The first year of science and Technology Innovation Board: the entanglement between the rise and fall of pharmaceutical enterprises and the breaking of their hair

Science and technology innovation board is about to usher in its first anniversary In November 5th last year, President Xi Jinping announced the establishment of a scientific innovation board and a pilot registration system at the opening ceremony of the first fair In one year, the establishment of science and technology innovation board and the pilot registration system related reforms were successfully implemented On June 13, 2019, the science and technology innovation board officially opened, and now the smooth operation of science and technology innovation board has reached 100 days In this year, the speed of the establishment of science and technology innovation board is beyond everyone's expectation, and after the official opening of the stock market, the stock price of listed enterprises fell and rose by a staggering margin At present, the Shanghai Stock Exchange has accepted 168 applications for the listing of science and technology innovation board, has examined and approved 84, and registered 60 by the CSRC In an interview with the media yesterday (November 3), Yi Huiman, chairman of the CSRC, said that in this year, the Shanghai Stock Exchange supported the listing of a number of enterprises in line with the positioning of science and technology innovation, which is a major breakthrough For the pharmaceutical industry, the new drug research and development of biomedical enterprises usually has the characteristics of high investment, long cycle and high risk Science and technology innovation board complements the short board of capital market to support scientific and technological innovation, and increases the strength of capital market to support the direct financing of science and technology innovation enterprises The financing of new drug R & D enterprises that have not yet made profits has a new choice So biomedical companies are more active than other industries So far There are 7 medical equipment enterprises listed on the science and technology innovation board, including microchip biology, Nanwei medicine, Xinmai medicine, Shenlian biology, sanuo medicine, haohaishengke and Haier biology In addition, there are 29 medical enterprises whose listing applications have been accepted by Shanghai Stock Exchange As a matter of fact, for pharmaceutical enterprises, tech innovation board did meet the original expectation of listing to some extent For example, on the first day of listing, the share price of microchip biology rose by 366.5%, reaching 95.31 yuan per share Although the share price of microchip biology fell in the later period, by the end of this afternoon (November 4), its share price was still 54.1 yuan per share, 20.43 yuan per share compared with the issue price Yuan is nearly three times higher For other enterprises, Haier bio's opening price on the first day of listing on October 25 was 30 yuan per share, an increase of 88.67% On the second trading day of listing, the opening price was 32.89 yuan, double the issuing price, closing price was 38.91 yuan, and P / E ratio was 69.39 times It is worth mentioning that the above two enterprises have their own strength as endorsements For example, Haier biology has achieved world leading in technology, from core technology research and development such as the design of cascade low-temperature refrigeration system, the preparation of multi-stage refrigeration mixed refrigerant, to technological innovation such as refrigeration system based on hydrocarbon refrigerant, to core technology such as the application of temperature maintenance in solar energy refrigerators First of all, the technical level is exceeded and recognized Micro core biology is the leading enterprise of small molecule innovative drugs in China Like Junshi biology, Xinda biology and Baiji Shenzhou listed in Hong Kong stock market, they are all domestic innovative bio pharmaceutical enterprises, and the market is highly recognized for such enterprises However, for some enterprises, the science and technology innovation board did not give them luck Shenlian biology, a company specializing in the production of veterinary vaccines, was listed on the science and technology innovation board on October 28 On the day after its listing, its share price fell by 27% and its market value shrank by 4.1 billion yuan In fact, Shenlian biology was controversial at the beginning of its listing According to previous media reports, Shenlian biology once bribed relevant officials in order to win the bid in government procurement It is worth mentioning that at the IPO meeting before the IPO, the development and Audit Committee of Shanghai Stock Exchange asked Shenlian about bribery and asked the company to explain whether the internal control system was established and effectively implemented However, Shenlian bio did not mention relevant matters in its prospectus After the listing, the market is also not optimistic Haohaishengke, which was listed on the science and technology innovation board on October 30, is the first "H share + science and Technology Innovation Board" pharmaceutical enterprise on the science and technology innovation board, which has attracted much attention However, the market is not so good Although its share price once opened with a 66% increase, then fell all the way around 40%, and finally closed at 130.7 yuan on the first day of listing, It is the one with the smallest share price increase on the first day of listing among 38 listed companies of science and technology innovation board The official expectations for the science and technology innovation board are quite high The chairman of the CSRC Yi Huiman once said that the reform of the science and technology innovation board bears two major missions: one is to promote economic innovation and transformation through the power of the capital market, and the other is to use this "experimental field" to promote the reform of the basic system of the capital market The registration system of science and technology innovation board is one of the highlights of these reforms After the listing of Shenlian biology and haohaishengke, the market situation is not as expected If there is no birth of science and technology innovation board and no registration system reform, the listing plan of these enterprises may be stopped in the early stage of IPO, just because the relevant regulators think that the market will be very good after the listing No, this is equivalent to the fact that the pace of stock issuance of enterprises has been kidnapped by relevant parties, which is not conducive to enterprises, shareholders and China's capital market Science and technology innovation board implements the registration system, so long as it meets the rules, it can be listed, and give the stock up and down options to the market, which can improve the efficiency of resource allocation in the capital market to a greater extent, especially the establishment of the fifth set of standards, and open up a financing channel outside the Hong Kong stock exchange for those unprofitable innovative bio pharmaceutical enterprises It is worth mentioning that at present, the government also intends to promote the registration system of science and technology innovation board In an interview, Yi Huiman said, "we will respect the market rules, pilot the registration system, and first promote it to the gem." Because the pharmaceutical enterprises have their own high threshold, so the value of the enterprise is easy to be unknown, which ultimately leads to a higher probability of the pharmaceutical enterprises than other industries Of course, breaking hair also has a lot to do with the market environment In recent days, according to the announcement of Shanghai Stock Exchange, the issuance speed of enterprises preparing for IPO on science and technology innovation board has accelerated a lot, especially last week, a total of eight enterprises obtained the approval of the CSRC's IPO on science and technology innovation board It can be expected that as the market adapts to the rise and fall rhythm of the listed enterprises on the scientific and technological innovation board, the speed of the meeting of the enterprises on the scientific and Technological Innovation Board will be faster and faster, so as to achieve a certain degree of normalization So now we need to face the question of whether the newly listed pharmaceutical companies in the future will break off on the first day like the Hong Kong stock exchange?