The Growth Report of Zhongguancun NEEQ Listed Firms (2019) 9811508364, 9789811508363

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Zhongguancun Listed Companies Association

The Growth Report of Zhongguancun NEEQ Listed Firms (2019)

The Growth Report of Zhongguancun NEEQ Listed Firms (2019)

Zhongguancun Listed Companies Association

The Growth Report of Zhongguancun NEEQ Listed Firms (2019)

123

Zhongguancun Listed Companies Association Beijing, China

ISBN 978-981-15-0836-3 ISBN 978-981-15-0837-0 https://doi.org/10.1007/978-981-15-0837-0

(eBook)

© Springer Nature Singapore Pte Ltd. 2019 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Springer imprint is published by the registered company Springer Nature Singapore Pte Ltd. The registered company address is: 152 Beach Road, #21-01/04 Gateway East, Singapore 189721, Singapore

Editorial Board

Guidance Counsellor Qiang He Xiaoying Dong Junhong Zhang Hua Li

Pei Chen Xiangling Zhao Kaihu Fu Guimin Liu

Editors in Chief Estela Kuo

Jieping Liu

Associate Editor Hong Chen

Yan Ge

Research Team Yaopeng Gu Jiangping Ran Xian Huang Liuxu Kong

Sha Li Tianmeng Ji Xu Zhao

Editorial Team Wanjuan Fu Yajun Shen Jiahe Zhang

Hongli Ma Yongxin Xing Yazhuo Liu

Proofreader Yuman Wu Yuliang Chen Ruiqiao Wang

Shanshan Jiang Ping Kan Hui Zhang

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Preface

As an important part of China’s multi-level capital market, the NEEQ market is targeted at serving innovative, entrepreneurial and growing micro, small and medium enterprises, aiming to alleviate the difficult and expensive financing problems for such enterprises. Since the State Council approved that Zhongguancun should take the lead in launching the pilot project of the stock price transfer agents in January 2006, after exploring the capital market for more than ten years, the NEEQ market has made many beneficial attempts in listing approval, trading mechanism, financing mechanism, hierarchy system and standardizing supervision, which is of great significance to better serve micro, small and medium technological innovation-based enterprises and to further promote technological innovation. By the end of 2018, the number of Zhongguancun NEEQ listed enterprises had reached 1440, accounting for 13% of the total number of enterprises on the NEEQ nationwide, ranking the second in the number of enterprises on the NEEQ, being second only to Guangdong Province. The number of innovation layer enterprises in Zhongguancun is 242, accounting for about 10% of the total number of enterprises in the country, ranking the first over the number of innovation layer enterprises in Guangdong Province. By the end of 2018, the total market value of Zhongguancun NEEQ listed companies ranked the first, reaching 479.053 billion yuan, among which the market value of six enterprises, including Shenzhou Ucar (Shenzhou Youche), Beijing Muheda Information Technology Co., Ltd., Jiuding Group, Guodu Securities, Hanlinhui and Suirui Technology, exceeded 10 billion yuan. In terms of total revenue, by the end of 2018, the total revenue of Zhongguancun NEEQ listed companies was 239.316 billion yuan, slightly lower than that of Shanghai and Guangdong, thus ranking third. The average revenue of Zhongguancun enterprises reached 196 million yuan. In terms of net profit, at the end of 2018, the net profit of Zhongguancun NEEQ listed companies was 9.228 billion yuan, ranking second only to Jiangsu Province, with an average net profit of 7.54 million yuan. In terms of the status of stock issuance, enterprises in Zhongguancun issued stocks for 186 times in 2018 and raised 8.301 billion yuan, accounting for 14% of the national NEEQ listed companies. The R&D expenditure of Zhongguancun NEEQ listed companies reached 10.030 billion yuan in 2018, and vii

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the average R&D expenditure of enterprises reached 10.1926 million yuan for the first time since 2014, with an average R&D intensity of 5.55%, which was basically the same as that of 2017 and much higher than the average R&D intensity of national NEEQ listed companies and that of the other companies nationwide in 2018. On the whole, due to the impact of the macroeconomic situation, the overall operating performance of Zhongguancun and even the national NEEQ listed companies has been affected to some extent in 2018, but there are many high-growth enterprises with stable operating conditions, rising performance and increasing R&D investment. At the same time, the departments concerned from the State Council, Securities Supervision Commission to the National Stock Transfer System all attached great importance to propelling the reform of the NEEQ market, making efforts to introduce insurance of greater competitiveness and trading system of better efficiency in a bid to solve the investing–financing and buying–selling problems in NEEQ market. As the right time for deepening the NEEQ reform is approaching, it is suggested that the Zhongguancun NEEQ listed companies should be confident, keep a foothold on their own industries. The enterprises should also cultivate their core products and technologies with craftsmanship, planning their development trajectories. Meanwhile, they should also proactively seize the market opportunities, expand the scale of enterprises, so as to attract more investors, promoting healthy development of enterprises and forming a virtuous cycle. In addition, at present, financial institutions generally hold a conservative attitude to support private enterprises, especially to NEEQ listed companies that are still in micro, small and medium development stage, which is not conducive to the sustainable development of micro, small and medium private enterprises. Compared with ordinary small micro-enterprise, Zhongguancun NEEQ enterprises are relatively of higher quality, and more trustworthy, whose default cost is relatively higher. Therefore, it is recommended that banks and other financial institutions pay more attention to the Zhongguancun NEEQ and have breakthrough with the credit policy, providing high-quality NEEQ enterprise more innovative, flexible comprehensive financing options as well as better financial support in a bid to solve the loan problems of mortgage of fixed assets, individual house mortgage, etc., facing the enterprises. Finally, aiming at the existing problems of the NEEQ market, such as high bar for qualified investors, imperfect market maker trading system, low market liquidity, the inability to effectively meet the demand of micro, small and medium technological innovation-based enterprises’ financing needs it is suggested that government departments concerned reform the NEEQ market as follows: (1) clear positioning of the NEEQ, and highlight the characteristics of technological innovation. It is suggested that the departments concerned focus on serving the start-ups and growing technological innovation-based enterprises further optimize market stratification establish corresponding supporting systems such as stock issuance, trading and investor appropriateness, improve differentiated institutional arrangements and encourage a number of NEEQ enterprises with strong innovation ability and good market prospects to become bigger and stronger through the capital

Preface

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market. At the same time, for enterprises that do not meet the requirements of listing maintenance, guide them to delist in accordance with the procedures under the premise of protecting investors’ rights and interests well and promote the orderly and healthy development of the capital market. (2) Broaden the sources of market funds and improve the system of qualified investors. Measure investors’ risk appetite and investment experience comprehensively, and make different standards of qualified investors at different levels, respectively. For instance, lower the individual qualified entry barrier properly for the high-quality NEEQ enterprises with strong innovation ability and creditworthy in order to expand the investor pool as well as the funding sources. (3) Improve market trading mechanisms, and continue to improve market liquidity. Further optimize the collective bidding system and increase the frequency of collective bidding trading. Develop normalized continuous bidding trading pilot in innovation level. At the same time, further improve the system of market makers, expand the body of market makers, optimize the open transaction system which is the combination of market maker system and call auction system. Through diversified trading patterns, further improve trading efficiency and the price formation mechanism, and enhance market liquidity and stability, so as to lay the good foundation for the continuous improvement of the NEEQ liquidity. Beijing, China

Zhongguancun Listed Companies Association

Contents

1 Development Characteristics of the Zhongguancun NEEQ Market in 2018 and Suggestions for Its Development . . . . . . . . . . 1.1 Development Characteristics of Zhongguancun NEEQ Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1.1 The Delisting Stepped into Normalization, and the Number of Listed Companies Fell for the First Time . . . 1.1.2 Performance of Enterprises with Continuity of Operation Grew Steadily Sustainable Profitability Needed to be Improved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1.3 With Insufficient Market Liquidity, NEEQ Market Needs to Boost Financing Support for Enterprises . . . . . 1.1.4 R&D Investment Continued to Grow, and Awareness of Innovation and Development Continued to Increase . . 1.1.5 The Accounts Receivable of Continuing Enterprises are Rising, and Collection Pressure is Greater . . . . . . . . 1.1.6 Regional Competitive Advantage is More Prominent, Overall Strength of Zhongguancun is Better than that of the Others . . . . . . . . . . . . . . . . . . . . . . . . . 1.1.7 The Tax Burden on Enterprises Has Been Reduced, but the Decline is Lower than Other Regions . . . . . . . . 1.2 Suggestions on the Development of Zhongguancun NEEQ Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2.1 Find the NEEQ Positioning, Highlight the Characteristics of Technological Innovation . . . . . . . . . . . . . . . . . . . . . 1.2.2 Broaden the Source of Market Funding, Improve the Qualified Investor System . . . . . . . . . . . . . . . . . . . . 1.2.3 Improve Market Trading Mechanism, Continuously Improve Market Liquidity . . . . . . . . . . . . . . . . . . . . . .

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2 Research Report on the Growth Ability of Zhongguncun NEEQ Listed Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 Construction of Evaluation Indicators for Enterprise Growth Capability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1.1 Enterprise Growth Theory . . . . . . . . . . . . . . . . . . . . . 2.1.2 Principles for the Construction of Indicators System . . 2.1.3 Introduction to the Evaluation Indicator System of Enterprise Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1.4 The Evaluation Significance of Growth Indicators . . . . 2.2 The Calculating Method of Growth Evaluation Index System . 2.2.1 Analysis Methods of Enterprise Growth Evaluation . . . 2.2.2 Calculation of the Growth Indicator of Zhongguancun NEEQ Listed Companies Based on Factor Analysis Method . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 Overall Analysis of the Top 30 Growth of Zhongguancun NEEQ Listed Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3.1 Total Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3.2 Gross Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3.3 Net Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3.4 Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3.5 R&D Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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3 Research Report on Profitability of Zhongguancun NEEQ Listed Enterprises in 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1 Overall Revenue Status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1.1 Overall Revenue Status of Zhongguancun NEEQ Listed Companies in 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1.2 Distribution of Revenue Scale of Zhongguancun NEEQ Listed Companies in 2018 . . . . . . . . . . . . . . . . . 3.1.3 Business Income Ranking of Zhongguancun NEEQ Listed Companies in 2018 (Top 30) . . . . . . . . . . 3.2 Gross Profit Situation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2.1 Overall Gross Profit of Zhongguancun NEEQ Listed Companies in 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2.2 Gross Profit Ranking of Zhongguancun NEEQ Listed Companies in 2018 (Top 30) . . . . . . . . . . . . . . . . . . . . 3.2.3 Gross Profit Rate Ranking of Zhongguancun NEEQ Listed Companies in 2018 (Top 30) . . . . . . . . . . . . . . . 3.3 Net Profit Situation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3.1 Overall Net Profit of Zhongguancun NEEQ Companies Enterprises in 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3.2 Analysis of Overall Profits and Losses . . . . . . . . . . . . .

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3.3.3 Distribution of Net Profit Scale of Zhongguancun NEEQ Listed Companies in 2018 . . . . . . . . . . . . . . . . 3.3.4 Zhongguancun NEEQ Listed Companies Net Profit Ranking in 2018 (Top 30) . . . . . . . . . . . . . . . . . . . . . 3.3.5 Net Interest Rate Ranking of Zhongguancun NEEQ Listed Companies in 2018 (Top 30) . . . . . . . . . . . . . . 3.3.6 Summary of the Profitability of Zhongguancun NEEQ Sustainable Listed Companies . . . . . . . . . . . . . 3.4 Total Asset Return Rate and Net Asset Return Rate Situation . 3.5 Periodic Cost Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Research Report on Innovation Capability of Zhongguancun NEEQ Listed Companies in 2018 . . . . . . . . . . . . . . . . . . . . . . 4.1 Innovation Input . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1.1 R&D Expenses of Zhongguancun NEEQ Listed Companies in 2018 . . . . . . . . . . . . . . . . . . . . . . . . 4.1.2 Relationship Between R&D Investment and Profitability . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1.3 Patent Application and Ranking . . . . . . . . . . . . . . . 4.1.4 Patents Authorization and Ranking . . . . . . . . . . . . . 4.1.5 Number and Ranking of Valid Invention Patents . . . 4.1.6 PCT Patent Application . . . . . . . . . . . . . . . . . . . . . References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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5 Research Report on Corporate Governance of Zhongguancun NEEQ Listed Companies in 2018 . . . . . . . . . . . . . . . . . . . . . . . . 5.1 Shareholding Ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1.1 Shareholding Ratio of the Largest Shareholder . . . . . . 5.1.2 The Shareholding Ratio of the Top Ten Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2 Total Institutional Shareholding Ratio . . . . . . . . . . . . . . . . . . 5.2.1 The Overall Status of Institutional Ownership of Zhongguancun NEEQ Listed Companies . . . . . . . . 5.2.2 Contrastive Analysis of Institutional Ownership Ratio Between Zhongguancun NEEQ Listed Companies and GEM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3 Whether the Chairman and the General Manager Were the Same Person . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3.1 The Overall Situation of “Whether the Chairman and General Manager are the Same Subject” in Zhongguancun NEEQ Listed Companies . . . . . . . . . 5.3.2 Contrastive Analysis of “Is the Chairman and General Manager the Same Subject” Between Zhongguancun NEEQ Listed Companies and GEM Enterprises . . . . . .

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5.4 Number of Independent Directors . . . . . . . . . . . . . . . . . . . . . . 5.4.1 The Overall Situation of the Number of Independent Directors in Zhongguancun NEEQ Listed Companies . . 5.4.2 A Comparative Analysis of the Number of Independent Directors Between Zhongguancun NEEQ and GEM Listed Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 The Analysis of Solvency and Operation of Zhongguancun NEEQ Listed Companies in 2018 . . . . . . . . . . . . . . . . . . . . . . . . . 6.1 Long-Term Solvency Analysis . . . . . . . . . . . . . . . . . . . . . . . . 6.1.1 Assets of Zhongguancun NEEQ Listed Companies in 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1.2 Asset-Liability Ratio of Zhongguancun NEEQ Listed Companies in 2018 . . . . . . . . . . . . . . . . . . . . . . 6.2 Short-Term Solvency Analysis . . . . . . . . . . . . . . . . . . . . . . . . 6.2.1 Characteristics of Current Assets and Current Liabilities of Zhongguancun NEEQ Listed Companies in 2018 . . . 6.2.2 Analysis of Short-Term Solvency of Zhongguancun NEEQ Listed Companies in 2018 . . . . . . . . . . . . . . . . . 6.3 Analysis of Operation of Current Assets . . . . . . . . . . . . . . . . . 6.3.1 The Turnover Rate of Accounts Receivable . . . . . . . . . . 6.3.2 Inventory Turnover Ratio . . . . . . . . . . . . . . . . . . . . . . . 6.3.3 Operating Cycle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3.4 The Turnover Ratio of Current Asset . . . . . . . . . . . . . . 6.4 Fixed Asset Operating Capacity . . . . . . . . . . . . . . . . . . . . . . . . 6.4.1 Summary of Fixed Asset . . . . . . . . . . . . . . . . . . . . . . . 6.4.2 The Turnover Ratio of Fixed Assets . . . . . . . . . . . . . . . 6.5 The Operating Capacity of Intangible Assets . . . . . . . . . . . . . . 6.5.1 Summary of Intangible Assets . . . . . . . . . . . . . . . . . . . 6.5.2 The Turnover Ratio of Intangible Asset . . . . . . . . . . . . 6.6 Total Assets Operating Capacity . . . . . . . . . . . . . . . . . . . . . . . 6.6.1 Summary of Turnover Ratio Total Asset . . . . . . . . . . . . 6.6.2 Distribution of Total Asset Turnover Ratio . . . . . . . . . . 7 A Study Report on the Industry Distribution of Zhongguancun NEEQ Listed Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1 Industry Distribution Overview . . . . . . . . . . . . . . . . . . . . . . . 7.1.1 Industry Distribution . . . . . . . . . . . . . . . . . . . . . . . . . 7.1.2 Analysis of the Scale of Companies in Various Industries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2 Market Performance of Listed Companies in Various Industries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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7.2.1 Distribution of Equity in Various Industries 7.2.2 Stock Issuance in Various Industries . . . . . . 7.3 Profitability Analysis of Various Industries . . . . . . 7.4 Operational Capability of Various Industries . . . . . 7.5 Solvency of Various Industries . . . . . . . . . . . . . . .

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8 Comparative Analysis of the Development Status of NEEQ Listed Companies in Major Regions in 2018 . . . . . . . . . . . . 8.1 Analysis of the Overall Status in Each Region . . . . . . . . . 8.1.1 Market Value . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1.2 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1.3 Financing Status . . . . . . . . . . . . . . . . . . . . . . . . . 8.1.4 Tax Status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1.5 Staff Composition . . . . . . . . . . . . . . . . . . . . . . . . 8.2 Analysis on Profitability of NEEQ Listed Companies in Different Regions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2.1 Operating Income Status . . . . . . . . . . . . . . . . . . . 8.2.2 Profits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3 The Analysis of Benchmarking of Innovation of Different Regions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3.1 Analysis on Core Indicators of Enterprises at Innovation Levels in Different Regions . . . . . . . 8.3.2 Analysis of the Innovation Capabilities of Various Regions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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About the Author

Zhongguancun Listed Companies Association (ZLCA), founded autonomously by a number of listed companies in Zhongguancun, is a national NGO registered under the Bureau of Civil Affairs of Beijing. The association was officially established on 16 August 2012. ZLCA’s mission is to assist government in delivering and implementing policies, representing members in providing advices and suggestions to government, providing professional policy consultation for its members and establishing a high-level networking, resource sharing and learning platform. The foundation of ZLCA will play an important role in helping listed companies operate normatively and develop healthily, building a bridge between listed companies, investors, capital market supervisory bodies and government and promoting sharing of resources and cooperation.

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Objectives

Observation of Authoritative Data Through the analysis of growth data, the study of growth pattern and the publication of the annual competitiveness report of Zhongguancun listed companies and annual growth report of Zhongguancun NEEQ listed firms. This association aims to assist the government, members and investors in their relevant project research and development strategies for member companies.

Communication Bridge We are committed to the communication between listed companies, investors, market regulators and government in order to improve their mutual understanding by respecting needs and views.

Promotion for Innovation We strive to facilitate the development of initiative companies. We also wish to support companies listed on growth companies' market and promote technological innovation in Zhongguancun.

International Influence We will host international conferences and activities and organize overseas roadshows with group visits to boost the international influence of companies in Zhongguancun. xix

Report Instruction

1. The Growth Report of Zhongguancun NEEQ Listed Companies: The report was drafted and edited by the Zhongguancun Listed Companies Association (hereinafter referred to as ZLCA), focusing on the research and study of Zhongguancun NEEQ listed companies. The Growth Report of Zhongguancun NEEQ Listed Companies (2019), issued in 2019, refers to the report compiled based on the annual reports of Zhongguancun NEEQ listed companies in 2018. 2. Objects of Research: Objects of research include enterprises registered in Beijing and listed on the National Equities Exchange and Quotations (NEEQ), excluding companies listed on the STAQ system1 and NET system,2 and main board delisted companies. Statistics from WIND show that by 31 December 2018, the number of Zhongguancun NEEQ listed companies had reached 1440. However, by 30 May 2019, only 1224 companies had published their 2018 annual reports. Therefore, we take these 1224 companies as research objects. 3. Data Sources: All financial data without special remarks was collected from the WIND database, and the patent-related data was quoted from Zhongguancun Intellectual Property Promotion Office. Besides, part of the comparative data was cited from the official website of NEEQ and Beijing Municipal Bureau of Statistics, as well as “The Competitiveness Report of Zhongguancun Listed Companies”.

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The STAQ system, an abbreviation for the Securities Trading Automated System, was started in 1992 and run by SEEC. 2 The NET system, an abbreviation for the National Electronic Trading System, was started in 1993 and run by China Securities Trading System Co., Ltd.

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Report Instruction

4. Methodology: A database was created by assembling together all the public financial data of Zhongguancun NEEQ listed companies. Based on the database, the overall growth, distribution and status of diverse industries were analysed vertically and horizontally. Conclusions were then drawn from the analysis, and development suggestions were proposed. 5. Currency Unit: RMB was used as the currency unit throughout this report.

Chapter 1

Development Characteristics of the Zhongguancun NEEQ Market in 2018 and Suggestions for Its Development

1.1 Development Characteristics of Zhongguancun NEEQ Market 1.1.1 The Delisting Stepped into Normalization, and the Number of Listed Companies Fell for the First Time (1) The Number of Zhongguancun NEEQ Listed Companies The number of Zhongguancun NEEQ listed companies experienced negative growth for the first time. By December 31, 2018, the number reached 1440. This report excludes companies that have been delisted1 and whose special status has not been released, and only 1224 Zhongguancun NEEQ listed companies that published the 2018 annual report before April 30, 2019 are taken as the research object.2 In 2018, the number of listed companies decreased by 222, decreasing by 15.35% compared with that in 2017 (which totalled 1446). There were 214 newly listed companies in 2017, compared with which the number of newly listed companies in Zhongguancun NEEQ has decreased significantly to only 42, a decrease of 80.37%, in 2018 (see Fig. 1.1). From the perspective of hierarchy,3 the number of innovation level companies in 2018 has declined, but the number still exceeded that of Guangdong, ranking the 1 The

delisting companies here only refer to enterprises that were delisted before December 31, 2018. 2 The research objects are the Zhongguancun NEEQ listed companies, whose industrial and commercial registration is registered in Beijing and listed in the NEEQ, not including companies listed on the two networks (STAQ system and NET system) or the motherboard delisting company. 3 The number of innovation level companies in this report is subject to the number of enterprises still in the innovation level in the “subordinate level” of NEEQ companies in WIND as of December 31, 2018. © Springer Nature Singapore Pte Ltd. 2019 Zhongguancun Listed Companies Association, The Growth Report of Zhongguancun NEEQ Listed Firms (2019), https://doi.org/10.1007/978-981-15-0837-0_1

1

2

1 Development Characteristics of the Zhongguancun …

Fig. 1.1 Number of Zhongguancun NEEQ listed companies (2014–2018). Source Wind, Zhongguancun Listed Company Association

Table 1.1 Number and hierachy of Zhongguancun NEEQ listed companies (2017–2018) Year

Total number

Innovative-level

Basic-level

Number

Proportion (%)

Number

Proportion (%)

2017

1446

202

13.97

1244

86.03

2018

1224

122

9.97

1102

90.03

Growth rate

−15.35%

−39.60%

↓4.00

−11.41%

↑4.00

Source Wind, Zhongguancun Listed Company Association

first place in China. There were 122 innovation level companies in Zhongguancun, accounting for 9.97% of the number of Zhongguancun NEEQ listed companies, decreasing by 4.00% compared with that in 2017 (see Table 1.1). There were 1102 basic level companies in Zhongguancun, accounting for 90.03%. Compared with the number of innovation level companies4 (which totalled 851), the number of innovation level companies of Zhongguancun NEEQ accounted for 14.34%, ranking first; the number of innovation level companies of Guangdong Province (105) accounted for 12.33%, ranking second. From the perspective of stock trading mode, among the 1224 Zhongguancun NEEQ listed companies, 148 enterprises adopted market making transfer, accounting for 12.09%; and 1076 enterprises adopted bidding transfer, accounting for 87.99%. (2) Number of Zhongguancun NEEQ Delisted Companies

4 On May 24, 2019, the NEEQ officially released the list of companies listed on the innovation level

in 2019, with 698 companies nationwide meeting the criteria of innovation level. Among them, there were 105 innovative enterprises in Zhongguancun, which is 8 more than the number of innovative enterprises (97) in Guangdong Province, and the number of innovative enterprises ranks first.

1.1 Development Characteristics of Zhongguancun NEEQ Market

3

Fig. 1.2 Number of delisted companies (2014–2018). Source Wind, Zhongguancun Listed Company Association

In October 2016, the National Equities Exchange and Quotations (NEEQ) issued the “Detailed Rules for the implementation of the termination of listing shares of NEEQ listed companies (draft for comment)” to detail the regulations on the mandatory delisting and independent delisting of the NEEQ enterprises. Since then, the delisting of NEEQ has gradually become normalized. In 2018, a total of 1517 enterprises on the NEEQ market were delisted, over twice the number of 2017 (709). At the same time, the number of delisting Zhongguancun NEEQ enterprises had also increased rapidly. In 2018, a total of 225 Zhongguancun NEEQ listed companies were delisted, which was 2.62 times than that of 2017 (86) (see Fig. 1.2). In the past two years, the number of listed companies in NEEQ market has been decreasing year by year, and the number of delisted enterprises was on the rise. It’s worth mentioning that the year 2018 had witnessed a blowout in the number of the delisting NEEQ enterprises. Generally, the main reasons were as follows: First, the differentiated institutional supply of NEEQ market was still unclear. The threshold and standard costs of the innovative level were higher than those of the basic level. However, there was insufficient supply of the differentiated systems such as the issuance system and the investor threshold. The long-term development of NEEQ market lacked clear direction guidance, which made the NEEQ market less attractive to high-quality enterprises. Second, the regulations of NEEQ market had become increasingly strict. After the listing of NEEQ, the standard cost became relatively higher, whereas the market trading and financing activity was hardly satisfactory. For the sake of cost-benefit, some NEEQ listed companies chose to delist. Third, with the launch of A-share IPO normalization, STAR, and the strengthening of reforms by major exchanges around the world to attract a large number of new-economy enterprises to appear on the market, a large number of high-quality enterprises actively sought listing on domestic and overseas capital markets. Fourth, individual enterprises were forced to delist due to violations and failure to disclosure annual reports

4

1 Development Characteristics of the Zhongguancun …

or semi-annual reports within the prescribed time limit. In summary, the current trend of delisting normalization will indeed lead to a number of high-quality enterprises leaving NEEQ market, but it can also promote solving the problems of admixture of the genuine and the false in the current NEEQ market as well as the inactive trading, which manifested survival of the fittest on the market. The specific reasons for the delisting of Zhongguancun NEEQ listed companies in 2018 were mainly the adjustment of production and operations, the nondisclosure of periodic reports after suspension of listing the delisting of the transfer board, and the delisting of other unqualified situations for listings. Among them, 117 companies were delisted due to other unqualified situations, accounting for 52.00%; 82 for companies’ adjustment of production and operation, accounting for 36.44%; 20 for the undisclosure of periodic reports after suspension of listing, accounting for 8.89%. Besides, six companies were delisted due to the intention of transfer to A-share market, including Puppy appliance (870077.OC), Powervision Tech (837335.OC), ITC (836013.OC), Tricolor Technology (834801.OC), Longruan Technologies (834391.OC), HWTT (834116.OC) (see Fig. 1.3). Among them, Suizhong Technology was successfully listed on the main board of the Shanghai Stock Exchange on February 2, 2018 (see Fig. 1.3 and Table 1.2).

Fig. 1.3 Reasons for delisted Zhongguancun NEEQ delisted companies. Source Wind, Zhongguancun Listed Company Association

836201.OC

837335.OC

870077.OC

834391.OC

834116.OC

836013.OC

834801.OC

831008.OC

430162.OC

430018.OC

1

2

3

4

5

6

7

8

9

10

Stock code

Listing date

Beijing Hezong Science&Technology

Juli Technology

Bybon Group

Beijing Tricolor Technology

ITC

HWTT

Beijing Longruan Technologies Inc.

Puppy appliance

Powervision Tech Inc

2007-09-19

2012-11-02

2014-08-29

2016-01-05

2016-03-09

2015-11-10

2015-12-02

2016-12-06

2016-05-24

HELICHENGUANG 2016-04-08

Company short name

Number Before the transfer

2015-06-01

2017-08-24

2017-12-25

2018-01-19

2018-01-19

2018-04-27

2018-10-10

2018-10-12

2018-12-06

2019-04-23

Delisting date

Table 1.2 Zhongguancun NEEQ listed companies transfer board list

NEEQ

NEEQ

NEEQ

NEEQ

NEEQ

NEEQ

NEEQ

NEEQ

NEEQ

NEEQ

Trading market

300477.SZ

A16121.SZ

300736.SZ

603516.SH

/

/

A14465.SZ

A17383.SZ

/

A16236.SZ

Beijing Hezong Science&Technology

Juli Technology

Bybon Group

Beijing Tricolor Technology

/

/

Beijing Longruan Technologies Inc.

Puppy appliance

/

HELICHENGUANG

Company short name

After the transfer Stock code

Shenzhen

Shenzhen

Shenzhen

Shanghai

/

/

Shenzhen

Shenzhen

/

Shenzhen

Listed exchange

(continued)

2015-06-10

/

2018-01-09

2018-02-02

/

/

/

/

/

/

Listing date

1.1 Development Characteristics of Zhongguancun NEEQ Market 5

430040.OC

430049.OC

430030.OC

430045.OC

430012.OC

430008.OC

430023.OC

430001.OC

11

12

13

14

15

16

17

18

Stock code

Beijing Century Real Technology

Beijing Jiaxun Feihong Electrical

Beijing Thunisoft

Beijing Bohui Innovation Biotechnology

Kyland Technology

Beijing Etrol Technologies

Beijing Sojo Electric

Beijing Const Instruments Technology Inc.

Company short name

Number Before the transfer

Table 1.2 (continued)

2006-01-23

2007-10-26

2006-08-30

2007-02-16

2009-02-18

2008-08-20

2009-02-18

2008-12-26

Listing date

2010-12-06

2011-04-20

2011-09-28

2012-05-10

2012-08-29

2014-01-09

2015-04-20

2015-04-22

Delisting date

NEEQ

NEEQ

NEEQ

NEEQ

NEEQ

NEEQ

NEEQ

NEEQ

Trading market

300150.SZ

300213.SZ

300271.SZ

300318.SZ

300353.SZ

300370.SZ

300444.SZ

300445.SZ

Beijing Century Real Technology

Beijing Jiaxun Feihong Electrical

Beijing Thunisoft

Beijing Bohui Innovation Biotechnology

Kyland Technology

Beijing Etrol Technologies

Beijing Sojo Electric

Beijing Const Instruments Technology Inc.

Company short name

After the transfer Stock code

Shenzhen

Shenzhen

Shenzhen

Shenzhen

Shenzhen

Shenzhen

Shenzhen

Shenzhen

Listed exchange

(continued)

2010-12-22

2011-05-05

2011-10-26

2012-05-23

2012-09-27

2014-01-23

2015-04-23

2015-04-24

Listing date

6 1 Development Characteristics of the Zhongguancun …

430007.OC

20

Beijing Join-Cheer Software

Beijing Beilu Pharmaceutical

Company short name

2006-09-07

2006-08-28

Listing date

Source Wind, Zhongguancun Listed Company Association

430006.OC

19

Stock code

Number Before the transfer

Table 1.2 (continued)

2009-07-29

2009-09-30

Delisting date

NEEQ

NEEQ

Trading market

002279.SZ

300016.SZ Beijing Join-Cheer Software

Beijing Beilu Pharmaceutical

Company short name

After the transfer Stock code

Shenzhen

Shenzhen

Listed exchange

2009-08-11

2009-10-30

Listing date

1.1 Development Characteristics of Zhongguancun NEEQ Market 7

8

1 Development Characteristics of the Zhongguancun …

1.1.2 Performance of Enterprises with Continuity of Operation Grew Steadily Sustainable Profitability Needed to be Improved (1) Revenue In 2018, the total revenue of Zhongguancun NEEQ listed companies reached 239.316 billion yuan, which fell 1.17% y-o-y; the average revenue of the companies reached 196 million yuan, an increase of 17.37% y-o-y. There were 1160 companies that continued to operate from 2017 to 2018, the operating income of which was 202.98 billion yuan in 2017 and 228.15 billion yuan in 2019 an increase of 12.40% y-o-y. It can be seen that the decline in the overall operating income of Zhongguancun NEEQ listed companies in 2018 was mainly due to the decrease of the number of NEEQ listed companies5 rather than the poor management of the existing enterprises. From the perspective of hierarchy, the total revenue of the innovative-level companies was 64.18 billion yuan, accounting for 26.82%; the total revenue of the basiclevel companies was 175.140 billion yuan, accounting for 73.18%. The average revenue of the innovative-level companies was 526 million yuan, an increase of 6.26% y-o-y; and the average revenue of the basic-level companies was 159 million yuan, an increase of 39.47% y-o-y. It can be seen that the average operating income of innovative-level companies is 3.3 times of the basic level companies, and increase of the latter was even faster. In 2018, in terms of growth, 708 Zhongguancun NEEQ listed companies reported positive y-o-y revenue growth, accounting for 58%. Among them, there were 65 innovative level companies, accounting for 53% of the total number of innovative level companies, and there were 643 basic level companies, accounting for 58% of the total number of basic level companies. And 500 companies had achieved positive growth in operating income for two consecutive years in 2017 and 2018, accounting for 41% of the total number of NEEQ listed companies in Zhongguancun. And 54 companies (44% of the total number of innovative level companies) were in the innovative level and 446 enterprises (40% of the total number of innovation level companies) were in the basic level. In 2017 and 2018, the operating income continued to grow. There were 135 enterprises in total, with a compound growth rate of at least 50%, which were in stable operation and had high growth. (2) Net Profit and Total Profit and Loss In 2018, the total net profit of Zhongguancun NEEQ listed companies reached 9.228 billion yuan, an increase of 34.95% y-o-y; the average net profit of Zhongguancun NEEQ listed companies was 7.54 million yuan, an increase of 23% y-o-y. The 1160 Zhongguancun NEEQ listed companies that had been operating continuously in 2017–2018 had a net profit of 8.667 billion yuan, an increase of 30.51% y-o-y. 5 At

the end of 2017, the number of Zhongguancun NEEQ enterprises included in the statistics was 1446. At the end of 2018, the number of Zhongguancun NEEQ enterprises included in the statistics was 1224, a decrease of 222 compared with the same period of last year, a drop of 15%.

1.1 Development Characteristics of Zhongguancun NEEQ Market

9

Table 1.3 Statistics on the profit and loss of Zhongguancun NEEQ listed companies (2014–2018) Year

Profitable enterprises

Loss-making enterprises

Total

Number

Number

Number

Proportion (%)

Proportion (%)

Proportion (%)

2014

287

80.62

69

19.38

356

2015

574

76.03

181

23.97

755

100.00 100.00

2016

1022

71.22

413

28.78

1435

100.00

2017

978

67.63

468

32.37

1446

100.00

2018

734

59.97

490

40.03

1224

100.00

Source Wind, Zhongguancun Listed Company Association

In recent years, the overall profit and loss of Zhongguancun NEEQ listed companies had declined year by year. In 2018, among the Zhongguancun NEEQ listed companies, 734 companies achieved profitability, accounting for 59.97% of the total number of Zhongguancun NEEQ listed companies, while 490 companies were unprofitable, accounting for 40.03% (see Table 1.3). Overall, the profitability of Zhongguancun NEEQ listed companies needed to be improved. Judging from hierarchy, the profitability of Zhongguancun NEEQ in innovative level enterprises was better than that of the basic level enterprises. In the innovative level, 83 companies (68.03%) achieved positive, and 39 companies (31.97%) were in loss. In the basic level, 651 companies (59.07%) achieved positive, and 451 companies (40.93%) were in loss (see Table 1.4). In terms of growth, there were 621 enterprises in Zhongguancun NEEQ that had achieved profitability for two consecutive years in 2017 and 2018 (accounting for 50% of the total number of NEEQ listed companies in Zhongguancun), including 78 enterprises in the innovative level (accounting for 64% of the number of innovative enterprises), and 543 enterprises in the basic level (49% of the number of basic enterprises). These enterprises had stable operating conditions, strong profitability and great growth potential. Among the 621 companies that had been profitable for two years, there were 18 companies with an average net profit of not less than 100 million yuan, and 167 NEEQ listed companies with an average net profit no less than 20 million yuan. Table 1.4 Statistics on the profit and loss of different hierarchical listing companies in Zhongguancun NEEQ in 2018 Stratification Innovative-level Basic-level

Profitable enterprises

Loss-making enterprises

Number

Number

Proportion (%)

Proportion

83

68.03

39

31.97

651

59.07

451

40.93

Source Wind, Zhongguancun Listed Company Association

10

1 Development Characteristics of the Zhongguancun …

1.1.3 With Insufficient Market Liquidity, NEEQ Market Needs to Boost Financing Support for Enterprises In 2018, the liquidity of the Zhongguancun NEEQ market continued to fall. The number of stocks issued and the financing amount of Zhongguancun NEEQ listed companies all showed negative growth. The annual trading volume and turnover of stocks also dropped sharply. The annual turnover of most enterprises with trading volume was below 1 million stock. The liquidity of Zhongguancun NEEQ market had seen no significant improvement. In the meantime, the financing activity of Zhongguancun NEEQ listed companies continued to slump in 2018. (1) Stock Issue Status Overall, the stock issuance of Zhongguancun NEEQ listed companies had soared in 2015. In 2016, the growth rate, however, slowed down. In 2017, both the number of stocks issued and the financing amount had dropped, and continued to do so in 2018. In 2018, Zhongguancun NEEQ issued stocks for 186 times, falling 55.61% year-on-year; the financing amount of stock issuance was 8.301 billion yuan, down 69.93% year-on-year; the average financing amount was 45 million yuan, down 32.27% year-on-year (see Table 1.5). (2) Status of Stocks Trading Volume In 2018, the Zhongguancun NEEQ stock exchange market shrank severely when the annual trading volume and turnover of Zhongguancun NEEQ listed companies fell sharply. In 2018, a total of 659 (53.84%) Zhongguancun NEEQ listed companies participated in stock trading, which was 229 companies year-on-year decrease compared with 888 enterprises in 2017, the decline reached 25.79%. The annual stock turnover was 1.734 billion stocks and the turnover was 4.237 billion yuan. Compared with the annual volume of 7.390 billion stocks and the turnover of 39.007 billion yuan in 2017, the year-on-year decrease was 76.54 and 89.14% respectively. In terms of the average transaction price of stocks, the average transaction price of Zhongguancun NEEQ in 2018 was 2.47 yuan per share, while the average transaction price in 2017 was 5.27 yuan per share, down 53% year-on-year (see Fig. 1.4). The stock size of Zhongguancun NEEQ listed companies fell seriously in transaction scale. There were only 27 companies with an annual turnover of more than 10 million stocks (accounting for 2.21%)whose turnover added up to 2.314 billion yuan (accounting for 55.26%); 22 companies with annual turnover of 5 million to 10 million stocks (accounting for 1.80%), the total turnover was 470 million yuan (11.09%); the number of companies with annual turnover of 1 million to 5 million shares was 103 (accounting for 8.42%), and their total turnover was 844 million yuan (accounting for 19.93%); There are 507 companies with a trading volume of less than 1 million stocks (41.42%), and the total turnover was 581 million yuan (accounting for 13.72%). In addition, the number of enterprises without trading volume within one year was 565, accounting for 46.16%, nearly half of the total number of listed companies in Zhongguancun NEEQ (see Fig. 1.5).

511

419

186

2016

2017

2018

343.06 276.10 83.01

−18.00

−55.61

331.23

17.20

373.91

Source Wind, Zhongguancun Listed Company Association

436

2015

81.79

Quantity/billion

/

Increase (%)

Quantity/time

92

Financing amount

Times of stocks issuance

2014

Year

Table 1.5 Stock status of Zhongguancun NEEQ market (2014–2018)

−69.93

−19.52

3.57

304.98

/

Increase (%)

0.45

0.66

0.67

0.76

0.89

Quantity/billion

−32.27

−1.85

−11.63

−14.55

/

Increase (%)

Average financing amount

1.1 Development Characteristics of Zhongguancun NEEQ Market 11

12

1 Development Characteristics of the Zhongguancun …

Fig. 1.4 Changes in annual trading volume and turnover of Zhongguancun NEEQ companies in 2016–2018. Source Wind, Zhongguancun Listed Company Association

Fig. 1.5 Trading scale distribution of Zhongguancun NEEQ enterprises in 2018. Source Wind, Zhongguancun Listed Company Association

From the point of view of trading methods, the market making transferring companies were better than bidding enterprises in terms of transaction activity and average transaction price. In terms of trading activity, 96% (142) of the market making transferring companies had volume, with a total trading volume of 581 million stocks (34%) and a total turnover of 1.497 billion yuan (accounting for more than 35%). The average transaction price of the market transfer was 2.58 yuan per stock; 48% (517) of the companies that had adopted the bidding transfer had volume, with a total volume of 1.153 billion stocks (66%). The total turnover was 2.74 billion yuan (accounting for 65%), and the average transaction price of bidding transfer was 2.38 yuan per stock (see Table 1.6). From the perspective of stratification, the innovative layer enterprises had obvious advantages in trading activity and average transaction price. From the point of view of trading activity, compared with the transactions of innovative level and the basic level, among the 659 companies that had trading volume, 98% of the enterprises in

1.1 Development Characteristics of Zhongguancun NEEQ Market

13

Table 1.6 Status of stocks of Zhongguancun NEEQ listed companies (bidding transfer and market making transfer) in 2018 Indicators

Bidding transfer

Market transfer

Number

Number

Proportion (%)

Proportion (%)

Enterprises’ number

517

78

142

22

Total volume (billion share)

1.153

66

0.581

34

Total turnover ( billion yuan)

2.74

65

1.497

35

Average transaction price (yuan/share)

2.38

2.58

Source Wind, Zhongguancun Listed Company Association Table 1.7 Status of stocks of Zhongguancun NEEQ listed companies (innovative and basic level) in 2018 Indicators

Innovative level

Basic level

Number

Proportion (%)

Number

Proportion (%)

Enterprises’ number

119

18.06

540

81.94

Total volume (billion shares)

0.565

32.58

1.168

67.42

Total turnover (billion yuan)

1.795

42.36

2.441

57.64

Average transaction price (yuan/share)

3.18

2.09

Source Wind, Zhongguancun Listed Company Association

the innovative level (119) had trading volume, with a total volume of 565 million stocks. The proportion of total turnover was 1.795 billion yuan (42.36%), the average transaction price was 3.18 yuan per stock; 49% of the enterprises in the basic layer (540) had volume, the total trading volume was 11.68 million stocks (accounting for 67.35%), the total turnover was 2.441 billion yuan (accounting for 57.61%), the average transaction price was 2.09 yuan per stock (see Table 1.7). (3) Financing Situation Analysis ➀ The situation of private placement6 In 2018, a total of 134 NEEQ listing companies in Zhongguancun implemented 144 private placements, with an additional number of 836 million shares. The actual total fundraising reached 4.714 billion yuan, with an average single financing of 564 million yuan and an average issuance price of 11.46 yuan per share. Compared with 2017, the number of enterprises participating in fixed financing in Zhongguancun 6 The

data related to the private placement in this book is unified by the listing date of the fixed shares.

14

1 Development Characteristics of the Zhongguancun …

Table 1.8 The financing situation of Zhongguancun NEEQ listed companies in 2014–2018 Year

The number of additional companies

Number of additional issues

Number of additional shares/billion shares

Actual fundraising total/billion

Average single financing amount/billion

2014

68

76

9.22

78.32

8.49

2015

283

376

55.84

309.62

5.54

2016

404

461

61.75

284.54

4.61

2017

342

377

26.74

227.23

8.50

2018

134

144

8.36

47.14

5.64

Source Wind, Zhongguancun Listed Company Association

NEEQ decreased by 60.82% in 2018, the number of fixed increments decreased by 61.80%, the number of issued shares decreased by 68.74%, and the total amount of actual fundraising decreased by 79.25% (see Table 1.8). From the stratification situation, 16 innovative companies (accounting for 13.11% of the total number of innovative companies) implemented 17 private placements, with an additional number of 88 million shares, actual fund raising amounted to 769 million yuan, and average single financing of 8.74 million yuan; 118 basic-level companies (accounting for 10.71% of the total number of base-level companies), implemented 127 private placements, with an additional number of 748 million shares, an actual fundraising amount of 3.946 billion yuan, and an average single financing of 528 million yuan (see Table 1.9). According to the statistics of the scale of private placement financing, there were 9 times of private placement financing of more than 100 million yuan, the total financing was 1.672 billion yuan; 15 times of that of the enterprises of 50–100 million yuan, whose total financing amount was 946 million yuan; There were enterprises issued the 10–50 million placement financing for 88 times, with the total financing of 1.956 billion yuan; Enterprises with financing amount below 10 million yuan issued 32 times, and total financing of 139 million yuan (see Table 1.10). Table 1.9 Stratified comparison of financing situation of Zhongguancun NEEQ listed companies in 2018 Layering

The number of fixed financing enterprises

Fixed financing times

Increase in the number of shares/billion shares

Fixed financing amount/billion yuan

Average single financing amount/billion yuan

Innovation layer

16

17

0.88

0.769

0.874

Base layer

118

127

7.48

3.946

0.528

Source Wind, Zhongguancun Listed Company Association

1.1 Development Characteristics of Zhongguancun NEEQ Market

15

Table 1.10 Statistics on the scale of financing for Zhongguancun NEEQ listed companies in 2018 Fixed financing interval >100 million yuan

Fixed increment

Fixed financing

Frequency

Frequency

Proportion (%)

Proportion (%)

9

6

16.72

35

50 million to 100 million yuan

15

10

9.46

20

10 million to 50 million

88

61

19.56

42