Abstract October 30 is the 9th birthday of the GEM. On October 30, 2009, representatives of 28 companies gathered in the listing hall of the Shenzhen Stock Exchange to ring the bell on the GEM. In the past 9 years, the number of GEM companies has increased from the initial 28 to 734, with a total market value of nearly 4 trillion...

October 30 is the 9th birthday of the GEM. On October 30, 2009, representatives of 28 companies gathered in the listing hall of the Shenzhen Stock Exchange to ring the bell on the GEM. In the past 9 years, the number of GEM companies has increased from the initial 28 to 734, with a total market value of nearly 4 trillion yuan, forming a demonstration effect of the gathering of innovative and entrepreneurial enterprises, and continuously injecting new momentum into China's economic transformation and upgrading.

The relevant person in charge of the Shenzhen Stock Exchange said that since its establishment, the GEM has fully implemented the national innovation-driven development strategy, continuously consolidated the foundation for development, and continued to improve the functions of the sector. Under the macro-level situation of deepening the structural reform of the supply side, it provides a strong guarantee for supporting the healthy growth of innovative and entrepreneurial enterprises, building a multi-dimensional and innovative capital ecosystem, and assisting the high-quality development of the economy, and becomes an important part of the capital market to serve the real economy.

In terms of capital, the GEM attracts and mobilizes social capital to participate in the whole process of enterprise innovation and entrepreneurship, and plays the role of the main channel of the capital market in the process of mergers and acquisitions and industrial integration, and creates a source of vitality for the effective integration of innovation and capital.

In the past nine years, the financing capacity has improved significantly. As of the end of October 2018, 734 GEM companies had initial financing of 382 billion yuan and refinanced 325.3 billion yuan. Direct financing provided strong financial support for industrial development. At the same time, as a public company, an open and transparent business and financial situation is more conducive to obtaining indirect financing of banks, enjoying more simplified financing procedures and lower financing costs. According to statistics, bank loans increased by 42% year-on-year after the listing of enterprises. A variety of financing methods go hand in hand to help enterprises get funds into the real economy in a timely manner, further promoting innovation and development.

In the past nine years, innovative capital has been circulating. More than 60% of GEM companies were supported by PE/VC when they went public, amounting to more than 33.6 billion yuan, and venture capital institutions also realized return on investment through listing and exit, creating conditions for a new round of innovation capital formation. At the same time, GEM companies invest in science and technology innovation by setting up industrial M&A funds, mainly in information technology, biomedicine, artificial intelligence, high-end equipment and other industries. Innovative capital and listed companies have become an indispensable part of the innovation chain to jointly promote the healthy development of the innovation ecosystem.

In the past 9 years, we have made good use of capital to promote industrial integration. As of the end of September 2018, the GEM has completed the completion of 372 single restructuring, with a total transaction amount of 331 billion yuan, and more than 70% belong to industrial integration. Among them, 315 singles involved in the issuance of share-based payment considerations, accounting for 85%, and the share-based payment considerations totaled 231.7 billion yuan, accounting for 70% of the total transaction price. Listed companies make full use of capital market tools to speed up development and increase development space.

In terms of industry, the GEM has gathered a group of influential and competitive emerging industry companies, continuously investing in R&D and innovation, leading the adjustment of industrial structure. The company's operating income has always maintained rapid growth and has become an innovation that promotes high-quality economic development in the new era. engine.

Innovation drives the development of the main battlefield. More than 90% of the GEM companies are high-tech enterprises, more than 70% are strategic emerging industries, 261 have National Torch Program projects, 85 have National 863 Programs, and 65 are national innovation pilot enterprises. Through listing and driving capital into technological innovation, GEM has become the most innovative potential group in China. In the past 9 years, the cumulative R&D expenditure has accounted for more than 5% of operating income. The GEM has distinct characteristics of the plate, and has formed a demonstration effect and a virtuous circle, attracting more and more high-quality innovative companies to choose the GEM. More than 60% of the information technology companies are concentrated in the GEM, medical health and Internet culture fields. Accounted for 30% and 40%.

The average operating income of GEM companies has grown rapidly for 9 consecutive years, from 305 million yuan in 2009 to 1.553 billion yuan in 2017, with a compound annual growth rate of 20%; average net profit increased from 0.58 billion yuan in 2009 to 2017. The annual growth rate of 125 million yuan is 9%. As of the end of 2017, 10 companies in the GEM had a revenue of over 10 billion yuan, and 12 companies had a net profit of over 1 billion yuan. A group of outstanding companies used the GEM to become better and stronger and developed into an industry leader.

The relevant person in charge of the Shenzhen Stock Exchange said that the future GEM will continue to deepen reforms, strengthen supervision, prevent and control risks, improve services, and help promote economic development quality change, efficiency change, and power change, and live up to the mission and tasks entrusted by the new era.

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