82 companies have been listed on the Beijing Stock Exchange
Fully stimulate the innovation vitality of SMEs (Financial Eyes)
Our reporter Zhao Zhanhui
"There is a stage dedicated to innovative small and medium-sized enterprises in the capital market. This time the spotlight is on us!" Many companies listed on the Beijing Stock Exchange are very excited.
Since the opening of the Beijing Stock Exchange, the market has generally operated smoothly.
As of December 8, the total trading volume of 82 listed stocks reached 43.016 billion yuan.
Among them, 71 translation stocks had a total turnover of 29.52 billion yuan; 11 new shares had a turnover of 13.497 billion yuan, an average increase of 101.49%.
What assistance does Beijing Stock Exchange offer to the innovation and development of SMEs?
What changes did the company have after listing on the Beijing Stock Exchange?
The reporter interviewed a number of listed companies, relevant departments and experts.
Alleviate financing difficulties and become an innovation "accelerator" for SMEs
On the intelligent production line in the production workshop of Beijing Sanyuan Gene Pharmaceutical Co., Ltd., a drug called recombinant human interferon α-1b is rolling off the line at a rate of 300 boxes per minute.
This drug is a class 1 genetic engineering drug with independent intellectual property rights in China, and has achieved a zero breakthrough in genetic engineering drugs in my country.
"Listing on the Beijing Stock Exchange is equivalent to putting an'accelerator' on innovation, and the company's business outlook is completely new." said Cheng Yongqing, chairman of Sanyuan Gene. Interferon α-1b children’s nebulized inhaler and other products are already in clinical phase III, and the listing will strongly promote the progress of various research projects.
"Innovation requires a large amount of capital investment. The financing ability determines the innovation ability of the enterprise to a large extent. Small and medium-sized enterprises lack sufficient mortgages, guarantees and other reasons, and their financing ability is poor. This is a global problem." Cheng Yongqing introduced, 3 Metagene entered the basic layer of the New Third Board in 2016. As a listed company that has grown gradually from the New Third Board, it has raised 300 million yuan in funds for innovation and development in five years, but the company still feels that it is not enough to "quench the thirst", and the pace of innovation is funded Constrained.
The Beijing Stock Exchange has opened up a new world of direct financing for innovative SMEs.
After listing, Cheng Yongqing immediately realized the improvement of the company's market position and legal status.
"From a company listed on the New Third Board to a listed company on the Beijing Stock Exchange, the company has received attention from all parties and its popularity has started immediately. At the same time, since insurance funds and social security funds have been able to enter long-term stable funds, the entry barriers for investors have been further optimized. This has greatly broadened the sources of corporate financing."
Shaanxi Tongli Heavy Industry Co., Ltd. is also on the list of the first listed companies. The company mainly develops and produces off-road transportation equipment such as mining dump trucks.
The company’s secretary of the board Yang Peng described the company’s pace of innovation from "small steps and quick steps" to "speeding up" after listing.
In 2007, Tongli wanted to invest in the construction of a vehicle plant in Xi'an, but eventually abandoned the plan due to funding problems.
"Although our profitability is relatively strong, we can get more than 20 million yuan through debt and equity financing every year, but it is still far from enough. R&D and production expansion are difficult to use." Yang Peng said that at the time, the company could only release Slow down and accumulate energy.
The listing is at the right time for Tongli.
"Our technology center for vehicle R&D and evaluation is under construction. After that, we will purchase additional equipment and expand the R&D team. It is just when investment is needed." Yang Peng said, conservatively estimated that the fundraising project can be one year ahead of schedule after listing. Time to put into production.
What impressed Yang Peng even more was the continuous financing system tailored by the Beijing Stock Exchange for innovative small and medium-sized enterprises.
It can be refinanced 6 months after listing. The financing varieties are diversified. It provides a wealth of equity financing tools such as ordinary shares, preferred shares, and convertible bonds. The method of issuance is also very flexible. The introduction of authorized issuance, shelf issuance, self-organized issuance, etc. The issuance mechanism reduces the financing costs of SMEs.
"Enterprises can flexibly plan refinancing according to their own pace of innovation." Yang Peng said.
Shanghai Airong Software Co., Ltd. dedicated to the development of financial software has also experienced a difficult entrepreneurial process with tight funds.
“Although the company is growing very well, the software innovation input and output cycle is very long, and it is easy to get stuck in the early stage of R&D.” said Wang Tao, the company’s secretary of the board of directors. High mountains for market applications."
The listing on the Beijing Stock Exchange has accelerated the software development and business expansion of Airong Software.
"More importantly, the listing has greatly enhanced the company's attractiveness to high-tech talents such as software engineers." Wang Tao said that talents are the first resource for innovation. The company has implemented a phase of equity incentive plan. The supervision of equity incentives is more flexible, allowing listed companies to reasonably set an option exercise price lower than the stock market price under the premise of full disclosure and fulfillment of the corresponding procedures, so as to enhance the effectiveness of incentives. The company will attract greater equity incentives in the future Talent.
Like Sanyuan Gene, Tongli Co., Ltd., and Airong Software, 82 listed companies have stable operating conditions and outstanding growth, and most of them are the vanguards of industry segments.
Small and medium-sized enterprises have contributed more than 70% of my country's technological innovation, and direct financing has overcome the constraints of development, which will further release the innovation capabilities of these enterprises.
"From the current trading situation, the overall market transaction activity is in line with expectations, and the liquidity is greatly improved compared with the select layer. The market outlook is worth looking forward to." said Li Xudong, member of the Investment Banking Committee and Managing Director of China Securities Investment Banking Corporation.
Realize dislocation development, let more innovative small and medium-sized enterprises stand out
“It’s not that I haven’t tried to go public before, but I have no choice but to be too small. Many companies are ahead of us.” During the interview, the reporter found that many companies had applied for listing, but it was not until the Beijing Stock Exchange came to enter capital for the company. The market has built a "through train" and finally fulfilled their dream of going public.
"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'." In the early stages of industrialization, business models have more room for expansion; smaller—the growth of these companies is better, but their scale of operation is relatively 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 more than 80%.
In the eyes of many companies, the key to the CBEX's focus on the development of innovative small and medium-sized enterprises and the dislocation development of the Shanghai and Shenzhen Stock Exchanges lies in piloting the registration system for public issuance of securities and establishing an issuance and listing system and an information disclosure system adapted to the characteristics of small and medium-sized enterprises.
Liu Xiaoliang, the first board secretary of Yingtai Biotech, believes that the implementation of the registration system of the Beijing Stock Exchange reflects support for innovative small and medium-sized enterprises in many ways: lower thresholds, more inclusive listing and issuance conditions, and lower financial indicators are helpful Innovative small and medium-sized enterprises with weaker capital strength are listed to finance capital and develop innovatively; the listing is faster, the registration system is reformed by the exchange to review the issuance materials, and the China Securities Regulatory Commission decides whether to register based on the review opinions of the exchange. The Beijing Stock Exchange reviews The time is 2 months, which is relatively shorter, and the listing cycle is easier to control, which reduces the financing cost and difficulty of SMEs.
"More importantly, the registration system gives listed companies the right to decide on entering and exiting the stock market. On the one hand, it clears the entrance of IPOs (initial public offerings). On the other hand, a more flexible delisting system can also clear the capital market exports. "Liu Xiaoliang believes that while the Beijing Stock Exchange allows more innovative small and medium-sized enterprises to enter the capital market, it can also delist poorly managed enterprises, making the flow of water in the asset pool smoother and flowing to better-quality small and medium-sized enterprises to better form. The market ethos of survival of the fittest "inspires our listed companies to focus more on innovation, standardize operation and management, and improve company quality."
"Beijing Stock Exchange and the NEEQ basic layer and innovation layer have formed a progressive market structure." Wang Tao believes that the establishment of the Beijing Stock Exchange and the pilot registration system will not only help enhance the NEEQ’s attractiveness to small and medium-sized enterprises and investors. Strength, it is also conducive to guiding the NEEQ of more small and medium-sized enterprises of different growth stages and types to increase their awareness of information disclosure and cultivate corporate governance culture.
Cheng Yongqing said that the establishment and system design of the Beijing Stock Exchange conveyed the idea that enterprise development does not necessarily have to pursue scale blindly. The "small and beautiful" of intensive cultivation can also nurture great innovation, which is highly compatible with the requirements of high-quality development. .
"my country has cultivated three batches of 4,762 small giant enterprises with specialization, specialization and newness. The emergence of the Beijing Stock Exchange will also encourage more small and medium-sized enterprises to develop in the direction of "specialization, specialization and newness". As the first batch of listed companies, we are very Fortunately, but I also deeply feel the responsibility." Cheng Yongqing said.
Continue to improve the system to promote stability and long-term development of the Beijing Stock Exchange
Born in the expectation of the people and growing in the eyes of the people, the development of the Beijing Stock Exchange has a long way to go and requires the efforts of all parties.
"Beijing Stock Exchange listed companies must work hard to ensure the quality of their operations and better use their precious funds for innovation; at the same time, the issuance and pricing of new shares under the registration system are more market-oriented, and investment institutions must greatly enhance their investment and research capabilities." Cheng Yongqing said.
"It is hoped that the Beijing Stock Exchange will improve its functions on the financing end and the investment end. The financing end will further enrich financial tools and set up efficient and convenient financing channels, so that outstanding small and medium-sized enterprises can achieve rapid development in the Beijing Stock Exchange; the investment end will moderately lower the threshold and increase Liquidity allows investors to share the dividends of the rapid growth of innovative SMEs.” Liu Xiaoliang suggested.
Tian Xuan, deputy dean of the Wudaokou School of Finance, Tsinghua University, believes that the degree of differentiation between the Beijing Stock Exchange’s issuance conditions, transaction models, and governance mechanisms, and the ChiNext and Science and Technology Innovation Board, needs to be further expanded.
At the same time, it is necessary to clarify and expand the scope of responsibility of intermediary agencies, do a good job in corporate governance of the exchange in accordance with the management characteristics of the company system, improve the transparency of exchange supervision, create a good market environment, and do a good job in protecting the rights and interests of investors.
The relevant person in charge of the Beijing Stock Exchange said that in the next step of the market construction process, the Beijing Stock Exchange will put support for innovation in a more prominent position, and solve several key mechanism issues that support the innovation and development of small and medium-sized enterprises: First, the innovation tolerance mechanism. In view of the characteristics of high innovation risk, high uncertainty, and long cycle, continue to optimize the access conditions for listing, enrich the innovation evaluation dimension, and increase tolerance; the second is the capital supply mechanism to support and guide private equity funds and public equity funds to increase investment. Promote the entry of long-term funds such as insurance funds and social security funds into the market, and continue to optimize the "small, fast, flexible, and diversified" issuance financing system; third is the price discovery mechanism, continuously enriching the types of transaction mechanisms, and improving the market maker system; fourth is the talent incentives Mechanism, continue to optimize the equity incentive system and differentiated voting rights system, promote the formation of a community of interests of management, technical personnel and capital owners, and further release the innovative vitality of small and medium-sized enterprises.