More than 80% of the enterprises in the company have accepted the “Standard One” application for listing.

The company has accepted 82% of the selection of “standard one” and no company has chosen “standard five”. Visual China Chart As of the 9th, the number of enterprises in the science and technology board has reached 57. Among the five sets of listing standards, 82% of enterprises choose “Standard One”, and no company chooses “Standard Five”. The insiders pointed out that the five sets of listed standards of the ordinary enterprises of Science and Technology Board are progressive, and each has its own emphasis, and the market value becomes a hard indicator. If the market value standard originally declared is not reached after the inquiry is issued, the issuance fails. The overwhelming standard for most companies to choose a lower risk is to seek stability.
"Standard 1" became the hot spot for the listing of the SSE board, and set up five sets of differentiated listing standards for the common stocks of the same board of the company. Enterprises can choose one. In addition, there are four sets and two sets of listing standards for red chip companies and different voting rights companies.
For example, Guan Qingyou, dean of the Financial Research Institute, believes that the breakthrough of the five sets of differentiated listing standards of Science and Technology Board relative to other A-shares is to focus on market value standards, weaken financial indicators, increase the ratio of R&D investment, and more diversified listing conditions. .
Zhu Weizhen, Chairman of Zhongkewotu Fund, told the China Securities Journal that there is a certain logical relationship between the five sets of listed companies in the ordinary board of Science and Technology, and the product market space and income are the core, and the market value plays a binding role. This is in line with the focus of PE/VC on startups. According to the relevant indicators, the market-to-sales ratio corresponding to the five sets of standards is no more than 10 times. At the same time, the five sets of standards have their own focus.
Zhu Weizhen said that the standard one-market threshold is 1 billion yuan, the core focus is profitability; the standard two market value threshold reaches 1.5 billion yuan, the core focus is on R&D investment; the standard three market value threshold reaches 2 billion yuan, the core concern is Operating cash flow; standard four market capitalization jumped to 3 billion yuan, requiring operating income of more than 300 million yuan, the core focus is market size; standard five market value standards reached 4 billion yuan, specific recommendations for product development and market space The core focus is on market prospects and core technology capabilities.
In the specific practice, 47 Kechuang board accepts enterprise selection criteria one, accounting for 82%; two companies choose standard two; Tianzhun technology selects standard three; six companies choose standard four; no company adopts standard five.
In addition, the second set of criteria for the differentiation of voting rights was selected: the estimated market value is not less than 5 billion yuan, and the operating income in the most recent year is not less than 500 million yuan.
The standard choice has a mystery. It is worth noting that many companies meet the multiple sets of standards for the board. Researchers pointed out that the selection of corresponding standards by these reporting companies is based on the characteristics and demands of the enterprises themselves.
Liu Dizhen, a researcher at the Niu Niu Financial Research Center, said that among the companies that chose Standard One, Anhan Technology, Keqian Bio and Ruichuang Micro-Nano met other standards. These companies are not excluded from a conservative strategy for conservative estimates of market capitalization in the face of good financial performance. Taking Anzhen Technology as an example, in the declaration, the company specified that it meets the four market value standards, the company's R&D investment accounts for a large proportion, and the valuation and operating cash flow levels meet the relevant standards. The pre-Korean and Ruichuang micro-nano cases are similar.
Among the companies that choose Standard 4, Jingchen shares meet the five standards, and the ship chip meets the standards three, four, and five at the same time, and Rongbai Technology meets the standards four and five. Liu Dizhen believes that for these enterprises to avoid the standard five, perhaps because the relevant standards are not easy to quantify; the selection of the standard four market value is lower, more secure, and operating income is easier to measure. In addition, the three companies previously had financing valuations of 6.2 billion yuan, 6.7 billion yuan, and 10.188 billion yuan respectively. The standard 4 with higher market value criteria may be more confident in corporate valuation.
At the same time, Sanno Medical, which meets four sets of standards, is one of the few companies that have applied for the second choice. Zhu Weizhen believes that it may be because Sino Scientific's R&D investment accounts for more than 30% of its operating income, and the selection of the second standard is in line with the high quality of Sino Scientific's R&D investment. The company's 2018 net profit exceeded 89 million yuan. In addition, Sinon Medical has increased its capital by 300 million yuan in 2009 based on a valuation of 2.3 billion yuan, and the reporting standard of 1.5 billion market capitalization is not high.
At present, only Tianzhun Technology chooses the standard three. “Enterprises that declare in the standard three may have greater potential.” Zhu Weizhen said that a company with a loss but a continuous positive cash flow means that it is relatively strong in the industry chain and can take up upstream and downstream funds.
The majority of companies in the investment banking practice choose the standard one, in addition to seeking stability, there are other reasons. Some investment bankers said that the standard one is close to the IPO requirement, and most of the companies that were declared and accepted in the first batch are IPO companies, so they are in line with the requirements of Standard One. Most of the 57 companies that have been approved by the Shanghai Stock Exchange are to be IPO companies. Under the current circumstances, the science and technology board can be quickly instructed, and the quick review is expected to have great appeal to the enterprise.
How to determine the company's market value in specific projects? Wang Kai (a pseudonym), an investment banker who has applied for a science and technology project, said: "Our projects are not inclined to choose projects that have not yet reached the market value after the previous round of financing. It is best that the previous round of financing has reached the market value standard. , with a certain scale, other indicators are slightly up."
At present, there is no standard 5 for enterprises to choose to declare, which is considered by the industry to be the most difficult standard. Although the standard has no specific requirements for the company's net profit, but its core is the market prospects and core technical capabilities, otherwise it will not be able to support the market value of 4 billion yuan.
Some brokerages pointed out that the company should require brokers to vote, and the standard five requires the highest market value. However, in the case that the short-selling mechanism of the science and technology board has not yet been introduced, the brokers may face a risk of loss. For example, the development of new drugs may not be further after the second phase of the test or after the approval of the market, the market is not as expected, these are the risks that investment high-tech companies may face.
"The standard for pharmaceutical companies to list in Hong Kong stocks is also approved for Phase II clinical trials. However, in specific projects, we will wait for pharmaceutical companies to enter the clinical four phases before they are internally established." Wang Kai said.

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