China's new observation|Beijing Stock Exchange opens! All new stocks have skyrocketed! How much money does it bring?

　　Chinanews.com, Beijing, November 15 (Reporter Xie Yiguan) The development of China's capital market has reproduced "China's speed".

On September 2, China officially announced that it would establish the Beijing Stock Exchange.

Now, after only 74 days, the Beijing Stock Exchange officially opened for trading on November 15.

On the first day of market opening, the number of companies listed on the Beijing Stock Exchange reached 81.

As of press time, all 10 new stocks listed today have triggered temporary suspension.

Market information disclosed on the Beijing Stock Exchange website.

　　As another major domestic stock exchange after the Shanghai and Shenzhen Stock Exchanges, what profound impact will the Beijing Stock Exchange bring to the development of China's economy and industry?

What investment opportunities does it bring?

What impact will it have on the stockholders of the Shanghai and Shenzhen Stock Exchanges?

Liu Ying, a researcher, member of the Chongyang Institute of Finance, Renmin University of China, and director of the cooperative research department, accepted an exclusive interview with the "China New Observation" column of Chinanews.com and gave an interpretation.

Drawing: Zhang Jianyuan

Excerpts from the interview are as follows:

Chinanews.com: Domestic stock exchanges have the Shanghai Stock Exchange and the Shenzhen Stock Exchange, and the Beijing Stock Exchange has officially opened. What role will it play in China's capital market reform and even financial reform?

Liu Ying:

The establishment of the Beijing Stock Exchange is an important milestone for China's financial supply-side reform and capital market construction.

　　The Beijing Stock Exchange is positioned to support the development of innovative small and medium-sized enterprises. Small and medium-sized enterprises are an important force in China's economy and directly affect China's economic growth, employment and technological innovation.

According to statistics, in China, the contribution rate of small and medium-sized enterprises to the economy can be described as “five six seven eight nine”, that is, they contribute more than 50% of taxation, more than 60% of GDP, more than 70% of technological innovation, and more than 80% of Urban residents are employed, more than 90% of the number of enterprises.

To some extent, SMEs represent the potential, current situation and prospects of China's economic growth.

Supporting the development of small and medium-sized enterprises is actually an important mission of finance to support the real economy, so we must establish and build the Beijing Stock Exchange.

　　However, the difficulty and expensive financing of small and medium-sized enterprises is a worldwide problem, especially in the current K-shaped recovery of the world economy after repeated epidemics, small and medium-sized enterprises are facing more urgent financing problems.

From an international comparison, my country's direct financing accounts for a low proportion, and it is necessary to optimize the financial structure, promote structural reforms on the financial supply side, and strengthen financial support for the real economy.

Increase the proportion of direct financing, reduce the financing costs of small and medium-sized enterprises, and build the Beijing Stock Exchange to allow direct financing and indirect financing to drive the two-wheeled drive to help my country's small and medium-sized enterprises innovate and develop and support the high-quality development of China's economy.

　　In China, the year that the capital market has just passed, the

In fact, it is comprehensively advancing the (securities issuance) registration system reform.

The registration system needs to control the entry and exit of the capital market. It needs to strengthen the reform of the stock issuance system with information disclosure as the core. It needs to build a series of inclusive and accurate financing systems for small and medium-sized enterprises. It needs to strengthen investor protection. Strengthen the governance of listed companies, improve the quality of listed companies, strengthen support for innovative small and medium-sized enterprises, and build a "standardized, open, transparent, dynamic, and resilient" multi-level capital market.

Chinanews.com: What impact will the Beijing Stock Exchange have on China's economy, especially the development of the Beijing-Tianjin-Hebei region?

Enterprises in which industries will benefit from the Beijing Stock Exchange and become a new investment opportunity?

Liu Ying: The

Beijing Stock Exchange is positioned to support the development of innovative small and medium-sized enterprises. Due to the great contribution of small and medium-sized enterprises to China's economic development, technological innovation and employment resolution, we can say that small and medium-sized enterprises are good, China's economy is good, small and medium-sized enterprises are strong, and China's economy is strong. Talents are strong, so the establishment of the Beijing Stock Exchange will promote the innovative development of small and medium-sized enterprises, thereby promoting a high-quality development of the Chinese economy and a high-level opening to the outside world.

　　The Beijing Stock Exchange will promote the innovative and coordinated development of China's economy and cultivate more growth poles.

The Shenzhen Stock Exchange and the Hong Kong Stock Exchange are located in the Guangdong-Hong Kong-Macao Greater Bay Area, and the Shanghai Stock Exchange is located in the Yangtze River Delta.

The Beijing Stock Exchange is now located in the Beijing-Tianjin-Hebei region, which will not only promote the development of innovative small and medium-sized enterprises in Beijing and the whole country, but also promote the coordinated development of the Beijing-Tianjin-Hebei economy, and coordinate the development of the Yangtze River Delta, Guangdong-Hong Kong-Macao, Chengdu-Chongqing and other regional economies. , To create the "three growth poles" of China's regional economy.

　　The Beijing Stock Exchange is positioned to support the development of innovative small and medium-sized enterprises.

　　From an industry perspective, strategic emerging industries are more beneficial, such as new energy, new materials, energy conservation and environmental protection under the "dual carbon", green development industries, next-generation information technology and TMT industries are industries that will benefit.

Small and medium-sized enterprises with core competitiveness and core technologies that are digitally transformed in traditional industries will have room for growth.

However, the Beijing Stock Exchange will also say no to some industries, such as banning the listing of real estate companies, industries with overcapacity, and industries that are eliminated from the industry catalog.

　　In the service industry, some small and medium-sized enterprises with technological innovation and business model innovation will also benefit.

China has now become the world's largest consumer market. We are undergoing consumption transformation and upgrading. Optional consumer industries, etc., are all industries that benefit from the Beijing Stock Exchange, and they also have more investment opportunities.

Data map: Beijing Stock Exchange.

Chinanews.com: Compared with the Shanghai and Shenzhen Stock Exchanges, the biggest difference in the system of the Beijing Stock Exchange lies in the adoption of the corporate system. What are the advantages?

Reflecting the differentiated layout of the exchange, what "imagination space" is there in the future of the institutional design of the Beijing Stock Exchange?

Liu Ying:

Unlike the membership system of the Shanghai and Shenzhen Stock Exchanges, the company system adopted by the Beijing Stock Exchange.

Compared with the membership system, the company system has more flexibility and can be listed as a whole.

Moreover, the advantage of the corporate system is that it can participate in mergers and acquisitions globally, so that the Beijing Stock Exchange will have a leap-forward growth instead of accumulating bit by bit by itself.

In other words, the Beijing Stock Exchange can go public or raise funds overseas as a whole, and obtain a large amount of funds to support the development of the Beijing Stock Exchange and the development of its small and medium-sized enterprises.

In this regard, the Beijing Stock Exchange holds a golden key background and has an absolute advantage.

　　Regarding the future "imagination space" of the Beijing Stock Exchange in its institutional design, first of all, the Beijing Stock Exchange can benchmark the Nasdaq.

Nasdaq is a hierarchical market, which has three levels: global selection, global market and capital market.

From the perspective of the Beijing Stock Exchange's own system construction, the Beijing Stock Exchange will also be constructed in the future from the selection layer of the New Third Board, progressively layer by layer, and the lower basic layer and innovation layer can be progressively entered into the Beijing Stock Exchange. ; The board is connected, the Beijing Stock Exchange can be transferred upwards to the Shanghai Stock Exchange and the Shenzhen Stock Exchange;

In the long run, it can cooperate with overseas exchanges, and even participate in shares and holdings.

　　Second, with regard to the institutional innovation of the Beijing Stock Exchange, I think the barriers to entry can be lowered a little bit, to be more inclusive for small and medium-sized enterprises, and to support more precise and stronger support.

　　In terms of institutional innovation, in the

　　Finally, the Beijing Stock Exchange can attract more foreign SMEs to list, including companies from countries and regions along the “Belt and Road”, member states of the Shanghai Cooperation Organization, BRICS countries, and some APEC SMEs. It has technological innovations. Ability and high growth value can all be considered for listing on the Beijing Stock Exchange.

In other words, after growth, Beijing Stock Exchange can also consider internationalization on the basis of marketization and rule of law.

　　We have a very good vision for the development and prospects of China’s capital market, or for the growth space of China’s economy, and even for the growth of China and the world where the domestic and international dual cycles are the mainstay and the domestic and international dual cycles promote each other. We all have high hopes for the Beijing Stock Exchange.

Data map: Investors in a securities trading floor are concerned about the market trend.

Photo by Luo Yunfei issued by China News Agency

Chinanews.com: At present, many investors have two concerns. One is "Will the opening of the Beijing Stock Exchange reduce the profit-making effect of new shares in the A-share market", and the other is "whether the opening of the Beijing Stock Exchange constitutes an impact on the Shanghai and Shenzhen Stock Exchanges." How do you think about the diversion of stock funds?

What is the impact of Beijing Stock Exchange on A shares?

Will the domestic stock market investment landscape be completely reconstructed?

Liu Ying:

Will the establishment of the Beijing Stock Exchange affect the profitability of A shares?

I don't think it will.

Because it depends on the quality of the company and the profitability and operation of the company after its listing.

Therefore,

　　The Beijing Stock Exchange will not divert funds from A shares.

There is no shortage of funds in the market, but a lack of good assets and targets.

In fact, the three major exchanges in Shanghai, Shenzhen and Beijing are positioned differently, and are developing complementary advantages in dislocation.

The positioning of the Beijing Stock Exchange is different from that of the Shanghai and Shenzhen Stock Exchanges.

The Shanghai and Shenzhen Stock Exchanges list relatively large-scale companies, while the Beijing Stock Exchange is positioned as an innovative small and medium-sized enterprise.

, the

Moreover, the positioning and market segmentation of the Beijing Stock Exchange are also different.

In addition, the small and medium-sized enterprises listed on the Beijing Stock Exchange will gradually grow and even become unicorn companies. These companies may be transferred to the Shanghai and Shenzhen A-share markets.

　　On the other hand, the Beijing Stock Exchange may also be connected to other international exchanges like Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect or Shanghai-London Stock Connect.

For A shares, it can also attract foreign capital.

The establishment of the Beijing Stock Exchange is also building a multi-level capital market. Different levels have different levels of capital needs. They will not be confused and will affect each other. It will only enrich and strengthen China's capital market and make China's capital market more advantageous in the global development pattern. .

In other words, the Beijing Stock Exchange and the Shanghai and Shenzhen Stock Exchanges can form a three-pronged structure in the domestic capital market, which can enhance the international competitiveness of my country's capital market.

Chinanews.com: The Beijing Stock Exchange has lower listing standards and is aimed at SMEs that are "earlier, smaller, and newer". Does this mean that investment risks are higher?

How to better protect investors, especially individual investors?

Liu Ying: The

Beijing Stock Exchange is geared towards "earlier, smaller, and newer" small and medium-sized enterprises. Does it mean that it has a higher risk?

I think that risks and returns correspond. For these small and medium-sized enterprises, we may not be able to see clearly, including their future development and technical aspects, so we need to be more transparent in information, so it is very important to protect our small and medium-sized investors.

　　The Beijing Stock Exchange also pays attention to the cultivation of institutional investors.

The proportion of retail investors in my country is high. From the perspective of the overall investor structure, it is necessary to strengthen the construction of institutional investors; for small and medium investors, especially individual investors, it is necessary to strengthen the protection of individual investors, which is beneficial to the health of the Beijing Stock Exchange. Development plays a very important role.

In other words, since the establishment of the Beijing Stock Exchange, it is necessary to strengthen system construction, strengthen information disclosure, and strengthen supervision, especially the supervision of listed companies, strengthen the industry self-discipline of listed companies, and strengthen the responsibility of intermediary agencies. , Strengthen the rule of law in the city, and jointly build a benchmark Beijing Stock Exchange.

　　First of all, listed companies must strengthen their integrity, self-discipline, and operate in compliance with laws and regulations.

The Beijing Stock Exchange will strengthen the quality of listed companies from the very beginning and improve the quality of listed companies.

Second, the Beijing Stock Exchange should strengthen the establishment of a stock issuance system with information disclosure as the core, and strengthen information disclosure.

Finally,

Strengthening the protection of small and medium investors is actually to build an honest and healthy capital market ecosystem.

Chinanews: In your opinion, what challenges do you still face in order to build the Beijing Stock Exchange into a main position for service-innovative small and medium-sized enterprises?

What needs to be worked on?

Liu Ying: The

problem of financing difficulties and expensive financing for small and medium-sized enterprises is actually a problem in the world. Whether it is system innovation, mechanism construction, personnel training, or the protection of small and medium-sized enterprises and small and medium-sized investors, it is more challenging.

　　In terms of how to build, I think the following aspects should be taken: The first is to clarify the positioning of the Beijing Stock Exchange. It must support the development of innovative small and medium-sized enterprises. , Refined, special, new", dedicated to supporting the development of small and medium-sized enterprises.

　　The second is to strengthen institutional innovation, enhance support for SMEs’ ​​inclusiveness, accuracy, and sustainability, and be able to form a set of innovation systems that support SMEs’ ​​issuance, listing, trading, and review, and are truly suitable for innovative companies. The development of SMEs includes the establishment of an information disclosure system, a protection system for small and medium-sized investors, and even its entry and exit gates.

　　The third is to strengthen the digitization and internationalization of the Beijing Stock Exchange.

The Beijing Stock Exchange should make full use of digitalization to build and support innovative small and medium-sized enterprises.

In the future, internationalization must also be considered. For example, can a listed company returning from overseas support its listing on the Beijing Stock Exchange.

On the other hand, we also need to bring in to attract foreign high-quality, technologically innovative small and medium-sized enterprises to list in China. In this regard, we can do more institutional innovations, which will also help promote the internationalization of the renminbi.

In addition, one of the biggest advantages of the implementation of the company system of the Beijing Stock Exchange is that it can strengthen some mergers, reorganizations, equity participations, and holdings of listed companies in other countries, so that the Beijing Stock Exchange can develop networked and interconnected, which can make the Beijing Stock Exchange better, To grow faster, so as to provide more important financial support and arrangements to support the development of innovative SMEs.

Brief introduction of interviewed guests:

　　　Liu Ying, researcher, member of the Chongyang Institute of Finance, Renmin University of China, director of the cooperative research department, the first batch of PPP experts from the Ministry of Finance, director of the China Public Relations Association, initiator of the China Gold Market Innovation Association, and deputy secretary of the China Economic Diplomacy Research Association long.

The main research areas are macroeconomics, industrial finance, and international finance. Co-authored and published "Asian Infrastructure Investment Bank", "Monetary Sovereignty", "Negative Interest Rate Trap", "BRIC Countries", "Great Financial Era", "One Belt and One Road" International Trade Pivot Cities Research. "Renminbi Internationalization" and other books.