Genew Technologies, founded by SGY alumnus, was posted to the Science and Technology Innovation Board
Genew Technologies, an enterprise founded by SGY alumnus Minhua Wu (SGY ’88), had their IPO debut on the technology innovation board yesterday. During the induction ceremony, Wu, the chairman and the general manager, made a brilliant speech on behalf of the seven enterprises that debuted yesterday.
China’s technology industry has been rising rapidly, increasingly competing at the international level. By directly competing in the global high-end technology market, companies such as Genew are redefining the 40-year-old meaning of “Made in China.” Developing the country through science and technology, enhancing the country through innovation, Genew Technologies’ entry to the science and technology innovation board is an example of this kind of great responsibility for the era and the country.
On July 22 last year, the science and technology innovation board was launched and the first 25 enterprises successfully entered the capital market in the Shanghai Stock Exchange. On July 22 this year, on the occasion of first full year, the Shanghai Stock Exchange held the entry ceremony of six high-tech enterprises, including Genew Technologies and Leaguer, to inject fresh blood into China’s capital market and continue showing the scientific and innovative attributes of the science and innovation board.
Innovation is significant and the market is developing rapidly
This year, the science and innovation board has demonstrated itself as a leader in China’s capital market reform. With the ongoing promotion of capital market reform in China, the Science and Innovation Board has made new progress, including a series of innovations in the trial registration system.
He Qing, chairman of Guotai Junan Securities, said that the Science and Innovation Board has strengthened points of weakness in China’s capital market, supporting technology innovation and broadening the channels for the technology enterprises to enter the market. Not only does it help technology enterprises attain financial support, regulate their governance, and promote innovation motivation, but it is conducive to the investors sharing the benefit of the development of science and innovation enterprises.
In this year, we have not only witnessed the continuous entry of high-tech enterprises to the Science and Innovation board, but also the first company with special voting rights (so-called weighted voting rights), Ucloud, the first company that has not yet made a profit, Zelgen, the first red chip company, China Resources Microelectronics Limited and other companies that are often considered “high-risk” to be posted on the board. Therefore, it’s not difficult to find that the Science and Innovation Board is continuously enhancing market inclusiveness, lowering the hidden threshold to an IPO, hands the selection power over to the market, and improves the resource-allocating efficiency of the capital market. The Science and Innovation Board also emphasizes clear information disclosure at the core.
Data from the Shanghai Stock Exchange shows that, so far, the Science and Innovation Board has reviewed over 300 enterprise applications, with more than 130 enterprises ultimately entering the market, with a total market value of nearly 2.5 trillion yuan and an average price-to-earnings ratio of more than 95.
“Little Huawei” enters the market with a bright future
On July 22, 2020, it was a red-letter day for the first full year of the Science and Innovation board. Genew Technologies, which comes from Yuehai Street of Shenzhen, the same as Huawei and Tencent, held the entrance ceremony on the Science and Innovation Board in the Shanghai Stock Exchange. Genew Technologies, known as “little Huawei” in the communication field, will further expand the Science and Innovation Board after its addition. Further, it will inject fresh blood into the capital market and contribute to the development and innovation of China’s science and technology.
Genew Technologies is a comprehensive communication system supplier of communication network equipment and technical solutions. It is also a national high-tech enterprise which personifies independent innovation. At present, Genew Technologies has grown from a leader in the industry segments of soft switching and emergency dispatch to an international leading supplier of comprehensive communication equipment.
After years of development, Genew Technologies’ products and solutions have covered the core network, access network, bearer work, wireless communication, smart city, command and dispatch and others in the field of public network operators or private network communication. Genew Technologies’ 5G core network system and 5G access network system are coming into commercial use in the second and third quarters of 2020. They have won the bidding of China Unicom’s 5G prequel project and Softbank (Japan)’s 5G clock project. Besides, they have been shortlisted for China Unicom’s 5G clock project and 5G OTN-CPE project.
In 2020, Genew Technologies’ smart emergency command system assisted in important flood control work in Taicang, Jiangsu province, maintained the security of people’s lives and property and ensured the sustainable development of the national economy. Genew Technologies’ command and dispatch solutions are widely used in special scenarios such as government emergency, public security command and dispatch, military command and dispatch, coal mine production and power emergency dispatch.
In recent years, with the development and expansion of the company, Genew Technologies has successfully developed customers such as Bharat Sanchar Nigam Limited in India (BSNL), Tata Group in India, Softbank Group Corp in Japan (Softbank), Philippine Long Distance Telephone Company (PLDT), Tiscali in Italy, Jersey Telecom in England (JT) and other overseas operators, as well as China Telecom, China Unicom and other domestic operators. Genew Technologies competes with Huawei, Ericsson, Nokia, ZTE and other international public network equipment suppliers on the international market.
The main investment of the IPO of Genew Technologies is the next generation Internet broadband access equipment development project, 5G core network equipment development project, emergency command and decision analysis system development project and product research development center construction project, all centering on the company’s primary business. The listing of Genew Technologies on the Science and Innovation board will further develop the company’s techniques, production capacity, brand influence, market share and so on, planning a bright future for the company.