Deepen the reform of the NEEQ


  The Beijing Stock Exchange is here (Financial Eye)

  On September 2, President Xi Jinping put forward at the 2021 China International Trade Fair in Services Global Service Trade Summit that “We will continue to support the innovation and development of SMEs, deepen the reform of the New Third Board, establish the Beijing Stock Exchange, and create a service-innovative SME leader. position".

The establishment of the Beijing Stock Exchange has become one of the hottest topics at the Service Trade Fair this year.

  In just a few days, the “construction drawings” of the Beijing Stock Exchange were fully rolled out. On September 3, the China Securities Regulatory Commission publicly solicited opinions from the public on the Beijing Stock Exchange’s issuance and financing, continuous supervision, exchange governance and other measures to clarify the basis Institutional system; On September 5, the Beijing Stock Exchange publicly solicited opinions on the three rules of listing rules, trading rules and membership management rules to establish a basic institutional framework; on September 10, the second batch of three business rules of the Beijing Stock Exchange Public opinions are solicited, including the review rules for issuance and listing, refinancing, mergers and acquisitions and reorganization, and the establishment of a pilot registration system and the basic rules for performing review duties; on September 17, the Beijing Stock Exchange issued investor suitability management measures to determine investors threshold……

  In order to build the "main position of service-innovative SMEs", how will the Beijing Stock Exchange form a differentiated institutional arrangement and achieve misaligned development with the Shanghai and Shenzhen Stock Exchanges, paving the way for inclusive finance through the capital market to support technological innovation for SMEs?

The reporter interviewed relevant persons in charge, experts and enterprises of the regulatory authorities.

  The selection layer of the NEEQ was changed to the Beijing Stock Exchange, and its legal status and market functions have been greatly improved

  Jinyang Building at Ding 26, Financial Street, Xicheng District, Beijing, has been extremely busy for the past few days.

This is the location of the National Equities Exchange.

These days, new business is unfolding here: introducing new rules in batches, conducting stress tests on trading platforms, launching official websites... a series of orderly preparations show that the Beijing Stock Exchange is here!

  "This street and building we were familiar with in the past has a new look!" Financial Street ushered in the new "resident" of the Beijing Stock Exchange. Liang Jiliang, chairman of Beijing Youxuan Software Co., Ltd., was very excited. Selected and listed, now we can directly apply for listing on the Beijing Stock Exchange."

  The Beijing Stock Exchange was established from the selection layer of the NEEQ. From the implementation of hierarchical management to the establishment of the Beijing Stock Exchange based on the selection level, Liang Jiliang witnessed every step of the NEEQ's continuous reform and innovation.

In 2013, the NEEQ, a national securities trading venue, was officially put into operation. Unlike the Shanghai and Shenzhen Stock Exchange, which mainly serves mature companies, the NEEQ is positioned to serve small and medium-sized enterprises and does not set financial thresholds and restrictions on scale, location, and ownership. Youxuan who is engaged in database research and development The software was successfully listed and traded on the New Third Board.

  In 2016, in view of the large number of listed companies and the large differences, the NEEQ explored internal hierarchical management, initially divided into the innovation layer and the basic layer, and the gradually growing Youxuan software successfully entered the innovation layer.

In 2020, the NEEQ will further establish a selection layer and introduce a public offering system to further meet the financing needs of some companies after they have grown.

"In the past eight years, we have completed multiple rounds of financing on the NEEQ platform, and have grown from a startup team with more than a dozen employees to an innovative company with thousands of employees and a valuation of more than 4 billion yuan." Liang Jiliang said, entering the selection layer also Become the next goal of Youxuan Software.

The good news of the establishment of the Beijing Stock Exchange gave Youxuan Software a new goal soon.

  The selection layer of the New Third Board was changed and established as the Beijing Stock Exchange, changing from a securities trading place to a stock exchange, with one word difference, legal status and market functions have been greatly improved.

"The selection layer has initially met the requirements of the exchange, but is limited by the legal status of the New Third Board. It is difficult to enter the long-term stable capital of the capital market such as social security funds and insurance funds. The investors are relatively single. These funds will be able to enter smoothly, the investor base will increase, the liquidity will be enhanced, and the market function will be better utilized.” said Wang Xian, deputy dean of the National Institute of Finance of Tsinghua University, who participated in the NEEQ reform.

  "For a company, changing from a listed company to a listed company means more investors and more significant brand awareness." Liang Jiliang said, Beijing Stock Exchange "average daily securities assets of 500,000 yuan in 20 trading days, and at the same time Investors with more than two years of experience in securities investment will create better liquidity, help companies further open up financing channels, and increase their attractiveness to high-end talents, which is essential for innovative small and medium-sized enterprises to carry out technological research.

  Both inclusive care and strict supervision allow the "new seedlings" of innovative SMEs to thrive in the fertile soil of the Beijing Stock Exchange

  After completing the industrial and commercial registration, the newly established Beijing Stock Exchange immediately solicited opinions on the three basic business rules necessary for the exchange: listing rules, trading rules, and membership management rules.

The formulation of these rules not only follows the general laws of the construction of the stock exchange system, but is also tailored for innovative small and medium-sized enterprises, so that more small and medium-sized enterprises can solve financing problems in this new world and further expand the proportion of direct financing in the market.

  Beijing Yingtaijiahe Biotechnology Co., Ltd. will soon be listed on the Beijing Stock Exchange for the first time. In the opinion of Chairman Wang Rong, inclusiveness is an important feature of the Beijing Stock Exchange.

"The listing threshold is consistent with the current listing conditions for the selected layer. The four sets of standards for the market value and financial indicators of the new third board company to meet one of the four standards can apply for public offering and listing. The minimum market value threshold is 200 million yuan, which is conducive to stimulating new companies. Enterprises at the basic and innovative layers of the three boards are actively growing.” Wang Rong said that compared with the Science and Technology Innovation Board and the Growth Enterprise Market, which also serve innovative companies, the Beijing Stock Exchange has promoted “earlier, smaller and newer” innovative small and medium-sized enterprises. Opened his arms.

  The first batch of listed companies on the Beijing Stock Exchange will come from existing NEEQ selected tier companies, and the newly added listed companies will come from innovative tier companies that have been listed on the NEEQ for 12 months.

According to the person in charge of the relevant business of the national equity transfer company, there are currently 7,292 companies on the New Third Board, of which 5,977 are in the basic layer, 1,249 are in the innovation layer, 66 are in the selection layer, and all listed companies on the selection layer are applicable to 4 sets of standards. It shows that this set of indicators has good adaptability, "Moreover, the number of companies that meet one of the four sets of financial conditions in the innovation layer and the basic layer is sufficient, and the Beijing Stock Exchange has sufficient reserves of reserve listed companies."

  While embodying inclusiveness, various rules also highlight the accuracy of serving innovative SMEs.

  -Regulatory requirements are more flexible.

There is no rigid requirement on the proportion of cash dividends of listed companies, and companies are encouraged to do what they can according to their actual conditions; for equity incentives, listed companies are allowed to reasonably set options lower than the stock market price under the premise of full disclosure and fulfillment of corresponding procedures Price to enhance the incentive effect.

  ——The trading rules are more flexible.

Implement a 30% price increase and decrease limit to ensure the efficiency of price discovery; there is no limit on the price increase or decrease on the first day of listing, and a temporary suspension mechanism is implemented to stabilize the price; the minimum number of trading orders is 100 shares, and each order can be 1 share as a unit Increment.

  -Refinancing is faster.

Support enterprises to flexibly raise funds on demand, and set up fast and convenient reporting and review arrangements for the special financing mechanisms for self-issued and authorized issuance prescribed by the upper-level law.

  In order for the “new seedlings” of innovative small and medium-sized enterprises to thrive in the fertile soil of the Beijing Stock Exchange, it is necessary to inclusive care and precise irrigation, as well as tight fences and strict supervision.

  While shifting the basic systems of the selection layer as a whole, the Beijing Stock Exchange also adjusted and optimized the rules, strictly in accordance with the current legal framework for the supervision of listed companies, and compacted the responsibilities of all parties.

For example, the corporate governance standards have been optimized, and the circumstances under which independent directors should express opinions have been added to promote independent directors to play a greater role; for example, information disclosure requirements have become more specific, with detailed information disclosure on voluntary disclosure, exempted disclosure, deferred disclosure, industry and risk information disclosure For specific requirements, a unified management and reporting system for insider information has also been established to strictly prevent illegal acts such as insider trading...

  "The services of the Beijing Stock Exchange fit the market characteristics of innovative small and medium-sized enterprises. It not only provides a broader development platform for innovative small and medium-sized enterprises, and alleviates the financing difficulties and high financing problems of technologically innovative and growing small and medium-sized enterprises, but also comparable to Shanghai and Shenzhen. The exchange’s listing system and compliance management have also promoted SMEs to continuously improve their internal control system, build a good corporate governance structure, and escort the compliance operation and long-term development of SMEs.” Wang Rong said.

  To promote the formation of a multi-level capital market system with Chinese characteristics, the Beijing Stock Exchange has added a key link

  Many people are curious, why do we need to set up the Beijing Stock Exchange with the Shanghai and Shenzhen Stock Exchange?

  In fact, looking at the entire capital market, the answer is very clear: The Beijing Stock Exchange is positioned to serve innovative small and medium-sized enterprises, and to achieve misaligned development with the Shanghai and Shenzhen Stock Exchanges.

  On the one hand, it will form an integrated development and synergy with the new three boards.

The Beijing Stock Exchange undertakes innovative small and medium-sized enterprises that have grown up at the innovation and basic levels of the NEEQ, providing more efficient open market financing and transaction services, forming a demonstration, leading and "feedback" function for the innovation and basic levels, and inspiring the NEEQ as a whole Market vitality, and at the same time, delisted companies on the Beijing Stock Exchange that meet the conditions of the NEEQ basic layer or innovation layer are encouraged to enter the corresponding tier for listing and trading and continue to develop.

  On the other hand, it has formed a pattern of dislocation development and interconnection with the Shanghai and Shenzhen Stock Exchanges.

In addition to firmly adhering to the market positioning of serving innovative small and medium-sized enterprises, the Beijing Stock Exchange adheres to the transfer mechanism to the Shanghai and Shenzhen Stock Exchanges, where mature listed companies can also choose to continue their development on the Shanghai and Shenzhen Stock Exchanges.

  "Beijing Stock Exchange has added a key link, not only promoting the formation of a multi-level capital market system with Chinese characteristics with different emphasis and complementing each other, but also giving full play to its role as a link to strengthen the interconnection of multi-level capital markets." Wudaokou, Tsinghua University Tian Xuan, deputy dean of the School of Finance, said that the Beijing Stock Exchange has implemented a full-chain service system of "venture investment funds and equity investment funds-regional equity markets-new third board and exchange markets" for innovative companies, which will greatly promote Increase the intensity of innovation investment, accelerate the virtuous circle of technology, capital, and the real economy, and serve to build a new development pattern.

  Experts said that the Beijing Stock Exchange is a "newborn", and the full use of market functions and the improvement of market recognition have a long way to go and require efforts from all parties.

  Tian Xuan believes that the number of listed companies on the Beijing Stock Exchange is relatively small and the scale is small. On the basis of the current issuance and trading system, the listing standards should be further enriched, and the listing channel for high-quality small and medium-sized enterprises should be relaxed and the registration system should be improved. Audit efficiency.

  Wang Xian believes that the capital market’s role in corporate development goes far beyond financing. Companies listed on the Beijing Stock Exchange must abide by the information disclosure obligations of listed companies, accept the supervision of the market and the media, and at the same time improve the corporate governance structure and reduce The company’s legal and financial risks.

  For securities service organizations, the establishment of the Beijing Stock Exchange also raised new issues.

Wang Xian said: "The intermediary services required by companies listed on the Beijing Stock Exchange will be somewhat different from before. Securities service agencies must practice their internal skills and seize market opportunities."

  Our reporter Zhao Zhanhui

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