Chinanews client, Beijing, September 3 (Reporter Xie Yiguan) On September 2, China officially announced that it would "establish the Beijing Stock Exchange." After that, netizens boiled and posted several related topics on hot searches.
Screenshot of netizen's message
As the third stock exchange in China, why choose Beijing?
How will the Beijing Stock Exchange (hereinafter referred to as the "Beijing Stock Exchange") operate?
What is the difference with the Shanghai and Shenzhen Stock Exchange?
How can ordinary people participate?
It has become a concern of many netizens.
Why set up the Beijing Stock Exchange?
"Deepening the reform of the New Third Board and establishing the Beijing Stock Exchange is an important measure to implement the national innovation-driven development strategy and to continuously cultivate new drivers of development. It is also an important part of deepening the structural reform of the financial supply side and improving the multi-level capital market system. It is of great significance to give full play to the function of the capital market, promote the integration of technology and capital, and support the innovation and development of small and medium-sized enterprises." said the person in charge of the China Securities Regulatory Commission.
According to Zhao Xijun, co-dean of the China Capital Market Research Institute of Renmin University of China, increasing the Beijing Stock Exchange can ease the gap between listing demand and supply to a certain extent; In coastal areas, the establishment of exchanges in Beijing can to a certain extent avoid the imbalance in the resource allocation mechanism; third, my country has entered a stage of high-quality development. As the city with the most scientific research institutions, Beijing has a large number of scientific research results and requires a resource allocation mechanism. Guide the transformation and development of innovative forces.
"The establishment of the Beijing Stock Exchange will form a three-legged stock exchange pattern." Dong Dengxin, director of the Institute of Financial Securities at Wuhan University of Science and Technology, also told a reporter from Chinanews.com that this will give more consideration to the mid-western and northern small and medium-sized high-rise buildings. A technology company is a very important strategic decision.
On February 16, 2021, a "Golden Bull" sculpture located in Beijing's Financial Street attracted the passing of citizens to stop by.
Photo by China News Agency reporter Hou Yu
What is the difference with the Shanghai and Shenzhen Stock Exchange?
On September 3, Zhou Guihua, director of the Non-listed Public Company Supervision Department of the China Securities Regulatory Commission, stated at the press conference that the Beijing Stock Exchange, Shanghai and Shenzhen Stock Exchanges, and regional equity markets insisted on dislocation development and interconnection, and played a better role of listing on the transfer board.
According to Zhou Guihua, firstly, in terms of market functions, the Beijing Stock Exchange will focus on serving innovative small and medium-sized enterprises, and serve “earlier”, “smaller” and “newer” targets; secondly, in terms of institutional arrangements, the Beijing Stock Exchange Efforts should be made to build a basic system that suits the characteristics of small and medium-sized enterprises, and insist that listed companies emerge from qualified innovative enterprises. At the same time, the Beijing Stock Exchange should adhere to the transfer mechanism to the Shanghai and Shenzhen Stock Exchanges, and strengthen the interconnection of multi-level capital markets; 3. In terms of market operation, we
will continue to focus on qualified investors. The overall investor structure and risk appetite of the NEEQ are quite different from those of Shanghai and Shenzhen trading
.
"The basic functions of the stock exchange are all interlinked, but each exchange must give play to its own advantages based on its positioning and resource endowment." Zhao Xijun told a reporter from Chinanews.com that the positioning of the Beijing Stock Exchange follows its characteristics in Beijing. It is consistent with the rich conditions of existing scientific research, so as to give full play to its advantages and build the ability to serve scientific and technological innovation enterprises.
Data map: China Securities Regulatory Commission.
Photo by China News Agency reporter Zhang Hao
Where do companies listed on the Beijing Stock Exchange come from?
According to the China Securities Regulatory Commission, the main idea for the construction of the Beijing Stock Exchange is to follow the principle of step-by-step implementation and gradual progress, to generally shift the basic systems of the selection layer, to insist that the companies listed on the Beijing Stock Exchange are created by innovative companies, and to maintain the new third board. The basic layer, the innovation layer, and the Beijing Stock Exchange's "progressive" market structure are simultaneously piloting the securities issuance registration system.
"The new third board market has formed three market levels. After the establishment of the Beijing Stock Exchange, all selected companies listed on the Beijing Stock Exchange will become listed companies on the Beijing Stock Exchange. Subsequent companies listed on the Beijing Stock Exchange will be formed by qualified listed companies." Zhou Guihua said that the basic and innovative layers of the New Third Board are still national securities venues, and the companies on the basic and innovative layers are still non-listed public companies.
Yang Zhe, deputy director of the Non-listed Public Company Supervision Department of the China Securities Regulatory Commission, pointed out that on the basis of respecting the operating characteristics of small and medium-sized enterprises, strengthen the market clearing function and establish differentiated demand arrangements. Companies delisted on the Beijing Stock Exchange that meet the requirements can be refunded. The innovation layer and the basic layer continue to trade, and if there are major violations of laws and regulations, they should directly withdraw from the market.
Data map: Shareholders of a securities business department in Haikou pay attention to the market trend.
Photo by China News Agency reporter Luo Yunfei
The Beijing Stock Exchange does not impose any price limit on the first day of listing
Regarding the trading system, Yang Zhe revealed that the Beijing Stock Exchange adheres to a more flexible trading system at the select level and implements continuous auction trading. There is
no price limit on the first day of IPOs, and the price limit is 30% from the next day.
, Increase market flexibility, adhere to an appropriate investor innovation management system, promote the balance of buying and selling power, and prevent market speculation.
This is also consistent with the current limit on the rise and fall of selected stocks.
It is worth mentioning that at present, the Shanghai and Shenzhen main boards are limited to 10%, and the Sci-tech Innovation Board and ChiNext are limited to 20%.
In addition, the China Securities Regulatory Commission has not mentioned the threshold for investor participation.
At present, the adjusted investment threshold of the New Third Board is: the investment threshold of the basic layer, the innovation layer, and the selected layer have been reduced to 2 million yuan, 1.5 million yuan, and 1 million yuan respectively.
"The exchange must match appropriate investment needs with appropriate financing needs." Zhao Xijun told reporters that from a regulatory perspective, it is necessary to sell appropriate products to appropriate investors to match risks.
In the case of high-efficiency completion of resource allocation, to achieve a balance between risks and benefits.
No administrative intervention on issue price, scale, etc.
On September 3, the China Securities Regulatory Commission publicly solicited opinions from the public on the relevant basic institutional arrangements of the Beijing Stock Exchange.
The screenshot is from the official website of the China Securities Regulatory Commission.
According to reports, the Beijing Stock Exchange has implemented multiple financing methods such as public issuance to unspecified qualified investors and issuance to specific targets, and introduced flexible issuance mechanisms such as authorized issuance, shelf issuance, and self-issued issuance. Reduce financing costs for SMEs.
In the pricing mechanism, adhere to the market-oriented orientation, promote the full game of new and existing shareholders, "take bidding as the principle and take pricing as the exception", and refrain from administrative intervention in the issue price and scale, strengthen the protection of investors' rights and interests, and further improve pricing efficiency , Standardize the order of issuance.
At the same time, the Beijing Stock Exchange implements a company system and establishes an operating mechanism for the shareholders meeting, board of directors, general manager, and board of supervisors.
What are the benefits of the establishment of the Beijing Stock Exchange, and what is the impact on the market?
Stimulated by the “establishment of the Beijing Stock Exchange”, on September 3, the selected stocks of the New Third Board broke out across the board. As of the close, 58 stocks out of 66 constituent stocks have risen, of which 39 stocks have risen by more than 5%. , 19 stocks rose more than 10%.
In the A-share market, as of the close, the concept of the Beijing Stock Exchange rose by more than 6%; the concept of the NEEQ selected layer rose by more than 4%; the concept of venture capital stocks also rose sharply, the dark horse of entrepreneurship rose by more than 19%, Haitai Development, Urban Construction Development, Zhongguancun, Beijing Investment Development, etc. directly closed the daily limit.
In addition, brokerage stocks such as Shenwan Hongyuan, First Capital, and Dongxing Securities rose sharply.
The A-share market saw the top gainers in venture capital stocks on September 3.
"The establishment of the Beijing Stock Exchange is beneficial to securities firms on the one hand, and innovative real estate developers such as Zhongguancun on the other." Target, some holding and share holding companies will also benefit from the listing of these companies.
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