The establishment of science and technology innovation board and the pilot registration system is an important reform measure for the capital market to enhance the ability to serve science and technology innovation enterprises, enhance market inclusiveness and strengthen market functions. Its characteristic is that it does not limit the pricing of initial public offering, and it also allows enterprises to adopt dual shareholding structure. What are the advantages of the registration system of science and technology innovation board?

1, which is more friendly to institutional investors.

There are qualified public and private funds, brokers, insurance institutions and individual investors in the main board, growth enterprise market and small and medium-sized board of A shares. In addition to the above institutions, the inquiry object of the science and technology innovation board does not include individual investors.

Existing main board, small and medium-sized board, growth enterprise market, class A investors are not less than 40%; And the total number of A/B investors in science and technology innovation board is not less than 50%. In terms of offline initial proportion, the total scale of the existing main board, small and medium-sized board and growth enterprise market exceeds 70% of the initial proportion of 400 million shares after issuance, and the initial proportion is 60% if the scale does not exceed 400 million shares after issuance. For science and technology innovation board, if the total share capital after issuance exceeds 400 million yuan or is not yet profitable, the initial proportion is 80%; If it does not exceed 400 million shares after issuance, the initial proportion is 70%.

2. Six aspects of the registration system of science and technology innovation board.

First, relax the profit restrictions of profit-making enterprises and consider them in terms of market value, revenue and research and development.

Second, compared with other A-share sectors, the proportion of institutional investors has increased.

Third, although A-shares have no fuse mechanism, they are subject to price limits and will not be set up in science and technology innovation board within five trading days after listing. On the basis of bidding trading and block trading, the fixed trading price after hours is increased, which avoids the market fluctuation caused by large-scale trading of stocks by index funds.

Fourth, the disclosure of operating risks of listed companies will be more prominent. Once there are risks, they will be disclosed immediately and the disclosure procedures of major transactions will be optimized.

Fifth, the shares of listed companies shall not be transferred within one year of listing. The senior executives of listed companies must wait for one and a half years before they can transfer and sell their shares.

Sixth, companies that regularly report temporarily or fail to meet the audit standards are not soft on delisting.

3. science and technology innovation board listed companies will get more strategic placements after participating.

Up to now, according to the known information, there will be no fewer than ten listed companies with strategic placement on the A-share main board, but in the science and technology innovation board, companies that can basically go to the science and technology innovation board will adopt strategic placement.

I believe that after the listing of science and technology innovation board, as long as it is handled properly, it will be great good news for A shares and even ordinary investors, which will stimulate the healthier and long-term development of the stock market.

It can be seen that there are still many advantages in the registration system of science and technology innovation board. Although it is a little unfriendly to ordinary investors, it is a great progress for the stock market and indirectly benefits ordinary investors.