Science and technology committee is close, and the spring of risk capital is really coming?
Source: Zhu Denghua public and private cloud
The long-awaited science and technology rules finally landed, a risky capital circle circle!
"In the current fall of the capital market, the Committee for Science and Technology has brought VC / PE a new hope." Wu Qiang, founding partner of New Venture Capital, excitedly said in an interview with the journalist "International Finance News".
In the evening of January 30, the Science and Technology Committee has put in place a registration system reform plan. The Shanghai Stock Exchange is responsible for issuing and listing the board of science and technology, and CSRC is responsible for registering board shares.
What projects prefer risk capital institutions?
Wu Qiang told reporters that according to the credibility of the science and technology committee, investment institutions will gradually invest in "Kechuang" projects, and investment funds will "pass" into companies for technological innovations. Relatively speaking, the phenomenon of the "mouthwash" investment has weakened in the past. All in all, the Science and Technology Committee contributes to the investment of venture capital funds and will ultimately promote the development of national scientific and technological innovation companies.
By implementing the science and technology system and pilot registration, it has been emphasized that it will focus on supporting high-tech industries and emerging emerging technology industries, such as new generation information technology, top equipment, new materials, new energy, energy conservation and environmental protection, and biomedicine .
Among them, standard 5 states that "pharmaceutical companies must have at least one approval for second-grade clinical studies for new medicines, and other companies meeting the needs of scientific and technological committees must have obvious technical advantages and meet the appropriate conditions."
Hu Xubo, managing partner of Qiming Venture Capital, told International Finance News that the Science and Technology Committee will become one of the channels for investment institutions to emerge and is expected to promote active investment and financing of innovative pharmaceutical companies, which will contribute to long-term development innovative pharmaceutical industry.
"Five sets of standards for the listing are formed, mainly for the purpose of adapting the company to various stages of development," said the person in charge of the Shanghai Stock Exchange, which will soon be developed to mature businesses.
CITIC SecuritiesIt is said that the capital and science of technology companies are preferred, but there are characteristics such as high initial investment in research and development, unclear model of profit or rapid technological innovation in the industry, which can bring more uncertainty to enterprise development.
In the long run, the scientific and technological committee after the complete maturing of the registration system will have a "differentiation of two-eight" Nasdaqs and the Hong Kong market. Only companies with true value and true growth can enjoy high valuation, and the garbage disposal company must withdraw from the market. Exit, and then led to the restructuring of the overall valuation of the A-share.
The reduction and withdrawal of venture capital are more flexible
Scientific and technological companies rely heavily on founders and core technical teams, as future development is uncertain, maintaining relative stability of the stockholding structure and ensuring sustainable development of the company.
For this purpose, science and technology-related rules have brought more targeted measures to reduce the share of enterprises in science and technology. Among them, there are more flexible ways to reduce the share of other shareholders, such as venture capital funds. After the limited sale of shares before the beginning of the stock, apart from the implementation of the reduction of the existing shares, a non-public transfer method may also be applied to reduce the assets in order to facilitate the withdrawal of investment funds and stimulate the creation of innovative capital.
An entrepreneurial capitalist who did not want to be named told International Finance News that a list of science and technology companies provided new channels and is expected to become another major channel for venture capital outlay after IPO and merger and takeover. Market liquidity.
From the analysis of the four links of "raising and managing investment" of private capital, the Science and Technology Committee has made "exit more flexible" and the other gospel in the primary market.
Wu Qiang told the reporter of "International Finance News" that in the "withdrawal" and "recruitment" the Science and Technology Committee increased the output channel, increased liquidity of venture capital, the industry is more active, in particular to ease the difficulties of collecting funds in the cold winter . dilemma. With regard to investment and management, it depends on the VC (investment risk) / PE (private equity investment) positioning itself, after all, the science and technology committee is mainly for science and technological innovation projects.
The Science and Technology Committee is exciting, but there are uncertainties in the future.
For a primary market where liquidity is already weak, "exit" is particularly important. Liquidity of the secondary market will be transferred to the primary market, and attention will be paid to whether the science and technology committee will become an effective channel. Some even worry that the problem of insufficient liquidity of the new third committee will reappear in the science and technology committee.
Fan Bo, General Director of the Capital Investment Department, told International Finance News that the science and technology committee differs from the new three. In fact, the quality and quantity of listed companies are the main reasons for the impact of liquidity. On the one hand, the three new companies listed on the "over-bid" stock market, on the other hand, the investment threshold is relatively high, resulting in insufficient liquidity.
In addition, for the uncertainty of the future development of science and technology companies, Xinhua news agency also said that as a new thing, science and technology committee in the process of reform and progress, it is inevitable that there may be some twists and turns. For example, new shares from the list can be spent, listed companies may lose development, and investors must adapt to market-oriented trading systems. However, more reasons, patience and tolerance are needed for market participants.
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Responsible Editor: History