Starting Registration System For Gem Registration, Looking Back To Eleven Year Approval System

In June 15th, the Shenzhen Stock Exchange opened its doors to accept applications for issuance, refinancing, merger and reorganization under the registration system. The gem began to wave goodbye to the approval system that had run for nearly eleven years. The registration system era was officially opened, and the A share registration system entered the stock reform era.

Eleven years to wear a sword. Since 2009, under the approval system, the gem has generated 815 listed companies, and a total of 426 billion 504 million yuan has been raised. As of June 15th, the total market value reached 7 trillion and 565 billion 438 million yuan. Now, these stock enterprises will merge into the registration system under the gem to issue delisting transactions and other systems to meet the test of the market.

In twenty-first Century, according to Wind data, according to the statistics of Wind, as of June 15th, the gem has accepted the first application of 1075 enterprises, and a total of 858 issued by the trial committee have passed the meeting rate.

As of June 15th, a total of 815 enterprises were successfully listed on the gem.

Among the 815 enterprises, the largest number of them came from mechanical equipment, computers, electronics, pharmaceuticals, biology and chemical industry, with 122, 114, 85, 85 and 81 respectively.

Ups and downs of GEM companies

Eleven years ago, with the sound of the bell, 28 companies such as Tel reed, eye eye and Huayi Brothers were listed on the growth enterprise market. The gem 28 stars were born and the total market capitalization amounted to 140 billion yuan. Time passes, and today's GEM has attracted 815 enterprises, with a total market capitalization of over 7 trillion and 500 billion, which is 50 times that of the past. Among them, some companies are sailing far away, others are wasting away.

300001.SZ is the first board of the gem. Its main business is a set of transformer and distribution products with outdoor box type power equipment and indoor switchgear as auxiliary. It is committed to developing and manufacturing one or two products and related technical services of 220kV and below. As of June 15th, its stock price rose 244.39% compared with the first day of listing, and its net profit in 2019 was 245 million yuan, ranking 18% in the industry.

300015.SZ, one of the 28 stars, has strong development and its total market capitalization is third in gem, which is nearly 24 times the first day of listing.

In the past eleven years, the market value of GEM has changed hands. As of June 15th, the 300750.SZ was listed in Ningde in June 2018. Its main business is power battery system and lithium battery business, with a market value of more than 350 billion yuan. The second place MINDRAY medical (300760.SZ) has a market value of more than 330 billion yuan. In 2015 -2017, the market value of Wang's shares (300498.SZ) ranked fifth. In 2015, 300059.SZ, the first gem company with a market value exceeding 100 billion yuan, ranks sixth in the market capitalization.

In the eleven years of the gem, the pharmaceutical sector has gained the top edge. As of June 15th, Kangtai listed on the first day of listing rose more than 4528%, or rose in the first place of gem, with a total market value of nearly 94 billion yuan, ranking fourth in the pharmaceutical and biological industry. By the end of June 15th, 86 companies in the gem biopharmaceutical track were born 8 times 10 times, such as Kangtai biology, Eyre eye, tiger medicine, Xingqi eye drops, OPPLE health, Wanfu biology, pharmaceutical technology, and our biological products.

The approval system for eleven years witnessed the ups and downs of GEM companies.

There was once a "GEM market value one brother", and now it has been on the verge of delisting.

In May 14th, a notice announced by the Shenzhen Stock Exchange announced that the stock of LETV ended.

In June 5th, as the securities short changed from "LETV" to "music retreat", the company's stock entered the last thirty trading days of the delisting period. 280 thousand shareholders fled. Thereafter, music will return to the third board.

In August 12, 2010, LETV was listed on the growth enterprise market, and it was the first A share company to appear on the market. In 2015, LETV's market value was over 170 billion, reaching the top of the growth enterprise market. But along with the company's business and capital chain tension, after 2016, LETV continued to lose money. Before the suspension of the listing, LETV's closing price was 1.69 yuan / share, and its market value was 6 billion 742 million yuan. By the end of June 15th, the value of the music delisting was only 3 billion 231 million yuan, and the 100 billion market value of the high light moment had almost disappeared.

There are also plans for "backdoor" capital carriers, and now they are all in a feather.

In the past, 10 times big bulls and magic fogs were green, and now the outcome of face value delisting is welcome.

In 2014, Shen Wu group's curve "backdoor" Tianli environmental protection was listed on the growth enterprise market. It was regarded as "the first stock market of the second board of the growth enterprise market" by some market participants. As a provider of global energy solutions for fossil fuels (coal, oil, natural gas and derived fuels), it was once considered a "white horse stock" in the field of environmental protection. But in 2018 it was "occupied" and its market value evaporated to more than 96%. By the end of 2017, by the policy of national financial leverage, Shen Wu group was deeply trapped in the dilemma of capital flow because of its pledge and its debt default. Due to the provision of illegal guarantees for the 1 billion yuan of money borrowed from Shen Fei group and its subsidiaries, the next year, Shen Fei's environmental protection also fell into the predicament of tight liquidity. In September last year, Shen Fei's environmental protection was also found to be suspected of financial fraud. The company lost 1 billion 990 million yuan in 2019. In May 28th, Shen Wu environmental protection was suspended due to the withdrawal of the face value of the withdrawal notice. In May 29th, the Environmental Protection Bulletin of Shen Wu announced that the Commission had decided to file a case investigation on the company because it did not disclose periodic reports on schedule.

"GEM listed on the first stock market" Wanfu Sheng Ke, through the curve "backdoor" "back to life".

In September 27, 2011, Wan Fu Sheng branch was listed on the growth enterprise market. In August 22, 2012, Wanfu branch released the first semi annual report after the listing. At this time, the inspection group of the Hunan Securities Regulatory Bureau listed company was conducting regular on-site inspections after the listing of Wanfu branch. The inspection team soon discovered that its 2012 semi annual prepaid account had significant anomalies. In the four and a half years from 2008 to 2012, Wanfu branch increased its income by more than 900 million and increased profits by more than 200 million, which is almost the sum of net profit from 2008 to 2011 four years. In 2017, the fraudulent issuance of Wanfu branch was tried by the judiciary in accordance with the law. The listed company was sentenced to 8 million 500 thousand Yuan Fajin, and many responsible persons such as chairman Gong Yongfu were sentenced to fixed-term imprisonment of not more than 4 years and fines.

In 2016, Wanfu branch successfully passed the way of judicial referee through a folk "debt to equity swap", and successfully avoided the provisions of the gem that does not allow the backdoor listing, and maintained the status of the listed company. Jia Wo Group entered the Wanfu branch, and the actual controller of Wan Fu Sheng branch changed to Legend Holdings.

Today, the Wan Fu Sheng branch has been transformed into 300268.SZ. Recently, the salmon concept has attracted numerous eye-catching observations.

Towards the age of registration

The gem was set up at the beginning of its establishment to provide financing for "independent innovation enterprises and other growth oriented enterprises", but after that, the positioning was vague. Meanwhile, the trial system has undergone changes.

In October 23, 2009, with the approval of the State Council and the approval of the securities and Futures Commission, the Shenzhen stock exchange officially established the gem and opened the ceremony. After ten years of brewing, the growth enterprise market was finally launched.

As the securities and Futures Commission released the new issue price control and pursued the market, the first batch of GEM companies issued a high price earnings ratio with an average price earnings ratio of 55.26 times. The 28 companies listed on the first day of the sale were caught in the market. When the price earnings ratio has reached more than 50 times, the increase is over 100%.

During the two sessions in March 2008, Chen Dongzheng, the chairman of the Shenzhen stock exchange who was then a member of the CPPCC National Committee, proposed that the gem would be inclined to "three high five new" enterprises. "Three high five new" refers to high growth, high technology, high added value, new economy, new service, new energy, new materials and new agriculture.

In the Provisional Regulations on GEM, which was officially published in March 31, 2009, Article 1 stipulates that gem enterprises should be "independent innovation enterprises and other growth oriented enterprises".

In March 19, 2010, the SFC issued the guidelines on further improving the gem recommendation, which clearly pointed out nine key industries that should be recommended by the gem: "the sponsor should focus on the enterprises that are in line with the development direction of the national strategic emerging industries, especially new energy, new materials, information, biology and new medicine, energy conservation, environmental protection, aerospace, and ocean. Enterprises in the fields of advanced manufacturing, high technology services, and other fields with independent innovation capability and strong growth. " At the same time, it also proposed the industries that should be carefully recommended for considering its independent innovation capability, including: textile, clothing, utilities, production and supply of electricity, gas and water; real estate development and operation, civil engineering and construction; transportation, liquor, food and beverage; Jin Rong; General Service industry; the overcapacity of national industrial policy and the construction of redundant construction. Industry. "

In addition to emphasizing innovation, the second characteristics of gem are to emphasize growth.

With regard to this, the financial related issuance conditions stipulated in the first interim measures of gem are "continuous profit in the last two years. The net profit in the recent two years has accumulated not less than 10 million yuan, and has continued to grow, or the profit has been made in the latest year, and the net profit is not less than 5 million yuan. The operating income of the recent year is not less than 50 million yuan, and the growth rate of operating income in the recent two years is not less than 30%".

In 2014, the SFC promulgated the "IPO and listing management measures on GEM". It abolished the original "gem Interim Measures" and "guidelines for further improving the gem recommendation". The nine innovative industries that were encouraged to recommend and the requirements for continuous profit growth were abolished.

In the three years since then, for the enterprises listed on the gem, under the approval system, ushered in the most "relaxed" three years until the launch of the "Da Fa".

In September 2017, the gem and the motherboard issued the trial committee to "merge into one", and the "approval system" ushered in the market known as "the most stringent" in the history of the issuance examination committee. The fate of many enterprises that intend to apply for growth enterprise listing is reversed under the high pressure and strict trial. Many "6 over 1", "7 over 1" and even "zero pass" are common occurrences, and the number of enterprises has been far exceeded the number of enterprises.

In early 2018, a large number of IPO companies with poor performance were involved in the tide of collective withdrawal. Hundreds of companies hate to declare their teams, most of them are listed companies on GEM. However, in the second half of 2018, with the introduction of the concept of "Chuang Chuang board", the voice of the registration system trial was booming, and the policy of intense policy was under way. Under this reversal situation, the reform opportunity of the trial board system of gem was reappearing.

In fact, during the eleven years of the approval system, the discussion on the IPO reform of the gem has never stopped. As early as 2013, there was a voice in the market for registration in gem.

In 2013, Dong Dengxin, director of the financial and Securities Research Institute of Wuhan University of Science and Technology, pointed out in the media interview that from the perspective of equity financing, small and medium-sized high-tech enterprises can raise funds through the gem, but this is difficult for small and medium-sized enterprises. The expansion of new three boards and regional local counters will take the lead in supporting equity financing of small and medium-sized high-tech enterprises, which will enable small and medium-sized high-tech enterprises to get better financing opportunities. It is suggested that in the absence of registration system, the gem should take the lead in reform. At present, the problems encountered in the development of gem are mainly based on IPO's design concept, approval process and so on, which are similar to the motherboard's procedures, and are very similar to those of the motherboard. However, due to the aggregation of a large number of queuing enterprises, the phenomenon of "excellent and superior selection" has emerged, which makes entrepreneurship. The original low threshold was artificially raised.

He believes that in the IPO standards and rules of gem, too high and too strict financial indicators make entrepreneurial and innovative companies not eligible for IPO, so we need to modify and update the IPO procedures of gem.

"Gem is an exclusive market with entrepreneurial and innovative enterprises as its main body. For the gem, if the listing standards are set up according to the IPO standard of the main board traditional industries, the gem will become a second medium and small board, which does not reflect its unique value. As for the new format, new technology and new mode of entrepreneurial and innovative enterprises, the gem should adapt to their IPO needs, they are all light assets, so they must be reformed. In June 15th, Dong Dengxin explained to reporters in twenty-first Century economic report.