Form a strong synergy that empowers SMEs to innovate
——Written on the eve of the opening of the Beijing Stock Exchange
Our reporter Zhu Huichun
The high-profile Beijing Stock Exchange will open on November 15.
Since President Xi Jinping announced this major reform on September 2 this year, the CSRC system has made every effort to implement the central decision-making and deployment. After more than two months of intensive preparations, the Beijing Stock Exchange has a complete institutional framework and investors, enterprises, and technical systems. The preparatory work is ready, just wait for the gong to sound.
On the corporate side, 81 stocks will be traded on the opening day of the market, of which 71 are selected-tier listed companies that have been listed on the Beijing Stock Exchange, and 10 are new stocks that are directly listed at the opening of the market.
The first batch of enterprises have excellent quality, average R&D expenditure of 25.36 million yuan, sufficient innovation quality, great development potential, and active market subscriptions.
On the financing side, a total of over 4 million investors can participate in transactions on the Beijing Stock Exchange after the market opens, which is about the same as when the Sci-tech Innovation Board opened.
The Beijing Stock Exchange has shifted the related trading system of the selected layer, with the price limit set at 30%, and the market game will be more full.
"Beijing Stock Exchange Speed" reflects the country's determination to support the innovation and development of small and medium-sized enterprises, demonstrates the strong execution power of capital market institutional innovation and implementation, and sends a positive signal to the world for my country's deepening of reform and opening up.
At the same time, it also demonstrates the country's profound strategic intention to implement the innovation-driven development strategy and continue to cultivate new drivers of development.
The majestic power of market players has pushed my country's total economic output to the one-hundred-billion-yuan mark, and the country's financial and social wealth has grown steadily.
At present, there are more than 150 million market entities in my country, among which over 225,000 are high-tech enterprises. A large number of innovative small and medium-sized enterprises that urgently need financing for development are looking forward to the shower of capital market.
The opening of the Beijing Stock Exchange is to support the formation of a "multi-level rocket" in the capital chain of innovation and development, and to promote a major reform of the virtuous circle of finance, technology and industry. It is to build a financial service system covering the entire chain of small and medium-sized enterprises, and to explore the development of inclusive finance in the capital market. The important practice of the “China Plan”.
As my country's first corporate stock exchange, the Beijing Stock Exchange is positioned to serve innovative small and medium-sized enterprises.
Compared with the Shanghai and Shenzhen Stock Exchanges, the Beijing Stock Exchange emphasizes "earlier, smaller, and newer". The average market value, average operating income, and average first-time raised value of selected companies that are to be converted into listed companies are significantly lower than those of the Shanghai and Shenzhen Stock Exchanges. The company has a smaller enterprise size and higher growth potential. It forms a misaligned development pattern with the main board serving large-scale mature enterprises, the science and technology innovation board serving "hard technology", and the ChiNext board serving "three innovations and four new" services.
The listed companies on the Beijing Stock Exchange include not only "specialized, special and innovative" small and medium-sized enterprises with manufacturing as the mainstay, but also small and medium-sized enterprises with outstanding innovation capabilities in strategic emerging industries, and productive services that extend to a high degree of specialization and value chain. Industry enterprises, life service enterprises that are upgrading to high quality and diversification.
At the same time, the Beijing Stock Exchange will simultaneously pilot the registration system, which is also an important step before the registration system is implemented in the whole market.
What needs to be pointed out is that to understand "creating the main position of service-innovative small and medium-sized enterprises", this "main position" not only refers to the Beijing Stock Exchange, but also includes at least the entire New Third Board market.
The Beijing Stock Exchange is the "leading". The listed companies of the Beijing Stock Exchange have emerged from the innovation layer "horse racing". The innovation layer and basic layer of the New Third Board are the foundation, and they are the abundant reserves of listed resources of the Beijing Stock Exchange.
Therefore, it is necessary to give full play to the role of Beijing Stock Exchange as the "leading" leveraging and "feedback", but also to continue to work harder and strengthen the innovation layer and the basic layer, in order to better play the main position function.
The Beijing Stock Exchange will be interconnected with the Shanghai and Shenzhen Stock Exchanges and regional equity markets to form a progressive growth path for innovative SMEs.
The opening of the Beijing Stock Exchange will effectively enhance the investment and financing functions and market vitality of the NEEQ innovation layer and the basic level, attract more patient capital to the NEEQ gold rush, promote the transformation of innovative capital, and promote the smooth circulation of financial and industrial capital. .
What is more imaginative is that private equity funds, public equity funds, etc. have increased their investment efforts, and insurance funds and social security funds are poised to take off.
At present, institutional investors have registered 8 Beijing Stock Exchange themed public offering funds.
All stock public offering funds can be transferred to the Beijing Stock Exchange without modifying the contract.
After the market opens, there is huge room for long-term capital investment in the Beijing Stock Exchange, which is worth looking forward to.
To seize the innovation, we seize the "bull nose" that affects the overall economic and social development.
After the opening of the Beijing Stock Exchange, it will work with the Shanghai and Shenzhen Stock Exchanges to form a powerful synergy for the capital market to empower SMEs to innovate.
The increasingly complete multi-level capital market and innovation and entrepreneurship are embracing each other, encouraging each other to encourage corporate management, technical talents and capital owners to form a community of interests, stimulating the strong momentum of entity innovation and entrepreneurship, and promoting the high-quality development of my country's economy.