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For strategic emerging industries to achieve great development, it is necessary to improve the capital market innovation support system with the GEM as the core.
First, in response to the GEM, accelerate the establishment of a national over-the-counter market under unified supervision, deepen technological and financial innovation, and promote the development of strategic emerging industries.
The Zhongguancun charge d'affaires share transfer pilot work started earliest and developed most maturely. As of the end of October 2011, there were 99 agents listed and 54 brokers. The agency system has gradually become a platform for the smooth flow of equity in non-listed joint-stock companies, a gathering center for venture capital and private equity funds, an "incubator" and "reservoir" for listed resources in multi-level capital markets, and a test site for information disclosure of quasi-listed companies .
The pilot has achieved two positive results: First, the role of supporting the development of independent innovation companies has initially appeared. Provides an orderly share transfer service platform for unlisted joint-stock companies, facilitates the exit of venture capital, adapts to diversified investment and financing needs, establishes a modern enterprise system in the company, improves the corporate governance structure, enhances comprehensive financing capabilities and regulates the level of operation Played an active role in other aspects; second, relying on the existing technology system of China ’s securities market and the business network of brokers all over the country, established a technology and network system for the standardized transfer of shares of non-listed companies, and established a non-listed company for share transfer The arrangement of the regulatory system and the basic operation mode of the company have effectively controlled market risks, and accumulated experience for exploring the establishment of a national over-the-counter market under unified supervision.
In order to implement the spirit of the State Council ’s response to the construction of the Zhongguancun National Independent Innovation Demonstration Zone and deepen the Zhongguancun Science and Technology Financial Innovation Pilot, the Zhongguancun Demonstration Zone actively promotes the implementation of the science and technology financial innovation project, focusing on the development of strategic emerging industries and promoting the transformation and industrialization of major scientific and technological achievements .
It is recommended to speed up the establishment of a national OTC market based on the pilot project of Zhongguancun's share transfer, so as to make the development of the GEM market more powerful, so as to increase the strength of multi-level capital markets in serving and supporting strategic emerging industries.
Second, increase the IPO policy to tilt to strategic emerging industries. It is recommended that the GEM issuance review dialectically grasp the relationship between business performance and development prospects. For start-up companies in strategic emerging industries, they should pay more attention to the company's continuous innovation ability and future development prospects, relax market access conditions, and send clear signals to the market. Avoid the loss of high-quality listed resources with global influence in the future.
Third, look forward to the launch of the GEM refinancing system, which will add stamina to the development of strategic new industries on the GEM. As of September 30, 2011, of the 36 companies in the Zhongguancun sector of the GEM, there were 8 companies that used more than 50% of the raised funds, and one of them used 87.29% of the funds. It is expected that the raised funds will be used up within the next 6 months. Two other companies expect the funds raised will be used up within the next year. In order to enable these companies to seize market opportunities, it is recommended to accelerate the launch of the refinancing system of GEM companies, and to make bold innovations in the methods, conditions, and mechanisms of GEM refinancing in light of the characteristics of GEM companies' refinancing needs. Efficient.
Fourth, intermediaries are encouraged to move forward and actively support strategic emerging industries in the early stages of entrepreneurship. In order to give full play to the role of domestic GEM in supporting the development of strategic new industries, intermediary services are called on to extend early development of entrepreneurial enterprises.
For venture investors and PE institutions, they should not pursue short-term PRE-IPO arbitrage too much, but should have entrepreneur identification and future business technology control capabilities, and dare to make venture investments in people, teams and technology. Regulators can encourage risk investors, angel investors and PE institutions to transfer to front-end investment in the lock-up period arrangement.
For intermediaries such as investment banks, lawyers, and auditors, it is very important to extend related services to the front end. For the strategic emerging industries in the early stage of entrepreneurship, there is often a lack of management talents. The financial advisory services of investment banks, the early guidance of lawyers ’legal advisers and auditors in taxation, financial regulations, etc. can enable innovative and entrepreneurial companies to be regulated from birth. Development, once the technology industrialization is successful, you can go to the GEM listing road.