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Venture capitalists are thrilled: science innovation board is the spring breeze, the direction and the warm current
As of 2018, China's venture capital industry has a scale of 12 trillion yuan. It is the elite in the investment circle who manages such a huge venture capital. These people tend to keep a low profile and silent about general policies, but the venture capital community applauded the big event of "setting up a science innovation board and piloting a registration system" which came out on the morning of November 5. This is a major reform of the capital market. Fu Fan, Chairman of Shanghai Science Foundation: This is the "supply-side structural reform" of the capital market.
Shanghai Science Creation Fund is a parent fund initiated by Shanghai International Group to assist the construction of Shanghai Science Creation Center, with a scale of 30 billion yuan and an initial scale of 6.52 billion yuan. The fund will continue to focus on serving the strategic mission and functional orientation of the construction of Shanghai Science and Technology Creation Center. On the basis of strengthening the distribution of sub-funds in the fields of information technology, biomedicine, advanced manufacturing and new energy for environmental protection, it will closely adhere to the listing standards of the Section Creation Board of the Stock Exchange, further play the role of innovative guidance and resource allocation of the market-oriented mother fund, and better serve the real economy and capital market. Development. Fu Fan said that the establishment of science and technology innovation board is an important measure to implement the strategy of innovation driving and science and technology powerful country, promote high-quality development, and support the construction of Shanghai International Financial Center and Science and Technology Innovation Center. From the point of view of enhancing the effectiveness of capital market and increasing the allocation of high-quality scientific and technological resources, it can be said to be the "structural reform of supply side" of capital market. The establishment of science and Technology Innovation Board will make up for the shortcomings of capital market in serving science and technology innovation, which will be conducive to promoting science and technology innovation, guiding value investment and cultivating high-quality science and technology enterprises in the new wave of scientific and technological revolution and industrial transformation.
For the venture capital industry, the establishment of technology innovation board and pilot registration system is tantamount to "a sudden spring breeze". The characteristics of equity venture capital market are long investment period, weak market liquidity, limited exit channels, etc. The introduction of KIB will effectively improve the exit channels of capital, open the closed-loop equity investment of "fund raising, investment management and withdrawal", and guide more capital to assist the development of KIB. Zhangjiang Polytechnic (10.790, 0.98, 9.99%): Providing a tremendous impetus for capital market reform Zhangjiang Higher Technology said that the establishment of STB is conducive to improving the level of capital market in service of STB and promoting the process of internationalization of China's capital market.
One is to fill in the short board. It is different from several other sectors. It is mainly aimed at small and medium-sized enterprises and start-ups that have not yet entered the mature stage but have growth potential, and are in line with the development direction of strategic emerging industries and technological and innovative characteristics. In terms of service objects, it can form a differentiated development with the main board, the growth enterprise board and the new three boards. Second, focus on innovation. As the focus is on the strategic emerging industries which are at the top of the market in terms of technology, but whose market size and maturity are still in the initial stage, science creation board can become an important place for China to develop new industries, new modes, new industries, new technologies and other new economic and strategic emerging industries. Third, we should promote openness. Kechuang board will take the lead in the pilot registration system, which can promote our motherboard market to dock with overseas markets. As Kechuang board is more consistent with international advanced rules, it can further attract foreign outstanding enterprises to list on Kechuang board for financing in the future, and enhance the openness of China's capital market.
Generally speaking, the establishment of Sci-Tech Creative Board will help accelerate the process of Shanghai's strategy of building a scientific and technological innovation center with global influence. For the historical mission of Zhangjiang Sci-Tech City, which Zhangjiang Sci-Tech participated in, it will also be a great boost for capital market reform. The establishment of science and technology innovation board is an important driving force to stimulate vitality and promote growth for each innovation factor and the main body of service promoting innovation factor in this ecosystem. Wang Lin, founding partner of Dinghui Investment: Green Channel for Chinese Science and Technology Enterprises to Provide New Financing Dinghui Investment is one of the largest alternative asset management institutions in China. It owns six business sectors: private equity investment, innovation and growth investment, sandwich and credit investment, real estate investment, securities investment and wealth management, with a management fund of more than 120 billion yuan.
Dinghui has invested more than 200 enterprises, of which more than 60 are listed at home and abroad. In the past, Dinghui Innovation and Growth Fund has invested at least 10 billion yuan in the field of scientific and technological innovation, including Shangtang Science and Technology, Word-of-mouth Network, Fengchao Science and Technology and many other enterprises leading the innovation and development of the industry. Wang Lin said that in the new wave of scientific and technological revolution and industrial transformation, the establishment of science and Technology Innovation Board will vigorously promote the implementation of the strategy of mass entrepreneurship and innovation, vigorously support the development of small and medium-sized science and technology enterprises, further improve the capital environment of science and technology innovation enterprises, and be conducive to the development of the new economy and the cultivation of new industries. The establishment of GEM will have a very positive impact on the venture capital industry. It is a great advantage for the capital market to set up science and technology board: it provides a new green channel for financing for Chinese science and technology enterprises, which is conducive to the growth of innovative and growing enterprises in China; it is conducive to attracting global investors and pricing new companies in a market-oriented way; and the registration system of Science and Technology Board will help the venture capital market to form a real closed-loop, making the country. Domestic excellent innovative enterprises no longer rely on overseas capital markets. The pilot registration system will further play the role of capital market, speed up the internationalization of domestic capital market, improve the exit mechanism of private investment and venture capital, and further prosper China's real economy.
Liu Tian, founding partner and chairman of Dachen Caizhi: China's original high-tech is a huge impetus Dachen Caizhi is a well-known venture company in China. Its founder, Liu Tian, has been engaged in the investment industry for more than 20 years. He has a profound understanding of China's capital market and rich experience in practical operation, as well as rich experience in business management and financial management. Liu Tian: The establishment of Kechuang board is a good thing for the venture capital industry. It adds an exit channel. At the same time, it is also a tremendous impetus to China's original high-tech and further promotes scientific and technological innovation.
In the short run, it may make a small profit for the secondary market. After all, it overlaps with SMEs and diverts some funds. However, in the long run, it will promote and promote China's original technology and underlying technology. This is the general direction and trend. In the long run, the advantages outweigh the disadvantages. Specifically to the supervisory level, coordination work should be done well. At present, the market has just recovered. It is more important to grasp the rhythm, especially to test the art of supervision. IDG Capital Partner Wang Xiao: The vitality of a trading place depends on three factors
Since IDG Capital first introduced foreign venture capital into China in the early 1990s, it has been focusing on the investment of China's high-tech companies (4.320, 0.24, 5.88%). Over the past 25 years, there have been more than 750 investment enterprises with a management scale of $2.5 billion. IDG Capital Partner Wang Xiao said that the trading place is nothing more than a licence of a trading platform, its vitality depends on three elements: first, counterfeiting is deterred and punished, otherwise bad currency drives good money. Second, delisting smoothly, can rise and fall to shuffle cards, but can not only go in and out, otherwise either trash stocks drag down the valuation center, or shell speculation is lively for a while. Thirdly, the investors'entry threshold should be appropriately grasped, which is higher than the lack of activity and lower the cut leek. These are not all determined by a single rule of the exchange itself. For example, four years ago when the new third board was constructed, Wang Xiao proposed that the new third board of Shanghai Stock Exchange had three lifelines: turning board, stratification and trading. There are many complex and realistic considerations behind the launch priorities.
So how to break the situation? Wang Xiao believes that the key lies not in the exchange itself, but in the supporting facilities of the system, especially in the construction of institutional investors and legal system. In short, we should not only have a sense of urgency, but also have a solid effort to move mountains. After all, the era of top-down system dividend release has gone, and the future depends on the spontaneous vitality of the market and the guarantee of infrastructure provided by the government. Shao Jun, founding partner of Detong Capital: This is a major event to change the pattern of investment in science and technology.
Detong Capital is a leading private equity investment institution in China, focusing on consumer upgrading, health care, and intelligent manufacturing. It focuses on searching for high-growth companies with huge market opportunities, excellent management team and clear operation mode. Detong Capital currently manages more than 10 billion RMB. Shao Jun said that the RMB fund has been at a disadvantage compared with the US dollar fund in participating in the support of technology-based enterprises, the key reason is that the exit channel is not smooth. Whether BAT in the Internet industry or Baiji Shenzhou and Xinda Biology in the biomedical industry, overseas LPs and shareholders share the stage of rapid growth, while domestic LPs and shareholders can only participate after they have grown into technology giants and returned.
This pattern will be changed from now on in the pilot projects of Kechuang board and registration system, so as to inject fresh water and vitality into RMB capital market for long-term development. Zhou Shui, President of Shanghai Lianchuang: The biggest highlight of this time is the "trial registration system" Shanghai Lianchuang is currently a well-known venture capital management company in China, and currently manages about $3 billion in funds. So far, 160 companies have been invested, with an investment of about $1.7 billion.
Zhou Shui believes that the biggest highlight of this time is the "trial registration system", which will be a major breakthrough in the basic system of China's capital market. It is of great significance to promote China's capital market to become more standardized, perfect and mature. A standardized and perfect capital market can play a greater role in resource allocation, allocate capital resources more effectively and efficiently, stimulate and activate innovation. New vitality. Zhou Shui believes that a market-oriented and standardized capital market is better than any local preferential policies and support policies. Among the projects that have been invested, a number of projects are expected to meet the requirements of "Science Creative Board". We will pay close attention to the latest developments of "Science Creative Board", and strive to become a member of Science Creative Board as soon as possible. The establishment of a new board and pilot registration system will also have a positive impact on investment strategies and investment concepts. Yongxuan will pay more attention to the technical content, innovation and long-term development prospects of investment projects, and reduce the consideration of whether it meets the requirements of listing audit. Investment in the field of scientific and technological innovation is the traditional advantage of "joint venture investment". In the future, investment in the field of scientific and technological innovation will be steadily increased. Censai Indium, Vice President of Bedrock Capital:
Great Changes to the Ecology of China's Capital Market Founded in Guangzhou in 2015, Bedrock Capital is a global financial investment institution focusing on value discovery and value investment in the new economic field. There are 150 projects such as global financing, listing, mergers and acquisitions, among which more than 50 enterprises have been listed. Censai Indium said that with the opportunity of setting up a scientific innovation board in the Shanghai Stock Exchange, it actually emphasized that scientific and technological innovation is still the main tone of future social and economic development, which will bring tremendous changes to the ecology of China's capital market. For the first-class market, the establishment of KE Chuang Ban will bring a favorable positive circle for the first-class market. While introducing new economic enterprises into the market, it will also introduce new exit channels for VC and PE. Clear exit channels in turn will facilitate capital entry. However, this will help to accelerate the formation of the new economic leader, but also accelerate the process of the survival of the fittest.
For the secondary market, Kechuang board can be said to be the Chinese version of Nasdaq, the impact on A shares is intended to be long-term. But in the short run, the market may worry that the opening of registration system will lower market valuation, especially for GEM and high-valued technology stocks, because the same kind of target can be listed more easily in GEM, and the scarcity of existing target will certainly decline. However, the various parts of China's capital market system will gradually form their own characteristics and core competitiveness, and there is no need to worry about the adverse impact of KSB on the secondary market. Yang Jintong, Vice President of Ride Technology Group: Great Benefits for Start-up Enterprises
Li De Science and Technology Group has many financial licences, with a total asset management scale of more than 160 billion yuan. Yang Jintong said that the establishment of scientific innovation board and pilot registration system is a major benefit to start-up enterprises. Over the past decade, China's technological innovation enterprises have developed rapidly, but financing difficulties have been a serious problem. To some extent, the establishment of STB can solve the demand for capital of some technological innovation enterprises and solve some capital problems through capital channels. At the same time, the introduction of KSB will also attract some funds which prefer venture capital to invest in KSB. The scale of capital is expected to exceed the direct financing scale of KSB. As for the capital market, because of the uncertainty of the current rules and standards of the scientific creation board, it is difficult to judge its specific impact, but it is certain that there will be a structural diversion of funds. (Source: Sina Finance and Economics)