China News Service, Beijing, November 23 (Reporter Du Yan and Chen Hang) Today, Shang Qingjun, the public company department of the China Securities Regulatory Commission, said at the 2022 Financial Street Forum Annual Meeting that the Beijing Stock Exchange has been running smoothly for one year and has achieved stable and healthy development. The vitality of enterprise innovation and development has been significantly stimulated.

In the future, it is necessary to focus on promoting the high-quality expansion of CBEX, accelerate the pace of innovation and development, improve the product layout of CBEX, continue to study special varieties that meet the characteristics and needs of innovative small and medium-sized enterprises, and continuously improve the financing function.

Highlights of CBEX's market characteristics gradually emerged in the past year

　　Shang Qingjun said that small and medium-sized enterprises are full of vigor and vitality, and play an irreplaceable role in stabilizing growth, promoting innovation, and ensuring employment. They are an important force for implementing the national innovation-driven development strategy and promoting the transformation and upgrading of industrial structure. An important guarantee for the resilience of the economy.

Over the past year, CBEX has achieved stable and healthy development, various institutional arrangements have been operating smoothly, market characteristics and bright spots have gradually emerged, the vitality of innovation and development of small and medium-sized enterprises has been significantly stimulated, and reforms have achieved a good start and achieved positive results:

　　First, the agglomeration effect of innovative SMEs has been continuously enhanced.

The Beijing Stock Exchange has attracted a group of small and medium-sized enterprises with strong innovation capabilities and technological excellence. At present, there are 126 listed companies with a median market value of 855 million yuan, which is only equivalent to 10% of the Science and Technology Innovation Board and 20% of the Growth Enterprise Market.

Among them, there are 50 national-level specialized and special new "little giant" enterprises, and 56 provincial-level specialized and special new enterprises. Strategic emerging industries and advanced manufacturing companies account for more than 80%, with outstanding innovation attributes.

　　Second, the function of promoting the formation of innovative capital has become increasingly prominent.

Beijing Stock Exchange has implemented a registration system from the very beginning, and the issuance mechanism is flexible and efficient. In terms of time, the average time for public offerings from acceptance to registration is 145 days, and the fastest is only 72 days; in terms of scale, the total issuance and financing of listed companies is 27.5 billion RMB 210,000,000 per household on average, effectively meeting the funding needs of small and medium-sized enterprises.

Driven by the Beijing Stock Exchange, the financing function of the NEEQ market has been significantly enhanced. Since the beginning of this year, a total of 630 targeted issuances have been completed, with a total financing of 18.8 billion yuan, a year-on-year increase of 38% and 12% respectively.

　　Third, the inclusiveness and inclusiveness of the capital market have been further enhanced.

There are more than 4,000 small and micro enterprises in the Beijing Stock Exchange and the New Third Board Market, accounting for more than 60%. Nearly 30% of the companies are located in the economically underdeveloped areas of the central and western regions, and nearly 600 are registered in county areas, effectively extending the scope of capital market services and improving the capital market. Direct financing coverage.

　　Fourth, a dynamic and resilient market ecology has initially taken shape.

From the perspective of financing, the enthusiasm of enterprises to apply for the North Exchange has continued to rise. Over the past year, more than 300 companies have listed on the New Third Board, and more than 400 innovative companies have actively applied for the North Exchange, forming a positive and positive atmosphere; from the investment side , the participation of all parties has increased significantly, with 5.2 million qualified investors, more than 580 public offering funds entering the market, social security funds, insurance funds, etc. actively participating in the market; from the transaction situation, the average daily turnover of the Beijing Stock Exchange is nearly 1 billion yuan, and the daily The average turnover rate is nearly 1%, showing a liquidity level that matches small and medium-sized market capitalization stocks.

　　Fifth, the interconnection of multi-level capital markets has become smoother.

Each level of the multi-level capital market reflects differentiated positioning, providing market choices that better suit their own needs for small and medium-sized enterprises at different stages of development.

The board transfer mechanism is operating effectively, and 3 companies have been transferred from the Beijing Stock Exchange to the Science and Technology Innovation Board and the Growth Enterprise Market; the cooperation between the New Third Board and the regional equity market has been strengthened, and the support service system for specialized, special and new small and medium-sized enterprises has been improved. Nearly 800 regional equity market companies have been listed on the NEEQ.

Promoting the capital market to serve the innovation and development of small and medium-sized enterprises

　　Shang Qingjun pointed out that the Beijing Stock Exchange is a professional platform for the capital market to serve innovative small and medium-sized enterprises, promote its high-quality development, give full play to market functions, increase the proportion of direct financing, and improve support and service capabilities for small and medium-sized enterprises and technological innovation. It is an important measure for the capital market to implement the spirit of the 20th CPC National Congress.

In the future, we will stick to the market positioning of CBEX, continue to consolidate the market foundation, improve market functions, and promote the continuous improvement of the efficiency of the capital market in serving the innovation and development of small and medium-sized enterprises:

　　First, focus on promoting the high-quality expansion of CBEX.

A certain market size is the basis for forming liquidity, exerting market functions, and implementing product innovation.

At present, the market size and brand influence of CBEX need to be improved as soon as possible. The market liquidity and valuation level are basically in line with the characteristics of small and medium-sized enterprises, but there is still a certain gap with the high expectations of all parties in the market.

The current priority is to promote the high-quality expansion of CBEX.

We will adhere to equal emphasis on quantity and quality, scale and characteristics, based on the development needs of innovative small and medium-sized enterprises, continue to optimize market services, improve issuance and listing conditions, improve the inclusiveness of audits, and support a group of companies with core competition under the premise of ensuring the quality of audits. Benchmarking enterprises with strong strength will quickly realize the issuance and listing, form a demonstration and driving effect, guide more high-quality enterprises to actively apply, and promote the formation of a certain scale of the Beijing Stock Exchange as soon as possible.

　　Second, continuously accelerate the pace of innovation and development.

Recently, the margin trading and securities lending system of the Beijing Stock Exchange was officially released, and the Beijing Stock Exchange 50 Index also started operation on Monday.

In the future, we will continue to deepen reform and innovation, improve the product layout of the Beijing Stock Exchange, continue to study special varieties that meet the characteristics and needs of innovative small and medium-sized enterprises, and continuously improve financing functions; steadily promote the implementation of the margin financing and securities lending system, explore the introduction of mixed trading mechanisms, and improve market operations Efficiency; further improve the incentive and restraint mechanism of intermediary agencies, mobilize the enthusiasm of business participation; actively promote the entry of various long-term funds into the market, enrich the number and types of investors, and improve the level of market liquidity.

　　Third, further deepen the reform of the New Third Board.

It is an important feature of the NEEQ market that the Beijing Stock Exchange cooperates with the innovation layer and the basic layer for coordinated development.

In the future, we will give full play to this advantage, continue to deepen the reform of the New Third Board, optimize the listing conditions of the basic layer, further improve the layering standards of the innovation layer, and increase support for "earlier, smaller, and newer" start-up technology innovation enterprises. Cultivate and deliver more high-quality listing resources for CBEX.

Research and play the role of the New Third Board as the hub connecting the "public offering market" and "private offering market", provide more support for private equity and venture capital funds' "raising, investment, management and withdrawal", and create a better early financing and development environment for small and medium-sized enterprises .

　　Fourth, continue to improve the quality of listed companies and listed companies.

The CBEX is in the initial stage of market construction, and improving the overall quality of listed companies plays a key role in consolidating the market foundation and building a market brand.

In terms of access, while strictly controlling the "entry barriers" and resolutely implementing national industrial policies to prevent companies from "listing with illnesses", we will increase the inclusiveness of new industries, new formats, and new models, standardize and guide the healthy development of capital, and Improve the quality of listed companies from the source.

In terms of supervision, strengthen information disclosure and corporate governance requirements, keep a close eye on the "key minority" such as controlling shareholders and actual controllers, and "zero tolerance" crack down on financial fraud, capital embezzlement, insider trading and other illegal activities, and effectively protect the legitimate rights and interests of investors.

Strengthen the supervision of listed companies with the goal of cultivation and standardization, guide enterprises to develop in the standard, and lay a solid foundation and prepare for listing.

　　Shang Qingjun said that the New Third Board and the Beijing Stock Exchange are still "newcomers" to the capital market, and the construction and development of the market requires more tolerance and support from all parties in the society.

In the future, we will adhere to the principles of marketization and the rule of law, adhere to the policy of "building a system, non-intervention, and zero tolerance", adhere to the regulatory concept of "four awes, and one force", continue to deepen the reform of the New Third Board, strive to run the Beijing Stock Exchange well, and create The capital market serves the main position of innovative small and medium-sized enterprises, and takes the road of inclusive financial development in the capital market with Chinese characteristics.

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