Titan Science and Technology IPO "two into the palace" science and technology board market characteristics are obvious

On the evening of April 13, the official website of the Shanghai Stock Exchange disclosed that Titan Technology's latest application for the listing of the science and technology board has been accepted, and it plans to raise 535 million yuan to invest in network platform upgrades and other projects.
The Securities Times · e company reporter compared the two prospectuses and found that the company's sponsors and lead underwriters changed from China Everbright Securities to CITIC Securities, while China Everbright Securities was also a joint lead underwriter, and other intermediaries have not changed. In terms of content, compared with the previous declaration, Titan Technology has made a certain degree of modification in the major part reminder part, business and technology part (main business, sales model, core technology). It is mainly to adjust the content of the main business, main business model, industry development status and development trends, procurement and supply.
Industry insiders believe that the IPO "two-entry palace" of the Titan Science and Technology Board shows that the Science and Technology Board is broad and inclusive in serving science and technology enterprises. As long as it meets the conditions, the channel is very smooth and fully reflects the market characteristics; at the same time The “Guidelines for the Evaluation of Science and Technology Attributes (Trial)” (referred to as “Guidelines”) issued by the China Securities Regulatory Commission in the early period obviously increased the convenience of enterprises, and allowed all parties to have reference indicators for the identification of the attributes of science and technology, which accelerated the eligible enterprises The speed of "reporting".
Adjustment of business logic and other contents
Titan's first IPO application of Science and Technology Board was accepted on April 11 last year. On September 26 of the same year, will the company be affected? At that time, the Science and Technology Board Listing Committee considered: "The issuer failed to accurately disclose the business model and business substance, failed to accurately disclose its core technology and its advanced nature, and mainly rely on the core technology for production and operation. The issuer issued this listing application documents disclosure of information does not meet the "Branch board IPO registration (trial)" the relevant provisions; do not meet "the Shanghai stock Exchange Branch audit board stock issuing and listing rules" regulations. "
difficult to find by comparing The content adjustment of this Titan Technology application material mainly lies in the main business and technology, which may be related to whether the company's previous Science and Technology Board IPO was related.
To be specific, compared to the business part of the prospectus declared this time, the business logic and irregular language in the prospectus declared last time were modified. The main differences are as follows: For example, in the main business Level. In the first declaration, the main business description "The issuer is a scientific research field based in China, focusing on scientific research innovation" laboratory scene ", with scientific research reagents, scientific instruments and consumables, laboratory construction and scientific research information service three products Based on the system, it is a comprehensive scientific service provider focusing on providing one-stop scientific research products and integrated supporting services for scientific researchers, analytical testing and quality control personnel ... The issuer through independent research and development, own brand, technology integration packaging services, etc. Ways combined with self-built scientific research information system, etc., to provide customers with scientific service one-stop technology integration solutions for innovative research and development, product upgrades, and production quality control. "
In this declaration, the main business was revised to "The company has been based in the field of scientific services in China since its establishment, focusing on the" laboratory scene "of scientific research and innovation, focusing on providing scientific research products and scientific research workers, analytical testing and quality control personnel. Relevant supporting services, and the three major product systems of scientific research reagents, scientific instruments and consumables, laboratory construction and scientific research informatization services have been sold to the outside world ... The company has formed the analysis of downstream customers' research and development directions, historical procurement data and industry trends Predicting customer needs, building independent brands through innovative R & D products, and integrating third-party brand products to form a complete product matrix, and through the self-built scientific service platform "Exploration Platform" and the establishment of efficient warehousing and logistics systems, innovation for customers R & D, product upgrades and production quality control provide stable, reliable, convenient and fast products and services. "
At the same time, the company's main business and sales model have been streamlined and changed to varying degrees.
Distinguish between core technologies
Another example is in terms of core technology and core technology revenue. For the first time, the income corresponding to the core technology includes: 1. Revenue from independent brands during the reporting period; 2. “Revenue from third-party brand technology integration products” “Special chemicals directly sold to terminal manufacturers” are included in “with core technology Related product and service income ".
In this declaration, the issuer distinguished the core technologies. The core technologies mainly include: 1. Product technology, that is, through its own research and development accumulation, it has formed its own brand of scientific research reagents, scientific instruments and consumables, and laboratory construction and scientific research information. Service, product technology can directly correspond to independent brand products; 2, platform technology, that is, through the independently established scientific service platform "exploration platform" and the establishment of a comprehensive warehousing and logistics system, improve the issuer's management efficiency and customer user experience, To help the company's business development, platform technology cannot correspond to specific products, but it supports the company's entire sales and warehousing logistics system. Therefore, the revenue directly corresponding to the core technology is only the issuer's own brand products.
It is worth noting that on March 20 this year, the China Securities Regulatory Commission issued the "Guidelines", which clarified the "3 + 5" science and technology attribute evaluation index system, providing support and encouragement to companies that meet the science and technology attribute evaluation standards to apply for the science and technology board, further Clarified market expectations. On March 27, the Shanghai Stock Exchange also issued the "Interim Provisions on the Application and Listing of Science and Technology Board Enterprises for Listing and Recommendations", which detailed the industry scope of the services of science and technology board, covering new-generation information technology, high-end equipment, new materials and other high-tech enterprises and Strategic emerging industries have also identified other companies that are in-depth application of technology innovation in line with the positioning of the science and technology board, such as financial technology, technology services, etc., which belong to the scope of science and technology board services.
According to the prospectus, Titan Technology belongs to the technology service industry, so the company meets the requirements of the science and technology board industry field; and, the company meets the three conventional indicators in the "Guide", which meets the attributes of science and technology.