The first day of the Beijing Stock Exchange: Insight into the three hot spots of public concern

  Xinhua News Agency, Beijing, November 15 -

Title: North Exchange opened on the first day: the perspective of public concern three major hot spots

  Xinhua News Agency "Xinhua Viewpoint" reporters Liu Hui, Yao Junfang, Guo Yujing

  The Beijing Stock Exchange was officially inaugurated and opened on the 15th.

  At about 9:30, the Beijing Stock Exchange tolled to open the market.

The stock information of the first batch of listed companies kept flashing and updating on the electronic screen at the opening ceremony of the Beijing Stock Exchange.

  How was the operation of the Beijing Stock Exchange on the first day of market opening?

Compared with the Shanghai and Shenzhen Stock Exchange, what are the characteristics of its listed companies?

What are the differences between the conditions and trading rules for investing in the stocks of the Beijing Stock Exchange?

The reporter of "Xinhua Viewpoint" conducted an in-depth interview.

Hot one: How about the first day of trading?

Stable operation and market differentiation

  In the eyes of people's attention, the first batch of 81 listed companies started trading.

Among them, 10 new stocks listed on the first day of trading rose across the board.

At one time, Concentric Transmission rose by more than 500%, leading the rise of new stocks, with a gain of 493.67% at the close.

The remaining new stocks also gained over 100% gains.

Six new stocks, including Dadi Electric, Zhisheng Information and Jingsai Technology, rose more than 200%, and Henghe shares rose more than 100%.

  As of the close, 71 companies have moved from the selection layer of the New Third Board to the Beijing Stock Exchange, and 9 stocks have risen.

Among them, Derui Lithium, the largest increase, recorded an increase of 18.23% at the close.

The unveiling and opening ceremony of the Beijing Stock Exchange.

Photo by Xinhua News Agency reporter Li Xin

  Why is there a market divergence between the new stocks of the Beijing Stock Exchange and the stocks that have been shifted from the selection layer?

  Sun Jinju, director of the Kaiyuan Securities Research Institute, said that the Beijing Stock Exchange’s new shares have just completed the public offering and listed on the first day of trading on the 15th. The valuation of the initial price is relatively low. At the same time, investors’ enthusiasm for the new shares of the Beijing Stock Exchange is relatively high. A variety of factors contributed to the outstanding performance of the Beijing Stock Exchange's new stocks on the first day.

  "The stock of selected stocks has been fully traded at the select level after the establishment of the Beijing Stock Exchange, and the stock price has risen sharply before it was translated to the Beijing Stock Exchange, reflecting the expectations of the Beijing Stock Exchange for listing." Sun Jinju Said that after accumulating relatively high gains in the previous period, some of the original selected stocks have undergone certain adjustments on the first day of market opening.

  Dong Dengxin, director of the Institute of Financial Securities at Wuhan University of Science and Technology, believes that from the first day of market transactions, most of the companies that have moved from the NEEQ selection layer to the Beijing Stock Exchange have not unexpectedly surged or plummeted, maintaining a relatively balanced state.

This not only proves that these companies have gone through the full game of the market at the selection level, but also reflects that the Beijing Stock Exchange has initially achieved market-oriented institutional arrangements.

Hot spot 2: What are the characteristics of listed companies?

The average market value is relatively low, focusing on "earlier, smaller, and newer"

  On the first day of the market, 81 of the first listed companies collectively appeared.

Analyzing the characteristics of these companies, it can be found that compared with the Shanghai and Shenzhen Stock Exchanges, the Beijing Stock Exchange has obvious characteristics in serving innovative small and medium-sized enterprises.

  81 companies, covering 25 major sectors of the national economy, most of them are the vanguards of industry segments.

Among them, 87% of the companies come from advanced manufacturing, modern service industry, high-tech service industry, strategic emerging industries and other fields, and 17 are specialized and new "little giant" companies.

The logo display wall of the first 81 companies listed on the Beijing Stock Exchange.

Photo by Xinhua News Agency reporter Li Xin

  "The vitality of the Beijing Stock Exchange lies in its characteristics." Xu Ming, chairman of the Beijing Stock Exchange, said at the inauguration and market opening ceremony of the Beijing Stock Exchange on the 15th.

  From the perspective of positioning, although the Beijing Stock Exchange and the Shanghai and Shenzhen Stock Exchange are both stock exchanges, their service targets are different. For mature enterprises, the sci-tech innovation board serves "hard technology" and the ChiNext serves "three innovations and four new innovations".

As a result, the Beijing Stock Exchange and the Shanghai and Shenzhen Stock Exchange formed a misalignment pattern.

  This dislocation development is fully reflected in the listed companies of the Beijing Stock Exchange.

Looking at the 71 companies listed on the Beijing Stock Exchange that have moved from the NEEQ selection layer, after excluding the impact of extreme values, their average market value (as of November 12) and last year's average revenue were 2.832 billion yuan and 513 million yuan respectively. , Not only is far below the Shanghai and Shenzhen main board listed companies, but also has a big gap compared with the science and technology innovation board and the ChiNext board listed companies.

  "The official opening of the Beijing Stock Exchange is a new starting point for the new third board market to actively explore the path of inclusive finance in the capital market with Chinese characteristics." said Yi Huiman, chairman of the China Securities Regulatory Commission.

  Zhang Xiaoyan, deputy dean of the Wudaokou School of Finance, Tsinghua University, said: “SMEs have always had the problems of inadequate issuance and listing, difficulties in credit issuance and financing, and expensive financing. The Beijing Stock Exchange’s financial threshold for listing is relatively low, which encourages innovation and meets the conditions. The delisted companies can return to the NEEQ innovation layer or the basic layer to continue trading... A series of basic systems reflect the precise grasp of the law of the development of innovative small and medium-sized enterprises."

  "For the relatively earlier innovative small and medium-sized companies of the Beijing Stock Exchange, investors should not only see the better growth opportunities of the Beijing Stock Exchange, but also the risk of greater fluctuations in the operation of innovative small and medium-sized enterprises." Sun Jinju remind.

Hot spot 3: What is the difference in investment compared with the Shanghai and Shenzhen Stock Exchanges?

30% increase and decrease, 500,000 yuan investment threshold

  According to relevant regulations such as the entry threshold for individual investors issued by the Beijing Stock Exchange, the assets in the securities account and capital account of the individual investor’s securities account and capital account shall not be less than 500,000 yuan per day in the 20 trading days before the opening of the Beijing Stock Exchange’s trading authority. Have more than 2 years of experience in securities trading.

  Outside view of Beijing Stock Exchange.

Photo by Xinhua News Agency reporter Peng Ziyang

  This entry threshold is consistent with that of the Science and Technology Innovation Board, and is higher than the “100,000 yuan + 2 years of securities investment experience” on the GEM.

  According to official data from the Beijing Stock Exchange, as of November 12, a total of more than 2.1 million investors have made appointments to open the Beijing Stock Exchange's qualified investor rights. After the market opens, the total number of investors who can participate in transactions on the Beijing Stock Exchange will exceed 4 million.

  "This threshold reflects the protection of ordinary investors by the system." Dong Dengxin believes that this not only protects small and medium-sized investors with insufficient professional knowledge and capital risk tolerance, but also encourages more institutional investors to participate, making the market more institutionalized. improve.

  Not only that, except that there is no price increase or decrease on the first day of IPOs, the Beijing Stock Exchange imposes a 30% price increase or decrease limit on stock trading, which is higher than the 20% of the Science and Technology Innovation Board and ChiNext, and higher than the 10% of the main board market. %.

This means that the share price game of listed companies on the Beijing Stock Exchange is more adequate, and investors also need to take greater risks.

  Li Xudong, member of the Securities Investment Banking Committee and managing director of China Securities Investment Banking Committee, believes that the development stage and nature of companies listed on the Beijing Stock Exchange determine that the market is more suitable for investors with risk identification capabilities, risk tolerance capabilities and industry judgment capabilities.

Investors should grasp the innovation and growth of enterprises based on the research of the industry, and avoid short-term speculation.

  Industry insiders believe that for ordinary investors, under the condition of matching risk tolerance, layout through the Beijing Stock Exchange themed public offering funds may be a relatively better way.

  On November 12, the Beijing Stock Exchange themed fund declared by 8 companies including GF Fund, Harvest Fund, and China Asset Management was officially approved.

It is understood that the first batch of Beijing Stock Exchange theme public offering funds will adopt a two-year period of regular open operation, and it is agreed that more than 80% of non-cash fund assets will be invested in Beijing Stock Exchange stocks.

  Li Xudong said that as a professional institutional investor, public funds have more professional research capabilities and industry judgments, and they are a good way to invest in the Beijing Stock Exchange.

Individual investors can participate if they meet the requirements, but they must abandon behaviors such as conceptual speculation.

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