Chinanews client, Beijing, November 15th (Reporter Xie Yiguan) On November 15, the Beijing Stock Exchange officially opened. Many investors have two concerns. One is "Will the Beijing Stock Exchange lower the A? The effect of making money from new stocks in the stock market” and “whether the opening of the Beijing Stock Exchange constitutes a diversion of stock funds to the Shanghai and Shenzhen Stock Exchanges”.
In response to this, Liu Ying, a researcher, council member, and director of the cooperative research department of Renmin University of China, said in an exclusive interview with the "China New Observation" column of Chinanews.com that the establishment of the Beijing Stock Exchange will not affect the earning effect of A shares. .
"Because whether to make money or not, firstly depends on the quality of the company, and secondly on the profitability and operation of the company after its listing. Therefore, after the establishment of the Beijing Stock Exchange, it will only promote the profitability effect, but will not affect the profitability effect. "
"Beijing Stock Exchange will not divert A-share funds." Liu Ying pointed out that there is no shortage of funds in the market, but lack of good assets and targets.
In fact, the three major exchanges in Shanghai, Shenzhen and Beibei are positioned differently, and complement each other in the development of dislocations.
The Shanghai and Shenzhen Stock Exchanges list larger companies, while the Beijing Stock Exchange is positioned as an innovative small and medium-sized enterprise. At present, the total market value of more than 80 companies is limited, and it is not possible to divert more A-share funds.
In addition, 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.
Liu Ying believes that, 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.
In Liu Ying’s view, 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 global The development pattern is more advantageous.
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.
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