GEM 12 years old: 1050 companies shine with stars, three innovations and four new features are highlighted

Securities Times reporter Wu Shaolong

On October 31, 2021, the GEM celebrated its 12th anniversary. Up to now, the number of GEM companies has reached 1,050, with a total market value of 13.09 trillion yuan. Market evaluation, in the past 12 years, the GEM has always maintained its original intention, actively practiced the innovation-driven development strategy, promoted the integrated development of the innovation chain industry chain, helped the new pattern of double-cycle development, and effectively promoted the high-level cycle of science and technology, capital and the real economy.

Practice innovation-driven development strategy

The "14th Five-Year Plan" proposes to focus on emerging industries such as new generation information technology, biotechnology, and new energy, accelerate the innovation and application of key core technologies, enhance the ability to guarantee factors, and cultivate and expand new momentum for industrial development.

Up to now, high-tech enterprises account for more than 90% of GEM companies and nearly 60% of strategic emerging industry enterprises. The GEM takes nine strategic emerging industries as the pillar, and there are obvious differences between the industrial structure and the A-share as a whole, of which four industries such as new generation information technology, biological industry, new materials, and high-end equipment manufacturing have shown obvious agglomeration effects, with a total of nearly 500 companies, accounting for nearly 50% of the total number of GEM companies.

Behind this, the GEM actively guides listed companies to firmly cultivate independent innovation and stimulate the vigorous momentum of high-quality development; promotes the transformation of listed companies both internal and external repairs, and helps the new pattern of dual-cycle development; leads innovation through innovation-driven and accelerates the empowerment of traditional industries.

Numbers speak. From 2009 to 2020, the cumulative total R&D investment of GEM companies exceeded 500 billion yuan, and the overall R&D intensity of plate companies continued to increase. The gem more than 100 companies have major national science and technology special projects and national key research and development program projects and national torch plan projects, becoming important practitioners of innovation-driven development.

On the one hand, GEM companies rely on the domestic market and industrial system to create their own core competitiveness, with more than 130,000 core patented technologies related to the main business, and have strong scientific and technological innovation and achievement transformation capabilities, nearly 60% of the company's products and technologies have also achieved import substitution, to solve a number of "card neck" technical problems. On the other hand, adhering to open innovation and participating in the construction of the global industrial value chain will add impetus to the construction of a new development pattern dominated by domestic cycles and mutually promoted by domestic and international dual cycles.

Direct melting "living water" precision drip irrigation

When the communication equipment industry company Xinwei Communication was listed in 2010, its operating income was only 140 million yuan, and its net profit was less than 0.5 billion yuan, and by 2020, its revenue had reached 6.394 billion yuan and its net profit was nearly 1 billion yuan, becoming the world's leading supplier of pan-radio frequency components.

Before 2020, Lens Technology raised a total of 8 billion yuan through private placement and public issuance of convertible bonds for projects such as consumer electronics appearance protective glass, and related projects have contributed more than 4 billion yuan in revenue, further consolidating the company's leading position in the field of consumer electronics protective glass; after the revision of the refinancing system in February 2020, the company launched a fixed increase plan in April of that year, and raised a total of 14.9 billion yuan in December for 3D touch function panels and production supporting equipment. Vehicle glass and large-size functional panels.

As can be seen from many examples, the GEM efficiently supports the growth of enterprises by playing a direct financing function.

The data shows that from the first batch of 28 companies listed, to the number of GEM companies exceeding 1,000, the GEM has effectively played a direct financing function and injected vitality into the development of dual-venture enterprises. Up to now, GEM companies have accumulated IPO financing of 608.035 billion yuan, refinancing 481.581 billion yuan, and the total amount of equity financing is 1,089.616 billion yuan, and the funds are directly invested in the field of innovation and entrepreneurship to further promote the development of the new economy. According to statistics, the total IPO fundraising of strategic emerging industry companies on the ChiNext Board was 332.774 billion yuan, accounting for 54.73% of the total sector, and the total refinancing and fundraising was 361.780 billion yuan, accounting for 75.12% of the total sector.

The GEM gives full play to the advantages of the platform and supports the company to deepen its main business while achieving industrial integration and transformation and upgrading through mergers and acquisitions. Up to now, the GEM listed companies have completed 460 restructurings, with a total transaction amount of more than 420 billion yuan.

A large number of high-quality enterprises that have mastered core technologies and have strong innovation capabilities have landed on the ChiNext market through mergers and acquisitions, and among the major asset restructuring plans that have been implemented and completed by GEM companies, the target assets involve strategic emerging industries such as the new generation of information technology industry, high-end equipment manufacturing industry, and biomedical industry account for more than 50% of the total number of restructuring plans.

Steadily and comprehensively promote the registration system

A key step from the top up to the bottom

The continuous growth of the hub function of the capital market is inseparable from maintaining the determination of reform and stimulating market vitality.

On April 27, 2020, the 13th meeting of the Central Deep Reform Commission passed the "Overall Implementation Plan for the Reform of the Gem and the Pilot Registration System", and the GEM reform and pilot registration system were officially launched. On August 24, the first batch of 18 GEM registered enterprises were successfully listed, and the reform took the registration system as the main line, fully implemented the registration system in the fields of initial offering, refinancing, mergers and acquisitions and restructuring, synchronously promoted the "increment + stock" reform, bravely entered the reform deep water area, and injected strong impetus into the service of the real economy.

Since the reform landed, the overall operation of the market has been stable, the main institutional rules and technical systems have operated smoothly, the "sense of gain" of market entities' reform has been strong, and the reform has achieved remarkable results, which has accumulated valuable experience for the whole market to further deepen the reform of the registration system.

Up to now, the Shenzhen Stock Exchange has accepted 752 applications for initial offerings, 392 refinancings and 24 major asset restructuring projects, of which 222 companies have been listed and raised 170.266 billion yuan; 279 refinancings have been registered and effective, and 285.160 billion yuan of funds are planned to be raised, of which 203 have been implemented and the actual financing is 192.725 billion yuan.

At the same time, the GEM adheres to high standards and strict requirements, and maintains a "zero tolerance" attitude towards all kinds of violations of laws and regulations. According to statistics, in the first three quarters of 2021, the Shenzhen Stock Exchange punished more than 20 GEM listed companies and more than 110 relevant responsible personnel, continuing the strict supervision trend and maintaining a fair and just order in the market.

The relevant person in charge of the Shenzhen Stock Exchange pointed out that the GEM conscientiously implemented the "Opinions on Strictly Cracking Down on Illegal Securities Activities in Accordance with the Law" issued by the CPC Central Committee and the State Council, fully implemented the "zero tolerance" work policy, severely punished vicious illegal acts such as financial fraud, and resolutely investigated the responsibility of relevant institutions and personnel for violations.

Promote science and technology, capital

and the real economy circulates at a high level

The GEM has created a broad platform for the organic combination of scientific and technological innovation and entrepreneurship, and a number of industries and enterprises with original innovation capabilities have emerged, which has strongly supported a new round of scientific and technological revolution and industrial change.

The industrialization process of China's new energy lithium batteries maintains a global leading position, which is inseparable from a group of CHINext lithium battery companies led by the Ningde era to drive the rapid development of the industry through original innovation.

Among them, CATL, as a global leader in the lithium battery industry, the company's power battery usage ranked first in the world for four consecutive years, with the world's most extensive OEM partners, R & D capabilities covering material research and development, product research and development, engineering design, test analysis, intelligent manufacturing, information systems, project management and other fields, the company led and participated in the revision of more than 50 domestic and foreign standards.

Through the iterative upgrading of integrated development, the new economic development ecosystem has been gradually established.

The GEM has cultivated an institutional environment and social atmosphere of "mass entrepreneurship and innovation", and consolidated the ecological foundation for the development of the new economy. The 593 companies on the ChiNext board have received a total of 56.175 billion yuan of investment from venture capital institutions before listing, and the investment appreciation is nearly 15.52 times based on the current stock price simulation, and these venture capital investments have been withdrawn and then reinvested in new economy enterprises in the early stage. The GEM has driven the rapid development of the venture capital industry and promoted the virtuous circle of capital "investment, exit and reinvestment".