Entrepreneur & I Dark Horse News (Yang Weilian) on January 13, the 14th Annual Entrepreneurship meeting sponsored by entrepreneur & I Dark Horse, with the theme of "based on expertise and insisting on severe verticality". Liu Suhua, party committee secretary and chairman of Shenzhen High-tech Investment Group, was on the "investors of the year 2021" list and delivered a keynote speech.

His reason for winning the award is that he is an "all-round player" in scientific and technological innovation in financial services. Over the years, he has always adhered to the "real economy of financial services" and provided efficient investment and financing solutions for scientific and technological innovation enterprises at different stages of development. The "investment and guarantee linkage model" and the "Shenzhen model" of intellectual property securitization have helped to launch a "Shenzhen Legion" in the high-tech field.

After winning the award, Liu Suhua delivered a keynote speech. In his speech, he said that the Beijing Stock Exchange makes the exit channel more efficient and smooth, and at the same time, it also puts forward higher requirements for the ability of investment institutions to tap the value of early enterprises and the ability to grasp the growth of the selected targets.

"the heat of investment and financing of science and technology industries and innovative enterprises in the primary market will continue to rise. According to the positioning of the Beijing Stock Exchange, targeted selection of a number of specialized new small and medium-sized enterprises, looking forward to their higher development in the Beijing Stock Exchange market, and grow into 'little giants' and 'individual champions' among the specialized and special new enterprises. " Talking about the expectations of small and medium-sized enterprises, Liu Suhua said.

The following is an excerpt of the speech edited by I Dark Horse:

Thanks to the entrepreneurial dark horse for giving me this opportunity, the theme I share is "the new financing path between the Beijing Stock Exchange and small and medium-sized enterprises". I will talk about this theme from four aspects.

First of all, the significance of the establishment of the Beijing Stock Exchange.

In the process of capital market construction, the direct financing channels of small and medium-sized enterprises are blocked, and the problem that investors can not allocate assets effectively is prominent. The North Stock Exchange comes from the new third board reform, which aims to open up direct financing channels for innovative small and medium-sized enterprises and let investors participate in sharing the rapid growth of innovative small and medium-sized enterprises, which is the inherent requirement to improve the construction of China's multi-level capital market.

Small and medium-sized enterprises have always been an extremely important micro main body in China's economic development, contributing more than 50% of the country's tax revenue, more than 60% of the technological innovation achievements of GDP,70% and more than 80% of the labor force employment, which is the basic market of China's economy. Innovation specifically refers to the four characteristics of "specialization and innovation". "specialization" refers to focusing on specific links or specific commodities in the industrial chain, "refinement" refers to overall refinement and differentiation in production and operation, "special" refers to the use of characteristic resources or the production of characteristic products, and "new" refers to innovation in the dimensions of technology, management and mode. From the perspective of the number of years of establishment, at present, nearly 5000 state-level specialized and special new enterprises have been established, mainly in the range of 10 to 20 years, which is far longer than the average life span of 3 years for small and medium-sized enterprises in our country. This shows that it takes a long time to accumulate professional ability to obtain the recognition of "specialization and innovation".

Therefore, the innovative small and medium-sized enterprises that the Beijing Stock Exchange mainly serves are outstanding among the small and medium-sized enterprises. The establishment of the North Stock Exchange helps to cultivate a group of leaders of scientific and technological development and the main force of high-quality economic development for the national economy.

Second, the impact of the Beijing Stock Exchange on the secondary market.

From the point of view of enterprises, small and medium-sized enterprises generally have some problems, such as low level of net profit, tight cash flow, unstable profit model, difficult to evaluate patent value and so on. The financing of small and medium-sized enterprises has been facing the stubborn problem of "difficult and expensive". The Beijing Stock Exchange has increased the financing options of small and medium-sized enterprises, providing them with new opportunities. Compared with other sections, companies listed on the Beijing Stock Exchange with a net profit of more than 50 million account for nearly 60 per cent, while Science and Technology Innovation Board has less than 14 per cent and the gem less than 3 per cent. The improvement of the capital market construction by the establishment of the Beijing Stock Exchange is reflected in the level of richness, which complements the direct financing channels for high-quality small and medium-sized enterprises with profits of less than 50 million.

From the investment point of view, speculation in China's secondary market is prevalent, and there is a certain gap compared with the overseas mature capital market. There are two reasons behind it: first, the long-term investment value of a large number of listed companies is relatively low, and there is a lack of enough fresh blood in the market, so it is difficult for listed companies to get in and out; second, many domestic enterprises have reached this point of listing. The period of rapid growth has passed, and the problem of growing to the top is obvious. Investors in the secondary market do not earn money for investment, but more money spent on drumming. The establishment of the North Exchange provides opportunities for more small and medium-sized enterprises. with the continuous improvement of the system, the asset side of the secondary market will achieve a better virtuous circle. The sinking of the North Stock Exchange will enable enterprises still in the growth stage to obtain financing at the same time, so that investors also have more opportunities to earn and grow money, thus changing the speculative atmosphere of the market and making investors return to the enterprise value itself. This plays an important role in driving the mature development of China's capital market.

Third, the impact of the Beijing Stock Exchange on the primary market.

First of all, for the primary market investment institutions, the exit channel is more smooth, paying more attention to long-term value investment.

Although the Beijing Stock Exchange makes the exit channel more smooth, it puts forward higher requirements for the ability of investment institutions to tap the value of earlier enterprises. Eliminate the valuation difference existing in the primary and secondary market, and even produce phenomena such as breaking, upside down valuation of the primary and secondary market, and so on; while the Beijing Stock Exchange makes the exit channel more efficient and smooth, it also puts forward higher requirements for the ability of investment institutions to tap the value of early enterprises and the ability to grasp and choose the growth of the selected bid.

If the invested enterprise can not achieve IPO, the investment funds cannot be withdrawn, and the business model of equity investment can not operate normally. With the establishment of the North Stock Exchange, equity investment institutions have a more efficient exit channel for value investment. In addition, the enterprises listed on the Beijing Stock Exchange will be "earlier, smaller and newer" high-growth small and medium-sized enterprises, which gives investment institutions an earlier opportunity to exit, thus improving the overall efficiency of the use of investment funds.

Secondly, for securities firms and investment banks, business opportunities have increased significantly, but also put forward higher requirements.

The original project selection and value evaluation system of securities firms and investment banks have changed from short-term business-oriented to long-term value-oriented, and the core functions will truly return to value mining, value judgment and value companionship. pay attention to whether enterprises can create value for investors and society in the long run.

Fourth, the choice of small and medium-sized enterprises and personal suggestions of the Beijing Stock Exchange.

The positioning of the Beijing Stock Exchange is "the main position to serve innovative small and medium-sized enterprises", that is, to build a stock exchange tailored to innovative small and medium-sized enterprises, and the positioning of "specialized and special new" small and medium-sized enterprises is very clear.

In the primary market, the heat of investment and financing for science and technology industries and innovative enterprises will continue to rise. According to the positioning of the Beijing Stock Exchange, a number of small and medium-sized enterprises specializing in special and new enterprises are selected, and they are expected to achieve a higher level of development in the market of the Beijing Stock Exchange, and grow into "little giant" enterprises and "individual champion" enterprises among the specialized and special new enterprises.

With regard to the choice of plates, I would like to share with you some of my views:

First of all, we can pay attention to the transformation of the pan-semiconductor industry, the semiconductor industry not only has many links, but also covers a wide range of specialties, covering almost all areas of science and technology.

We serve an enterprise-Shenzhen Chuangzhi success Technology, whose main products are PCB chemical solutions such as nickel, palladium and gold. This material is used in the final surface treatment of PCB processing, although the dosage is small, it plays a decisive role in the function and stability of PCB board. Due to the high technical difficulty and few domestic participants, the industry has long been monopolized by international giants such as Ammett and Medellus. After 15 years of precipitation and accumulation, Chuangzhi has become the leader in the domestic nickel palladium solution subdivision field, has a close relationship with major customers, the product has reached the level of competing with foreign leaders, and is actively transforming semiconductor advanced packaging. It has been steadily supplying to listed leading enterprises for three years. The company specializes in the new attribute is very obvious, and has great growth vitality.

In addition, it is recommended that you pay attention to the Internet of things.

This year's Central Economic work Conference pointed out that it is necessary to speed up the formation of a safe and efficient logistics network with internal and external connectivity. As an information carrier, the Internet of things connects entities and information to form an interconnected network of ordinary physical objects, which also involves information sensing, radio frequency identification, global positioning, infrared induction, laser scanning and other technologies and devices.

Among the enterprises we serve, there is a company called Cloud Wuli, whose basic business is based on Bluetooth 5.1 locator and electronic price tag. The company makes use of the advantages of locator manufacturing cost and R & D cost, pays attention to the accumulation of application scene experience and basic technology, constantly enhances business synergy, and creates an intelligent retail system by integrating locator and electronic price tag through Bluetooth technology. to form a competitive advantage of business differentiation. In the short term, electronic price tags are conducive to the standardization of the industry, just as containers are expected to be further promoted in the shipping industry; in the long run, Bluetooth technology can still do a lot in areas such as intelligent door locks and wireless headphones in the era of the Internet of things. Therefore, there is plenty of room for imagination in the company's business, and the growth of the company is worth looking forward to.

In 2019, we invested 15 million yuan in the cloud, and the post-investment valuation was 180 million yuan. At present, its valuation in the new third board is about 1.6 billion yuan. In 2021, its profit is much higher than that of last year, and the growth momentum is very good. There should be a relatively large increase in 2022.

Finally, I look forward to the future.

As the demographic dividend gradually fades, the next stage of China's economic development will be more dependent on the improvement of labor productivity. The new development concept promotes the "innovation ability" to the height of national survival, and the construction of a new development pattern is inseparable from the independent control of key technologies.

Last year, the Central Economic work Conference pointed out that it is necessary to enhance the core competitiveness of the manufacturing industry and stimulate the emergence of a large number of "specialized and innovative" enterprises. In the past, the old cycle system of "real estate-infrastructure-bank" dominated by indirect financing is being replaced by the new cycle of "technology-industry-capital market". Due to external unstable factors such as great power games, scientific and technological innovation will face greater risks, and the Beijing Stock Exchange will become a key link in promoting a new economic cycle.

This year is the first year of the landing of the Beijing Stock Exchange, the direct financing environment of small and medium-sized enterprises will be further improved, and more "specialized and innovative" enterprises will appear on the stage. Here, I would also like to appeal to all colleagues, let us return to the original heart of the real economy of financial services, actively find the unique value of "specialized and innovative" enterprises, and help the national economy to achieve high-quality development.

That's all for tonight. Finally, I wish the 14th Annual Entrepreneurship Conference a complete success. I also wish all guests and staff a happy New year, good work and good health. Thank you.