Serving innovative small and medium-sized enterprises, highlighting "earlier, smaller, and newer"


  -Beijing Stock Exchange set sail


  November 15, 2021, is a milestone day in the history of China's capital market reform and development. my country's stock exchange, which specializes in serving innovative small and medium-sized enterprises, opened the Beijing Stock Exchange.

  Small and medium-sized enterprises can do great things.

On September 2, President Xi Jinping announced in his speech 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, establish the Beijing Stock Exchange, and create a service-innovative The main position of SMEs".

This is a major strategic deployment for the capital market to better serve the construction of a new development pattern and promote high-quality development.

  From the announcement of the new establishment to the opening of the market, in just 74 days, the "Beijing Stock Exchange's speed" is remarkable.

Relevant parties have gone all out to deepen the reform of the New Third Board, establish the Beijing Stock Exchange, and do a good job stably and well, and make solid preparations for enterprises, systems, technologies, and investors.

On November 15th, the Beijing Stock Exchange is here!

All parties in the market have high hopes.

  Make up for shortcomings in the capital market

  "I believe that the Beijing Stock Exchange will truly become the take-off runway for innovative small and medium-sized enterprises." Feng Yuejun, chairman of Shanghai Chuangyuan Instrument Technology Co., Ltd., said in an interview with a reporter from the Economic Daily that the company was established in 2005. The company is one step closer to its vision of becoming a well-known brand of global wireless communication test equipment.

Feng Yuejun said: “From being listed on the innovation level in 2016, entering the selection level in 2020, and then becoming a listed company on the Beijing Stock Exchange this year, with the continuous reform and improvement of the financial market, high-tech SMEs such as Chuangyuan Instruments fully experience In the care of the party and the government. As one of the first batch of companies listed on the Beijing Stock Exchange, we are very honored to participate in and witness this great historical change from the very beginning during the rapid development of the company. The empowerment of the capital market will definitely Enterprises bring more surging development momentum."

  The thoughts of Chuangyuan Instruments represent the expectations of a large number of innovative small and medium-sized enterprises in my country.

The opening of the Beijing Stock Exchange is of great significance to the realization of my country's innovation-driven development strategy and the construction of a new development pattern.

  Innovation is the weapon of the country, the country relies on it to be strong, and the enterprise relies on it to win.

Speaking of China's innovation, people often say that it comes from mature manufacturing capabilities, a large local market, and a rapidly rising level of scientific research.

From an international perspective, there is another important factor indispensable for the innovation of modern industries to break through, that is, a mature capital market that supports innovation.

In order to make up for the insufficient coverage and lack of inclusiveness of the capital market for small and medium-sized enterprises, so that the capital market can better serve the real economy, in 2013, it was marked by the release of the "Decision of the State Council on Issues concerning the National Small and Medium-sized Enterprise Share Transfer System". The NEEQ has officially become a national securities trading venue.

  After 8 years of development, the NEEQ has become the securities trading venue with the largest number of listed companies in the world.

The service targets are innovative, entrepreneurial and growth SMEs.

As of the beginning of November, there were 7241 listed companies in stock, private and small and medium-sized enterprises accounted for 92% and 94% over the years, and advanced manufacturing, modern service industries, high-tech industries, and strategic emerging industries accounted for 75%, with 783 companies The company was rated as the "little giant" with specialization and special innovation.

38 enterprises have grown into "single champion" enterprises, and 48 have won the National Science and Technology Award.

  In October 2019, the NEEQ comprehensively deepened reforms were launched. In 2020, the introduction of public offerings and the introduction of selected layers, increasing continuous bidding, etc.

The NEEQ is divided into selected levels, innovation levels, and basic levels, laying a solid foundation for the continuous deepening of the NEEQ reform and the establishment of the Beijing Stock Exchange.

  On September 3, the China Securities Regulatory Commission announced that the Beijing Stock Exchange will be established on the basis of the existing NEEQ selection layer, and the registration system for securities issuance will be piloted simultaneously.

On September 17, the regulation clarified that the capital threshold for individual investors' access was 500,000 yuan in securities assets, and there was no capital threshold for institutional investors' access.

Before the market opened, the number of investors in the Beijing Stock Exchange exceeded 4 million.

On the first day of the market, 81 stocks were traded, of which 71 were selected-tier listed companies that were listed on the Beijing Stock Exchange, and 10 were new stocks that were directly listed at the opening of the market.

  Better serve innovative SMEs

  Stable and far-reaching, the future can be expected.

Before the opening of the market, Xu Ming, chairman of the National Equity Exchange Company and chairman of the Beijing Stock Exchange, said at the 2021 Financial Street Forum that the Beijing Stock Exchange adheres to its positioning of serving small and medium-sized enterprises, grasps the key to supporting innovation and development, and guides its market brand effect. All kinds of intermediary agencies and investors actively participate, consolidate the joint efforts of local governments, and promote the formation of technology, innovation and capital gathering effects.

  Beijing Sanyuan Gene Pharmaceutical Co., Ltd. is about to become a listed company on the Beijing Stock Exchange. This innovative biomedical company's main product is human interferon α1b, a class of genetic engineering drug with independent intellectual property rights in my country.

In an interview with reporters, Cheng Yongqing, chairman and general manager of Sanyuan Gene, said that the opening of the Beijing Stock Exchange will greatly promote the integration of technology and capital, and is of great significance to supporting the development of innovative small and medium-sized enterprises.

  my country has become the world's second largest economy, with more than 40 million business entities, including more than 225,000 high-tech enterprises. The development stages and demand characteristics of enterprises are different, and the investment and financing needs are strong and diversified.

After the opening of the Beijing Stock Exchange, the ability and level of my country's multi-level capital market to serve small and medium-sized enterprises will be further enhanced, which will help build a long-term and full-chain service system and better meet the differentiated financing needs of small and medium-sized enterprises.

In an interview with reporters, Chen Jie, director and researcher of the Commercial Law Department of the Institute of Law of the Chinese Academy of Social Sciences, said that the Beijing Stock Exchange has set sail, a key step has been taken in the construction of a multi-level capital market, and inclusiveness and inclusiveness have been further enhanced.

  The Beijing Stock Exchange was established on the basis of the original selection layer of the New Third Board, and insisted that the companies listed on the Beijing Stock Exchange should be created by innovative layer companies.

Cultivate and grow companies at the innovative and basic levels of the NEEQ, and encourage continued listing on the Beijing Stock Exchange; at the same time, companies that are delisted from the Beijing Stock Exchange can return to the innovation and basic levels to continue trading. If there are major violations of laws and regulations, they will be directly listed. qiut the market.

  The NEEQ basic layer, innovation layer and the Beijing Stock Exchange have a clear division of labor and are connected with each other, which will form a synergy of systems and extend the capital market service chain. Enterprises can flexibly choose the development path of the capital market according to the actual needs of different development stages.

  In addition, the NEEQ has strengthened its interconnection with the Shanghai and Shenzhen Stock Exchanges and regional equity markets. The two-way channel of “ups and downs” in my country’s multi-level capital market has been fully opened, promoting the formation of a misaligned development pattern that has its own focus and complements each other. The functions are progressively advanced, interconnected, and different sectors play their own unique functions, and form a benign interaction, which is ultimately conducive to promoting the effective use of resource allocation functions of the capital market and better serving the real economy.

  The Beijing Stock Exchange has great potential for "gold rush"

  What is the investment prospect of Beijing Stock Exchange?

In an interview with reporters, Sun Jinju, assistant to the president of Kaiyuan Securities and director of the research institute, said that the Beijing Stock Exchange is a professional platform for the innovation and development of small and medium-sized enterprises, and the market expects good.

The rich enterprise reserves of the innovative and basic layers of the NEEQ have contributed to the rapid growth of the Beijing Stock Exchange.

213 of the third batch of companies selected as the "little giants" for specialization and specialization are NEEQ companies.

From the perspective of the New Third Board level, many "specialized, special and new" companies mainly come from the basic level and the innovation level. From the perspective of market value, the market value generally does not exceed 500 million yuan.

  The Beijing Stock Exchange mainly serves innovative small and medium-sized enterprises, highlighting "earlier, smaller, and newer".

How do you understand it in detail?

Chen Jie explained that taking service innovation companies as an example, although the Shanghai Stock Exchange’s Science and Technology Innovation Board, Shenzhen Stock Exchange’s ChiNext and Beijing Stock Exchange all serve innovative companies, the industry positioning of the ChiNext requires “three innovations and four new innovations”, that is, enterprises. It is in line with the general trend of "innovation, creation, and creativity", or the deep integration of traditional industries with "new technologies, new industries, new formats, and new models."

The Science and Technology Innovation Board is positioned as a "hard technology", and the threshold for listing is relatively high. Its listed companies are mainly positioned as "hard technology" strategic emerging industry companies and innovative companies that have crossed the entrepreneurial stage and have a certain scale.

Beijing Stock Exchange is very inclusive in corporate innovation, and it only needs to meet the requirements of "small and medium-sized enterprises + innovative enterprises", with more emphasis on the front-end.

As of November 12, after excluding the influence of extreme values, the average market value and average revenue of the 71 companies in the select layer stock were 2.832 billion yuan and 513 million yuan last year, which were significantly lower than the levels of listed companies in Shanghai and Shenzhen.

The average market value of listed companies on the Science and Technology Innovation Board and the average revenue of last year were 15.6 billion yuan and 1.532 billion yuan respectively. The average market value and average revenue of listed companies under the GEM registration system were 9.3 billion yuan and 2.079 billion yuan respectively. The company's average market value and last year's average revenue were 23.479 billion yuan and 16.473 billion yuan respectively.

  Wang Hanfeng, chief strategist of CICC, believes that the listed companies on the Beijing Stock Exchange will have many "specialized and new" companies, as well as many companies in the fields of modern services, consumer industries, and technology.

With the expansion of the scale of the Beijing Stock Exchange, it is expected to form a "specialized, special new" industrial cluster, a new generation of information technology, high-end precision manufacturing, new materials, new industries and other "little giants" clusters in the future.

All parties can pay long-term attention to companies with certain advantages in the industrial chain and subdivisions.

  Our reporter Zhu Huichun Peng Jiang

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