The Beijing Stock Exchange has only been in operation for more than 7 months, and the number of listed companies has "broken 100"; the report of the party congress proposes to deepen the reform of the New Third Board, and support the Beijing Stock Exchange to become bigger and stronger in pursuit of the "growth password" of the Beijing Stock Exchange.
Starting from Zizhuyuan Road, along Xizhimenwai Street and Zhanguan Road to Jinyang Building on Financial Street, Huizhian Information Technology Co., Ltd. That is, the shortest distance from the "North Exchange"), and the "end point" of this journey has become the first choice for Hui'an shares to be listed and financed.
"The establishment of the Beijing Stock Exchange made us 'impressed'." Yu Dan, the general manager of Hui'an, blurted out when talking about the impressive events in the construction of Beijing's capital market.
At the beginning of September 2021, Yu Dan first heard the news that the state would "establish the Beijing Stock Exchange to create a main position for serving innovative SMEs", and then "witnessed" the success of the Beijing Stock Exchange on November 15, 2021 with the management team. open.
"The strength and speed of action have indeed shown us the country's determination and attitude towards capital market construction and support for innovative small and medium-sized enterprises."
As Yu Dan said, since the opening of the Beijing Stock Exchange, the market has been running smoothly on the whole.
At present, this stock exchange, which has only been in operation for more than 7 months, has "broken 100" the number of listed companies.
According to the official website of the Beijing Stock Exchange, as of June 24, the number of companies listed on the Beijing Stock Exchange has reached 100; the total share capital of these 100 listed companies is 14.619 billion shares, with a total market value of 209.987 billion yuan.
On June 27, the report of the 13th Party Congress in Beijing proposed to deepen the reform of the New Third Board, support the Beijing Stock Exchange to become bigger and stronger, and create a main position for serving innovative small and medium-sized enterprises.
Encourage more eligible companies to go public.
Show the Beijing capital market
Hui'an Co., Ltd. is a supplier of IoT products and solutions based on domestic operating systems. It has been recognized as a "National High-tech Enterprise" and a "Specialized, Specialized and New" Small and Medium-sized Enterprise in Beijing.
Hui'an is also one of the 868 companies in the "Yuying Plan" of the "Beijing Stock Exchange Beijing Service Base of the National Stock Exchange System" (hereinafter referred to as "Beijing Base of Beijing Stock Exchange").
Completed the A round of financing in the first quarter of this year, and is launching the action of listing on the New Third Board, laying the foundation for landing on the Beijing Stock Exchange.
The Beijing base of the Beijing Stock Exchange, to which Hui'an Co., Ltd. belongs, is one of the more than ten provincial service bases of the Beijing Stock Exchange, and it is also the first batch of provincial service bases of the Beijing Stock Exchange to be unveiled in the country.
On September 2, 2021, 5 days after President Xi Jinping announced at the 2021 Service Trade Fair, "the establishment of the Beijing Stock Exchange to create a main position for serving innovative small and medium-sized enterprises", the National Equities Exchange and Quotations and the Beijing Equity Exchange Center (the "Beijing Stock Exchange") ”) signed a memorandum of cooperation, and the “National Stock Transfer System (NEEQ) Beijing Base” was unveiled.
With the official operation of the North Exchange, the base will be "expanded".
On October 12, 2021, the Beijing Municipal Bureau of Financial Supervision signed a strategic cooperation agreement with the National Equities Exchange and Quotations and the Beijing Stock Exchange. Build a new platform for the Beijing Stock Exchange and the New Third Board to serve the regional economy.
On December 17 of the same year, the Beijing Municipal Science and Technology Commission and the Zhongguancun Administrative Committee, together with the National Equities Exchange and Quotations, and the Beijing Stock Exchange jointly issued the implementation of the "Yuying Plan" for Beijing's technologically innovative small and medium-sized enterprises, and officially unveiled the Beijing base of the Beijing Stock Exchange.
Four months later, on April 22, 2022, the Beijing Municipal Science and Technology Commission and the Zhongguancun Administrative Committee, together with the Municipal Financial Supervision Bureau, jointly issued the "Several Measures to Support the Development of Innovative Small and Medium-sized Enterprises in the Beijing Stock Exchange" , support the Beijing Base of the Beijing Stock Exchange to set up service stations in the relevant branch parks of the Zhongguancun Demonstration Zone, focus on key industries in Beijing, and jointly carry out the implementation of the "Yuying Plan" to establish a localized, close-to-service network and a reserve base for key companies listed on the Beijing Stock Exchange , adopt the mechanism of special person docking and pre-trial consultation to provide enterprises with butler-style services for listing and listing.
Since 2022, under the guidance and support of the Beijing Municipal Science and Technology Commission and the Zhongguancun Administrative Committee, the Beijing Base of the Beijing Stock Exchange has reached cooperation intentions with Chaoyang, Shijingshan, and Changping Parks respectively, and established the Beijing Base Park Service Station of the Beijing Stock Exchange, which also marks the The service network of the Beijing base of the Beijing Stock Exchange was initially established.
Cheng Jiuyan, general manager of the Beijing Stock Exchange, told reporters that the main service targets of the Beijing base of the Beijing Stock Exchange include Beijing national and Zhongguancun high-tech enterprises, "Yuying Plan" storage companies, and Beijing's regional equity market (ie "Beijing Fourth Board"). ) listed display and custody enterprises, state-owned enterprises to be listed and listed and delisted enterprises on the New Third Board in Beijing.
"Among them, the 'Yuying Program' warehousing enterprises are the core. These enterprises are selected from the national high-tech enterprises in Beijing that meet at least one unlisted and unlisted enterprise that meets the listing standards of the Beijing Stock Exchange."
According to him, there are currently 868 companies in the "Yuying Program" of the Beijing Base of the Beijing Stock Exchange.
At the same time, more than half of the "Yuying Plan" enterprises have titles such as Gazelle Enterprises, Zhongguancun Frontier Technology Enterprises, Golden Seed Enterprises, Zhanyi Enterprises, and "Specialized, Special and New" SMEs.
A reporter from the Beijing News obtained an analysis of the current “Yuying Plan” warehousing companies from the Beijing base of the Beijing Stock Exchange. The data shows:
From the perspective of geographical distribution, among the "Yuying Plan" enterprises, Haidian District has the largest number of enterprises, accounting for 42%; followed by enterprises in Chaoyang District and Changping District, accounting for 14% and 7% respectively.
From the perspective of industry distribution, electronic information and new-generation information technology companies have the largest number, accounting for 36%; followed by medical and health, software and information service industries, accounting for 12% of the total.
From the perspective of meeting the four sets of standards for listing on the Beijing Stock Exchange, the number of companies that meet the criteria for profitability of Standard 1 is the largest, accounting for 65%.
The Beijing Base of the Beijing Stock Exchange also discovered a phenomenon in the process of providing continuous services for the enterprises in the "Yuying Plan", that is, although many companies in the "Yuying Plan" basically meet the listing standards of the Beijing Stock Exchange, they still have difficulties in the choice of listing places. There is some uncertainty.
According to Cheng Jiuyan, the Beijing Base of the Beijing Stock Exchange, with the support of the two levels of government in Beijing, jointly promoted with the National Equities Exchange and Quotations and the Beijing Stock Exchange, and continued to provide policy interpretation, consultation and answering questions, and funding for the companies to be listed. and other facilitation service measures to guide companies to finally choose to be listed on the New Third Board and the Beijing Stock Exchange.
"We are an enterprise with product research and development as the core, and we need continuous capital investment." In Yu Dan's view, early access to the public capital market is necessary for Hui'an.
But why will Hui'an "lock" the Beijing Stock Exchange as the preferred location for future IPOs?
In this regard, Yu Dan explained that the establishment of the Beijing Stock Exchange is mainly aimed at "specialized, specialized and new" enterprises like Hui'an, and it also fits the development characteristics of innovative small and medium-sized enterprises that are "young, energetic, and have strong stamina." "And the (North Exchange) audit efficiency and process are more efficient and transparent, more flexible and more inclusive, which are more attractive to us."
The construction of Beijing's capital market in recent years is "more active and more standardized" in Yu Dan's eyes.
At the same time, she also hopes that the Beijing capital market can give more attention and policy support to innovative small and medium-sized enterprises.
On May 27, the Beijing Municipal Financial Supervision Bureau, the Business Management Department of the People's Bank of China, the Beijing Banking and Insurance Regulatory Bureau, and the Beijing Securities Regulatory Bureau jointly issued the "Opinions on Promoting the Construction of Beijing's Global Wealth Management Center" (hereinafter referred to as "Opinions on Promoting the Construction of Beijing Global Wealth Management Center") including 20 measures. Opinion").
In the latest policy "gift package" issued by Beijing's financial sector, it is clearly stated that Beijing will fully support the development of the Beijing Stock Exchange, give full play to the role of serving innovative SMEs, and promote the formation of a financial ecosystem that supports the development of innovative SMEs. .
Expand the resource pool of enterprises listed on the New Third Board and the Bei Stock Exchange, and reserve and cultivate a number of high-tech enterprises in this city to be listed on the New Third Board and apply for the Bei Stock Exchange.
The "Opinions" show that Beijing will strengthen communication and cooperation with Tianjin, Hebei and other provinces and cities to promote eligible innovative small and medium-sized enterprises across the country to list on the Beijing Stock Exchange.
At the same time, the "Opinions" also pointed out that Beijing will continue to deepen the pilot program of opening up and innovation.
Support Qualified Foreign Institutional Investors (QFII) and Renminbi Qualified Foreign Institutional Investors (RQFII) to conduct domestic securities investment business and participate in transactions on the Beijing Stock Exchange.
Support high-quality institutions and enterprises to apply to become Qualified Domestic Institutional Investors (QDII) and carry out overseas securities investment business.
In-depth implementation of the pilot program for domestic investment by qualified foreign limited partners (QFLP) and overseas investment by qualified domestic limited partners (QDLP).
Promote insurance funds and qualified sovereign wealth funds and other long-term domestic and foreign funds to enter the market in accordance with laws and regulations.
Realize the "Dream of Listing"
Spring River Plumbing Duck Prophet.
Since its listing, Li Gang has also personally experienced the three changes brought by the construction of Beijing's capital market to Tonghui Jiashi (Beijing) Information Technology Co., Ltd. (hereinafter referred to as "Tonghui Information").
Since its establishment in 2008, Tonghui Information has been focusing on the field of digital vision.
On November 15, 2021, as the original listed company of the selection layer, Tonghui Information was directly "translated" to the Beijing Stock Exchange, and officially owned the "ID" of an A-share listed company.
"We really feel the benefits of landing on the Beijing Stock Exchange." Li Gang is the board secretary of Tonghui Information, and he has served as a director of Tonghui Information for nearly 12 years.
"First of all, in the listing stage, we learned about the basic systems and rules of the capital market, so we also put forward new requirements for our own compliance; secondly, the New Third Board took the lead in implementing the stock trading market maker system in my country. The enthusiasm for the New Third Board is high, and we also seized this opportunity to raise funds, and achieved rapid expansion of the business scale in the following years; again, if the previous period was staged, or event-based, and lacked predictability, but now As a listed company on the Beijing Stock Exchange, we have expectations and plans for future financing." Li Gang introduced.
At the same time, he also told reporters that, especially after the establishment of the Beijing Stock Exchange, Tonghui Information has felt the power of financial support in terms of fundraising and cooperation with financial institutions such as banks.
"When we went public last year (Translation), the entire amount of financing was not very high, and the size of our company was not very large. (So) as a whole, as a specialized and new small and medium-sized enterprise, these funds can support us, and It has provided valuable support for the company to strengthen R&D and operations."
Li Gang briefly explained the financing situation of Tonghui Information after the opening of the Beijing Stock Exchange.
On the other hand, with the improvement of the company's market position, the cooperation between Tonghui Information and financial institutions such as banks is also smoother.
"For example, the bank has increased our credit line, and also designed more abundant products and services for us." Still very supportive," he said with emotion.
In addition, Li Gang also revealed that with the development of enterprises and business development, "better play the financing function of the Beijing Stock Exchange and complete direct financing actions such as fixed increase", and have begun to "write" the agenda plan of Tonghui Information.
"But at present, our listing time is relatively short, less than a year, (so) at present (fixed increase) these things have not been officially launched."
"Right now, we need to concentrate on making the enterprise well, and then make good use of the tools and means of listing and financing to obtain more financial support." In Li Gang's view, it is precisely the current predictability that is critical to the future development of Tonghui Information. more meaningful.
Talking about the changes brought about by the construction of Beijing's capital market, like Li Gang, Cheng Jiuyan is also a "witness".
"In fact, the most important change in the construction of Beijing's capital market in recent years is to 'revive' the glory of Beijing's direct financing development history to some extent." Cheng Jiuyan believes that this kind of revival does not refer to the lack of capital market infrastructure in Beijing. and supporting systems, "On the contrary, in fact, Beijing has a historical tradition in developing capital markets", and "in the past few years, the construction of some formats or work systems in Beijing's capital market is even more innovative than other major cities in the country to some extent. , but also complete."
"For example, the pilot of private equity fund share transfer and financial opening to the outside world, from a national perspective, Beijing is a 'sample' city and a leader." Cheng Jiuyan added.
Looking forward to the future of the North Exchange
More differentiated "plays"
As the secretary of the board of directors, Li Gang said frankly that he is most concerned about the liquidity issue of the Beijing Stock Exchange.
On June 2, a questionnaire on "Individual Investor Status" appeared on the official account of the Beijing Stock Exchange, which caught his attention: "What is your expected return by investing in stocks of the Beijing Stock Exchange?" "You are currently in Beijing. What is the stock exchange's investment strategy?" "Do you think the current investor suitability standards of the Beijing Stock Exchange are reasonable?" At the end of the questionnaire, the Beijing Stock Exchange also asked investors to give clear opinions and suggestions on its future development.
From this questionnaire, Li Gang felt the importance attached by the Beijing Stock Exchange to the current types of investors, the design of relevant systems, and innovative products such as the Beijing Stock Exchange Index.
According to him, the Beijing Stock Exchange will also regularly arrange some research or exchange activities around listed companies.
Earlier this year, he participated in a discussion on the Beijing Stock Exchange.
"I saw that (at the scene) there were also listed companies who mentioned the issue of (liquidity), including secondary market investors, and everyone paid special attention to this matter." He recalled.
Li Gang also gave his own understanding of this: "When a market is just established, especially when the scale is not large enough, some large institutional investors will be more cautious because they are not familiar enough." "(Beijing Stock Exchange) development needs a We also understand the process.”
Regarding innovation, at the end of last year, Tonghui information appeared in an official notice of the Beijing Stock Exchange involving innovation testing.
On December 17, 2021, the Beijing Stock Exchange announced that it will carry out a simulation test of convertible corporate bond business (transfer and sale).
The participating institutions include the National Equities Exchange and Quotations, the Beijing Stock Exchange, China Clearing, Shenzhen Securities Connect, and various securities companies.
The test plan shows that a total of 7 stocks participated in the test, including the two "real-name stocks" listed on the Beijing Stock Exchange, Beitray and Tonghui Information. wealth”, “health and longevity”, etc.
"As far as I know, the exchange has many ideas, including convertible bonds. But the entire convertible bond business is a systematic work, which requires policy preparation, the active participation of securities companies and financial institutions, and of course the The guidance of investors. (This systematic work) is still relatively complicated, and it should be gradually implemented according to the unified arrangement of the China Securities Regulatory Commission." Li Gang introduced.
Cheng Jiuyan also looks forward to the future changes of the Beijing Stock Exchange, especially that the current platform of the Beijing Stock Exchange carries the management and operation of the Beijing Base of the Beijing Stock Exchange.
"We have screened nearly 900 small and medium-sized enterprises, and these companies basically meet the (listing indicators) hard standards. They also know that their qualifications are good, and many intermediaries or organizations will find them and recommend them to them. sector, but (from our communication) some of these companies do not understand the differences between exchanges, and do not understand which listing place choice will be more conducive to their future growth." Cheng Jiuyan said specifically.
Yu Dan also pointed out that Hui'an Co., Ltd. has received capital support and help during its growth period, and has connected with a lot of capital and institutions. At the same time, Hui'an Co., Ltd. hopes to have a stable channel for obtaining capital market information resources to ensure the information obtained. be systematic rather than fragmented.
"Innovative small and medium-sized enterprises have many characteristics themselves, and it is impossible to compare (using the indicators of small and medium-sized enterprises) with the listed companies of these large central enterprises and state-owned enterprises," Cheng Jiuyan continued.
But in his view, it is precisely such a group of innovative small and medium-sized enterprises that have the high growth potential that large listed companies do not have.
Therefore, "it is inappropriate for Cheng Jiuyan to evaluate a stock exchange that has been established for less than a year only from the dimensions of the number of IPOs, the amount of financing or the turnover."
He is now looking forward to the future market's evaluation dimensions and standards for the North Exchange to be clearer and more diverse, to be able to distinguish it from the Shanghai and Shenzhen exchanges, and to help more innovative small and medium-sized enterprises to gradually grow in the North Exchange.
A08-A09 Edition Written / Beijing News reporter Huang XinyuKeywords: