日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Finance

ChiNext IPO reform excites VC companies

By CHAI HUA | China Daily | Updated: 2020-06-22 07:55
Share
Share - WeChat

Reform in the form of the registration-based initial public offering system on the ChiNext board of the Shenzhen Stock Exchange is expected to give the country's venture capital investment and entrepreneurship ecosystem a shot in the arm.

Venture capital firms and entrepreneurs were among those who bore the brunt of the coronavirus crisis.

Liu Suhua, chairman of investment firm Shenzhen HTI Group Co Ltd, said he believes both the nation's investment institutions and burgeoning firms will benefit from the reform.

He said the comprehensive reform will give full play to the market's influence on valuations and asset allocation, narrowing the gap of margins between the primary and secondary markets.

The goal of some venture capital firms in the past was a successful listing, which is like a final test, but he believes the profit margin of such a model would be remarkably contracted in the future.

"The strategy of pre-IPO focus on short-term arbitrage will be abandoned gradually by the market, while the sector ushers in a new stage of competing for the ability to evaluate firms by core and long-term development potential," he said.

Liu said he believes the reform in China's Nasdaq-style board of growth enterprises could also speed up the exit process substantially so that the financial pressure on venture capital firms could be lifted.

The registration-based system compresses the listing review period to three to six months and listing standards are much diversified, relaxing many requirements.

After the STAR Market of the Shanghai Stock Exchange first adopted the registration-based IPO system and opened in July last year, exit cases via IPO in the first quarter this year surged 57.3 percent year-on-year and accounted for more than 70 percent of all exit channels, said the latest report by Zero2IPO Research.

The impact is of additional importance as the venture capital investment market has been stagnant over the last couple of years, with the coronavirus outbreak aggravating woes.

According to Zero2IPO Research, both the number and the total size of new funds in China raised by venture capital diminished by half year-on-year in the first quarter of this year due to the epidemic.

Qiao Xudong, general manager of the research center at Shenzhen Capital Group Co Ltd, one of China's prominent venture capital firms, said the increase in the exit rate could push up the yield rate, attracting more social funds to venture capital.

Qiao said he believes the ChiNext board expands the exit channel for venture capital firms that poured their resources into companies in traditional industries that integrate novel technologies and new business models.

The unique focus distinguished itself from the STAR Market of the Shanghai Stock Exchange, which prefers applicants from emerging industries, and opens listing channels for a more diversified pool of firms, so a wider range of investment projects could choose the IPO exit channel, he said.

Ding Lieming, chairman of listed company Betta Pharmaceuticals Co Ltd, spoke from his own experience that the medical enterprises that used to be blocked due to the high standards for listing, could now land on the ChiNext board, to further their progress in research and innovation.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 久久香蕉网 | 亚洲日韩aⅴ在线视频 | 精品欧美一区二区久久久伦 | www.狠狠艹 | 欧美精品二区三区 | 亚洲浮力影院 | 午夜在线观看视频 | 欧美18—19sex性hd按摩 | 欧美日韩精品一区二区在线播放 | 91嫩草精品| feise.av| 欧美一级毛片在线播放 | 五月天在线影院 | 成人欧美一区二区三区在线播放 | 午夜影视免费片在线观看 | av在线一区二区三区 | 亚洲免费资源 | 成人免费在线 | 久草在线国产 | 欧美高清国产 | 久久6699精品国产人妻 | 国产第一页在线视频 | 日韩亚洲一区中文字幕在线 | 91精品国产91久久久久久最新 | 亚洲福利电影网 | 天天干天天操天天舔 | 亚洲精品专区 | 亚洲福利网 | 日韩精品亚洲人成在线播放 | 手机成人免费视频 | 性欧美一级毛片在线播放 | 欧美亚洲国产一区 | 奇米影视奇米色777欧美 | 国产成人久久 | 欧美成在线视频 | 伊人久久电影网 | 欧美日韩亚洲人人夜夜澡 | 性欧美18一19sex性高清播放 | 国产成人aa免费视频 | 中文字幕一区在线观看视频 | 日本欧美日韩 |