pilot exploration, the registered architecture with information disclosure as the core has been preliminarily subject to the market test. The conditions of the system are basically available. Many brokers predict that they are expected to be within the year.

Under the comprehensive registration system, how will the rhythm of listing changes? What impact will it affect the venture capital industry? In this issue of "Classics", Xu Xiang, general manager of Shenzhen Create in Southwest Region, and Hong Le, the host of the program host and senior expert lecturer of the Shenzhen Stock Exchange, also expressed their views on this.

Entrepreneurship investment under the registration system

Exit channels are more unblocked

Data show that since the registration system, the science and technology board and the GEM IPO project have increased significantly, and the review efficiency has been improved. The number of GEM IPOs increased from 52 in 2019 to 199 in 2021. The review time was shortened from 594 days in 2019 to an average of 306 days, and the review efficiency doubled.

From the successful pilot of the science and technology board and the GEM registration system, to the establishment of the Beijing Stock Exchange, Xu Xiang also felt that with the continuous improvement of the domestic multi -level capital market, the number of listed companies increased in the naked eye. One or two hundred years increased to four or five hundred.

"It is definitely a good thing for our investment institution." Xu Xiang mentioned that for investment institutions, withdrawing through the IPO is undoubtedly one of the important channels. Taking his Shenzhen Investment Investment as an example, 26 IPO projects participated in the IPO project last year, and 13 IPO projects were obtained in the first half of this year. In addition, there are dozens of companies to be issued in the second half of the year to be issued and queuing on IPO companies.

In Xu Xiang's view, the core of the registration system is not to predict the future of the enterprise, but it is more about information disclosure and standardized operations. "In the process of promoting the listing of enterprises, we also clearly feel that the professionalism of the exchange review has continued to improve, and the levels are becoming more and more stricter." The system relaxed the review requirements.

Since the implementation of the registration system, the most direct change is to let go of 23 times the limitation of the price -earnings ratio. Xu Xiang also said that this may allow excellent enterprises to raise more funds. "Of course, whether the company can earn money in the future, no one can objectively speaking, no one can objectively speaking, no one can speaking. It is expected that under the influence of the epidemic, some encounter disasters, and some have ushered in explosive growth, which cannot be pre -judged through the registration system. "

The comprehensive registration system gradually moves close

The review efficiency will be significantly improved

What will the implementation of the comprehensive registration system bring? Xu Xiang believes that there will be no major changes for the company's own development strategy and the connection of the capital market. "We are more concerned that entrepreneurs do their own things and do products and services well. Other things are handed over to the intermediary agency. There is no need to worry too much."

Hong Le believes: "In essence, the registration system is that the regulatory agency no longer determines whether the project is good or bad, but to give the right to judge to investors and the market." As for the logic of investor judgment, whether a honeycomb only does short -term arbitrage or value investment, paying attention to long -term growth in the future, accompanied by the advancement of the comprehensive registration system, investors are gradually mature. Speaking is also beneficial.

On the other hand, Hong Le pointed out that the comprehensive registration system will also accelerate the supply of market IPOs and the rhythm of distribution. It can also be clearly felt since the pilot registration system of science and technology boards and GEM pilot registration, and the review efficiency is improving.

The latest research report of open source securities believes that it is expected to have a large probability of landing within the year. The motherboard is positioned in the blue chip market, focusing on supporting relatively mature corporate financing development. It is expected that the motherboard IPO audit process will be simplified, the audit efficiency will be significantly improved. GEM and science and technology board.

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