10 questions you should know about Science and Technology

Editor's Note: Recently, the rules on setting up a science and technology board and pilot registration system have been released, and many investors are very concerned about this. In order to meet the needs of investors to understand the establishment of the science and technology board and the reform of the pilot registration system, the China Securities Regulatory Commission, the Investor Protection Bureau and the Shanghai Stock Exchange jointly opened the “Leading Science and Technology, You and My Peer” science and technology board investment column. Introduce the knowledge of investment in science and technology, interpret trading rules, reveal investment risks, and guide investors to participate in transactions rationally.

1. As a new trading section, how do investors know the positioning of the science and technology board?

The position of the science and technology board is oriented to the forefront of the world's science and technology, facing the main battlefield of the economy, and facing the major needs of the country. Priority is given to supporting enterprises that are in line with national strategies, have key core technologies, have outstanding technological innovation capabilities, rely mainly on core technologies for production and management, have a stable business model, have high market recognition, have a good social image, and have strong growth. The issuer's application for stocks will be listed on the Science and Technology Board for the first time, and it should be in line with the position of the Science and Technology Board.

2. How is the issuance and listing conditions of the science and technology board enterprises set up?

Based on the characteristics of the sector and the characteristics of the science and technology enterprises, the company has set up a variety of inclusive listing conditions to smooth the “import” of the market.

The relevant system has streamlined and optimized the conditions for the issuance of science and technology boards. From the four aspects of subject qualification, accounting and internal control, independence and legal operation, the conditions for the initial public offering of Science and Technology Board have been stipulated. The Shanghai Stock Exchange's Science and Technology Board Stock Listing Rules (hereinafter referred to as the “Listing Rules”) clarified the multiple listing conditions of the board of directors from the aspects of total equity, equity distribution, market capitalization and financial indicators.

At the same time, in terms of market and financial conditions, the introduction of “market value” indicators, combined with financial indicators such as income, cash flow, net profit and R&D investment, set 5 sets of differentiated listing indicators, which can meet the continuous research and development in key areas. Investment in various types of science and technology enterprises that have broken through core technologies or achieved staged results and have good development prospects but have different financial performances.

In addition, companies that are eligible for Kodak board positioning, are not yet profitable, or have accumulated unrecovered losses are listed on the board, allowing special equity structure companies and red chip companies that meet the relevant requirements to be listed on the board.

3. The issuer with the voting difference arrangement applies for listing on the Science and Technology Board. What requirements should be met for the market value and financial indicators in the listing conditions?

If an issuer who has a voting right arrangement applies for stocks or depositary receipts for initial public offering and is listed on the Science and Technology Board, its voting rights arrangement shall comply with the rules of the “Golden Board Listing Rules”; the issuer shall meet at least the following listings. One of the criteria, the issuer's prospectus and the sponsor's listing sponsorship should clearly state the specific listing criteria selected:

First, the estimated market value is not less than RMB 10 billion;

Second, the estimated market value is not less than RMB 5 billion, and the operating income in the most recent year is not less than RMB 500 million.

In accordance with the provisions of Article 131 of the Company Law, the issuer issues shares with special voting rights in addition to the ordinary shares generally prescribed. The number of voting rights owned by each special voting share is greater than the number of voting rights owned by each ordinary share. The rights of other shareholders are the same as ordinary shares.

4. What conditions do red-chip companies need to meet when applying for the issuance of stocks or depositary receipts and listing on the Science and Technology Board?

A red-chip enterprise that meets the relevant provisions of the “Notice of the General Office of the State Council on Forwarding the Opinions of the Securities Regulatory Commission on Launching Investors of Innovative Enterprises to Issue Stocks or Depositary Receipts” (Guo Danfa 201821) may apply for the issuance of stocks or depositary receipts. And listed on the science and technology board.

For the rapid growth of operating income, the company has independent research and development, international leading technology, and the same position in the competition in the same industry, has not yet listed overseas red-chip companies, apply for the issuance of stocks or depositary receipts and listed on the science and technology board, market capitalization and financial indicators At least one of the following listing criteria should be met. The issuer's prospectus and the sponsor's listing sponsorship should clearly state the specific listing criteria selected:

First, the estimated market value is not less than RMB 10 billion;

Second, the estimated market value is not less than RMB 5 billion, and the operating income in the most recent year is not less than RMB 500 million.

5. Under the registration system, what is the procedure for the issuance and listing of the Science and Technology Board?

Different from the Shanghai Stock Exchange Board Approval System, the Science and Technology Board pilot implementation of the registration system review. The initial public offering of shares and listing on the Science and Technology Board shall meet the conditions for issuance, listing conditions and relevant information disclosure requirements, and shall be subject to the issuance and listing review by the Shanghai Stock Exchange and reported to the CSRC for the issuance of the registration procedures.

6. How is the investor's participation in the appropriate management requirements for stock trading in the stock market?

According to the "Special Provisions on Stock Exchange Trading of the Stock Exchange of Shanghai Stock Exchange", the stock trading of Science and Technology Board implements the investor suitability management system.

Institutional investors participating in the stock exchange trading of the science and technology board shall comply with the laws and regulations and the business rules of the Shanghai Stock Exchange.

The conditions for individual investors to participate in the stock trading of the Science and Technology Board shall include:

First, the assets in the securities account and the fund account of the 20 trading days before the application for permission are not less than RMB 500,000 per day (excluding the funds and securities that the investor has integrated through margin financing and securities lending);

Second, participate in securities trading for more than 24 months;

The third is the other conditions stipulated by the Shanghai Stock Exchange.

The Shanghai Stock Exchange may adjust the above conditions according to market conditions.

Here, investors are particularly reminded that individual investors who do not meet the appropriate management requirements can participate in the science and technology investment through public funds and other means.

7. Participate in the science and technology stock trading, what special rules should investors pay attention to?

The business model of Keyin board enterprises is relatively new, the possibility of performance fluctuation is relatively high, and the uncertainty is high. In order to prevent excessive speculation and liquidity in the market, the science and technology board trading system introduces appropriate relaxation of the price limit and adjustment of single report. The number, the opening of the margin financing and securities lending business on the first day of listing and the introduction of post-market fixed-price trading and other differentiation mechanism arrangements.

8. How should the company's listed companies and related information disclosure obligors fulfill their information disclosure obligations?

The company listed companies and information disclosure obligors shall promptly and fairly disclose all matters that may have a greater impact on the price of securities transactions or on investment decisions, and ensure that the information disclosed is true, accurate and complete, and there is no false record or misleading. Sexual statements or major omissions, and the information disclosure documents should be complete in materials and in a format that meets the requirements.

At the same time, Science & Technology Co., Ltd. should fully disclose the business information of the industry and the risk factors that may have a material adverse impact on the company's core competitiveness, business activities and future development.

9. Through which channels can investors read the relevant documents of information disclosure of listed companies in Science and Technology?

Investors can learn about the information disclosure documents of the companies listed on the board of the company in the media designated by the CSRC. Listed companies and related information disclosure obligors may not replace information disclosure or disclose undisclosed material information by other means such as press release or answering journalists.

If the listed company and related information disclosure obligors do need it, they may publish the information to be disclosed through non-trading hours through press conferences, media interviews, company websites, and online media, but the company should start at the next trading session. Relevant announcements were disclosed before.

10. What are the special regulations for the delisting system of Science and Technology Board that require investors' attention?

The science and technology board delisting system, fully borrowing from the existing delisting practices, is more stringent than the Shanghai stock market, with shorter delisting time and faster delisting.

In the case of delisting, the newly added market value is lower than the prescribed standard, the information disclosure of the listed company or the standard operation has major defects leading to delisting.

In the implementation of standards, listed companies that rely solely on trades that are not related to the main business or that do not have commercial substance related party transactions may be delisted for the apparent loss of their ability to continue as a going concern.

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