1. The nine major manufacturers in the semiconductor industry chain promote IPO, and Shanghai Broadcom and Zhuosheng Micro are receiving attention;
As of the beginning of June this year, the China Securities Regulatory Commission accepted 310 first-issuance and issuance deposit-receiving vouchers, among which, 28 have already met and 282 have not yet. 275 unqualified companies have been awaiting review. Stop censorship business 7 home.
According to the incomplete statistics of the micro-grid, a total of 9 companies in the 310 semiconductor companies that have covered the semiconductor industry chain have already met or are promoting IPOs and will be expected to list on the main board, small and medium-sized board and ChiNext board.
The three companies to be listed on the Main Board are Beijing Yuanliu Hongyuan Electronic Technology, Broadcom IC (Shanghai), and Shanghai Jingfeng Mingyuan Semiconductor. The four companies to be listed on the SME Board are Chengdu Tianao Electronics, Xinli Optoelectronics, respectively. Hubei Wufang Optoelectronics, Axis Optoelectronics; The two companies to be listed on the GEM are Jiangsu Zhuosheng Microelectronics and Changzhou Yinhe Century Microelectronics, with a total of 9 companies.
Motherboard: Yuan Liuhongyuan, Shanghai Broadcom, Jingfeng Mingyuan
1. Beijing Yuanliu Hongyuan Electronic Technology Beijing Yuanliu Hongyuan Electronic Technology (“Yuanliu Hongyuan”) disclosed a prospectus on the website of the China Securities Regulatory Commission. The company plans to publicly issue not more than 41.34 million shares on the Shanghai Stock Exchange, and the total share capital of the company will be issued. No more than 165 million shares, the sponsor is Guotai Junan Securities.
The prospectus shows that Yuan Liuhongyuan's IPO is intended to raise funds of 745 million yuan, of which 150 million yuan will be used for replenishing liquidity. The remaining funds will be used for electronic components production bases, DC filters, direct sales network and information system upgrades. 3 major projects.
According to statistics, Yuan Liuhong is engaged in the research and development of electronic components based on multilayer ceramic capacitors (MLCC). The products are divided into self-produced and agency businesses. In 2014-2016, the company achieved revenue. They were 446 million yuan, 525 million yuan, 652 million yuan, net profit for the same period were 108 million yuan, 0.76 billion yuan, 149 million yuan.
2. Broadcom IC (Shanghai) Broadcom IC (Shanghai) (hereinafter referred to as “Shanghai Broadcom”) has updated the prospectus on the website of the China Securities Regulatory Commission. The company plans to publicly issue 3,467.84 million shares on the Shanghai Stock Exchange, accounting for 25 percent of the total share capital after the issuance. %, The sponsor is CITIC Securities.
The prospectus disclosed that the Shanghai Broadcom IPO plan raised funds of approximately RMB 671 million, of which RMB 123 million was used for the technology upgrade project of standard agreement wireless interconnection products, RMB 98 million was used for the technical upgrade project of national standard ETC products, and RMB 0.49 billion was used for satellite positioning products R & D and industrialization projects, 127 million yuan for smart home entrance product R & D and industrialization projects, 274 million yuan for R & D center construction projects. Data show that Shanghai Broadcom's main business is wireless communication integrated circuit chip research and development and sales , The specific types are divided into wireless data transmission chip and wireless audio chip. The company's current main products include Bluetooth chip, 2.4GHz/5.8GHz general wireless chip, wireless voice chip, national standard ETC radio frequency chip and FM/AM FM AM radio chip.
In 2017, the company realized revenue of 565 million yuan, a year-on-year increase of 7%; net profit of 87,427,300 yuan, a year-on-year decrease of approximately 17%. During the reporting period, the company achieved sales revenue of 367,305,200 yuan and 44,373.78 million yuan in 2014, 2015 and 2016 respectively. , 52,362.28 million yuan, the compound annual growth rate of operating income was 19.44%; in 2014, 2015, 2016, the net profit of 66.1509 million yuan, 93,843,700 yuan, 10,412.10 ten thousand yuan, the compound annual growth rate of three-year net profit was 25.51%.
3. Shanghai Jingfeng Mingyuan Semiconductor Shanghai Jingfeng Mingyuan Semiconductor (hereinafter referred to as “Jingfeng Mingyuan”) disclosed the prospectus on the website of the China Securities Regulatory Commission. The company plans to issue no more than 15.4 million shares on the Shanghai Stock Exchange, and the total share capital after the issue will not exceed 6160. Ten thousand shares, the sponsor is GF Securities.
According to the disclosure, Jingfeng Mingyuan's IPO plan will raise 550 million yuan of funds, of which 140 million yuan will be used to replenish liquidity. The rest will be invested in general LED lighting driver chip development and industrialization and intelligent LED lighting chip development and industrialization projects.
According to public information, Jingfeng Mingyuan's main business is R&D and sales of analog and mixed-signal integrated circuits. From 2014-2016 and from January to March 2017, the company achieved operating revenue of 337 million yuan, 357 million yuan, and 571 million yuan. Yuan was 153 million yuan. Net profit for the same period was 66.8894 million yuan, 192.451 million yuan, 29.9153 million yuan and 11.90224 million yuan.
Small and Medium Sized Boards: Tian Ao Electronics, Xinli Optoelectronics, Wufang Optoelectronics, Astor Optoelectronics
4, Chengdu Tianao Electronics
Chengdu Tian Ao Electronics (hereinafter referred to as 'Tian'ao Electronics') plans to issue 26,670,000 shares in the small and medium-sized board. After the issuance, the total share capital will reach 106.67 million shares. The planned raised capital is 523 million yuan. At present, Tianao Electronics has passed the meeting.
TianAo Electronics' main business is the design, development, production, sales and service of electronic products, and the military-related business. Since the listing review was approved in mid-January of this year, investors have questioned the company's over-reliance on large customers. Transactions are bundled and the actual controller has dual identities.
The actual controller of Tianao Electronics is China Electronic Technology Group Corporation (hereinafter referred to as “China Electronics”), and China Electronics and Electronics Corporation is both the largest supplier and the largest customer of Tianao Electronics. Tianao Electronics’ prospectus shows that , Tianao Electronics's purchase of goods or services from the China Electronics Corporation for the period from 2014 to 2017 was 147,736,300 yuan, 143.4041 million yuan, 195,535,900 yuan, 48,317,200 yuan, which respectively accounted for current purchases or acceptances. 35.35%, 28.57%, 36.63%, 19.41% of the total amount of labor services. TianAo Electronics' revenue from China Electric Power Corporation for the period from January to June in 2014 was RMB 2608.582 million, 247.553 million, and RMB 296.8465 million respectively. 10.882.91 million yuan, accounting for 42.13%, 35.2%, 38.99%, 37.84% of the operating income for the current period.
5, Shini Optoelectronics
Truly Optoelectronics Co., Ltd. (hereinafter referred to as "Tilly Optoelectronics") intends to log onto the small and medium board market of the Shenzhen Stock Exchange. It is expected that the total number of shares issued will not exceed 80 million shares and will not exceed 19.05% of the total issued share capital. IPO funds will be raised by about 2.289 billion yuan. , It is mainly used to build biometric systems, integrated on-vehicle touch control modules, construction of photoelectric R&D center, and 8 fundraising projects for MEMS MEMS devices of mobile terminals. It is reported that this trustee photoelectric IPO sponsor is Galaxy Securities.
In recent years, the integrated touch module, touch screen and micro camera modules manufacturing industry has achieved a good momentum of development. During the reporting period, in 2013, 2014 and 2015, the operating income of Xinli Optoelectronics was respectively RMB 824.999.92 million, RMB 1.03249.93 million and RMB 9.87.27 million. yuan.
The prospectus shows that Truly Optoelectronics has customers including mainstream mobile phone brands such as Samsung, Sony, Microsoft, HTC, VIVO, OPPO, Huawei, Gionee, and TCL, as well as global leading mobile phone manufacturers such as Huaguan and Compal. The company has maintained a close cooperation relationship. Due to the industry-intensive features of the electronic component device industry, customers have stricter monitoring of supplier product quality. Once the supply chain is determined, it will generally maintain a stable and long-term cooperative relationship. Optoelectronics accounted for a relatively high sales of the top five customers, which is in line with the characteristics of the industry with higher concentration of brands in the downstream industry.
However, in the first half of 2017, as a result of stepping on the 'land mine' on the music, Xinli Optoelectronics provided a one-off provision for LeTV’s bad debts, affecting an amount of RMB 359 million.
6, Hubei Wufang Optoelectronics
Hubei Wufang Optoelectronics Co., Ltd. (hereinafter referred to as 'Wuxi Optoelectronics') disclosed its prospectus for the first time on the website of the China Securities Regulatory Commission. The company plans to publicly issue not more than 50.4 million shares in the Shenzhen Stock Exchange, and the total share capital after the issue will not exceed 20160 shares.
Prospectus, 2015-2017, Wufang Optoelectronics realized operating revenue of 243 million yuan, 455 million yuan and 624 million yuan, net profit of 448 million yuan, 138 million yuan and 168 million yuan over the same period, net cash flow from operating activities They were -194.6969 million yuan, 36.4006 million yuan, 146,526,600 yuan, and the performance growth was very impressive. Especially in 2016, Wufang Optoelectronics' operating revenue increased by approximately 87.24%, and net profit increased by 187.5%.
Wufang Optoelectronics specializes in the innovation of coating technology in the field of high-pixel cameras and successively debuted 20 megapixels and dual camera blue glass components. The main products are filters. The products are mainly used in mobile phone cameras, security surveillance cameras, car cameras, etc. .
The data shows that Wufang Opto's existing customers are mainly concentrated in the smart phone manufacturing industry. The direct customers of the company are Sunny Optical Technology, Ofei Technology, Qiu Titanium Technology, Sunray Optoelectronics and other large camera module manufacturers. Mainly used in well-known brands such as millet, OPPO and VIVO.
7, Yaguang
ASG Optics Co., Ltd. ("AXE") disclosed its prospectus on the website of the China Securities Regulatory Commission. The company plans to publicly issue no more than 19.27 million shares in the Shenzhen Stock Exchange, and plans to raise funds of 418 million yuan for industrial control and automotive liquid crystal displays. Production line project, subdivision market customized optoelectronic display module production line project and R&D center construction project, sponsor institution is China Merchants Securities.
According to the data, ASG's main business is the design, development, production and sales of small and medium size liquid crystal displays and liquid crystal display modules. The main products are TN/STN liquid crystal displays, liquid crystal display modules and small and medium size TFT liquid crystal display modules. Group, among which, TN/STN products accounted for relatively high. On July 21, 2015, ASG was listed on the New Third Board.
In the years 2014-2016 and January-September 2017, ASG achieved revenue of RMB 312 million, RMB 385 million, RMB 398 million and RMB 378 million respectively. The net profit for the same period was RMB 31,010,100, RMB 61,025,700, and RMB 7,744.37 million. Yuanhe had 48,617,100 yuan. However, according to the performance report disclosed by ASG in the official website of the stock exchange system, the net profit performance of the company in the fourth quarter of 2017 does not seem to be very good. It decreased by 12.79% and the specific profit amount was 67,664,400 yuan.
GEM: Zhuo Sheng Microelectronics, Galaxy Microelectronics
8, Jiangsu Zhuosheng Microelectronics
Jiangsu Zhuosheng Microelectronics (hereafter referred to as Zhuo Sheng Wei) publishes a prospectus on the website of the China Securities Regulatory Commission. It plans to publicly issue no more than 25 million new shares on the GEM of the Shenzhen Stock Exchange, accounting for no less than 25% of the total shares after the issuance. The Zhuosheng Micro-IPO plans to raise approximately RMB 1.2 billion to raise funds to invest in 'RF filter chip and module R&D and industrialization projects', 'RF power amplifier chip and module R&D and industrialization projects', ' RF switch and LNA technology upgrade and industrialization projects', 'Connectivity MCU development and industrialization projects for IoT' and 'R&D center construction project'.
According to statistics, Zhuosheng Micro's main business is the research, development and sales of RF front-end chips. It mainly provides RF front-end chip products such as RF switches and RF low-noise amplifiers to the market, and provides IP authorization for mobile smart terminals such as smart phones. .
During the reporting period, Zhuosheng Micro's business scale achieved rapid growth. In 2014, 2015, 2016 and January-September 2017, the company’s main business income was RMB 43,700,800, RMB 11,093.23 million, RMB 385,520,930 and 48,019.29, respectively. The total assets of million yuan, the end of 2014, the end of 2015, the end of 2016 and the end of September 2017 were 31.5006 million yuan, 78.839 million yuan, 20806.77 million yuan and 348.56 million yuan respectively.
Currently, Zhuo Shengwei has developed into a major competitor in the RF front-end chip market in China, and has established a strong brand influence in the industry. The company's RF front-end chips are used by Samsung, Xiaomi, Huawei, Lenovo, Meizu, TCL and other terminal manufacturers. Of the products, which Samsung is the company's largest customer.
9, Changzhou Yinhe Century Microelectronics Changzhou Yinhe Century Microelectronics (hereinafter referred to as 'Galaxy Microelectronics') disclosed its prospectus on the website of the China Securities Regulatory Commission. The company plans to publicly issue no more than 31,933,400 shares on the Shenzhen Stock Exchange's Growth Enterprise Market, and plans to raise funds of 316 million yuan. Of which, 50 million were supplemental liquidity, 117 million were invested in bridge rectifiers, power diode upgrades and technological transformation projects; the rest will be directed to patch diodes, triode upgrades and technical R&D center construction projects. It is understood that Galaxy Microelectronics The sponsor of the second IPO is CITIC Construction Investment.
According to public information, Galaxy Microelectronics is a professional supplier of semiconductor discrete device industry in China and a quality manufacturer of electronic device packaging and testing industry. The products are widely used in household appliances, power supplies and chargers, green lighting, networks and communications, Automotive Electronics, Smart Meters and Instruments etc. From a performance point of view, during the reporting period, Galaxy Microelectronics realized operating revenue of 559 million yuan, 525 million yuan and 546 million yuan, and net profit for the same period was 48,878,700 yuan, 41.86 million yuan and 4,006.67 yuan. Ten thousand yuan.
The prospectus shows that the growth of Galaxy Microelectronics' revenue was mainly due to patches other than axial products and other products. However, as terminal products such as LED lamps and lanterns, the price of 3C products continues to decline, customers have certain price reduction requirements for the company's products. 2014 - At the end of 2016, the sales prices of the Company's patch and other products were RMB 54.03/1,000, RMB 51.17/1000, and RMB 48.97/1000 respectively, which showed a slight downward trend; due to certain cost rigidity, the price of such products was low. Interest rates also fell slightly with product prices. The reporting period was 28.60%, 27.33% and 6.24% respectively.
2. Black Bull Food officially changed its name to Visino, OLED shares will appear in the secondary market tomorrow;
On the evening of June 18, Black Bull Foods announced that Black Bull Foods Co., Ltd. had held the 27th meeting of the 4th Board of Directors of the company on May 10, 2018 and held on May 21, 2018. The 2017 Annual General Meeting of Shareholders reviewed and passed the Proposal on Changing the Name of the Company and the Abbreviation of Securities, the Proposal on the Increase of Registered Capital, and the <公司章程>, decided to change the company's Chinese name from 'Black Bull Foods Co., Ltd.' to 'Visno Science and Technology Co., Ltd.' and change the English name from 'BLACKCOW FOOD CO., LTD.' to 'Visionox Technology Inc.' , The company's short name for Chinese securities was changed to 'Vicexin', and the English abbreviation was changed to 'Visionox'. At the same time, due to the non-public issuance of shares, the registered capital of the company increased to RMB 1,367,663,046.
According to the announcement, the company has completed the relevant industrial and commercial change registration procedures in the near future, and obtained the “Business Licence” renewed by Shantou Administration for Industry and Commerce. The specific contents are as follows:
Regarding the reason for the name change, the Black Bull announcement disclosed that the company implemented a major asset sale in the second half of 2016 to spin off the original food and beverage business, and raised funds through non-public issuance of shares to enter the OLED sector, in view of major changes in the company's main business in 2017 According to the company’s strategic development planning and business development needs, in order to better match the company’s name to the company’s existing main business practice, it is easy for investors to understand and establish a new company’s corporate image. The company decided to change the company’s name and securities abbreviation, and Simultaneous revision of the Articles of Association.
Approved by the company and approved by the Shenzhen Stock Exchange, since June 19, 2018, the company's Chinese securities abbreviation has been changed from 'Black Bull Food' to 'Vicinto'; the English stock name has been changed from 'BLACKCOW FOOD' to 'Visionox' The securities code is unchanged and remains '002387'.
3. Xinghui Precision intends to purchase 1.53 billion Zebao, with a total profit of 440 million for three years.
According to the micro-network news, Xinghui Precision recently announced that it plans to purchase 100% equity of Shenzhen Zebao E-commerce Co., Ltd. (hereinafter referred to as “Shenzhen Zebao”) in the form of 'supply plus cash'. The transaction price is 1.53 billion yuan. The issuance price of shares for the purchase of assets in this issuance was 8 yuan per share, a total of 111 million shares were issued, and the cash payment was 639 million yuan.
At the same time, Xinghui Precision intends to raise no more than 768 million yuan in total funds for the issuance of shares to no more than 5 eligible specific objects, which is mainly used to pay for the cash consideration for this transaction. This transaction related expenses and Zebao R&D Center Project construction. The company's stock will not resume trading.
According to statistics, Xing Hui Precision was established in 1994 and successfully landed on the GEM in June 2015. The company's production of slides, hinges and other hardware products are widely used in furniture, electrical appliances, industrial equipment, financial equipment, automobiles, IT and other industries. It is a reliable cooperative partner of Stanley, Haier, Midea, Vantage, Wanhe, Tongrun, BYD, Quanyou, Sofia, Royal Furniture and other well-known domestic and foreign enterprises. Currently, Xinghui Precision adopts all kinds of advanced production equipment, Automatic hinge production line, Taiwan imported high-precision slide roller forming punching integrated automatic production line, automatic slide assembly production line.
The target company Shenzhen Zebao is a well-known cross-border export B2C e-commerce company. It mainly develops and sells products such as power supply, Bluetooth audio, and small household appliances through Amazon and other third-party e-commerce platforms. More than 95% of its business income goes through Amazon. Implementation of the platform. According to the “Assessment Report” issued by Zoomlion, taking into account factors such as dividends and capital increase on cash-for-target assets, the price of 100% equity of Zebao was determined to be RMB 1.53 billion, which is a relatively high value-added ratio of 324.79%.
According to the disclosure, this transaction also sets performance gambling. The promised net profits of Zebao in 2018, 2019 and 2020 are respectively not less than 108 million yuan, 145 million yuan and 190 million yuan, and a total of 443 million yuan. The parties also agreed that if the net profit actually accumulatively completed during the three-year period of the performance commitment period exceeds the sum of the three-year cumulative net profit, it agrees to reward 35% of the excess amount to the management that the company continues to remain in the target company when the performance promise expires. Layer staff.
Xinghui Precision stated that after the completion of the reorganization, Zebao will become a wholly-owned subsidiary of Xinghui Precision. The main business structure of the listed company will form a 'two-wheel drive' model of 'precision manufacturing + cross-border e-commerce'.
Before the transaction, the couples of Cai Yuxi and Xie Xiaohua accumulated 50.83% of the shares of Xinghui Precision through Hoshino Investment, and were the actual controllers of the listed company. After the completion of the transaction, the couples of Cai Yuxi and Xie Xiaohua will still hold Xinghui Precision through Hoshino Investment. 33.11% of the shares are still the actual controllers of the listed company. Therefore, this transaction did not result in a change in the control of the listed company and does not constitute a backdoor listing. 4. Lan Ying's acquisition of Ecoclean last year contributed 90% of the company's revenue;
On June 13, Lanying Equipment (10.04 -9.96%, diagnostic stocks) held the 2017 Annual Shareholders' Meeting. In March of last year, the company completed an 85% industrial cleaning system and surface treatment of Dürr AG. The purchase of the business of Ecoclean has brought a strong growth momentum to the Blue English equipment performance.
The 2017 annual report disclosed by the company shows that although Ecoclean started to consolidate its statements in the second quarter of 2017, the newly acquired industrial cleaning system and surface treatment business achieved a revenue of RMB 1.184 billion, accounting for the company's total annual operations. 87.78% of the revenue was close to 90%. Lanying Equipment achieved revenue of RMB 1.349 billion in 2017, a significant increase of 643.14% year-on-year.
According to the first quarterly report of 2018 published by Lanying Equipment, the company achieved a total operating income of 368 million yuan, a year-on-year increase of 579.79%, and a net profit attributable to shareholders of the listed company of 9.22224 million yuan, a year-on-year increase of 149.82%. For quarterly revenue and net profit The increase in the company's explanation was mainly due to the expansion of the scope of the merger.
Lan Ying’s equipment controller, Guo Hongsheng, told the “Securities Daily” reporter at the shareholders’ meeting that Ecoclean had stable historical performance, strong technical foundation and reserves, and stable customer resources. At the same time, the business had a mature and stable market share. It was global technology and Market leaders in Germany, France, Czech Republic, Switzerland, USA, India, China, Mexico and UK have production bases, R&D centers, sales and customer service centers.
The reporter noticed that on the wall of the Blue English equipment conference room, there were five photos of the company's business products. The three positive ones are the three representative equipments of the newly acquired industrial cleaning and surface treatment businesses. The two photographs are the company's traditional business smart rubber equipment and digital plant related equipment photos.
After the shareholders meeting, Guo Hongsheng told reporters about the three photos on the front wall. The Swiss factory mainly produces high-end cleaning equipment for the optical and precision instrument industry. The ZEISS Group uses lithography machines, lenses for chip manufacturing, and semiconductors. In the production, precision cleaning equipment provided by the company is used. The German factory can provide professional cleaning and treatment equipment for the automotive, medical, luxury goods and other industries. Eyes, endoscopes and other medical equipment can be cleaned. The large equipment at the German factory Can be used in automotive, aero-engine, shipbuilding and other industries.
Guo Hongsheng told reporters: 'The industrial cleaning and surface treatment business has a vast market. Whether it is before or after the early stage of assembly, there is room for application. The company is the world's leading provider of cleaning systems and surface treatment solutions and equipment. Equipment, not just clean, but also surface treatment to the required standard according to the requirements of the process. '
Successfully 'going out' There are more and more 'international models' for overseas acquisitions of Blue English equipment. 'Ecoclean has a production base in Baoshan, Shanghai.' Guo Hongsheng said, 'We have production bases in Europe, North America, and Asia, so we There is no single-market, single-region, single-currency-dependent risk. With the completion of the acquisition, Ecoclean will have a better performance in the Chinese market in 2018 with the company's domestic resources advantages.
In addition, the reporter also learned at the shareholders’ meeting that the traditional business of the company has also shown a positive trend this year. Smart rubber equipment and digital factories are in ample orders, and they have performed well in the first quarter. Securities Daily 5. The reform of the new three-board system will help the new economy.
New Third Board, Institutional Change Helps New Economy (Economic Focus)
People's Daily Newspaper reporter Xu Zhifeng
Recently, national stock transfer companies released a list of innovation layers in 2018, and 940 companies were formally selected. Statistics show that innovative companies have achieved rapid development through listing new three boards, and their operating quality has been steadily improving. The direct financing capability has been continuously improved and the financing cash flow has been improved. improve.
Innovative companies listed in the overall rapid growth
What is the innovation layer of the New Third Board? The new Third Board listed company has more than 10,000 companies and it is a 'massive' market. After the market scale has been expanded, the listed company is in the development stage, the size of the capital stock, the number of shareholders, market value, business scale, financing needs, etc. There are obvious differences, and it is necessary to carry out layered management, and through differentiated institutional arrangements, to implement classified services and hierarchical supervision. It is precisely because of this that in 2016, New Third Board launched a tiered management pilot approach to set up three sets of differentiated innovations. At the layer level, the market is divided into an innovation layer and a basic layer. In late December 2017, the national stock transfer company further reformed and perfected the tiering and trading system and adjusted the standards for the access and maintenance of some innovation layers. According to the latest list released this time This year, there are a total of 940 companies that meet the innovation standards.
After being turned into a loss in 2015, Youbao Online, known as the 'Vendor on the Internet,' continued to maintain a growth rate of 2.46 times and 42.91% in 2016 and 2017; 738 times, net profit reached 890 million yuan in 2017. According to the data recently released by the National Stock Exchange Company, the innovation layer company achieved leapfrog growth in the past three years, and the average annual compound growth rate of revenue and net profit for three years from 2015 to 2017 Respectively, it reached 30.47% and 24.37%, respectively, 1.45 and 13.37% higher than that of the GEM. The accumulative growth rate of net profit of the 541 companies over the past three years exceeded 100%, accounting for 57.55%, of which 470 companies had net profit for 2017. More than 20 million yuan, has developed into a certain scale of high-growth enterprises.
The good development of innovative companies is closely related to the direct financing function of the New Third Board. As of May 23 this year, more than 90% of innovative companies have obtained equity financing in the New Third Board market, with a total financing amount of RMB 125.019 billion. A stable, high-quality, innovative layer company has obtained large-value equity financing in the New Third Board, among which are China's UCAR in the share-economy sector, Huaqiang Fangte in the entertainment industry, Hero Entertainment, Bio-pharmaceutical companies Yingtai Bio, Junshou Bio, and high-end manufacturing companies. Western Superconductors have received financing of over one billion yuan.
According to the person in charge of the company's stock transfer company, in view of the fact that the listed company is massive, multifaceted, with differentiated features and market demand escalating, the New Third Board market has clearly defined the market as the starting point for the overall promotion of issuance, trading, and information disclosure. The overall thinking on reforms such as supervision and other aspects was reformed in December 2017 on stratification, transaction and information disclosure systems. From the perspective of market practice, the three system reforms are moving in the expected direction.
New Third Board has the institutional advantages of connecting to the new economy
Many enterprises in new economic industries are in the initial phase, with large investment and low output. Many still have losses. Some even have main business revenues of zero. How to provide necessary financing for enterprises with technological advantages and good prospects for development? Supporting, all parties in the financial industry have been exploring. Looking at the operation in recent years, the New Third Board has the advantages of connecting sophisticated industries with the basic institutional advantages of connecting to the new economy. Many innovative new economic enterprises have leveraged on the new three boards to achieve new developments. .
Take biopharmaceutical as an example. The industry has the characteristics of high investment and long-term cycle. In the R&D phase, it often requires a large amount of capital investment and no profit. However, after the profitability of a company, nonlinear and explosive growth will occur. The characteristics of high risk and high returns determine It mainly relies on equity financing. According to preliminary statistics, there are 31 new biopharmaceutical enterprises in the New Third Board innovation layer, 30 of which have received equity financing, and the average financing amount is 203 million yuan, which is the highest for all industries. Many companies have obtained at the loss stage. Large-scale equity financing, effectively promoted the company's continuous research and development.
The situation of Xin Sanban Company's Renhui Biology is quite typical. This company has been involved in the research and development of diabetes drugs since its inception. It has been losing money for 16 consecutive years, and its revenue was zero when it was listed in 2014. After the listing, the end of 2014 to 2015 6 A total of four stock issuances were completed in the month, total financing was 399 million yuan, 85% of the raised funds was used for expansion projects and research and development. Efficient capital raising and use helped Renhui Biology to improve its R&D environment. The company's main product for R&D was 2017 Formally listed on the market for sales, to achieve zero breakthrough in main product revenue.
According to the person in charge of the company's stock transfer company, the basic system design of the new 3rd board can well match the needs of the new economy companies. For example, it supports the stocking of stocks in companies, public transfer, and ongoing financing; Relying on the recommendation of the host brokers and continuous supervision to establish marketization Selection mechanism; implementation of internal stratification within the market, exploration of differentiated service systems, introduction of 'new three board + H-shares' model, etc. These institutional arrangements embody the distinctive features of the new Third Board and are highly compatible with the new needs of new economic enterprises and venture capital.
As of May 25 this year, there were 11,325 new Sanban listed companies, hi-tech enterprises accounted for 61%, strategic emerging industries and enterprises accounted for 25%, involving a new generation of information technology, integrated circuits, medical health, smart equipment, energy conservation and environmental protection, New energy smart vehicles, new materials, artificial intelligence, software and information services, and technology service industries, etc., accounted for 44% of the country's key and highly developed industries. Over the past five years, 5,836 listed companies have completed 9,237 stock issuances. 4.342 billion yuan, among which, the high-precision industrial listed companies have financed more than 4,000 times, the amount of financing reached more than 1600 billion yuan, and 1,208 unprofitable companies have successfully achieved stock financing.
Serving the Development of Small and Medium-sized Enterprises Needs to Recharge
The performance of small and medium-sized enterprises fluctuates greatly and their development prospects are uncertain. It is necessary to objectively understand the characteristics of the development of these enterprises. The ability of financial markets to serve the development of small and medium-sized enterprises needs to be further enhanced.
According to statistics, the net profit growth rate of 3,027 companies in the new 3rd board listed companies exceeded 50% in 2017, but there were also 3,442 companies whose performance fell by more than 50%. Overall, the performance fluctuations are in line with the development characteristics of small and medium-sized enterprises during the development period. The research and development period of the industry is longer, typically like the bio-pharmaceutical industry. It often requires a lot of money and no profit in the R&D phase.
The person in charge of the company's stock transfer company believes that with various new technologies and new forms of business emerging, some industries may face the impact of emerging industries, and other long-term companies are in the stage of strategic upgrade and transformation, which may affect short-term profits. Subjects should observe the fluctuations of the performance of small and medium-sized enterprises and create a good investment environment to promote the long-term development of innovative and entrepreneurial SMEs.
In addition, although the financing capacity of Xinsanban listed companies has been improved, the task of increasing the proportion of direct financing of SMEs is still arduous. According to the data, the financial expenses for the new 3rd board listed companies increased by 40.15% year-on-year in 2017, of which the increase rate for medium-sized enterprises and small enterprises reached 65.24 respectively. In terms of % and 42.07%, financial expenses accounted for more than 0.2 percentage points of total revenue, indicating that the indirect financing costs of SMEs still have a large space to reduce. The task of the financial market serving small and micro enterprises in raising the proportion of direct financing is still arduous.
The person in charge said that in the next step, the new board will focus on the innovative mindset of service-oriented, entrepreneurial, and growing small, medium, and micro enterprises. In line with the “incremental reform and optimization of stocks”, it will focus on the reforms introduced at the end of 2017. On the basis of implementation and evaluation of measures, we will promote the finer stratification of the new Third Board market, provide differentiated system supply for many listed companies, and comprehensively upgrade core functions such as market price discovery, resource allocation and risk management. 6. New economic battles Local support for unicorns;
Times Weekly reporter Chen Zexiu from Guangzhou
Five years after the birth of the unicorn concept, it became the focus of the capital market. First, the China Securities Regulatory Commission established the Unicorn IPO green channel, followed by the Torch Center of the Ministry of Science and Technology and other institutions jointly issued the “2017 China Unicorn Enterprise Development Report”. It is a battle for unicorn enterprises. Local governments have not missed this wave, and they frequently show unicorns at the policy level.
On June 6th, the opening ceremony of the Unicorn Business Incubator Park was held in Yuhang District, Hangzhou. The “Unicorn Ten Article” New Deal was released at the same time, with a maximum reward of 100 million yuan. It is intended to create a national unicorn enterprise with 'combination punches'. Grow up the park. Two days later, Xihu District of Hangzhou officially launched the unicorn cultivation project. It supported unicorn enterprises in terms of operating costs, R&D investment, financing self-sustaining, and listing incentives. Similarly, Unicorn was planned in Xihu District. Industrial Park.
'We believe that unicorn companies represent the development direction of emerging industries. The future economic growth will be generated in this part of the company.'' Xu Bing, deputy director of the Hangzhou West Lake District Bureau of Commerce, told the Times Weekly reporter.
There are many cities like Hangzhou that attach great importance to unicorns. On May 18, Chengdu Hi-tech Zone proposed the establishment of a unicorn investment fund of 10 billion yuan to establish a corporate gradient cultivation system to create a new cradle for Chinese unicorns. Previously, Chengdu's Tianfu New District proposed the construction of Unicorn Island. Tianjin also announced in March this year that it would build the Unicorn Tower. Nanjing, Xi'an, Chongqing and other places have all offered cash awards to unicorn enterprises.
The government took 'provide nutrition'
According to Xu Ben, Xihu District's support for unicorn enterprises 'has made a great effort'.
Taking Unicorn Industrial Park as an example, with an area of approximately 5 million square meters, it is located in the Yungu section of the Zijingang Science and Technology City in the east of the West Branch of Hangzhou Science and Technology Co., Ltd. It enjoys a strategic location. 'The surrounding commercial land, high land prices, basic To 10 million yuan and 1 acre (Note: 1 acre is equal to 666.67 square meters). But the price of the land used by the industrial park for the company is only about 3 million yuan a mu. There is a big difference in the middle. 'Xu Ben said that the company got the land. Afterwards, an office building or property can be built as required, but each site does not exceed 15 acres.
Different companies have different development periods, and their needs are also inconsistent. According to Xu Ben, the size of quasi-unicorn enterprises is relatively small. From the perspective of government, subsidies are generally based on rent, and policy services for science and technology are the mainstay. Real unicorns. When enterprises and employees reach a certain scale, the need for office space may be highlighted. Industrial land is mainly targeted at such enterprises.
In the policy issued by the Xihu District, the unicorn enterprises on the list were also given a one-off award of 2 million yuan, and the unicorn enterprises were given a one-off reward of 500,000 yuan, and the rent subsidies of the employees of these enterprises were also Children's schooling and other aspects provide relevant support. The Times Weekly reporter learned that currently, Xihu District is preparing agencies that have multiple departments and agencies to conduct special review and management of unicorn enterprises. To support the implementation of unicorn enterprise policies. The rules will also be gradually introduced.
On the other side, Yuhang District of Hangzhou is also actively laying out. The newly planned Unicorn Park is located in Hangzhou Future Technology City. Li Jie, Director of Investment Promotion Bureau of Hangzhou Future Technology City Management Committee, told the Times Weekly that the situation in the industrial space is tense. , Futian Science and Technology City selected 3 parks as homes of unicorn enterprises. Among them, 2 were used for hatching and breeding, with a total area of more than 750 mu, 1 for the construction of a Unicorn Enterprise Park, with a planned area of 170 acres.
According to Li Jie, the Unicorn Park will implement a one-on-one service commissioner system, strengthen government service guarantees, and meet the needs of the capital, talent, technology, and other issues encountered during the development of enterprises. Provides peer-to-peer precision services. In addition, a review committee has been established in Yuhang District. The deputy head of the judging committee serves as the director of the judging committee. Unicorns, quasi-unicorns, quasi-unicorns, and quasi-unicorns are recruited on a quarterly basis. .
It is worth mentioning that Yuhang District has great support for research and development of unicorns and quasi-unicorn enterprises. According to the New Deal, Yuhang District has R&D personnel for unicorns or quasi-unicorns, equipment purchases and recognized R&D services. For subcontracted R&D expenditures of 100 million yuan or less, subsidies will be granted at 20%; for investments of 100 million yuan or more, subsidies will be granted at 25%, with a maximum grant of 100 million yuan. For high-quality R&D companies with high input, the Li Jie explained that many R&D projects are risky and low-yield for companies, which can easily lead to insufficient R&D investment. However, with the spillover effects of these R&D projects, it is worthwhile for enterprises to start these high-risk projects. The government should take action at the right time to make up for market failures. According to the company's life cycle, unicorn enterprises are in the growth period, which is equal to people's adolescence. At this stage, we must first provide adequate nutrition, so our unicorn policy efforts Unprecedented. ' Li Jie said.
In the second half of 2017, Guangzhou Science and Technology Commission organized and organized the selection of “Unicorn” enterprises. Zeng Bin, deputy secretary-general and chief of staff of Guangzhou Science and Technology Innovation Enterprise Association, was one of the major responsible persons. When the company communicated, he found that most companies actually did not value how much incentive or subsidy they could get from the government. 'They prefer to receive government follow-up services' because it will allow companies to feel that the government is in the process of development. Its escort. For example, the unicorn selection list released by the government will, to a certain extent, boost the rise of corporate valuations and help enterprises win more social resources. This effect cannot be measured by value. On the other hand, The government can provide limited incentives or subsidies, which may be far less than the company's own financing scale.
'Unicorns are wild, not reared, and unicorns who have not experienced the brutal baptism of market competition are just the bubbles that are destructive.' Executive director of the Chanson Capital, Shen Meng, said that judging from the successful experience of Israel, The government can't do everything for unicorns. For companies that really have innovative technologies, they can provide some start-up funding, but then they must let themselves find themselves in the vast ocean of competition. The only way to survive is the true gold.
A number of industry insiders told the Times Weekly reporter that the rise and fall of a company is not determined by the government. It is mainly market behavior. The main task of the government is to maintain a good ecology, improve the business environment for optimization, and avoid 'override' alternatives. market.
'The ecology is well maintained, the company will naturally come in.' said Xu Ben.
Introduce and nurture two legs to walk