A-share market once regretted missing BATJ.
As of the close of February 23rd, Tencent Holdings' share price on the Hong Kong Stock Exchange was HK$ 453.4, which has increased more than 560 times since its listing in 2004.
From Sina's listing on NASDAQ in the United States in 2000 to Alibaba's listing on NYSE in September 20 14 ... In the past decade, China Internet high-tech enterprises, represented by Baidu, Alibaba, Tencent and JD.COM, listed in the United States or Hong Kong, all performed the mode of "making money at home and paying dividends abroad".
Seeing excellent companies go overseas, but there is no way to keep them, which has become a "pain" in the A-share market.
In fact, the developers of China's capital market are not unaware of the opportunities. As early as the end of 1990s, the overseas Internet industry was in full swing, and the temperature of Nasdaq was transmitted to China, so the Growth Enterprise Market (GEM) dedicated to supporting innovative enterprises became a hot topic.
At the beginning of the new century, China's growth enterprise market has entered the preparatory stage. However, after 2000, the Nasdaq Internet bubble began to burst, and the GEM had to be suspended. After several twists and turns, the GEM was launched, which made a lot of discounts compared with the original system design.
Over the past decade, the proportion of innovative enterprises in China's capital market has been increasing. However, limited by the market capacity, market recognition, conditions of issuance and listing, and the uncertainty of issuance and listing, the A-share market is still not inclusive for some outstanding innovative enterprises.
Innovation and development need a more inclusive capital market.
As China's economy turns to a high-quality development stage, the kinetic energy, mode and structure of economic growth are undergoing profound changes, and new technologies, new industries, new formats and new models are emerging one after another, and the requirements for capital market service capacity are getting higher and higher.
"High-tech innovative enterprises have invested heavily in R&D and need strong support from the capital market. Only by introducing strategic investors, landing in the capital market to obtain financing and improving corporate governance can enterprises achieve leap-forward development. " Bao Fan, chairman and CEO of Huaxing Capital Group and chairman of Huajing Securities, who has been dealing with emerging economic enterprises for many years, said.
In the past five years, the new economy has become the fastest growing sector in China's economy, accounting for about one third of the total economy. However, at present, the A-share market is still dominated by traditional industry heavyweights, with financial real estate, industry, raw materials and other industries "taking the lead" and traditional industrial structure.
Bao Fan believes that the participation of new economic enterprises will help to form a more open, inclusive and rich capital market, promote supply-side reform and accelerate the cultivation of new kinetic energy.
"For investors, leaving a good new economic enterprise means leaving the sector with the most growth potential in the future economy, which means more investment opportunities." Bao Fan said.
A shares embrace innovative enterprises and still need to strengthen policy supply.
Enterprises have demand and the market has enthusiasm. What are the obstacles that should have succeeded?
Bao Fan said that from the experience of Huaxing Capital Group in serving the new economy for more than ten years, entrepreneurs in the new economy have always been enthusiastic about the A-share market.
"Looking at the global capital market, our domestic market is the fastest growing and largest in the future. For many new economic enterprises, their consumers, partners and even foundations are all in China, and the A-share market is quite attractive to new economic enterprises. " Bao Fan said.
However, according to the reporter's investigation, many innovative enterprises often have accumulated losses or are in the stage of strategic losses because of high R&D expenditure; Some start-ups need financing in the early stage of development, but they don't want to lose control, so they have special voting rights arrangements ... These lead to enterprises failing to meet the IPO audit conditions designed according to traditional enterprises.
In addition, many new economic companies have red-chip structures. Because there is no targeted institutional arrangement in China, domestic listing needs to dismantle the red-chip structure, which requires high time cost, communication cost and tax cost.
How to break these obstacles and make the way for innovative enterprises to enter China's capital market smoother is a difficult problem before the regulatory level.
We must make up our minds to reform the issuance and listing system.
Without the continuous emergence of high-quality enterprises, the capital market is passive water; If we can't keep up with the development of innovative economy, it will be difficult for the capital market to develop greatly. Whether we can seize the current opportunity is not only related to the future of China's capital market, but also related to the national strategy of economic restructuring and upgrading.
"Guided by serving the national strategy and building a modern economic system, we will absorb mature, effective and beneficial systems and methods from the international capital market, reform the issuance and listing system, strive to improve the inclusiveness and adaptability of the system, and increase support for new technologies, new industries, new formats and new models." This statement made at the 20 18 working meeting of China Securities Regulatory Commission excited the industry.
Not only Internet companies, but also areas that are in line with national strategies such as intelligent manufacturing, biomedicine and eco-environmental protection are expected to be supported by relevant systems. The capital market will embrace outstanding enterprises in these new fields in all directions.
In Bao Fan's view, there are three ways for new economic enterprises to participate in the domestic capital market: first, some giants who adhere to the international development strategy need to participate in the domestic capital market in a specific way while maintaining overseas listed entities; Second, new economic enterprises that have been listed overseas but whose main business battlefield is in China directly return to A shares; Third, for enterprises that have not yet been listed, we should promote a number of high-quality enterprises to be listed on the A-share market as soon as possible.
The direction of reform has been made clear, and the ways can be varied. As long as a key step can be taken, it is no longer just a dream for China's capital market to cultivate its own "BATJ".