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The registration system is the new track for listed companies!

Aier Ophthalmology Wu Shijun

Listen to the thunder in the silent place.

May 15 is the second "National Investor Protection Day". In this special period of this year, it seems to add a different style to the increasingly strengthened investor protection in China's capital market.

The new securities law has been implemented on March 1, the establishment of China's capital market securities issuance registration system, perhaps the epidemic has attracted the attention of the community, the market on the registration system to promote the fast and deep impact of the general lack of adequate preparation and in-depth consideration. Recently, the GEM registration system reform has been announced to start, and will be incremental and stock reform in tandem. Such a large scale is to accumulate experience for the whole market to implement the registration system reform. The registration system ends up protecting investors. Whoever protects the rights and interests of investors, investors will trust whom, capital resources will flow to whom, and the survival of the fittest in the capital market will be further intensified.

The rapid progress of reform is not without a trace. The new securities law clarifies the registration system, fundamentally changes the rules of the game in the capital market, strengthens market supervision, pays attention to the protection of investors' rights and interests, greatly increases the cost of illegality, and takes a qualitative step in marketization and rule of law. At present, there are less than 4000 listed companies, and there may be tens of thousands in the future. It can be predicted that the registration system is the new normal, and it is more and more common for enterprises to go public or delist; the registration system is a weighing machine, which will more accurately measure the quality of listed companies; the registration system is a developer, and the information disclosure of listed companies must be more comprehensive and transparent.

It can be seen that the registration system is a new way for listed companies to compete. Listed companies and investors are the relationship between fish and water. If water is protected, fish will be protected. How to lead all the way and how to be like a duck to water? This is a major issue facing all listed companies.

1. understand new rules and establish new ideas

The registration system is centered on information disclosure and requires listed companies to disclose information truthfully, accurately and completely. Regulators do not make substantive judgments about the quality or price of securities. Under the registration system, the conditions for the issuance of securities have undergone a qualitative change, from the approval system emphasizing "sustainable profitability" to "sustainable operation", from "profit" to "operation", which is a profound change in thinking. Because operating capacity is more inclusive and diverse than profitability.

The new refinancing rules for listed companies, issued on February 4, 2020, also follow the spirit of the registration system, eliminating the requirement for two consecutive years of profitability and reducing the base price of pricing to 20% off. The registration system is fully implemented and implemented step by step. It should be said that it is both positive and stable, reflecting the consistent thinking of gradual reform.

In fact, as long as an enterprise has the ability to continue to operate, it will eventually have sustainable profitability, which is a relationship between process and result. But many new economic models require financing precisely before they can be profitable, and the registration system solves this problem. Therefore, issuers are required to fully disclose information, and investors should not be allowed to see the flowers in the fog, or even mislead the market through "beauty.

In order to ensure that the disclosure of information on the ground, the securities law provides for the corresponding disciplinary system, regulation is not only boosted but also electrified. The fines for fraudulent issuance, market manipulation, internal transactions, etc. have been increased to five or even ten times, and a new chapter has been set up to improve the civil litigation system, protect the interests of investors, and introduce a class action system with Chinese characteristics. Investor protection agencies accept the entrustment of more than 50 investors and act on their behalf, "express withdrawal and implied participation", which reduces the difficulty of litigation, increased willingness to defend rights. With the emergence of professional "Qiuju", such rights protection lawsuits will increase significantly in the future, and listed companies cannot have any fluke.

2. strength should be hard core, operation should be standardized

The great progress of the registration system is to select the ability of listed companies to protect investors, guide the flow of capital resources to high-quality enterprises, and promote the development of the real economy and economic upgrading and transformation. The number of listed companies will continue to increase. Only with good performance, standardized and transparent, listing is no longer difficult, and the era of listing status is gone. The balance of the capital market has gradually shifted from listed companies to investors. The group of listed companies must adjust their mentality and change with new thinking and new actions.

On the one hand, we must keep our first heart and follow the right path to ensure that the company operates in compliance and returns investors. Roll up your sleeves and work hard, which does not mean disorderly and reckless work. Listed companies should have a deep sense of awe. "Fear" means not to engage in crooked ways. "Respect" means to fully respect investors from the bottom of their hearts and create rich returns for the majority of investors. For example, Aier Ophthalmology has been rated as A- level information disclosure by the Shenzhen Stock Exchange for many years. The cumulative cash dividend has exceeded twice the amount of funds raised by the IPO, and the company's market value has reached 20 times that of the beginning of the listing. On the other hand, we should actively develop a harmonious shareholder culture and advocate voting by hand. For example, the annual shareholders' meeting of Aier Ophthalmology is like a carnival for investors. They come to the meeting from all over the world to offer suggestions for the development of the company.

On the other hand, adapt to the new situation and form new advantages. In addition to strengthening the main business, listed companies should also pay more attention to investor relations (IR), build it into the company's competitive advantage, constantly win more investors' votes of confidence, improve the company's market value and shareholder value, so as to promote the realization of the company's strategy. For example, the fixed increase of a large number of listed companies in 2017 failed because no one subscribed. Even in this case, Ayr Eye successfully issued, the introduction of strategic shareholders such as Gaoyu Capital. The critical phase of financing has advanced the company's strategic development. Therefore, respecting investors is a win-win situation for investors and companies, and should be a rational choice for listed companies. If you are still negative and conservative, you will be marginalized.

3. Adapt to the New Normal and Seek New Breakthroughs

Under the new normal of the registration system, listed companies must focus on investor protection and seek breakthroughs wholeheartedly, fully and throughout the process.

1, Practice long-termism and share weal and woe with investors.

Listed companies should treat investors as simple and sincere as Forrest Gump, Do not forget your initiative mind. No matter how the market changes, always stand with investors. In the more than ten years since Aier Ophthalmology was listed, it has experienced several irrational and violent fluctuations. The company's controlling shareholders and chairman have decisively increased their holdings at the first time, showing confidence to the market with practical actions. This year's outbreak of the new crown epidemic, the company one hand to fight the epidemic, the other hand to grasp communication, through teleconferences, online questions and answers, open letters and other ways to closely communicate with investors, in-depth and objective analysis of the law of industry development and the company's business situation, effectively resolve the anxiety of investors. With the gradual recovery of the company's market value, it has recently reached a record high, effectively safeguarding the interests of investors.

In order to advocate rational investment, Aier Ophthalmology established and implemented the "National Hospital Investor Reception Day System" in 2019, so that investors can go deep into the front line and learn about the development from the hospital management; in order to advocate long-term investment, the company's founder gave 100 shares to individual shareholders who 600 shares for 6 consecutive years (more than 300 met the conditions); in order to advocate value investment, it is convenient for investors at home and abroad to grasp important information at the first time, the company has introduced bilingual interpretation of periodic reports and major issues in Chinese and English.

Lu Yao knows horsepower. In the ten years since its listing, Aier Ophthalmology has maintained a compound annual growth rate of more than 30%, and its operation is transparent and standardized, which has won the favor of the capital market. The company's investor team has gradually gathered a large number of well-known public funds, private equity funds, world-class investment institutions, long-term individual investors, and the "national team" of Central Huijin ".

2, make good use of listing status, accelerate the development of the main industry.

After the company goes public, it is the real marathon. It is necessary to be good at using the capital market to strengthen the main business, rather than the one-shot sale of IPO funds. To this end, we should not only have a clear strategy and focus on what the company should do well in the long term, but also govern the norms and accumulate a good market reputation. At the same time, we should also be good at learning from the successful experience of other companies, pay attention to research and make good use of various tools in the capital market, such as public issuance, private placement, rights issue, convertible bonds and other financing methods, as well as mergers and acquisitions around the main business. The company should choose the best solution according to the actual situation and the opinions of the intermediary agencies.

In terms of large-scale mergers and acquisitions at home and abroad, the company is composed of securities department, investment department, business department, finance department, quality control department, human resources department, operation department, equipment department, etc., taking into account the future integration work during due diligence, enabling integration of M & A targets, greatly improving the success of M & A, and enabling the company to realize the organic combination of connotation development and extension expansion.

The use of equity incentives by listed companies has a natural advantage, and the use of good use is conducive to the gathering of talent to overtake the curve. Aier Ophthalmology has implemented three consecutive equity incentives, with 3000 people, allowing core talents to share the fruits of the company's growth. After that, the company launched an upgraded version of equity incentive-"partner plan", which became a major innovation in the medical industry. A large number of doctors came one after another. At present, the number of ophthalmologists is close to the 1/8 of the whole country. Strong talent strength and sound training system, breaking the core bottleneck for the company's national chain provides a strong backing.

3. Establish a united front and expand the "circle of friends"

One of the three magic weapons for our party to achieve success in revolution and construction is to establish a united front. Similarly, for listed companies to continue to develop, in addition to serving customers well, they must also be good at integrating resources in all aspects and developing a "circle of friends" in all lines ". For example, all kinds of investors belong to the key "united front object". Over the years, a large number of investors or their families have become hospital customers and have a deeper understanding of industry trends and company technology and services. Over time, a trust and lasting positive interaction has been formed between listed companies and investors.

The smooth development of listed companies is very important for government departments, regulatory authorities, suppliers, listed company associations, various media, investor protection centers, hospital employees, and partners. Listed companies must strive to become "model students" in order to gain more support from all parties. Aier's performance comes from its own efforts and benefits from the help of all walks of life. Therefore, since its listing, Aier Ophthalmology has simultaneously disclosed the "Social Responsibility Report" for 11 consecutive years while disclosing its annual report, reporting the company's contribution to the society.

4, keep pace with the times and good innovation, so that the company's image is more "three-dimensional"

No matter in various industries, companies must adapt to the changes of the times. As a public company, listed companies must establish a close and harmonious relationship with mainstream media, and convey the company's characteristics, innovation points, and shining points from multiple angles, so that more investors can understand. And attention.

At the same time, listed companies should learn to use new media to enhance brand penetration, including shaking sound, public numbers, self-media, etc. No time without heart, no place without subject matter. For example, we made a 10-second video on Valentine's Day:

The father asked his daughter: My boyfriend has talked to you for five or six years. Why hasn't he bought a house?

Daughter confidently replied: He bought Aier Ophthalmology stock!

Through this life-like scene, the audience will naturally think of the company's good and continuous growth over the years, with a large number of hits.

A listed company is an organism, and only regular reports are far from enough. It is the corporate culture that determines the long-term development of the company, and the use of new media can be vividly displayed. For example, during this spring's epidemic, more than 2400 medical staff from Aier Ophthalmology handed in their invitations to fight the epidemic. This is not accidental, because the two founders of the company also wrote blood letters 35 years ago, requesting to go to the front line of Laoshan in Yunnan to fight the enemy! We published "The 16-year-old employee of the undercover Aier Ophthalmology leaked the shocking secrets of the chairman and president" in the self-media, revealing that this "retrograde" spirit comes from the cultural genes of the company, and investors have been impressed.

In short, the registration system is accelerating the step-by-step implementation, and the concept of investor protection is more popular. Honesty is the pass of the good faith, and the advance is the guiding light of the advance. It is expected that the group of listed companies will gallop quickly and steadily on the new track, so that high-quality development will become the main theme of China's healthy economic growth!