Zhi DongXi (public number: zhidxcom)
Author | Cheng Qian
Edit | Li Shuiqing
Zhidong reported on January 19 that the annual "smart enterprise" report card of the science and technology innovation board is coming! According to the public information of the Shanghai Stock Exchange, a total of 160 new enterprises will be listed on the Science and Technology Innovation Board in 2021, raising nearly 200 billion yuan. Among them, there are 34 intelligent industry-related players with obvious scientific research attributes, with a total financing amount of more than 23 billion yuan.
The Science and Technology Innovation Board is the main position for the listing of high-tech enterprises in mainland China, which was opened on the Shanghai Stock Exchange in June 2019. At present, enterprises that meet the listing conditions of the science and technology innovation board have shown two major characteristics, one is that the industry is concentrated in the field of science and technology and innovation, and the other is that some enterprises have not yet entered a mature stage but have great growth potential.
By the end of 2021, a total of 377 companies will be listed on the Science and Technology Innovation Board, with a total market value of more than 5.6 trillion yuan. Startups that start businesses around technologies such as artificial intelligence, big data, and cloud computing will take the science and technology innovation board as the first choice. At present, many AI start-ups such as Megvii Technology, Yuncong Technology, Yuntian Lifei, and Geling Deep Pupil have come to the door of IPO.
According to the statistics of Zhidongxi, in 2021, 34 intelligent industry players have been successfully listed on the science and technology innovation board, some of them do smart city solutions, some do AI software platforms, the highest financing amount reaches 4 billion yuan, some companies' stocks have risen by more than 7%, and many of them are specialized new "small giants" and "vanguards" of market segments.
Which smart industry players are favored by the Sci-Tech Innovation Board? After the listing, how will these companies receive capital feedback? By digging deeper and observing the relevant content, we found the "changes" of these enterprises.
The basic information of the 34 smart industry-related enterprises listed on the Science and Technology Innovation Board is as follows:
▲In 2021, the science and technology innovation board IPO intelligent industry related enterprises
First, the highest financing amount of 4 billion, Zhejiang into the listing gathering place
According to the statistics of Zhidongxi, there are 34 listed companies on the science and technology innovation board related to the smart industry in 2021, and these companies have significant differences in focus areas, IPO financing amounts, geographical distribution, etc., and we have conducted in-depth analysis of this.
1. The highest financing amount reached 4 billion, accounting for 17% of the total financing amount
Among these 34 enterprises, the amount of IPO financing ranges from 200 million yuan to 4 billion yuan, 22 have a financing amount of less than 500 million yuan, 8 have a financing amount of less than 500 million yuan and 1 billion yuan, 3 companies with more than 1 billion yuan and less than 2 billion yuan, and 2 companies with a financing amount of more than 2 billion yuan.
▲In 2021, the IPO of the Science and Technology Innovation Board intelligent industry has different financing amounts distribution
Among the 34 enterprises, Xindian Software and Zhongke Micro with an IPO financing amount of more than 2 billion yuan raised 4 billion yuan and 2.977 billion yuan respectively. The number of listed enterprises with an actual financing amount of less than 500 million yuan is also in line with the characteristics of listed enterprises on the Science and Technology Innovation Board, which are small and asset-light enterprises.
Founded in October 1998, Xindian Software mainly focused on the research and development and sales of construction industry software at the beginning, and then entered the digital construction business field. Up to now, the company has gradually formed a model of providing software-centered intelligent overall solutions for the three subdivisions of smart procurement, smart government and digital construction in smart cities, focusing on web application development platforms, mobile application development platforms, PaaS application support platforms and other technologies.
▲The main business of Xindian software
Zhongke Weizhi is mainly engaged in the research and development, design, manufacturing and sales services of intelligent logistics sorting system, the main products include cross-belt sorting system, large-scale sorting system, etc., and customers include Zhongtong, SF, Best, Suning and other major domestic express delivery and logistics enterprises. Founded in May 2016, the mainland express delivery business exceeded the 30 billion mark for the first time, and the revenue of express delivery business was close to 400 billion yuan, an increase of 43.5% year-on-year. "Zhongke Micro was established a year earlier or a year later, and may not have the current market position." Li Gongyan, chairman of Zhongke Weizhi, said in an interview with Shanghai Securities News.
▲Comparison of the core technology of Zhongke Micro to the industry
2. Accurate positioning of enterprises, focusing on smart city segments
Among these 34 enterprises, most of the product application fields are smart city segments, a total of 27, including smart transportation, smart medical care, smart power, smart water, smart logistics and other subdivisions. The number of enterprises related to the field of intelligent manufacturing is also relatively large, with 5 and another 2 focusing on the IT service industry.
▲In 2021, the smart industry of the science and technology innovation board belongs to the distribution
Enterprises in the field of smart cities, their products and services are mainly for government customers, which also confirms that in recent years, in the field of cities and government affairs, digitalization and intelligence have made rapid progress. At the same time, intelligent manufacturing has also emerged some increasingly mature urban service providers, becoming pioneers in the field of intelligent manufacturing.
3. Guangdong, Jiangsu and Zhejiang, more than half of the listed enterprises on the Science and Technology Innovation Board
Among the 34 listed companies on the Science and Technology Innovation Board, from the perspective of geographical distribution, Guangdong, Jiangsu and Zhejiang provinces have the most listed enterprises, a total of 18, accounting for 52.94%, which may be related to the faster development of local smart cities and the improvement of industrial chain ecological construction. Among them, there are 7 listed enterprises in Zhejiang, namely Xili Technology, AGCO Technology, Pinming Shares, Hangzhou Collin, Liyuan Technology, Heda Technology, and Keelda.
▲2021 Science and Technology Innovation Board Intelligent Industry Zhejiang Enterprises
At the same time, compared with the above three regions, Beijing, Shanghai and other places are more developed in people's perception of the intelligent industry, but the number of local intelligent industry players landing on the science and technology innovation board is small.
▲Regional distribution of smart industries on the Science and Technology Innovation Board in 2021
April, March and July were listed together, accounting for nearly half of the year
During the year, there were 28 companies listed in the first seven months, and fewer in the last five months, only 6. March and July are the times when companies are concentrated. There are 8 companies listed in March, namely Jimi Technology, Shenkeda, Qingyun Technology, Xili Technology, AGCO Technology, Jiulian Technology, Ailong Technology and Pinming Shares. Six companies went public in July, and the number of companies listed in other months was relatively average.
▲The time distribution of the intelligent industry listing on the science and technology innovation board in 2021
5, 11 specialized new small giants, market segment "vanguard"
It is worth noting that there are 11 specialized new small giant enterprises among these 34 enterprises, namely Zongheng Shares, Jimi Technology, Shenkeda, Ailon Technology, Zhiyang Innovation, Lianqu Technology, Liyuan Technology, Kehui Shares, Hi-Tech University, Haitian AAC, and Juyi Technology.
▲In 2021, the listed enterprises on the intelligent industry science and technology innovation board specialize in special new small giants
There are many classifications of mainland science and technology enterprises, including technology-based small and medium-sized enterprises, private science and technology enterprises, specialized and special new enterprises, and science and technology small giant enterprises. Among them, specialized and special new enterprises mainly highlight the characteristics of specialization, refinement, specialization and novelty of enterprises, and small scientific and technological enterprises refer to small and medium-sized enterprises with scientific and technological innovation that have achieved core competitiveness through technological innovation, management innovation, service innovation or model innovation, providing high-tech products or services, and have high growth or great potential for development.
In 2016, the Ministry of Industry and Information Technology, the Ministry of Science and Technology and other seven ministries and commissions jointly issued the "Industrial Strong Foundation Project Implementation Guide", proposing to cultivate a number of specialized new small giant enterprises, which is the first time in the official policy to put the words "specialized special new" and "small giant" together, from this document "specialized special new small giant" has become a special direction and system.
Specialized new small giant enterprises are the leaders in specialized new small and medium-sized enterprises, is focused on market segmentation, strong innovation ability, high market share, mastery of key core technologies, excellent quality and efficiency of the "vanguard" enterprises.
Second, the stock price of ai data service leaders rose by 7%, and Apple's supply chain players were cold
The Sci-Tech Innovation Board continues to attract technological innovation and growth enterprises, and supports the listing of loss-making enterprises, providing convenience for small and medium-sized enterprises with small size and light assets. However, these technology- and capital-intensive companies may not have sufficient profitability in the short term, so their development after listing is also different.
After the establishment of the Science and Technology Innovation Board, the first unprofitable enterprise, the first red-chip enterprise, the first enterprise with different rights in the same share... The inclusiveness of the science and technology innovation board is also reflected.
1, the stock price rose up to 7%, customers are Tencent, Ali
Among the 34 companies listed on the Star Market, 20 companies have a rising stock price in 2021 (the latest stock price is the closing price on January 4), while the remaining 14 companies have a weak stock price performance.
The top five companies with higher growth in 2021 are Haitian AAC, Luopute, Hi-Tech, Zhongke Tongda, and Jiulian Technology, of which Haitian AAC and Luopute rose by 7.87% and 7.34%, and the growth rate of the other three companies remained between 3% and 5%.
▲The stock price changes of enterprises listed on the smart industry science and technology innovation board in 2021
Haitian AAC, which has the largest stock price increase, was established in May 2005, engaged in the research and development and production of training data, covering multiple core areas such as intelligent speech, computer vision, natural language, etc., and its products and services have been applied to Alibaba, Tencent, Baidu, iFLYTEK, Microsoft, Amazon and other well-known enterprises at home and abroad. In the AI industry chain, algorithms, computing power and data together constitute the three core elements of technological development, and training data has become the "fuel" for the development and evolution of algorithm models. As a professional provider of training data, Haitian AAC's service chain runs through the entire cycle of upstream and downstream artificial intelligence technology development.
▲Haitian AAC's main business
Another company with higher stock gains in 2021 is Tropte. The chairman of Luopt, Chen Yanxing, has another identity - the director of Jimei University, who was sent from Jimei Middle School to Jimei University, and Chen Yanxing taught himself electronics courses. In 1997, he gave up the stable work of the Science and Technology Bureau to start a business, and in 2006, he set up Luopute, focusing on the design and implementation of social security system solutions, software and hardware design and development, product sales and operation and maintenance service business, and its representative products include portrait cloud platform, AR real scene command system, tujian face recognition system, etc., which have been widely used in smart transportation, smart fire protection, financial security and other fields.
▲ Ropt AR live command system
In 2021, there are 14 companies with poor stock price trends, most of which have remained below 5%, and only two companies have a lower increase, the stock of Huayi Technology fell by 8.80%, and the stock of South Net Technology fell by 5.50%.
Founded in November 1998, Huayi Technology focuses on the research and development, manufacturing and related testing services of intelligent test equipment for automobile powertrains, and has formed five major equipment systems: engine intelligent test equipment, transmission test equipment, turbocharger test equipment, water and oil pump assembly and testing equipment, and new energy vehicle powertrain test equipment.
Since the 1990s, China's automobile industry has experienced many years of rapid growth, and after 2010, the growth rate has declined, from 2018 to 2020, mainland automobile production and sales have been in decline, and in 2020, mainland automobile production and sales have fallen by 2.0% and 1.9% year-on-year. Huayi Technology's downstream customers are mainly concentrated in the automotive industry, coupled with the transformation of the market demand for new energy vehicles from policy-driven to market-driven, the impact of the new crown epidemic may have affected its stock price changes.
▲Huayi Technology engine intelligent test equipment
2. Zhongke Micro has strong financing capabilities, which is higher than the proposed financing of more than 1.6 billion
Among these 34 enterprises, compared with the actual financing amount of the IPO, there are 13 enterprises whose actual financing amount is higher than the expected fundraising amount, of which 1 is flat and the remaining 21 are lower in actual financing.
Among the enterprises whose actual financing amount is higher than the expected financing, there are 4 enterprises with a difference of more than 500 million yuan, namely Zhongke Weizhi, Xindian Software, Kelda and China Southern Net Technology, and the actual financing amount is higher than the proposed financing amount of 1.638 billion yuan, 1.1 billion yuan, 607 million yuan and 510 million yuan, of which the financing amount of Zhongke Weizhi and Xindian Software ranks in the top two among the 34 enterprises.
▲The financing difference of enterprises listed on the smart industry science and technology innovation board in 2021
Zhongke Micro to, New Point Software has been interpreted earlier, and then look at the small giant Kelda in the field of industrial welding, which was established in March 2009, the main business is to provide welding robots and industrial welding equipment. In the field of industrial welding, Kelda drafted 6 national standards such as the "General Technical Standards for Welding Machines" as the first drafter, and drafted 7 national standards as a co-drafter. The company earlier saw the domestic industrial automation development trend, based on the industrial computer motion control software technology, the development of welding robots and robot special welding equipment, and Kelda's special welding equipment can be both complete sets of production, but also can be sold separately, which also helped it expand the scope of customers.
▲Kelda industrial welding equipment
Nanwang Technology is the first enterprise in Yuexiu District, Guangzhou to be listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange. The company was established in February 1988, the main business of power supply cleaning and grid intelligence. The power industry is a basic energy industry related to the national economy and people's livelihood, as a senior player in the field of smart power, the stock performance of China Southern Grid Technology is in the upstream. Secondly, China Southern Power Grid Co., Ltd. indirectly holds 64.14% of the shares of China Southern Grid Technology through Guangdong Power Grid, China Southern Power Grid Production and Investment and China Southern Grid Energy Innovation Equity Investment Fund (Guangzhou) Partnership (Limited Partnership).
▲The main products and services of Nanwang Technology
There are also some companies whose IPO financing amount is lower than the funds raised before their listing, there are 21, of which only 1 has a difference of more than 500 million yuan, which is Bozhong Seiko, and its actual financing amount is 648 million yuan lower than the expected fundraising. Among the remaining 20 listed companies, the gap between the actual financing amount and the raised funds is less than 500 million yuan.
Founded in September 2006, the precision equipment maker is also on Apple's supplier list. Bozhong Seiko is mainly engaged in the research and development and production of automation equipment, automated flexible production lines, and key components of automation, focusing on software system development and providing smart factory solutions. The company's first major customer is Apple, whose operating income has also been affected. In 2020, the company's net profit was 241.0831 million yuan, down 16.64% from 2019. From 2018 to 2020, Apple's business accounted for 64.5%, 47.21%, and 42.71% of its revenue, respectively. Bozhong Seiko has invested a lot of money in research and development and technology upgrades for Apple's customized products, and its products are customized for different customers and have poor versatility.
▲The main business changes of Bozhong Seiko
Third, policy and capital support, IPO financing amount of more than 500 billion yuan
Since the founding of New China, the status of scientific and technological innovation in the development strategy of the party and the country has been continuously improved, and the reports of the Eighteenth national congress and the nineteenth national congress of the party have repeatedly reiterated the importance of scientific and technological innovation.
In March 2021, the 14th Five-Year Plan for National Economic and Social Development of the People's Republic of China and the Outline of Long-term Goals for 2035 proposed to smooth the financing channels for the domestic listing of science and technology enterprises and enhance the "hard technology" characteristics of the science and technology innovation board.
Previously, the mainland's scientific and technological innovation enterprises were facing the problem of small scale and difficult financing. The A-share market already has a main board, a small and medium-sized board, a ChiNext board, and a new third board, on this basis, the state has set up a separate science and technology innovation board to serve high-tech enterprises, enhance the financing capacity of scientific and technological innovation enterprises, and enhance market inclusiveness.
On March 2, 2019, the CSRC and the Shanghai Stock Exchange officially issued and began to implement the "2+6" system of the Science and Technology Innovation Board, including two departmental regulations formulated and issued by the CSRC and six supporting business rules formulated and issued by the Shanghai Stock Exchange.
It is worth noting that in April 2021, the CSRC revised and issued the Guidelines for the Evaluation of Science and Technology Innovation Attributes (Trial), forming a "4+5" science and technology innovation attribute evaluation index, and the positioning of the science and technology innovation board is more clear.
At the Shanghai International Financial Center Development Forum held on December 25, Liu Di, deputy general manager of the Shanghai Stock Exchange, said: "At present, there are 372 listed companies on the Science and Technology Innovation Board, with IPO financing of 504.3 billion yuan and a total market value of 5.5 trillion yuan. ”
Liu Di added that compared with the main board of the Shanghai Stock Exchange, the main board of the Shanghai Stock Exchange was established at the end of 1990, and the market value at the end of 1992 was only tens of billions; the ChiNext Board was established at the end of 2009, and the market value at the end of 2011 was 800 billion yuan. "The science and technology innovation board is more than five trillion yuan in two years, and it focuses on the high-tech field, which basically forms a scale effect."
Before and after the opening of the Science and Technology Innovation Board in June 2019, a chain reaction was formed in various places, and Beijing, Shanghai, Sichuan, Anhui, Zhejiang and other places have introduced relevant support policies.
In May 2018, Beijing also issued the "Opinions on Further Supporting the Listing and Development of Enterprises" related to the Science and Technology Innovation Board, and the financial subsidies at the two levels of the urban area can reach up to 6 million yuan; on January 27, 2019, Xuhui District of Shanghai issued the "Implementation Measures on Building a New Highland for artificial intelligence development to build a new engine for Xuhui's high-quality development" to establish a resource pool of enterprises to be listed on artificial intelligence; in November 2018, Anhui Province proposed to list private enterprises on domestic and foreign stock exchanges such as the Science and Technology Innovation Board. Provincial finance will reward 2 million yuan in stages...
By 2021, different regions will also follow up on policy changes, implement policies and issue new incentives. On December 6, 2021, the "Beijing Enterprise Listing Cultivation Base" was officially listed; in July 2021, Xuhui District of Shanghai issued a plan to implement the doubling of the listing of the Science and Technology Innovation Board, striving to achieve a double increase in listed and reserve enterprises within 5 years; on August 8, 2021, Anhui Province issued the "Action Plan for the Development of Multi-level Capital Market Services "Three Places and One District"", which rewarded 100,000 yuan in advance for enterprises listed on the Science and Technology Innovation Board and implemented share reform...
On the occasion of the second anniversary of the opening of the Science and Technology Innovation Board, on July 22, 2021, the Opinions of the CPC Central Committee and the State Council on Supporting the High-level Reform and Opening Up of Pudong New Area to Build a Leading Area for Socialist Modernization Construction were released, and a series of policies on the Science and Technology Innovation Board also attracted much attention. For example, "the pilot allows qualified foreign institutional investors to use RMB to participate in the issuance and trading of shares on the Science and Technology Innovation Board", "study the steady implementation of the registration system with information disclosure as the core in the entire securities market, and introduce a market maker system on the Science and Technology Innovation Board"... As a way of securities trading, the market maker system has also been gradually improved, which is conducive to improving the liquidity of existing stocks on the Star Market and the activity of the secondary market.
At present, the market development potential in the field of intelligent industry is obvious to all, and intelligent technology is also the core force driving the fourth industrial revolution. In recent times, due to the impact of the new crown epidemic and geopolitics, the development of science and technology in the mainland has slowed down in recent years. Since the establishment of the Science and Technology Innovation Board, it has laid a more solid foundation for Chinese high-tech enterprises in the mainland to occupy a place in the international market.
Conclusion: The science and technology innovation board has become the main position for the listing of intelligent industry players
Compared with the main board, the science and technology innovation board is more inclusive and adaptable, and can better solve the financing difficulties of emerging enterprises. At present, most of the intelligent industry players are in the rising period, some companies are in the technology, product research and development period, profitability is weak; some companies even if the revenue is high, but due to the large investment in the early R & D funds, is still in a state of loss; and some enterprise revenue growth is slow... In order to stimulate the development of these enterprises, the science and technology innovation board has emerged.
As a pilot of the registration system and other systems, the Science and Technology Innovation Board has also laid the foundation for the development of other ChiNext boards and the New Third Board. The Sci-Tech Innovation Board is also promoting a series of new systems, such as the market maker system, to facilitate science and technology enterprises while promoting the fairness and rationality of the capital market.