Just now, SFC Shanghai Stock Exchange responded to the positioning of science and technology innovation board! Experts explain six key points in detail: which enterprises have the greatest opportunities? How high is the threshold for investors?

Forenoon of the first China International Import fair, President Xi Jinping announced on the morning of November 5th (November 5th) that he will set up a registration system for the Shanghai stock exchange and establish a pilot registration system to support the construction of the international financial center and the innovation center of science and technology and constantly improve the capital market basic system This afternoon, the CSRC and the Shanghai Stock Exchange responded at the first time, clarifying some specific details of the establishment of the science and technology innovation board 14: 44 points, the person in charge of the CSRC answered the reporter's question about the establishment of the science and Technology Innovation Board of Shanghai Stock Exchange and the pilot registration system, saying that the science and technology innovation board aims to make up for the short board of the capital market's service for scientific and technological innovation, is the incremental reform of the capital market, will make more appropriate differentiated arrangements in terms of the profitability, equity structure, etc., and enhance the inclusiveness and adaptability of innovative enterprises 14: 54 points, the Shanghai Stock Exchange issued a reply to reporters about the establishment of science and technology innovation board and pilot registration system on the Shanghai Stock Exchange, saying that science and technology innovation board is a new plate independent of the existing main board market, and a pilot registration system is carried out in this plate Later, the Ministry of finance also made arrangements: from January 1, 2019 to December 31, 2021, the real estate and land provided to the incubating objects for their own use by national and provincial science and technology business incubators, University Science and technology parks and national record maker space, free of property tax and urban land use tax, and the income from providing incubation services to the incubating objects are exempted , VAT exemption Key point 1: how to position the science and technology innovation board? According to the CSRC, the science and technology innovation board aims to make up for the short board of the capital market in serving technological innovation It is an incremental reform of the capital market It will make more appropriate differentiated arrangements in terms of profitability and equity structure, and enhance the inclusiveness and adaptability of innovative enterprises The Shanghai Stock Exchange said that the science and technology innovation board is a new board independent of the existing main board market, and a pilot registration system is carried out in this board Pan Xiangdong, chief economist of new era securities, said that science and technology innovation board is a supplement and improvement to other sectors Compared with the new three boards with similar functions, science and Technology Innovation Board focuses on innovative small and medium-sized enterprises that have not yet entered the mature period but have growth potential It is not easy for these enterprises to obtain funds in the capital market The establishment of science and technology innovation board has improved the existing capital market system In addition, the threshold of listed companies and investors on the scientific and technological innovation board is relatively flexible, which can increase the vitality of the scientific and technological innovation board and the whole capital market Key point 2: what will be the impact of the pilot registration system in science and technology innovation board? The CSRC said that in December 2015, the Standing Committee of the National People's Congress had authorized the implementation of the stock issuance registration system, and there was sufficient legal basis for the pilot registration system in the science and technology innovation board In recent years, the capital market and the corresponding system construction have created the corresponding conditions for the registration system pilot At the same time, the pilot of registration system has strict standards and procedures In all aspects of acceptance, examination, registration, issuance and trading, more attention will be paid to the truthfulness and comprehensiveness of information disclosure, the quality of listed companies, the stimulation of market vitality and the protection of investors' rights and interests Bian yongzu, a researcher at Chongyang Financial Research Institute of Renmin University of China, believes that the pilot registration system will not only speed up the reform of China's listing system, but also accumulate experience for the implementation of the registration system in the future Tian Lihui, director of the Financial Development Research Institute of Nankai University, believes that opening a new registration system as the cornerstone of science and technology innovation board can provide open market equity financing channels for many enterprises of science and technology innovation, promote the development of science and technology innovation by reducing financing costs and realizing market pricing, and directly help the majority of science and technology innovation enterprises to finance and realize capital resource optimization To effectively serve the real economy Pan Xiangdong believes that the pilot registration system is a major reform of the current capital market issuance system Registration system is conducive to attracting high-quality companies to be listed, speeding up the process of listing, improving the efficiency of resource allocation, so as to better serve the development of the real economy If the registration system works well, it is expected to be extended to other sectors, so as to improve the capital market system and promote the overall economic efficiency Key 3: will it form a competitive relationship with other sectors? "The establishment of science and technology innovation board has a certain degree of competitive relationship with other sectors, but more complementary relationship." Bian yongzu also believes that, first of all, the science and Technology Innovation Board will develop differently from other boards It will mainly focus on the high-tech innovation enterprises included in the strategic emerging industry planning of China, as well as the emerging new industries with the economic transformation and the change of business form These new industries tend to have the characteristics of rapid development, complex equity structure and uncertain profits Its listing rules It will also be different After listing, the regulatory and information transparency requirements for them will also be different Not all enterprises are suitable for listing on the innovation board Secondly, as the science and technology innovation board is more consistent with the international advanced rules, with the opening of the market, it is not ruled out that it will attract foreign excellent enterprises to be listed on the science and technology innovation board for financing, and further expand the depth and breadth of China's capital market Pan Xiangdong believes that as an important part of China's multi-level capital market, science and technology innovation board, like the new three board, belongs to OTC market Science and technology innovation board, main board, growth enterprise board and new three board belong to a part of China's multi-level capital market system With the establishment of science and technology innovation board and the implementation of the pilot registration system, several markets complement and compete with each other Pan Xiangdong said that science and technology innovation board is different from other sectors, mainly for small and medium-sized and start-up enterprises that have not yet entered the mature period but have growth potential and conform to the development direction of strategic emerging industries and characteristics of science and technology and innovation It can be seen that science and Technology Innovation Board can become an important place for China to develop new economy and strategic emerging industries, such as new industry, new mode, new industry and new technology First, the pilot registration system will provide experience and reference for China's main board market to connect with the international market in the future, and form an important supplement with the main board and gem of the on-site market Key point 4: will the investor threshold be established? The CSRC said it would guide the SSE to strengthen the suitability management of investors in science and technology innovation board in terms of assets, investment experience, risk tolerance and other aspects according to the characteristics of innovative enterprises, and guide investors to participate rationally Small and medium-sized investors are encouraged to participate in science and technology innovation board investment through public funds and other ways to share the development achievements of innovative enterprises Pan Xiangdong predicted that the investment threshold of science and technology innovation board is lower than that of the new three board, and a docking mechanism can be formed between it and the multi-level capital market Once the enterprise is mature, the enterprise can transfer from the OTC market to the on-site market The conditions are more mature, and the transfer board is more convenient, which just makes up for the new three board transfer board problem and the financing problem of China's current new economic SMEs, so we can improve the multi-level capital market We will provide investment and financing services for small and medium-sized technological and innovative enterprises, and promote the transformation of China's economy to a stage of high-quality development Key 5: how to arrange relevant system rules? According to the CSRC, the CSRC and Shanghai Stock Exchange will, in accordance with the relevant laws, regulations and policies of the state, speed up the improvement of the relevant system and rules of science and technology innovation board, especially learn from the successful international experience, improve the information disclosure of listed companies, and grasp the strength and pace of the pilot At the same time, we will continue to promote long-term incremental capital into the market, crack down on illegal activities such as fraudulent issuance, strengthen the responsibilities of intermediaries, and promote the steady and healthy development of the capital market The Shanghai Stock Exchange said it would seriously follow the instructions of the chairman of the internship, and under the guidance of the CSRC, actively study and formulate the pilot program of science and technology innovation board and registration system, solicit opinions from the market and implement the approval procedures The Shanghai Stock Exchange stressed that through new systems such as issuance, trading, delisting, investor appropriateness, capital constraint of securities companies and other supporting measures such as introduction of medium and long-term funds, incremental pilot, step-by-step, new funds should be matched with the pilot progress synchronously, and strive to achieve investment and financing balance, primary and secondary market balance, new and old shareholders' interests balance in science and technology innovation board, and promote the existing market Form good expectations Next, the SSE will, under the unified deployment of the CSRC and in accordance with relevant national laws, regulations and policies, formulate work plans, rules and supporting systems, complete the development of relevant technical systems, and actively and steadily promote the smooth implementation of the science and technology innovation board and registration system pilot in Shanghai Stock exchange Key 6: which enterprises can go to science and technology innovation board? According to Bian yongzu, kechuangban will mainly focus on those innovative enterprises that have an important impact on China's future economic competitiveness, not only some high-tech enterprises, but also new consumer industries, cultural entrepreneurship industries and other enterprises The development and growth of these industries will also have the same impact on China's sustainable economic development and transformation to innovation driven industries At the same time, these enterprises are often excluded from the threshold by the current listing system Tian Lihui believes that the enterprise group targeted by the pilot registration system of science and technology innovation board should be the science and technology innovation enterprises that need large-scale listing financing or need to prove their own value These enterprises may not meet the requirements of the approval system of the public market listing, but the relatively small new three board is difficult to meet its requirements for financing volume and liquidity Specifically, according to pan Xiangdong, first, technological enterprises, including state-level high-tech enterprises, small giant enterprises, small torch enterprises, or technology-based enterprises with authoritative certification; second, innovative enterprises, including Unicorn enterprises of new economic types, such as new technology, new industry, new format, new model, and new services, such as new intelligent manufacturing, Internet finance, etc The third is the personalized enterprise When the enterprise has made breakthrough technological progress or industry-leading core technology, it is not limited to set financial indicators such as net profit and profitability The requirements for the combination of financial indicators such as "income growth rate + operating cash flow" are much lower than those of the new third board Science and Technology Innovation Board focuses on strategic emerging industries that are at the top of the market in terms of technology, but whose market scale and maturity are still in the initial stage It has a dislocation with the main board, growth enterprise board and new three board