Guojin Securities Jiang Wenguo: Consolidate the positioning of science and innovation and create a market that has long -term investors "willing to come and keep"

"We are glad to see that in the past three years, basic adaptation of the liquidity level of the science and technology board, the positioning of the sector, the appropriateness of the investor, and the transaction system arrangement, the investor's behavior is more rational and the transaction order is good." August 16th , 2022 First Financial Capital Market High -quality Development Forum was held. Jiang Wenguo, president of Guojin Securities, in his keynote speeches, from the perspective of securities firms, the establishment of the science and technology board to promote the development of the science and technology industry, promote the construction of the capital market, and help "hard technology".

Jiang Wenguo also said that the science and technology board has improved the comprehensive capabilities such as the pricing and industry analysis of the brokerage firm, and better play the role of the "watchman". For the operation and development of forward -looking science and innovation boards, he has also looked forward to the reform direction of continuous optimization of listed audit standards, optimizing issuance pricing and issuance underwriting related mechanisms, and paying attention to the liquidity of small and medium -sized market value companies.

Registration System "Test Field" becomes a fertile soil of science and creation

In Jiang Wenguo's view, the number of listed companies in science and technology boards, obvious industrial agglomeration in the field of science and technology industry, and unprecedented development and innovation in science and technology board enterprises. These are all three -year transcripts on science and technology boards.

"In the past three years, the science and technology board has strongly supported the rapid growth of technology companies through the capital market. A number of science and technology enterprises with innovative capabilities and development prospects are forming. Improvement. "Jiang Wenguo said.

Data statistics can also prove Jiang Wenguo's point of view. According to Wind data, as of July 22, 2022, the listed company of science and technology board expanded from 25 to 439, with a total market value of 5.83 trillion yuan. Among them, there are 5 market value of 5 billion yuan, and more than 152 listed companies with a market value of more than tens of billions, accounting for 34.62%of the proportion of all science and technology board listed companies. The above -mentioned enterprises are concentrated in the six major industrial clusters of science and technology boards. More than Sancheng Innovation Board Enterprises are national specialized "little giants" enterprises.

Jiang Wenguo also said that with the support of direct financing of science and technology boards, the R & D investment in science and technology board listed companies has increased rapidly, and the driving force for science and technology innovation has increased significantly. As of June 30, 2022, the average valid patent volume of each science and technology board enterprise was about 183, a year -on -year increase of 8.2%; the average authorized invention patent volume was about 95, a year -on -year increase of 1.5%.

"Behind the significant increase in the average valid patent, the scale of technology reserves that can be market -oriented by science and technology board enterprises has continued to expand, which fully reflects the effective promotion of science and technology board financial services for the output of the research and development of science and technology enterprises." Jiang Wenguo said.

Not only that, the science and technology board also promoted the improvement of the overall ecology of China's capital market, and inspired investors' technology investment boom.

"Start -up hard technology enterprises have long R & D cycle, huge investment, and tight cash flow, but the products have not yet been listed, have less revenue, and have high valuations. Therefore, whether it is successful to obtain financing is an important bottleneck for the survival and development of such enterprises. The science and technology board enhances the tolerance and adaptability of hard technology companies, injects "living water" into hard technology companies with great potential, strong driving effect, and high growth, and accelerate incubation and landing hard technology companies. "Jiang Wenguo said.

The expectation of the continuous system construction inheritance industry

"Compared with other A -share sectors, the biggest feature of the science and technology board is that it is a newer A -share sector. It naturally has the temperament of exploring the new system. It is the best test field for the reform of the A -share registration system. All are at the forefront and have self -improvement of institutional motivation. "For the development of science and technology boards, Jiang Wenguo also proposed his own understanding and thinking.

Jiang Wenguo said that since the establishment of the Science and Technology Board, it has continued to improve the science and technology board to support the "hard technology" system arrangement and consolidate the science and technology board positioning. "The follow -up science and technology board should continue to optimize the listing of listing review. For example, further improve the attention points and identification standards of different industries and innovation attributes, optimize and improve the fifth set of listing standards for the science and technology board, optimize the science and technology innovation attributes of science and technology innovation board for the science and technology board of the red -chip enterprise, Rules, etc., support more hard technology and red -chip enterprise science and technology boards. "

He also expressed that he hoped that the science and technology board would continue to build a long -term investor "willing to come and keep" a market.

"Continue to strengthen the market -oriented restraint mechanism of the distribution, and continuously optimize the issuance underwriting mechanism, will promote the effective play of the professional capabilities of the quotation agency, and make the game between the buyers and sellers more balanced. At the same time, it should continue to strengthen communication with international investors and continue to enrich activities. Forms, improve the frequency of promotion, provide convenient channels for foreign research science and innovation board companies, build effective communication channels for international investors and science and technology board companies, and further enhance the international level of the science and technology board market. "Jiang Wenguo said.

Jiang Wenguo also proposed that the local liquidity of small and medium -sized listed companies should also prevent small and medium -sized market value. From the perspective of overseas capital market experience, small and medium -sized market value listed companies are prone to the issue of serious stock prices lower than its value and "marginalization" of financing. "In the future, the implementation of the city business system should be accelerated, the science and innovation board index and product system should be accelerated, and more medium and long -term funds are introduced to further promote the science and technology board to be better and strong."

Re -financing and continuous supervision related systems have also attracted much attention from the industry. Jiang Wenguo believes that the focus of the science and technology board in the previous three years is in the IPO. With the increase of the scale of the science and technology board, follow -up should pay more attention to the flexibility of enhancing the re -financing system; improve the construction of the equity incentive system; Properly reduce the impact of the lock -up period on the transfer price, and enhance the sense of market acquisition and institutional attraction.

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