What is the difference between Beijing Stock Exchange and Shanghai and Shenzhen Stock Exchange? Detailed Explanation of China Securities Regulatory Commission
China News Service, Beijing, September 3 (Reporter Xia Bin) "The Beijing Stock Exchange mainly serves innovative small and medium-sized enterprises. In terms of transaction volume and valuation level, it is expected to show different characteristics from the Shanghai and Shenzhen Stock Exchanges.” The relevant person in charge of the China Securities Regulatory Commission said when attending a press conference in Beijing on the 3rd.
The person in charge stated that from the perspective of financing, the Beijing Stock Exchange mainly serves innovative small and medium-sized enterprises. While some enterprises have strong innovation capabilities and greater development potential, they also have the characteristics of large performance fluctuations and high operating risks. Affected by the external environment.
From the perspective of investment, the Beijing Stock Exchange is dominated by qualified investors, and its investment preferences and behavior characteristics are quite different from those of ordinary retail investors. Transactions are relatively low-frequency and rational, and the holding period is relatively long. It pays more attention to the medium and long-term benefits brought by corporate growth. .
The China Securities Regulatory Commission stated that, in order to promote the formation of a multi-level capital market system with Chinese characteristics that has its own focus and complements each other, the Beijing Stock Exchange will adhere to its original intention and mission of serving innovative small and medium-sized enterprises, adhere to differentiated institutional arrangements, and highlight market characteristics. Properly handle the dislocation development and interconnection relationship with the Shanghai and Shenzhen Stock Exchanges.
The China Securities Regulatory Commission further pointed out that in terms of market functions, the Beijing Stock Exchange focuses on innovative small and medium-sized enterprises and serves “earlier, smaller, and newer” targets. Through the construction of the NEEQ basic layer and innovation layer, the Beijing Stock Exchange will deliver the services to the Beijing Stock Exchange. The advanced market structure fully reflects the inclusiveness of the market and the accuracy of services, strengthens the functional complementarity between various market segments, continuously expands the coverage of the capital market, and increases the proportion of direct financing.
In terms of institutional arrangements, the Beijing Stock Exchange is striving to build a basic system that fits the characteristics of small and medium-sized enterprises, and insists that listed companies emerge from qualified innovation-level enterprises.
At the same time, the Beijing Stock Exchange adheres to the transfer mechanism to the Shanghai and Shenzhen Stock Exchanges, gives full play to its role as a link, and strengthens the interconnection of multi-level capital markets.
(over)