The overall trading activity of the Beijing Stock Exchange is in line with expectations (economic focus)
Compared with the Science and Technology Innovation Board and ChiNext Board, which also serve innovative companies, the Beijing Stock Exchange focuses on "earlier, smaller, and newer."
As of November 19, the total trading volume of the 81 stocks listed on the Beijing Stock Exchange reached 21.249 billion yuan.
One week since the official opening of the market, the overall market trading activity of the Beijing Stock Exchange has been in line with expectations, and liquidity has improved significantly compared with the select layer.
In the future, the Beijing Stock Exchange will stick to its own positioning, continue to attract high-quality companies, and create a more inclusive, flexible, and inclusive financing environment.
Jinyang Building, located at No. 26 Ding, Financial Street, Xicheng District, Beijing, has become a new "attraction" for clocking in the past week-above the stone monument of the National Small and Medium-sized Enterprise Share Transfer System, the brand new "Beijing Stock Exchange" glitters with several golden characters , The red poster on the electronic screen of the building is particularly eye-catching.
At 9:30 on November 15th, the Beijing Stock Exchange officially opened for operation. As of November 19, the total trading volume of the first 81 stocks listed on the market reached 21.249 billion yuan.
Among them, 71 translation stocks had a cumulative turnover of 13.01 billion yuan; all 10 new stocks rose, with an average increase of 123.91%.
Yi Huiman, Chairman of the China Securities Regulatory Commission, said that the official opening of the Beijing Stock Exchange is another major innovation to deepen the reform of the NEEQ and promote the high-quality development of the capital market after the official launch of the selection layer in July last year; it is also the NEEQ. Over the past 8 years of market operation, we have actively explored a new starting point for inclusive finance in the capital market with Chinese characteristics.
From the beginning of its establishment, the positioning of the Beijing Stock Exchange has been very clear-serving the development of innovative small and medium-sized enterprises.
How to build and develop the Beijing Stock Exchange?
The reporter interviewed relevant departments and experts.
The Beijing Stock Exchange focuses on "earlier, smaller, and newer", and the 81 first batch of listed companies have good quality
"Innovative companies are dynamic market players. The Beijing Stock Exchange will bring policy dividends and institutional dividends to innovative companies." As a representative of listed companies, Sanyuan Gene Chairman Cheng Yongqing said at the unveiling and opening ceremony of the Beijing Stock Exchange .
The first batch of listed companies includes 10 newly listed companies and 71 stock selection companies.
These 81 companies have attracted special attention in the past week. Although they are in different industries, they collectively reflect the market positioning of the Beijing Stock Exchange to serve innovative small and medium-sized enterprises.
As of November 19, after excluding the impact of extreme values, the average market value and average revenue of the 81 companies on the Beijing Stock Exchange were 2.289 billion yuan and 483 million yuan last year, which were significantly lower than the levels of listed companies in Shanghai and Shenzhen.
In comparison, the average market value of listed companies on the Science and Technology Innovation Board and the average revenue of last year were 16.640 billion yuan and 1.526 billion yuan respectively. The average market value of listed companies on the Shanghai and Shenzhen main boards and last year's average revenue were 24.325 billion yuan and 16.463 billion yuan respectively.
"Compared with the Science and Technology Innovation Board and the ChiNext Board, which also serve innovative companies, the Beijing Stock Exchange focuses on'earlier, smaller, and newer'." Li Xudong, member of the Investment Banking Committee and Managing Director of China Securities Investment Banking Committee, introduced earlier-- Most of these companies are in the early stages of industrialization, and their business models have more room for expansion; smaller-growth is better, but the scale of operation is small; update-the first batch of listed companies show strong innovation, advanced manufacturing , Modern service industry, high-tech service industry, and strategic emerging industries account for 87%.
It can stand out from the first batch of more than 7,000 NEEQ companies. These companies are all "top students" with stable operating conditions and outstanding growth, covering 25 major sectors of the national economy, and most of them are the vanguards of industry segments. The 17 companies are specialized and new "little giants" with outstanding innovation attributes, with an average R&D intensity of 4.2% and an average R&D expenditure of 25.36 million yuan.
From the investment perspective, the Beijing Stock Exchange adheres to an appropriate investor suitability management system, and the capital threshold for individual investor access is 500,000 yuan.
As of November 12, a total of more than 2.1 million investors have made appointments to open CBEX qualified investor rights. After the market opens, the total number of investors who can participate in CBEX transactions exceeds 4 million; institutional investors are not allowed to set up funds for access Threshold, 8 Beijing Stock Exchange theme public offering funds have been registered.
"From the perspective of one week's trading situation, the overall market trading activity is in line with expectations, and the liquidity is significantly improved compared with the selected layer. The market outlook is worth looking forward to." Related persons introduced.
Improve the fit and adaptability of the market and innovative SMEs, and promote the formation of a multi-level capital market system
"The vitality of the Beijing Stock Exchange lies in its characteristics. The key to forming its characteristics is to accurately grasp the market positioning under the framework of a multi-level capital market, and to continuously improve the fit and adaptability of the market and innovative small and medium-sized enterprises." Chairman of the Board of Directors of the Beijing Stock Exchange Xu Ming said at the opening ceremony of the Beijing Stock Exchange.
“The Beijing Stock Exchange has indeed opened up a new world of tailor-made for innovative small and medium-sized enterprises.” Li Xudong cited Jinhao Medical, sponsored by China Securities Investment Bank, where he worked as an example. This hearing aid company used to be export-oriented. The demand for domestic elderly care services is increasing. In recent years, it has begun to shift its business to the domestic market. However, in the process of transformation, it faces problems such as insufficient sources of R&D funds and difficulty in breaking the original competitive landscape.
Companies are eager for more financing support, but they did not meet the IPO (initial public offering) conditions before.
The opening of the Beijing Stock Exchange brought "timely rain" to the capital market.
Thanks to the development environment of the Beijing Stock Exchange that meets the differentiated characteristics of the growth of innovative small and medium-sized enterprises, Jinhao Medical finally met the listing conditions this time and entered the list of the first batch of listed companies on the Beijing Stock Exchange.
A suitable environment relies on an adapted system to build.
After more than two months of intense preparations, the China Securities Regulatory Commission issued a total of 6 regulations and 13 normative documents, and the Beijing Stock Exchange has formed 51 institutional rules to outline a more inclusive, flexible, and inclusive financing environment. .
"For example, an inclusive and precise issuing and listing system that takes into account different types and characteristics of small and medium-sized enterprises." Tian Xuan, deputy dean of the Wudaokou School of Finance, Tsinghua University, said that the Beijing Stock Exchange has set 4 sets of parallel listing standards, of which the minimum market value threshold is 200 million. Compared with the minimum standard of 1 billion yuan on the Science and Technology Innovation Board and ChiNext, it also includes listing standards that focus on corporate growth and R&D capabilities, giving more companies with strong independent innovation capabilities and high R&D investment. opportunity.
At the same time, the Beijing Stock Exchange implements a registration system, that is, Beijing Stock Exchange review + SFC registration. The review time of the Beijing Stock Exchange is 2 months, which is 1 month shorter than the same pilot registration system for the ChiNext and Science and Technology Innovation Board. .
The continuous financing system is flexible and diversified. Enterprises can publicly issue to unspecified qualified investors, issue to specific targets and other diversified financing methods. Introduce flexible issuance mechanisms such as authorized issuance and self-issued issuance to further reduce the financing costs of small and medium-sized enterprises; Strict and moderate, do not impose hard requirements on the company’s cash dividend ratio, and encourage "doing within one's ability" according to its own actual; the transaction system is convenient and efficient, and the selection layer continues the trading system with continuous bidding as the core, and there is no increase or decrease on the first day of IPO Restrictions, the next day’s price limit is 30%, which reflects the relatively volatile trading characteristics of SME stocks and guarantees stable and continuous market transactions... "The overall institutional framework and many business rules details all reflect the distinctive market positioning of the Beijing Stock Exchange. "Tian Xuan said.
Such market positioning has added a key link to the formation of a multi-level capital market system.
Gao Rui, a spokesperson for Ping An Securities, believes that the Beijing Stock Exchange has played a role in linking up and down. On the one hand, it maintains a progressive market structure with the basic and innovative layers of the NEEQ. Interconnection, depicting the growth path of "regional equity market-basic layer-innovation layer-Beijing Stock Exchange-Shanghai and Shenzhen Stock Exchange" for SMEs.
Improve the quality of listed companies and create a good market ecology
At present, all parties in the market believe that continuous improvement of the quality of listed companies is the key to the sustained and healthy development of the Beijing Stock Exchange.
The relevant person in charge of the Beijing Stock Exchange stated that as a new exchange market, the Beijing Stock Exchange will combine its market positioning and market characteristics to improve the quality of listed companies in three aspects.
Keep the market "closed".
Implementation of the pilot registration system, adhere to the center of information disclosure, all arrangements are consistent with the science and technology innovation board and the ChiNext, and the listing conditions remain adaptable, accurate and inclusive to small and medium-sized enterprises.
In the listing review, the responsibilities of all parties are compacted and enterprises are strictly prevented from "listing on the market".
Consolidate the "key subject responsibility".
In terms of corporate governance, information disclosure, etc., it fully conforms to the current major regulatory arrangements of listed companies, further consolidates the responsibilities of sponsors and other intermediary agencies in continuous supervision, clarifies the main position of listed companies as the primary responsible person for standardized operations, and enhances them to improve their own quality Endogenous power.
Smooth market "export customs".
It not only fully accommodates the characteristics of small and medium-sized enterprises' natural performance, such as being vulnerable to external influences, but also resolutely clears out companies that have major violations of laws and lose their ability to continue operations.
"It is worth mentioning that if the Beijing Stock Exchange delisted companies meet the corresponding conditions, they are encouraged to continue to develop their listed basic or innovative layers, and those that do not meet the listing conditions are transferred to the delisted company sector, so as to realize the classification of delisting risks. , Fully delayed release." The person in charge said.
To attract high-quality listed companies to enter, it is also necessary to create a good exchange market ecology.
"The growth process of SMEs is inherently uncertain, and innovation also has this characteristic. The most important thing is to adhere to the spirit of inclusiveness and market-oriented mechanism, while keeping the market'entry gates', do not set up redundant rules and regulations. Attract more high-quality companies to the Beijing Stock Exchange." Li Xudong believes that only in this way can companies with real innovation capabilities "willing to come, develop well, and retain."
Tian Xuan believes that in the future, in the process of exploring and promoting system, product, and service innovation, the Beijing Stock Exchange must properly handle the relationship between strengthening supervision, risk control, and reform and innovation, and pre-research and predict various risks that may arise in the development of innovation. Strengthen supervision and monitoring during the incident, and dispose of it safely afterwards, and firmly hold the bottom line of preventing systemic financial risks.
Our reporter Zhao Zhanhui