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Loss listing becomes a reality, IPO is more tolerant and the threshold for delisting must be further reduced

Time: January 9, 2020 08:49:02 Zhongcai
Zehuan Pharmaceutical issued its release arrangement and preliminary inquiry announcement on January 6, which means that the first loss-making listed company is not far from listing. The launching of new shares by Zeyu Pharmaceutical also shows that the listing of loss-making companies on the A-share market has become a reality. This is not only the result of the reform of the Science and Technology Innovation Board as a "test field", but also an inevitable choice for the development of the capital market to a certain stage.

Before the high-level executives proposed the establishment of a science and technology innovation board and a pilot registration system, a company must meet the two conditions of equal shares and rights and realize profitability if it wants to list on A shares. Among them, the same equity and same rights used to be the "core values" of the A-share market, and the AB equity structure was not accepted; while achieving profitability is the threshold that companies must go through to get listed, even if the GEM IPO conditions are slightly loose, and profitability There are also requirements.

However, the establishment of the science and technology board has broken this "tradition". The science and technology board not only allows companies with different shares in the same company to be listed, but also allows unprofitable companies to go public. In addition, in order to accept the listing of high-tech industries and strategic emerging technology industry companies, the science and technology board also set five sets of listing standards, of which the first four sets of standards mainly relate to market index, net profit, revenue, cash flow, R & D investment and other assessment indicators. . The fifth set of listing standards is expected to have a market value of not less than RMB 4 billion. The main business or products need to be approved by the relevant state departments. The market space is large and the staged results have been achieved. Pharmaceutical companies need to have at least one core product approved for Phase II clinical trials, and other companies that meet the positioning of the science and technology board need to have obvious technical advantages and meet corresponding conditions. It is exactly the fifth set of standards that Zeyu Pharmaceuticals adopts.

In addition to Zeyi Pharmaceutical , other five companies such as Bio- Tech, Junshi Biotechnology , and Divine Cell that want to be listed on the science and technology board use the fifth set of standards. These companies all have certain things in common, such as the biomedicine industry, strong R & D strength, large investment in R & D, and no (large-scale) profit. Therefore, the fifth set of listing standards for the science and technology board is also interpreted as tailor-made for innovative drug companies.

On June 10 last year, Zexun Pharmaceutical became the first company listed on the fifth set of standards in the science and technology board. It was reviewed and approved by the listing committee of the science and technology board of the Shanghai Stock Exchange on October 30, and was approved by the Securities and Futures Commission on December 31, 2019. . Compared with other companies, it has taken a little longer from the approval of the Listing Committee to the approval of the Securities Regulatory Commission, which actually illustrates the prudent attitude maintained by the regulatory authorities regarding the listing of loss-making companies.

Set up five sets of listing standards, loss-making companies that meet the sector positioning and companies with different rights in the same share can also be listed on the science and technology board, which also highlights the inclusiveness of the conditions for the listing of science and technology board companies. In fact, the A-share market has become more and more tolerant of corporate listings. From the initial requirements of the main board for three consecutive years of profitability, to the relaxation of profit standards on the GEM, and the acceptance of loss-making companies by the Science and Technology Board, the inclusiveness of the IPO has also allowed more companies to list on the capital market.

I personally think that with the success of various pilot projects of the Science and Technology Innovation Board, it will be very likely that the GEM and even the Main Board will accept other types of companies on more inclusive conditions in the future. The key to the problem lies in the issuer's information disclosure. The market-oriented issuance of new shares will be the trend. Under the market-oriented issuance mechanism, the issuance price, scale, and rhythm of an enterprise are subject to market constraints, and the market mechanism will fully play its role. As long as the issuer fulfills its full disclosure obligations, the rest will be left to the market. Whether investors vote with their hands or with their feet will determine the success or failure of an enterprise's issuance.

Whether it is the Science and Technology Innovation Board or the future GEM and Main Board to accept more types of companies on more inclusive conditions, while the market opens a door for more companies to go public, it is also necessary to open a door for companies to delist window. When the IPO conditions are more tolerant, it is clear that the threshold for companies to delist is also necessary to be further reduced. Otherwise, you will fall into the predicament that the listing is easy to delist. Moreover, in the context of the full promotion of the registration system, more inclusive IPO conditions do not rule out that companies with ordinary texture and lack of growth can also successfully go public through market selection. In this way, there may be a scene of junk stocks blooming in the market, and the stock market "undead bird" will prevail in the market. Obviously this is not what we want to see.

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