Focus on innovative domestic companies listed on the New Deal
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What is Unicorn Enterprise?

The unicorn is a mythological creature that is rare and noble. Aileen Lee, the famous American CowboyVenture investor, classified the startups with private and open market valuations of more than one billion U.S. dollars in 2013 and called these companies "unicorns."

In December 2017, the Hurun Research Institute released the 2017 Hurun Greater China Unicorn Index, which has a total of 120 unicorn enterprises in Greater China with an overall valuation of over RMB 3 trillion; Beijing has become a unicorn enterprise. The largest cities, accounting for 45% of the total number of companies, followed by Shanghai, Hangzhou and Shenzhen. Ant gold suits, dripping trips, and Xiaomi’s valuation account for the top three.

Small survey
Interpretation of the New Deal
A spokesman for the China Securities Regulatory Commission responded to a reporter's question on launching a pilot project for the issuance of domestic shares or deposit receipts by innovative companies

The CSRC’s spokesperson Chang Depeng asked reporters to launch a pilot project for the issuance of domestic shares or deposit receipts by innovative companies. After the issuance of the “Several Opinions”, the CSRC will formulate more specific implementation measures to further improve supporting systems and regulations. . ...[Details]

CDR determined! Back to A, there are seven industries that are in line with at least six companies that meet the six key policies.

The reporter learned that the follow-up CSRC will also publish specific supporting specifications and parameters, including how to determine the valuation, how to establish an industrialization advisory committee for technological innovation, and how to set the threshold for investors. It can be seen that the reform is not an overnight process and is a gradual process. It will take time for the first qualified new economic enterprise to land on the A-share market. ...[Details]

CDR hit! Which companies meet the requirements? Impact on A shares geometry? Everything you need to know is here

China Securities Regulatory Commission spokesperson Chang Depeng told reporters on the launch of pilot projects for domestic companies issuing stocks or depositary receipts. In order to stabilize market expectations, the pilot will select companies strictly in accordance with standards and procedures, grasp the number of companies and financing scale, and make reasonable arrangements. Distribution timing and release rhythm. We will strengthen prudential supervision and investor protection, crack down on all kinds of illegal and irregular behaviors, and steadily advance relevant pilot work. ...[Details]

The unicorn returned to the A New Deal ten things to watch: which companies can be listed, how are all set

The policy making of innovative companies including unicorns landing A shares or issuing CDRs (repository certificates) is faster than expected. The "Several Opinions" also set out a scale threshold for pilot enterprises: Among them, large-scale red-chip companies that have been listed overseas have a market value of no less than 200 billion yuan. ...[Details]

Private equity heavyweight new rules! Finally solved the "unicorn valuation" problem. Look at the eight principles of the three major methods

The fund industry association announced on Friday the "Private Investment Fund Unlisted Equity Investment Valuation Guidelines (Trial)". The eight valuation principles and the three valuation methods provide clear guidance for industry-related businesses. The new regulations will be implemented on July 1 this year. The guidelines give private equity funds a unified valuation standard for investing in unlisted stocks. The valuation principles and valuation methods have also made the once controversial "unicorn valuation" finally settled. ...[Details]

Xinhua News Agency: Embracing Innovative Enterprises A-share Issuance System Welcomes New Changes

Recently, the General Office of the State Council has forwarded the "Several Opinions on Launching Pilot Projects for Issuing Domestic Shares or Depositary Receipts within the Innovative Enterprises" of the China Securities Regulatory Commission, which has provided institutional guarantees for the domestic listed companies of China's innovative financing. So what are the dry goods worth mentioning in this document? ...[Details]

CDR is coming! Back to A stock standards to determine

According to the data of US stocks and Hong Kong stocks, up to now, there are 11 stocks with a stock market value of more than US$32 billion, excluding China PetroChina, Sinopec, China Life Insurance, China Unicom, and CNOOC, which are not innovative companies, in line with the CDR issuing conditions. There are only six companies, namely Alibaba, China Mobile, Baidu, Jingdong, NetEase and China Telecom. ...[Details]

Unicorn back to A can IPO or send CDR! Appropriate companies or less than 50 companies to see these 8 points

On the evening of the 30th, the General Office of the State Council forwarded the “Notice of the China Securities Regulatory Commission on Several Opinions on Launching Pilot Projects for Issuing Domestic Shares or Depositary Receipts Within the Innovative Enterprise” (hereinafter referred to as “Opinions”), which means that the “unicorn” returned to A is substantially ice-breaking. The standard unicorn company may be less than 50....[Details]

The State Council issued the CDR pilot opinion

As of today, there are 11 stocks with a stock market value of more than US$32 billion. In addition to China National Petroleum, Sinopec, China Life, China Unicom, and CNOOC, which are not innovative companies, there are only six eligible companies. Alibaba, China Mobile, Baidu, Jingdong, NetEase and China Telecom. ...[Details]

Unicorn Enterprises Return to A-share Pilot Project: Two 200 billion and 200 Billion Estimated Thresholds

The content of the "Opinions" pointed out that in order to carry out trials of domestic companies issuing shares or depositary receipts in innovative enterprises, pilot companies should be in line with national strategies, master core technologies, and have a high degree of market recognition. They belong to the Internet, big data, cloud computing, artificial intelligence, software and integration. Circuits, high-end equipment manufacturing, biomedical and other high-tech industries and strategic emerging industries, and reached a considerable scale of innovative companies. ...[Details]

Key Company Dynamics
deal! Unicorn returns to icebreaker A but may be less than 40 eligible

On the evening of the 30th, the General Office of the State Council forwarded the “Notice of the China Securities Regulatory Commission on Several Opinions on Launching Pilot Projects for the Issuance of Domestic Shares or Depositary Receipts Within the Innovative Enterprise”, which means that the “unicorn” returned to A to break the ice substantially. The "Opinions" clarified the requirements of Unicorn's return to the "A", that is, it belongs to the seven major industries of the Internet, big data, cloud computing, artificial intelligence, software and integrated circuits, high-end equipment manufacturing, and biological medicine. ...[Details]

Power Battery Unicorn Sprint IPO Ningde Times will be the next Foxconn?

According to the “2017 Hurun Greater China Unicorn Index” published by the Hurun Research Institute in December 2017, the total number of unicorn enterprises in Greater China reached 120, with an overall valuation of over RMB 3 trillion; Travel, Xiaomi’s valuation accounted for the top three, followed by Xinmei University, today’s headlines, and Ningde times. ...[Details]

Baidu NetEase sogou collective back to the A passion to see how the two conference on the Internet big brother how to stand!

Regulators have expressed their support for the listing of new economic companies, and the enthusiasm of Internet giants to return to A shares has reignited. The reporter received the one-handed response of Internet bigwigs at the two sessions. Look at how CPPCC members Li Yanhong, Ding Lei, Wang Xiaochuan, and Yu Minhong all expressed themselves. ...[Details]

Millet may be listed on the A shares of H shares at the same time as the largest IPO this year? Xiaomi declined to comment

The Wall Street Journal quoted informed sources on March 1 stating that Xiaomi is considering dual listing in the Mainland and Hong Kong (A+H shares double-banking), and Chinese authorities have asked Xiaomi, a smartphone company, to list in the mainland. The SFC representative did not respond to the request for comment. ...[Details]

iQIYI went to the US IPO "Unicorn" A shares still need to be listed

Iqiyi officially submitted a prospectus on the 28th and applied for listing on Nasdaq. It plans to raise $1.5 billion. In addition, new technology companies such as the US Mission Review and Xiaomi are expected to list overseas this year; a group of new technology giants represented by Ant Financial Services are still actively seeking A shares. Judging from the current regulatory conditions, A-shares are nurturing their own “Unicorn” high-tech company groups, which still needs further policy breakthroughs. ...[Details]

360 returns to A shares: Zhou Hongyi’s worth to 90 billion.

A new round of rich feasts has opened. "Hongyijiazhuo" Zhou Hongyi also followed a sudden increase in the value of several times, from "negative" to 100 billion billionaires. According to the calculation of 3.367 billion total shares, the total market value of the company is 360 billion yuan. 360 founder Zhou Hongyi directly and indirectly holds 1.583 billion shares of the listed company, and its worth also reaches 90 billion yuan. ...[Details]

Foxconn’s “special approval” rushed to market to resolve the issue of competition in the industry with a “written commitment”

As the world's largest electronic consumer product foundry, Foxconn Industrial Internet Co., Ltd. IPO initial application undoubtedly attracted the attention of the market, and its various "privileges" are even more envious of other listed companies. ...[Details]

Market sound
Yang Delong: Trying to Reinvent the New Economy by Returning Innovative Enterprises

There are differences in the methods of investing in new economy companies and traditional industries. The first is to select absolute leaders because there are often “winners take all” in emerging industries. Second, we must use the company's growth to determine the value of the company. It may be that some companies representing the new economy cannot generate more profits in their current business, but future performance will be released with a high probability. The valuation method can not be limited to the method of using the price-earnings ratio or the market-book ratio, but also a variety of valuation methods. ...[Details]

CITIC Securities: CDR policy launches faster than expected to reshape A-share new economy company

From the “Government Work Report”, it is proposed that “supporting the financing of high-quality and innovative enterprises” and only 25 days after the issuance of the “Several Opinions,” fully demonstrating that the supervisory authorities are opening up the capital market and supporting the “new economy” companies to access the A-share market. determination. The China General Shares returned to the A-share New Economy Corporation to provide a "valuation anchor." The total market capitalization of the six concept stocks is about 5.3 trillion yuan, which corresponds to 1.3 times the market value of the A-share "computer + electronic components + communications" three boards. ...[Details]

Mo Kaiwei: There are new rules for the listing of unicorn companies. You must understand

After the Nineteenth National Congress last year, the Central Government determined the Chinese capital market’s policy of further opening up and adapting to the new economic development format. It requires the securities regulatory department to implement and implement the national economic development strategy and open up a convenient channel for listing the “four new” enterprises. It is history that gives important responsibility. ...[Details]

Guo Shiliang: Will the opening of the green channel for "Unicorn" bring good news?

Compared with the A-share market, both the Hong Kong stock market and the overseas market, the market entry threshold is more relaxed, and from the perspective of more Chinese companies in the past, more companies still choose to go overseas to market, to meet their overseas financing demand. However, going overseas for listing on the market will also face a number of uncertain risks, such as short-sighted institutions, high costs of illegal and non-compliance, and class actions. ...[Details]

Nine Thai Funds Zheng Lichang: Companies that can grow into "Unicorn" need to have four characteristics

Zheng Lichang stated that one is that the market is very large, and it is impossible to grow into a large company in a small space. Second, the industry must have economies of scale. Its scale must be large, enterprises have competitive advantages, and costs are low. Third, we must have good customer stickiness. Why do we talk about the stickiness of customers? If a market is large and the market has economies of scale, your customers can easily be taken away by others. This situation will be very troublesome and will lead to this market. The competition is becoming more and more intense; at the core is the fourth point. This company must have a killer, or a nuclear weapon, a killer weapon, and a nuclear weapon capability that captures the characteristics of the market and can grow rapidly. ...[Details]

Cheng Dan: What preparations are needed to welcome technology "Unicorn" A shares?

It is necessary to actively promote the establishment of differentiated, inclusive institutional arrangements for the listing standards for exchanges to be issued, and provide direct financing channels for new models and new-type growth companies. Only by increasing the degree of acceptance of “Unicorn” companies in the capital market can A-shares retain the next “Alibaba” and become the main driving force for promoting high-quality economic development. ...[Details]

Stock market opportunities
Venture capital plate fire Who can support a unicorn? (Attachment)

Huang Jindong, an analyst at the Wealth Management Center of the China Gold Securities, said that the current market speculation is mainly expected. Recently, the regulatory authorities frequently release information to support the listing of new economic enterprises. Most of these companies are "unicorns" and are also the focus of PE/VC investment. If you get behind the IPO green channel tilt, for venture capital institutions, you can exit faster and achieve profitability. ...[Details]

A shares falling in love with the concept of "Unicorn" Three investment paths derived from the value of investment trends

The three hundred and sixties of the Jiangnan Jiejie listed on the backdoor crashed again. The three-and-a-half trading days after the rebranding only closed up one day. The accumulated stock price drop has exceeded 22%, and the market value has shrunk by nearly a quarter of the total market value, leaving only 331.7 billion yuan. The stock gained as much as 619.45% before the name change. As a result, market participants reminded investors to beware of the risk of profit-taking on the unicorn stocks due to the large gains in the previous period. ...[Details]

The unicorn concept fires The investment opportunity is big! The four plates are the most reliable

Judging from the market value, the total market value of the GEM in the A-shares has seen little gain in the past two years, while the total market value of the BATJ has grown by nearly double. If such a group of high-quality, new-economy, high-tech companies are listed on the A-share market, A-share investors will have the opportunity to obtain better returns from these technology leaders. ...[Details]

Introduction of China Depositary Receipts and Evolution
China Depository Receipt Introduction, Evolution and Distribution Process

China Depositary Receipts (CDR) refers to the fact that listed companies in overseas countries (including Hong Kong, China) will entrust part of the issued shares to local custodial banks, be issued by depositary banks in China, and be listed on the domestic A-share market to the Chinese yuan. Settlement of trades and investment certificates for domestic investors to buy and sell shares. ...[Details]

A picture to understand CDR
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Standard unicorn