The Science and Technology Council is close, and does the venture capital source really come from?
Original: Zhu Denghua public and private clouds
The highly anticipated science and technology rules were finally landed, the venture capital circle turning!
"In the current recession in the capital market, the Science and Technology Council has created a new hope for VC / PE." Wu Qiang, founder of New Venture Capital, excitedly said in an interview with International Finance News reporter.
On the evening of 30 January, the Science and Technology Council introduced a plan for the reform of the pilot registration system on the ground. The Shanghai Stock Exchange is responsible for issuing and listing the Science and Technology Council, and the CSRC is responsible for registering the Board's shares.
Which projects do venture capital institutions prefer?
Wu Qiang told this reporter that, according to the Science and Technology Council Prize, investment institutions can gradually choose to invest in Kechuang projects, and investment funds "flow" into technology innovation companies. In comparison, the phenomenon of wind-mouth investment has weakened in the past. In general, the Science and Technology Council promotes venture capital fund investments and ultimately promotes the development of public science and technology innovation companies.
The introduction of a science and technology and trial registration system indicated that it will focus on high-tech industries and strategically new industries such as next-generation information technology, high-end equipment, new materials, new energy, energy saving and environmental protection, and biomedicine.
The listed standard 5 stated that "pharmaceutical companies must obtain approval of at least one second-class clinical trial for new medicinal products, and other companies meeting the needs of the Scientific and Technological Council should have obvious technical advantages and meet the relevant conditions".
Qiming Venture Capital Managing Partner Hu Xubo International Finance News said the Science and Technology Council will become one of the investment channels for investment institutions and is expected to contribute to the active investment and financing of innovative pharmaceutical companies that will benefit the development of the innovative pharmaceutical industry in the long term .
“Five sets of list standards have been developed, mainly to accommodate businesses at different stages of development. Priority will be given to companies that have developed rapidly to maturity, ”said the Shanghai Stock Exchange responsible person.
CITIC SecuritiesIt is said that science and technology companies are supported by capital, but there are features such as high investment in R&D, vague profit models or rapid technological innovation in the industry, which can lead to greater uncertainty for the development of the company.
In the long term, the scientific and technological council will have Nasdaq and the Hong Kong market "two-eight differentiation" after the complete registration system, and only companies that have real value and true growth can enjoy high scores, and waste companies only have to withdraw markets. The road, and in turn, led to the restructuring of the entire A-share.
Reducing and withdrawing venture capital is more flexible
Science and technology companies rely heavily on founders and key technical groups, and future development is uncertain, it is necessary to maintain the relative stability of the shareholder structure and ensure the sustainable development of the company.
To this end, the provisions of the Scientific and Technological Council have made more targeted efforts to reduce the participation of science and technology companies. These include more flexible ways to reduce participation in other shareholders, such as venture capital funds. After the end of the limited share selling period before stocking starts, an additional non-public method to reduce the number of farms may be adopted in addition to the reduction of existing stock, in order to facilitate the withdrawal of investment funds and to encourage the creation of innovative capital.
The venture capitalist, who did not want to be named, told International Finance News that the list of science and technology companies has provided new channels and is expected to become another key channel for venture capital institutions after IPO and mergers and acquisitions. Market liquidity.
By analyzing the four links related to "increasing and investing in private capital", the Scientific and Technological Council has made "exit more flexible" and other gospels for the primary market.
Wu Qiang told the International Finance News reporter that due to "retreat" and "recruitment", the Science and Technology Council increased the output channel, increased venture capital liquidity, the industry is more active, especially to help ease the fundraising difficulties in the cold winter. Dilemma. As for investment and management, it depends on the positioning of VCs (risk investment) / PE (private equity investments), after all, the Science and Technology Council mainly deals with science and technology innovation projects.
The Science and Technology Council is exciting, but there is also uncertainty in the future.
In a primary market where liquidity is already weak, exit is particularly important. Secondary market liquidity will be transferred to the primary market, and whether the Science and Technology Council will become an effective exit channel will receive much attention. Some people even worry that the problem of insufficient liquidity in the new third board will come back to the Science and Technology Council again.
General Director of the Capital Investment Department, Fan Bo, told International Finance News that the Science and Technology Council is different from the new three boards, and the registration system has a threshold for listed companies. In fact, the quality and quantity of listed companies is the main reason for liquidity. On the one hand, the "excessive supply" of the new three listed companies, on the other hand, the investment threshold is relatively high, resulting in insufficient liquidity.
In addition to the uncertainty surrounding the future development of science and technology companies, the Xinhua News Agency also said that it is inevitable that there may be some turns as a new thing in the science and technology council in the process of reform and progress. For example, listed new shares may be destroyed, listed companies may lose development, and investors need to adapt to a number of market-oriented trading systems. However, market players need more reason, patience and tolerance.
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Responsible Editor: History