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CDR policy is grounded to boost innovation by gravity acceleration
With the CDR policy landing, as an innovative variety, the CDR issuance declaration channel officially opened. Management is helping the growth of innovative companies with the “acceleration†of capital market innovation. Innovative enterprises are in line with national industrial policies, master core technologies, and have high market recognition. They belong to high-tech industries and strategic emerging industries such as Internet, big data, cloud computing, artificial intelligence, software and integrated circuits, high-end equipment manufacturing, biomedicine, etc. And has reached a considerable scale. From a global perspective, according to CB Insight statistics, from 2013 to March 2018, there were 237 unicorn companies worldwide. Among them, 118 from the United States accounted for 49.78%; followed by China, 62 out of which accounted for 26.16%. If the industry is valued, the top three are financial technology, e-commerce and software services, accounting for about 45% of the overall valuation. Under the environmental conditions in which the Chinese economy has entered a stage of high-quality development, innovative enterprises have won global favor with their characteristics of rapid growth, wide scope, concentrated concentration, and concentrated investor industry, especially the fierce competition between domestic and foreign exchanges. They are vying for China's innovative companies to go public. To this end, the management actively waved to innovative companies and technology unicorn companies, releasing a generous policy to attract such companies to list in the A-share market. Nowadays, as a supporting measure for the “Administrative Measures on the Issuance and Transaction of Depositary Receipts†(the “Administrative Measuresâ€), the CSRC has revised the IPO management measures and clearly stipulated that the eligible innovative pilot enterprises no longer apply the relevant profits and there is no unrecovered loss. Issuance conditions. In other words, under the new rules, not yet profitable is no longer a “blocker†for corporate A-share listings. Several other rules and normative documents have also improved the CDR from the multi-dimensional aspects of due diligence, consulting committee, pricing, transaction, information disclosure, financial report formulation, application file format and investor protection. The issuance of these nine documents marks that the CDR infrastructure framework for the innovation pilot enterprise has been basically completed, and then we have to wait for some more specific rules to supplement the entire rule framework. These policy frameworks for capital market innovation not only lay the institutional foundation for innovative enterprises to return to the domestic capital market through the issuance of CDRs, but also set aside institutional space for the opening of “Shanghai Luntong†and prepare for the rules. With the implementation of the "Administrative Measures", China's capital market will not only usher in more listings of domestic unicorn enterprises, but also welcome the return of large-scale unicorn enterprises listed abroad. This is one of the innovation and growth of China's capital market. Great momentum. In the next step, all parties in the market also hope that the management can take advantage of the trend and use the capital market innovation “acceleration†to provide more financing facilities for the growth of innovative enterprises. First of all, in strict accordance with the "Administrative Measures" and related supporting measures and other nine regulations and normative documents, review the basic conditions for the issuance and listing of the CDR. According to some brokerage analysis, there are 6 companies that have been listed overseas or are listed to meet the CDR conditions, namely Tencent Holdings, Ali, Baidu, Jingdong, Netease and Xiaomi. Secondly, there should be strong support for a large number of imported industries in high-end manufacturing industries, including integrated circuits. Relevant enterprises need to adjust market systems and models in a timely manner, and welcome more new economic enterprises to enter capital through various innovative tools and innovative systems. market. Once again, while giving great care to the unicorn companies, we look forward to providing more policy support for the New Third Board. In addition to the establishment of the new three board trading system, tiered system, information disclosure reform rules, the introduction of collective bidding, the elimination of intraday agreement transfer, the revision of tiered standards, improve the information disclosure requirements of the innovation layer, more importantly, crack the new three board market as soon as possible The liquidity dilemma. It can be expected that as more unicorn companies or innovative companies are listed on A-shares, the industrial structure of A-share listed companies will inevitably change. New technologies, new industries and new formats in Shanghai and Shenzhen main listed companies and new three-board companies New model companies will dominate the mainstream. To this end, for talents and positions such as big data analysts, blockchain technology architects, and artificial intelligence software engineers, detailed support and incentive policies should be formulated from the aspects of subject support, platform support, innovation support, financial support, and talent support. To create a level playing field, let these talents truly flow into innovative enterprises, and be able to stay and sink. The three-year closed operation strategic allocation of six funds, including the South, Yifangda, Jiashi, Huaxia, Huitianfu and China Merchants, flexible allocation of hybrid securities investment funds (LOF), allowing small and medium investors to share the new economic development dividend. Reliable ways, the Shanghai and Shenzhen market structure will also undergo profound changes.