Significance of setting up scientific and technological innovation board
The establishment of science and technology innovation board will become the experimental field of capital market reform and registration system in China. Compared with the existing equity financing market, science and technology innovation board fully draws lessons from the overseas mature market system, and makes fixed-point adjustments to the obstacles of A-share listing in terms of profit conditions, registration time and different rights of the same share. Under the traditional credit-centered financing system in China, the new economic enterprises in China used to rely more on the support of overseas private equity funds in the early stage of development, which led to the scarcity of high-tech leading targets in China capital market. In the future, the launch of science and technology innovation board will effectively supplement the financing shortcomings of China's growing scientific and technological innovation enterprises and help deepen China's economic transformation.
Key points of issuing scientific and technological innovation board
1) investor threshold: individual investors participate in the stock trading of the science and technology innovation board, and the assets in the securities account and capital account are not less than RMB 500,000, and they have participated in the securities trading for 24 months.
Seeing the friends here, do you think the threshold is too high to participate? In fact, setting the investment threshold is actually to protect investors with weak risk tolerance. Investors who do not meet the requirements of appropriateness can participate in science and technology innovation board by purchasing publicly issued funds.
2) Price setting: the price limit for the stocks of the Science and Technology Innovation Board is relaxed to 20%, and there is no price limit for the first five trading days after the listing of new shares.
Science and technology innovation board has made a major breakthrough in the trading system, and the price limit has been expanded to 20% (in order to prevent excessive speculation, the price limit of stock trading in the first and second board markets is generally 10%), which is conducive to improving market liquidity.
3) Pilot registration system: set up a science and technology innovation board and a pilot registration system, and set up a science and technology innovation board listing committee and a science and technology innovation advisory committee.
Securities issuance can adopt the approval system or the registration system. The main difference between them lies in who will judge the quality of the securities issued.
The approval system means that before the issuer applies for listing, the submitted materials are reviewed by the CSRC, and the CSRC makes a judgment on the authenticity and value investment of the materials, and those that do not meet the requirements may not be listed; Under the registration system, the CSRC is only responsible for examining whether the information submitted by the issuer meets the obligation of information disclosure, and the investment value is mainly judged by investors.
The registration system greatly improves the distribution efficiency and makes the information more transparent.
4) Enterprises with the same shares and different ownership structures are allowed to go public: the main board must have the same shares and the same rights, and the science and technology innovation board can have the same shares and different rights.
Different rights here refer to different voting rights, and issuers can issue stocks with special voting rights.
5) Allow red-chip companies to go public: Allowing qualified red-chip companies to land in science and technology innovation board is also of great benefit to technological innovation enterprises and investors in the primary market behind them.
6) The most stringent delisting requirements: science and technology innovation board enterprises with fraudulent issuance, major information disclosure violations, and acts involving national security and public safety. , and the cumulative turnover of stocks in the exchange system for 65,438+020 consecutive trading days is less than 2 million shares, the closing price of stocks for 20 consecutive trading days is lower than the face value of stocks, the market value is less than 300 million yuan, and the number of shareholders is less than 400.