Sino-Singapore Jingwei, November 15th (Zhang Shunan) Hello, Beijing Stock Exchange!

On November 15th, the Beijing Stock Exchange will sound the gong to open the market. As a “highlight” in the capital market, the speed of the Beijing Stock Exchange is obvious to all.

The first batch of 81 listed companies

New latitude and longitude in the data map, photo by Lin Jian

  Today (November 15), 10 companies including Henghe, Guangdao High-tech, and Hanxin Technology will be listed on the Beijing Stock Exchange. In addition, there are currently 71 selected companies on the New Third Board, the first batch of companies listed on the Beijing Stock Exchange. There are 81 companies in total.

  Based on the 2020 financial data, the 81 Beijing Stock Exchange companies have an average revenue of 600 million yuan and an average net profit of 69.38 million yuan.

Among them, 78 companies have revenues exceeding 100 million yuan, accounting for 96.3%; 39 companies have net profits exceeding 50 million yuan, accounting for 48.15%.

  From the perspective of revenue scale, Yingtai Bio will achieve 6.225 billion yuan in 2020 revenue, ranking first.

From the perspective of net profit scale, eight companies, including Beterui, Liancheng CNC, Tongli Co., Ltd., Yingtai Biotechnology, and Changhong Energy, will have net profits of more than 100 million yuan in 2020.

  Regarding the stock price fluctuations of the above-mentioned companies on the first day of market opening, Dong Zhongyun, chief economist of AVIC Securities, analyzed that the select layer company has risen sharply in the few trading days after the establishment of the Beijing Stock Exchange, and the valuation has reached a high level. Listing is not expected to increase too much.

  For the other 10 companies, Dong Zhongyun believes that there will be some upward momentum, but the growth is expected to be limited and there will be divergence. There are many stocks listed on the Beijing Stock Exchange on the first day. Investors are expected to have a lot of room for choice, companies with good qualifications and low valuations. More popular; In addition, under the background of the registration system, the scarcity of new shares has declined, and investors have become more rational in making new shares.

  After the opening of the Beijing Stock Exchange, which industries will be favored?

Chen Mengjie, chief strategy analyst of Yuekai Securities Research Institute, told reporters from China-Singapore Jingwei that the current distribution of selected enterprises in the industry is mainly concentrated in industry, information technology, materials, healthcare, and the industry distribution of the "specialized, special and new" list disclosed by the Ministry of Industry and Information Technology. Features are similar.

  Chen Mengjie said that from the perspective of companies that are applying for selection at the innovation level, the industry distribution is dominated by manufacturing, information transmission, software and information technology services.

Therefore, it is expected that in the future, companies listed on the Beijing Stock Exchange will continue to focus on the real economy and have certain industry preferences.

  "Enterprises with strong professionalism, certain characteristics and advantages, and deep cultivation and excavation in a certain field are more supported by the Beijing Stock Exchange." The "hidden champion" who is in the leading position has a greater chance.

Activity is expected to improve significantly

  Entry barriers are directly linked to investor participation and market liquidity.

At present, the investment threshold requirements for the new third board investors are 2 million yuan for the basic layer, 1 million yuan for the innovation layer, and 1 million yuan for the selected layer. Compared with the 500,000 yuan threshold for the science and technology innovation board, the new third board is still high.

  Liu Chunsheng believes that the process of lowering the threshold is very necessary for the entry threshold for individual investors of the Beijing Stock Exchange to be set at 500,000 yuan.

He mentioned that this can strengthen the trading activity of the Beijing Stock Exchange and increase the equity liquidity of listed companies, which also plays a certain role in cultivating market maturity.

"If the threshold is too high and no one can participate, the companies listed on the Beijing Stock Exchange will not be able to achieve their financing goals and objectives."

  Chen Mengjie said that while lowering the threshold or doubling the number of individual investors, market activity will also greatly improve.

She added, “From the data point of view, the number of individual investors on the New Third Board is 1.658 million by the end of 2020, which does not include the participation of institutional investors. With the opening of the Beijing Stock Exchange, more and more investment institutions are actively participating. Contribute important incremental funds to the fixed increase of the New Third Board."

  Although the entry barrier has dropped, the "entrance fee" of 500,000 yuan is expected to discourage some investors.

As a result, public funds may become another ideal choice for investors to "Nuggets" on the Beijing Stock Exchange.

  According to the relevant regulations of the Beijing Stock Exchange, the listed companies included in it meet the investment scope of most public offering funds, that is, existing public offering funds can directly participate in the investment of the Beijing Stock Exchange.

According to Wind, as of November 11, 9 public fund companies including China Securities Investment Fund, China Asset Management, E Fund, China Southern Fund, Harvest Fund, GF Fund, China Universal Fund, Dacheng Fund and Wanjia Fund have reported. A total of 9 innovative products have been invested in the Beijing Stock Exchange.

  These funds are "two-year regular opening" or "two-year holding period" products, and will be invested in the Beijing Stock Exchange at a ratio of no less than 80% of non-cash fund assets.

These funds can participate in the strategic allotment of stocks listed on the Beijing Stock Exchange, and can also participate in the investment of the Beijing Stock Exchange through new, fixed increase and secondary market trading.

  In addition to the above 9 public offering funds, 7 fund companies including Invesco Great Wall Fund, China Southern Fund, China Merchants Fund, Bosera Fund, Dacheng Fund, Shenwanlingxin Fund and Xinyuan Fund also reported thematic funds, aiming at the concept of "specialized, special and new" .

As a result, the concept fund, which is inseparable from the Beijing Stock Exchange, has been expanded to 16 funds.

Should pay more attention to risk control

  For individual investors, the Beijing Stock Exchange requires investors who entrust the purchase of Beijing Stock Exchange stocks for the first time to sign a risk disclosure letter in paper or electronic form.

  Yang Delong, chief economist of Qianhai Kaiyuan Fund, told the China-Singapore Jingwei reporter that the Beijing Stock Exchange is mostly small and medium-sized enterprises, and investors need to pay attention to the slightly higher risks.

  Chen Mengjie also mentioned that investors should pay more attention to risk control.

On the one hand, there are differences between companies listed on the Beijing Stock Exchange and those on the Shanghai and Shenzhen stock exchanges. They are mainly small and medium-sized enterprises, and their performance is not as stable as that of the main board.

In addition, small and medium-sized enterprises generally have less risk-resistance and financing capabilities than the blue-chip companies on the main board. Therefore, from a fundamental point of view, risks and volatility will be greater, and the investment difficulty and requirements for investors' risk control capabilities are relatively higher.

  Liu Chunsheng believes that the new opening of the Beijing Stock Exchange has a relatively small "plate", and there may be an influx of "hot money", which will bring fluctuations in the capital market.

In addition, "specialized, special-new" companies are newly listed companies, or they may be speculated; in addition, investors still lack professional understanding of the nature and basic conditions of these companies, which increases investment risks.

  Chen Mengjie suggested that more attention should be paid to the matching degree of factors such as risk-return characteristics and investment objectives.

  Dong Zhongyun reminded investors that they should invest cautiously based on the company’s basic situation, financial indicators and industry characteristics, as well as their own risk appetite, prevent risks caused by excessive speculation, avoid blindly chasing highs, and be wary of the opening of the Beijing Stock Exchange and the Shanghai and Shenzhen markets. The shunt effect.

(Zhongxin Jingwei APP)

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(The opinions in the article are for reference only and do not constitute investment advice. Investment is risky and you need to be cautious when entering the market.)