Set up the Beijing Stock Exchange —

Create a main position for service-innovative small and medium-sized enterprises

　　Our reporter Zhao Zhanhui

　　On September 2, President Xi Jinping pointed out at the 2021 China International Trade Fair in Services Global Service Trade Summit that we will continue to support the innovative development of small and medium-sized enterprises, deepen the reform of the New Third Board, set up the Beijing Stock Exchange, and create service-innovative small and medium-sized enterprises. position.

　　What is the significance of deepening the reform of the New Third Board and establishing the Beijing Securities Exchange? What role will it play in improving the multi-level capital market system and better supporting the innovation and development of SMEs?

The reporter interviewed the relevant person in charge of the China Securities Regulatory Commission.

　　The Beijing Stock Exchange was set up by the selection layer of the New Third Board. It is an exchange tailored for innovative small and medium-sized enterprises.

　　Question: What is the background of this reform?

What is the relationship between "deepening the reform of the New Third Board" and "establishing the Beijing Stock Exchange"?

　　Answer: The Party Central Committee and the State Council attach great importance to the innovation and development of small and medium-sized enterprises and the reform of the New Third Board. The Central Economic Work Conference, the "14th Five-Year Plan" and the recent Politburo meeting are all important for the development of "specialized, special and new" SMEs. Deepen the reform of the New Third Board and make important arrangements.

At this service trade conference, Chairman Xi Jinping clearly stated that he will continue to support the innovative development of small and medium-sized enterprises, deepen the reform of the New Third Board, set up the Beijing Stock Exchange, and create the main position of service-innovative small and medium-sized enterprises. This is to better serve the capital market and build new development. The new major strategic deployments made to promote high-quality development in order to further deepen the reform of the New Third Board and improve the capital market’s financial support system for small and medium-sized enterprises have pointed out the direction and provided follow.

　　Since its official operation in 2013, the NEEQ has developed into an important platform for the capital market to serve SMEs.

In 2016, the NEEQ was initially divided into the innovation layer and the basic layer. In 2020, the selection layer will be established. At the same time, the transfer of listing, public offering, and continuous bidding transactions have been introduced, gradually forming differentiated issuance and transactions that are compatible with the status of different levels of enterprises. Such basic systems have established a progressive market structure of "basic level, innovation level, and selection level", which can provide full-caliber services to small and medium-sized enterprises at different stages and types.

Among them, after more than a year of practice, the selection layer has initially possessed the open market function of serving small and medium-sized enterprises, attracting a group of "small and beautiful" high-quality small and medium-sized enterprises, and the market has performed well.

　　The deepening of the NEEQ reform this time is to change the selection layer of the NEEQ into the Beijing Stock Exchange.

The main idea of ​​building the Beijing Stock Exchange is to strictly abide by the Securities Law, follow the principle of step-by-step implementation and gradual progress, to generally shift the basic systems of the selection layer, insist that the companies listed on the Beijing Stock Exchange are created by innovative companies, and 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.

　　Question: What is the significance of deepening the reform of the NEEQ and establishing the Beijing Stock Exchange to serve small and medium-sized enterprises?

　　Answer: The China Securities Regulatory Commission established the Beijing Stock Exchange on the basis of the selected layer of the NEEQ and promoted the improvement of the multi-level capital market system with Chinese characteristics. Based on the exploration and exploration of the early reform of the NEEQ, the legal status and market functions of the selected layer have been further improved. Break through the development bottleneck in the system and mechanism, build an exchange tailored for innovative small and medium-sized enterprises, and explore the path of inclusive finance that supports and serves the scientific and technological innovation of small and medium-sized enterprises in the New Third Board.

　　The first is to create a professional platform for the innovation and development of small and medium-sized enterprises.

Focusing on the development needs of "specialized, special and new" small and medium-sized enterprises, consolidate market service functions, improve policy support systems, and form a gathering effect of technology, innovation and capital, and gradually develop into the main position of serving innovative small and medium-sized enterprises.

　　The second is to explore and improve institutional arrangements that fit the characteristics of SMEs.

Respect the development laws and growth stages of SMEs, and continue to explore distinctive and differentiated institutional arrangements.

Through the pilot registration system, explore the registration system arrangements suitable for small and medium-sized enterprises; through the implementation of the company system, explore the innovation of the exchange organization and management model; through the implementation of the transfer system, strengthen the interconnection between multi-level capital markets.

　　The third is to form a market service system that supports the continuous growth of SMEs.

Create a positive and benign market ecology, create a full-chain service system of "venture investment funds and equity investment funds-regional equity markets-new third board-exchange markets", continue to support the technological innovation of small and medium-sized enterprises, and promote the integration of technology and innovative capital. Continue to cultivate new drivers of development.

At the same time, it also enables small and medium-sized enterprises to enhance their corporate governance awareness, public company awareness, and raise awareness of fearing investors, so as to accumulate strength for the sustainable and healthy development of the capital market.

　　The Beijing Stock Exchange and the Shanghai and Shenzhen Stock Exchanges have developed dislocation and interconnection, and coordinated development with the innovation layer and basic layer of the New Third Board and played a leading role in demonstration

　　Question: What kind of market characteristics will the Beijing Stock Exchange present?

How to realize the misplaced development with the Shanghai and Shenzhen Stock Exchanges?

　　Answer: The Beijing Stock Exchange mainly serves innovative small and medium-sized enterprises and builds differentiated institutional arrangements suitable for the characteristics of small and medium-sized enterprises. In terms of financing amount, transaction volume and valuation level, it is expected to show different characteristics from the Shanghai and Shenzhen Stock Exchanges.

　　In terms of market functions, the Beijing Stock Exchange focuses on innovative small and medium-sized enterprises, and serves “earlier, smaller, and newer” targets. By constructing a progressive market structure from the basic layer of the New Third Board, the innovation layer to the Beijing Stock Exchange, it is fully Reflect market inclusiveness and service precision, strengthen the functional complementarity between market segments, continuously expand the coverage of the capital market, and increase the proportion of direct financing.

　　In terms of institutional arrangements, the Beijing Stock Exchange strives to build a basic system that suits the characteristics of small and medium-sized enterprises, insists that listed companies emerge from qualified innovation-level enterprises, and at the same time adheres to the transfer mechanism to the Shanghai and Shenzhen Stock Exchanges, gives full play to its role as a link, and strengthens Multi-level capital market interconnection.

　　In terms of market operation, the Beijing Stock Exchange insists on focusing on qualified investors. The investor structure and risk appetite are quite different from those of Shanghai and Shenzhen transactions. They match the risk characteristics of innovative small and medium-sized enterprises and will form long-term investment and rationality. The investment culture of investment is expected to operate relatively smoothly in the overall market.

　　Question: How will the Beijing Stock Exchange achieve coordinated development with the innovation layer and basic layer of the NEEQ in the future?

　　Answer: After the establishment of the Beijing Stock Exchange, it will be managed by the National Equity Transfer Corporation. It will continue to coordinate and coordinate with the innovation layer and the basic layer and to maintain a balanced market structure.

　　The Beijing Stock Exchange undertakes innovative small and medium-sized enterprises that have grown and grown at the innovation layer and the basic layer, mainly to provide more efficient open market financing and transaction services, to form a demonstration and lead and "feedback" function for the innovation layer and the basic layer, and to stimulate the NEEQ as a whole Market vitality will increase the attractiveness to small and medium-sized enterprises at the start-up stage, and promote the formation of a good market ecology featuring high enthusiasm for innovation and entrepreneurship, active participation of qualified investors, and positive development of listed companies.

　　The innovation layer and the basic layer are the sources of listed companies on the Beijing Stock Exchange. They mainly cultivate and regulate SMEs of different growth stages and types, provide more inclusive and accurate market services, and promote SMEs to become familiar with and enter earlier Capital market, enhance the awareness of information disclosure, cultivate corporate governance culture, and continuously provide high-quality listing resources to the Beijing Stock Exchange.

　　Explore the establishment of an issuance and listing system and an information disclosure system suitable for the characteristics of innovative small and medium-sized enterprises, and simultaneously pilot a registration system for public issuance of securities

　　Question: What are the main arrangements for the basic system of the Beijing Stock Exchange?

　　Answer: The Beijing Stock Exchange will shift the basic systems of the selection layer as a whole, and explore the establishment of an issuance and listing system and an information disclosure system suitable for the characteristics of innovative small and medium-sized enterprises.

　　First, in terms of financing access, highlight the operating characteristics of innovative small and medium-sized enterprises, and generally shift the issuance conditions of selected layers and the listing conditions related to profitability, growth, market recognition, and research and development capabilities to enhance inclusiveness and accuracy.

Improve the financing mechanism of public issuance and directional issuance, enrich market financing tools, and provide multiple pricing methods such as direct pricing, inquiry, and bidding to further meet the diversified needs of SMEs.

　　At the same time, pilot the registration system for public issuance of securities, adhere to information disclosure as the center, and start from the actual situation of small and medium-sized enterprises, strengthen the pertinence, accuracy and inclusiveness of the system, consolidate the responsibilities of all parties, increase the cost of violations, strengthen investor protection, and review The registration arrangements are generally consistent with those on the Science and Technology Innovation Board and the Growth Enterprise Market, and the "entry gate" is effectively controlled.

　　Second, in terms of the trading system, adhere to the more flexible trading system of the selected layer, and implement continuous auction trading. There is no limit on the rise and fall of new stocks on the first day of listing, and the rise and fall limit will be 30% from the next day to increase market flexibility.

Adhere to the appropriate investor suitability management system, promote the balance of trading power, and prevent market speculation.

　　Third, in terms of continuous supervision, strictly follow the legal framework for the supervision of listed companies.

On the one hand, it is in line with the basic provisions of the Securities Law and the Company Law on listed companies to consolidate the responsibilities of all parties.

On the other hand, continue the selection layer to fit the actual market characteristics of small and medium-sized enterprises, and form differentiated institutional arrangements in corporate governance, information disclosure, equity incentives, share reductions, etc., to balance corporate financing needs and standardize costs.

　　Fourth, in terms of exit arrangements, maintain the market ecology of "in and out" and "in and out", build a diversified delisting index system, and improve the regular delisting and immediate delisting systems.

Establish differentiated exit arrangements. Companies that are delisted from the Beijing Stock Exchange can withdraw to the innovation layer or the basic layer to continue trading if they meet the conditions. If there are major violations of laws and regulations, they should exit the market directly.

　　Fifth, in terms of market connection, strengthen the organic connection of the multi-level capital market and enrich the growth path of the enterprise.

Cultivate and grow companies at the innovative and basic levels of the New Third Board, encourage continued listing on the Beijing Stock Exchange, and at the same time adhere to the transfer mechanism, and cultivate mature companies listed on the Beijing Stock Exchange to continue their development on the Shanghai and Shenzhen Stock Exchanges.

　　Question: What kind of organizational structure will the Beijing Stock Exchange adopt?

How will the China Securities Regulatory Commission advance the construction of the Beijing Stock Exchange?

　　Answer: Unlike membership-based exchanges, the Beijing Stock Exchange is funded and established by the National Equity Exchange Corporation. The National Equity Exchange Corporation coordinates the construction and development of the NEEQ innovation layer, basic layer and Beijing Stock Exchange, and implements "integrated management and independent operation" ".

　　The China Securities Regulatory Commission will follow the general requirements of seeking progress while maintaining stability, adhere to the policy of “establishing a system, non-intervention, and zero tolerance”, strengthen bottom-line thinking, and promptly promulgate various rules on the basis of ensuring the stable operation of the market, and organize technical skills System preparation.

　　During the reform process, the China Securities Regulatory Commission will continue to strengthen market monitoring, pay close attention to market operations, take strict precautions against speculation of concepts, severely crack down on illegal activities such as insider trading, market manipulation, and false disclosure to ensure the stable operation of the market.

　　Our reporter Zhao Zhanhui