Beijing Stock Exchange opens "100-day" resumption: 4.8 million investors enter the market and "specialized, special and new" enterprises are favored

  Our reporter Chang Xiaoyu

  On November 15, 2021, the Beijing Stock Exchange, which shoulders the mission of "building a main position for serving innovative SMEs", officially opened; on February 22, 2022, the stable operation of the Beijing Stock Exchange, which "collected" 84 listed companies, has reached "Hundred Days".

  Since the opening of the Beijing Stock Exchange, various market players have actively participated.

Institutional investors actively issue relevant fund products, support the development of innovative small and medium-sized enterprises with practical actions, and enjoy institutional dividends.

There are also individual investors who excitedly posted a "record map", and they have gained a lot from investing in related products and stocks of the Beijing Stock Exchange.

At the same time, the Beijing Stock Exchange has also provided a platform for a group of "specialized, special and new" small and medium-sized enterprises to go public and raise funds to help them develop rapidly.

  corporate investor:

  Actively enter the field and participate in the battle investment

  After the "100-day" market opening, the market ecology has undergone positive changes, which is first reflected in the positive and orderly entry of institutional investors.

  Liu Ping'an, chairman of Jinchangchuan Capital, told the "Securities Daily" reporter: "As a private equity investment fund, the company uses about 100 million yuan of funds to invest in companies including Liancheng CNC, Northland, Derui through strategic investment. 17 companies in the Beijing Stock Exchange, including lithium batteries and ternary genes, are still holding them, and their profits are basically more than 100%, especially the manufacturing companies with core technologies are showing strong performance.”

  Chang Chunlin, founder and partner of Beijing Liver Investment Management Co., Ltd., told the "Securities Daily" reporter: "The company mainly invests in companies that can be listed on the Beijing Stock Exchange through the establishment of private equity fund products."

  Chang Chunlin further introduced that, on the one hand, the company is actively looking for fixed growth opportunities for innovative companies, obtaining shares at a "discount", and waiting for the target companies to withdraw from the Beijing Stock Exchange to make a profit.

Due to the short investment cycle and high expected rate of return, investors' enthusiasm for subscription is high, and many of the company's products have over-raised.

  "On the other hand, the company also directly buys the stocks of companies that have the opportunity to be listed on the Beijing Stock Exchange in the future." Chang Chunlin said that due to the active participation of public funds in strategic placements, head fund companies account for a high proportion of the quota, and the quota is scarce.

Buying directly in the secondary market of the New Third Board before the application materials of the target company are accepted by the Beijing Stock Exchange can also achieve the purpose of strategic placement in disguise.

The company invested in Haitai Xinneng, Jikang Instrument, Audiwei, Kaixue Cold Chain and other targets have been suspended. Among them, Haitai Xinneng’s floating profit exceeded 80% less than half a year before the suspension of trading. It is expected that the target company will be listed on the Beijing Stock Exchange. After the listing, there will be about 1 times the income space.

  Regarding how to deploy the Beijing Stock Exchange in the future, Liu Ping'an introduced, "In the future, participating in the fixed increase of the New Third Board and the strategic investment and refinancing of listed companies on the Beijing Stock Exchange are the main investment directions of the company."

  Talking about his expectations for the future development of the Beijing Stock Exchange, Chang Chunlin expressed the hope that the newly revised "Strategic Management Measures for the National Equities Exchange and Quotations" (hereinafter referred to as "Stratified Management Measures") will be implemented as soon as possible, allowing more high-quality enterprises Listing on the New Third Board provides institutional investors with more choices.

At the same time, high-quality listed companies are also the cornerstone of the North Exchange, which can attract more investors to participate in the North Exchange market.

  "According to the "Strategy Management Measures", a total of 6 innovation-level arrangements have been set up throughout the year. Therefore, finding high-quality companies for investment from basic-level enterprises or companies to be listed will be the focus of the company's next layout. Such enterprises or Not meeting the listing requirements of the Beijing Stock Exchange for the time being, the company will actively 'empower' the bidders in an all-round way to help them grow rapidly and meet the listing standards of the Beijing Stock Exchange as soon as possible." Chang Chunlin said.

  Regarding the future development of the Beijing Stock Exchange, Liu Ping'an suggested that the investor suitability system can be further adjusted to increase market liquidity.

At the same time, the protection of the legitimate rights and interests of investors should be strengthened, the quality of information disclosure should be ensured, and the financial fraud of listed companies should be prevented.

  Individual Investors:

  Subscribing for new shares and winning the lottery with considerable returns

  Institutional investors go all out, what is the attitude of individual investors?

  Xu Ming, chairman of the Beijing Stock Exchange, said at the "2022 New Third Board and Beijing Stock Exchange News Media Symposium" that the number of investors has exceeded 4.8 million, 2.8 times the number before the announcement of the establishment of the Beijing Stock Exchange.

  Mr. Lin, a Beijing-based investor with a total investment of 5 million yuan, has been in the market for 13 years. He told the Securities Daily reporter, "My current main strategy for investing in the Beijing Stock Exchange is to 'launch new'. Only stocks (Yoshioka Precision, Weber Hydraulics and Hujiang Materials) I have won the lottery, and the income is considerable."

  Mr. Lin said frankly that in the future, as institutional investors continue to build positions, the trading volume of the Beijing Stock Exchange will gradually increase. After the core high-quality stocks are in place, I will actively participate in the stock trading of "specialized, refined, and new" companies, and will look for them from the innovation layer. Invest in high-quality targets.

  Zhou Yunnan, a professional investor and founder of Beijing Nanshan Investment, has also been focusing on investments in the New Third Board and the Beijing Stock Exchange. He introduced to the "Securities Daily" reporter that at present, I have 30% of my positions invested in the basic stocks of the New Third Board, and 60% of my positions. Invest in individual stocks in the innovation layer of the New Third Board, and 10% of the position is invested in individual stocks in the Beijing Stock Exchange.

Since the announcement of the establishment of the Beijing Stock Exchange, the cumulative rate of return of the Beijing Stock Exchange-related investments has been around 40%.

  Zhou Yunnan said: "I have two expectations for the secondary market of the North Exchange. One is to launch the North Exchange Index as soon as possible to attract more funds; the other is to speed up the listing of new stocks, expand the North Exchange sector, and provide more investment. Target. The sector I am most interested in at the moment is 'specialized, new' and high-growth small-cap companies, which are suitable as long-term value investment targets."

  Another Shanghai investor, Ms. Jin, who has only been in the market for two years, opened the trading authority after the opening of the Beijing Stock Exchange. She told a reporter from Securities Daily: "One more investment channel brings more opportunities. Currently, I indirectly use funds and other channels. Participating in the transaction of the Beijing Stock Exchange, I am ready to select high-quality targets for investment when the time is ripe, and I am very optimistic about the future development of the Beijing Stock Exchange.”

  Listed companies and "reserve teams":

  Accelerate the dream capital market

  To test the success of the capital market reform, it is necessary to measure the personal feelings of the participants.

  Liu Xiaoliang, the board secretary of Yingtai Bio, who witnessed the "100 days" of the opening of the Beijing Stock Exchange, sighed: "The change of identity (from a public company to a listed company) allows us to press the 'fast-forward button' in the process of dreaming about the capital market. , the institutional arrangements of the Beijing Stock Exchange have effectively met our development needs, and the functions at both ends of the investment and financing have also been significantly improved. We look forward to the continuous growth of the Beijing Stock Exchange in the future, and the quality of operation will reach a new level.”

  Zhejiang Shengzhao Pharmaceutical Technology Co., Ltd. (hereinafter referred to as "Shengzhao Pharmaceutical"), one of the members of the "reserve team", is also one of the beneficiaries.

Company Secretary Wu Jian told a reporter from Securities Daily: "After the opening of the Beijing Stock Exchange, the enthusiasm for market participation has increased, and Sheng Zhao Pharmaceutical has attracted much attention from investors. In terms of stock price, the Beijing Stock Exchange will be established on September 2, 2021. Since the announcement of the news to the opening of the Beijing Stock Exchange, the share price of Sheng Zhao Pharmaceutical has increased by more than 60%, and the average daily trading volume has exceeded 3 times that before the announcement. In terms of financing, the implementation of the fixed increase of Sheng Zhao Pharmaceutical in 2021 coincides with the announcement of the establishment of the Beijing Stock Exchange. , Affected by the good news, investment institutions subscribed actively, and the company's 300 million yuan fundraising was fully completed; compared with the company's stock issuance in 2020, this issuance has received strong support from many investment institutions, reflecting the market's interest in the Beijing Stock Exchange and related companies highly recognized.”

  "Sacred Pharma has now met the fourth listing standard of the Beijing Stock Exchange, and will formally submit the listing guidance filing on the Beijing Stock Exchange at the end of 2021." Wu Jian further said that as a drug research and development enterprise, Sheng Zhao has a relatively strong position in the field of innovative preparations. High core competitiveness, but the current product is still in the research and development stage (not profitable), and funds are urgently needed to promote product development and listing.

The establishment of the Beijing Stock Exchange has broadened the financing channels for innovative small and medium-sized enterprises, which is conducive to the rapid growth of small and medium-sized enterprises similar to Sheng Zhao, and accelerates product development and talent upgrade; It is expected to realize the domestic substitution of innovative preparations and feed back the society.

In the future, it is hoped that the Beijing Stock Exchange will help more "specialized, special and new" enterprises to rise.

(Securities Daily)

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