Recently, at the critical moment of the rise of my country's power, the United States launched a core technology containment war against my country in an attempt to stifle my country's high-tech industry. As soon as possible to upgrade the core technology of my country's high-tech industries and develop high-tech industries with my country's independent intellectual property rights and industrial security are urgent tasks for my country to become a powerful country.
One of the most critical factors for the United States to maintain its lasting prosperity is its continuous technological innovation and the development of corresponding high-tech new industries. It mainly depends on the protection of intellectual property rights, huge investment in technology, and the integration of technology and industry. The core of the integration of technology and industry is to provide a sustainable financing mechanism for the high-tech industry, and a number of technological entrepreneurial universities lead high-tech innovation and entrepreneurship.
Only by learning from the other's greatness can we defeat the other's greatness. We can learn from the successful experience of the United States. First, in conjunction with the development strategy of the Guangdong-Hong Kong-Macao Greater Bay Area, set up a Chinese version of the high-tech securities market NASDAQ in Hong Kong to solve the financing problems of China's high-tech industries and create a transaction with Hong Kong through the power of the country. The high-tech stock market of the same scale has promoted the development and growth of China's high-tech industry. Second, in conjunction with my country's ongoing construction of double-class universities, based on several universities of science and engineering, build a number of technological and entrepreneurial universities to create a good environment for technological innovation and entrepreneurship and provide a high-tech engine for economic development.
I. The US's core technology containment warMore than two months ago, the US government announced a ban on the sale of critical hardware and software to one of our largest communications companies. Behind the scenes, the United States is referring to my country's high-tech industries. Before our related industries have really risen, they launched a "core technology containment war" against my country's high-tech industries.
The incident exposed two serious problems:
1) my country's high-tech industries are large but not strong, and the core technologies of many industries are in the hands of European and American countries. We once believed that under the trend of world economic integration, the United States or European and American countries would not impose a technology embargo on my country. The US ban should awaken us completely. A large country cannot let other countries pinch our necks on core technologies.
2) We may underestimate the current US President Trump. Of course, Trump is also raveous in the United States. However, he has two characteristics that require our special attention. First, whether in the United States or in the international community, he does not play his cards logically. The United States is the largest country, and any country or organization including the G7 and WTO has nothing to do with it. Second, Trump is a strong American nationalist. Both his immigration policy and the current technological containment war against China are in the long-term national interests of the United States and should not be underestimated. Moreover, in fact, he has a strong public opinion base in the United States.
Solving the core technical problems of our high-tech industries as soon as possible and developing high-tech industries with my country's independent intellectual property rights and industrial security are urgent tasks for my country to become a powerful country. Here we first analyze the historical experience of the United States.
II. How does the United States achieve a strong high-tech industryBefore World War I, the United States was already a world power, but it truly became a world power after World War II. One of the most critical factors for the United States to maintain its lasting prosperity is its continuous technological innovation and the development of corresponding high-tech new industries. There are three pillars of American success:
1) The protection of patents by the Constitution and its specific Patent Act has greatly promoted the enthusiasm for inventions and entrepreneurship of American citizens. Inventions related to modern civilization in human society, from automobiles, harvesters, telegraphs, wireless phones to airplanes, air conditioners, to high-end chips, and biomedicine, almost all originated in the United States.
2) The U.S. government has invested heavily in technology. Until World War II, the US government's attitude toward scientific research was laissez-faire and very limited support. World War II completely changed the national science and technology policy of the United States. After the outbreak of the war, the United States established the Federal Government's "Science Research and Development Agency" to conduct centralized management and coordination, enabling scientific and technological forces to effectively serve the war, and significant progress was made in important areas related to national security and the welfare of the people. The most representative results are the large-scale production of radar, atomic bombs and penicillin, which pushed the United States into the era of so-called "big science" and profoundly affected its investment in science and technology after the war. At the request of President Roosevelt, the then Director of the Agency for Scientific Research and Development, Vannevar Bush, submitted a national science and technology policy report entitled "Science-The Endless Frontier" in July 1945. This report is still the basic principle and basis for the implementation of the US national science policy. For example, in the field of life sciences in the past 20 years, the United States has promoted the well-known Human Genome Project and Brain Science Project, and recently has greatly promoted gene editing technology.
3) Integration of technology and industry. If we say that the first two points are basically in place in our country, then this point is very worthy of our reference. Taking biotechnology as an example, our country's biotechnology scientific research has actually been at the forefront of the world. However, we often ask "When will the biological age come?" It really depends on when our biotechnology industry keeps up. In order to do this, we must strengthen the integration of technology and industry. The United States has two advanced experiences in this regard.
First, to provide a sustainable financing mechanism for the high-tech industry-the US high-tech securities market NASDAQ. NASDAQ is the home of world-renowned high-tech innovation entrepreneurs. It has provided financing for many technology entrepreneurial companies and helped a number of companies such as Intel, Apple and Genentech to become technology giants. It can be said that NASDAQ has made extremely significant contributions to the development of the high-tech industry in the United States and to the prosperity of the United States. Take Genentech in the field of biotechnology as an example: In 1973, the first article on genetic engineering was published in the Bulletin of the National Academy of Sciences (PNAS). By 1980, in just 7 years, because of the existence of NASDAQ, related technologies gave birth to the first modern biotechnology listed company, Genentech. The company was initially very small and was initiated by a professor at the University of California, a former postdoctoral fellow, and an investor. In 2009, the company was fully acquired by Roche for US$46.8 billion, and it is still one of the world's largest biotech companies. Genentech started the global modern biotechnology industry.
Although NASDAQ was born in the “GEM†stock market in everyone’s concept, to this day, NASDAQ has been a hybrid of the main board and the GEM, and has grown into the world’s second largest stock market, with a total market value roughly equivalent to China’s entire A The stock market (Shanghai Stock Exchange and Shenzhen Stock Exchange) is slightly larger than the two Hong Kong Stock Exchanges. The world's five largest companies by market capitalization Apple (AAPL), Google (GOOG), Microsoft (MSFT), Amazon (AMZN), and Facebook (FB) are all on Nasdaq. NASDAQ has the unparalleled scale effect and stability of the GEM stock market. Many initial GEM companies have grown into mature companies and continue to stay on Nasdaq; the Nasdaq listing standard itself also adopts a dual-track system, compatible with mature companies and entrepreneurial companies.
NASDAQ not only provides direct financing, but also provides an early investor exit mechanism. Therefore, it has greatly promoted the entry of private capital, especially venture capital, into the high-tech industry (before the company goes public), greatly promoted the industrialization of technology, and thus Form a virtuous circle. Take gene editing in the field of biotechnology as an example. The technology has only appeared for a few years, and it has quickly entered the commercialization stage. The US government has invested less than 200 million US dollars, but the market financing in the last three years has reached 1.5 billion, and the first quarter of 2018 has completed more than 500 million US dollars. Financing, 3 IPO companies listed on NASDAQ, the market value has reached 5.2 billion US dollars. It is conceivable how the investment of this scale will rapidly promote the industrialization of technology. This is particularly important for high-tech industries with long cycles, such as the biotechnology industry. A small percentage of success rates can bring huge benefits to the country and society for shareholders.
Second, in the development of the high-tech industry in the United States, "entrepreneurial universities" have played a decisive role. The most representative of them are the Massachusetts Institute of Technology on the East Bank and Stanford University on the West Bank, and they have led regional technological innovation and entrepreneurship on the East Bank and West Bank. The Kauffman Foundation released "Entrepreneurial Impact: The Role of MIT" in 2006 and updated the data in 2011. According to this report, MIT alumni have created more than 25,800 companies around the world, employing 3.3 million people and generating a GDP equivalent to US$2 trillion. In terms of economic strength, it is roughly equivalent to the world's 11th largest economy (about 7 One Beijing or one Italy). The main difference between "entrepreneurial" universities and the well-known "research" universities is that the former combines basic or applied research and teaching with industrial innovation to form a virtuous circle of "technology (knowledge)-industry". For a long time, the traditional university functions have been teaching, or preserving and disseminating knowledge, and scientific research, or generating new knowledge or new applications. The entrepreneurial university further has a third function, namely, the capitalization and industrialization of knowledge, so as to promote the development of regional and national economies, thus becoming the engine of modern society. At present, it is common practice for professors to start businesses in famous American universities and research institutions.
Drawing on the successful experience of the United States, setting up the Chinese version of the high-tech securities market NASDAQ and building a technological entrepreneurial university should also be the only way for the development of my country's high-tech industry.
III. How should we learn from the United States: China's high-tech securities market NASDAQHong Kong, my country, is one of the international financial centers. Its stock market management is relatively standardized, and its service level is in line with international standards. Currently, it has the Hong Kong Growth Enterprise Market (GEM). Based on this, combined with the development strategy of the Guangdong-Hong Kong-Macao Greater Bay Area, support the establishment of the Chinese version of NASDAQ in Hong Kong from the national level, and create a high-tech securities market on the same scale as the Hong Kong Stock Exchange through the power of the country, and promote China's high-tech The development and growth of the industry.
Table: Comparison of Sino-US high-tech securities markets
1. The Growth Enterprise Market in the United States and my country1) US NASDAQ market
The Nasdaq market in the United States was founded in 1971. Unlike the long-established New York Stock Exchange, its original intention was to provide financing channels for small and medium-sized enterprises, that is, the "GEM" in everyone's concept. But to this day, Nasdaq has far surpassed the GEM concept. There are about 3,500 listed companies, mainly information technology and biomedical companies (commonly known as IT and BT), accounting for about 75%; companies with a market value of more than ten billion US dollars account for 5% of the total number of companies, but account for the total market value Around 70%. The main features of Nasdaq include:
(1) Enterprise structure: a mixture of mature and entrepreneurial enterprises. This is more stable than the simple ChiNext stock market, with better scale effect and better trading activity.
(2) Listing review system: registration system.
(3) Listing requirements: dual-track system, corresponding to larger-scale mature companies and smaller-scale entrepreneurial companies. For the latter, operating income or profit is not required, which is very conducive to the financing of entrepreneurial companies.
(4) Company supervision: strict legal supervision includes strict information disclosure.
(5) Delisting system: strict, divided into active delisting and forced delisting. Active delisting means that listed companies take the initiative to submit an application to the stock exchange to withdraw from the securities market in consideration of the company's interests. Compulsory delisting refers to the company being ordered to delist by the exchange or the supervisory authority because it no longer meets the continuous listing conditions stipulated by the exchange (for example, the minimum bid price shall not be less than $1).
(6) Stock trading: market maker system, each stock is provided by 3-4 legal entities with certain strength and reputation to provide buying and selling quotations, which will also help increase the market value of low market value and less active trading Liquidity of stocks.
(7) Restrictions on stock sales for founding shareholders: None.
(8) Investor structure: Institutional investors accounted for about half, focusing on rational investment and curbing excessive speculation in the stock market, especially after the technology bubble at the beginning of this century.
2) China Shenzhen Growth Enterprise Market
The Shenzhen Growth Enterprise Market was officially launched on October 23, 2009. The first batch of 28 companies including Terad were listed on the Shenzhen Stock Exchange. As of the end of 2017, the Shenzhen Growth Enterprise Market had more than 700 companies listed on the stock market. Main features of Shenzhen Growth Enterprise Market:
(1) Corporate structure: a purely ChiNext market.
(2) Listing review system: approval system.
(3) Listing requirements: The company needs to operate continuously for more than three years. It has been profitable for the last two consecutive years, and the accumulated net profit in the last two years is not less than 10 million yuan; or it has been profitable in the last year and the net profit is not less than 5 million yuan.
(4) Corporate supervision: insufficient execution.
(5) Delisting system: Delisting is rare.
(6) Stock trading: auction trading, no market maker system.
(7) Restrictions on stock sales of founding shareholders: None. It often happens that founding shareholders cash out and flee the stock market.
(8) Investor structure: Investors are a minority of institutional investors and a large number of retail investors, causing serious speculation.
Since Shenzhen's Growth Enterprise Market requires that listed companies have already generated profits, it is very unfavorable to the financing needs of entrepreneurial companies, and it is not really a Growth Enterprise Market in the international sense.
3) China Hong Kong Growth Enterprise Market
The Hong Kong Growth Enterprise Market (GEM) was officially launched on November 24, 1999. It is a new securities market independent of the main board market. It has the same status as the main board market. However, it is in line with listing conditions, trading methods, and regulatory methods. The main board market is quite different. As of the end of April 2018, there were 359 companies listed on the Hong Kong Growth Enterprise Market. Main features of Hong Kong Growth Enterprise Market:
(1) Corporate structure: a purely ChiNext market.
(2) Listing review system: implement a sponsor system to assist companies in their listing applications, review all relevant documents and ensure that the company makes appropriate information disclosures.
(3) Listing requirements: Listed companies need to operate continuously for more than two years without operating profit requirements. Therefore, it is closer to the US Nasdaq, which is conducive to the financing of entrepreneurial enterprises.
(4) Corporate supervision: similar to Nasdaq.
(5) Delisting system: similar to the US Nasdaq, but there is no lower limit on the stock price.
(6) Stock trading: auction trading, no market maker system.
(7) Founding shareholder’s stock sales restriction: the founding shareholder must accept a stock sales restriction period of 0.5 to 2 years. This is conducive to reducing the fraud risk of entrepreneurial companies to shareholders.
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