Xinhua News Agency, Beijing, September 3, report title: Stand on a new starting point!

The new three board reform ushered in major measures

  Xinhua News Agency reporter Liu Hui

  On the 2nd, President Xi Jinping announced in his speech at the 2021 China International Trade Fair Global Service Trade Summit that he will continue to support the innovative development of small and medium-sized enterprises, deepen the reform of the New Third Board, set up the Beijing Stock Exchange, and create a main position for service-innovative small and medium-sized enterprises.

  This not only points out the direction for deepening the reform of the NEEQ, it also marks a new starting point for reforms on the NEEQ that focuses on serving the innovation and development of small and medium-sized enterprises. It is also a major new initiative to better serve the capital market to build a new development pattern and promote high-quality development. Strategic deployment.

Make up for shortcomings and respond to the needs of high-quality economic development

  At present, the new development stage, new development concept, and new development pattern have become the key words of China's development.

To achieve a high level of self-reliance and self-reliance, innovation is the first driving force for development.

As an important platform for resource allocation, the capital market needs to be more inclusive of innovation.

  Exploration is always on the way.

From the pilot registration system on the Science and Technology Innovation Board, the improvement of the quality of listed companies, the reform of the delisting system, the reform of related sectors, and the establishment of a selection layer on the New Third Board... In recent years, a series of institutional reforms are effectively improving the adaptability of the capital market to innovation, tolerance.

  What cannot be ignored is that as an important part of China's economy, small and medium-sized enterprises are full of vitality and daring to innovate, which is the most important guarantee of my country's economic resilience.

However, the financial system's support for SMEs is far from enough, and financing difficulties and expensive financing have become the "old difficulty" that restricts their development.

  How to guide the integration of technology and capital through more effective institutional arrangements and support the technological innovation of small and medium-sized enterprises has become a topic that must be promoted by China's capital market, and it is also a key issue that needs to be resolved urgently to deepen the structural reform of the financial supply side.

  "Deepening the reform of the New Third Board and establishing the Beijing Stock Exchange" is to break through the bottleneck in the system and mechanism, accelerate the construction of a stock exchange tailored for innovative small and medium-sized enterprises, and deeply explore the inclusiveness of the capital market to support the technological innovation of small and medium-sized enterprises. The road to finance.

  As the new third board reform stands at a new historical starting point, the capital market that is strong in the reform will also better assume the mission of serving the real economy and promoting a virtuous circle of investment and financing.

Service upgrade to create a more efficient and professional platform

  To understand the establishment of the Beijing Stock Exchange, it must be viewed under the general logic of the New Third Board reform, and must be viewed in the historical perspective of the construction of a multi-level capital market.

  Since its inception in 2013, the New Third Board has been positioned as an important platform for the capital market to serve small and medium-sized enterprises and the private economy.

Starting from scratch and gradually exploring, the New Third Board has formed many system designs that fit the characteristics of small and medium-sized enterprises, serving 13,000 enterprises in total.

However, in the process of rapid development, the NEEQ has encountered growth "troubles" such as insufficient liquidity and the "congenital deficiency" of some listed companies.

  In the face of new situations and new problems, the New Third Board reform has achieved "acceleration".

In July last year, reform measures centered on the establishment of a selection layer, the introduction of public offerings, and the establishment of a transfer system were implemented, which fully stimulated the vitality of the NEEQ market.

  In the past year or so, the reform of the New Third Board once again ushered in the policy "big gift package."

It is not difficult to find that the service of the capital market to small and medium enterprises is a process of continuous deepening, which is not only a summary and absorption of previous experience, but also a bold innovation in accordance with the new situation.

  The "establishment of the Beijing Stock Exchange" this time is the deepening continuation of the reform of the New Third Board.

  "Establishing the Beijing Stock Exchange on the basis of the existing selected layers of the NEEQ", the CSRC’s thinking clarifies that the Beijing Stock Exchange will be an integral part of the NEEQ and will form the NEEQ together with the innovation layer and the basic layer. Market level.

  At the same time, reforms will surely bring new improvements to the development of the NEEQ.

  On the one hand, it is the promotion of legal status.

"From a market level of trading venues to exchanges, the legal status has been improved, reflecting the upgrading of the capital market's services for small and medium-sized enterprises." The relevant department head of the China Securities Regulatory Commission said.

  The other is the improvement of the ability to serve small and medium-sized enterprises.

It can be expected that the establishment of the Beijing Stock Exchange based on the selection layer will produce a more efficient and professional platform to serve small and medium-sized enterprises.

This will help create a full-chain support system of "venture investment funds and equity investment funds-regional equity markets-new three boards-exchange markets", and smooth direct financing paths for SMEs' technological innovation.

At the same time, this is also conducive to removing the policy barriers for some institutions to invest in the NEEQ selected tier and improving market liquidity.

Promote steadily the overall structure of the capital market has not changed

  How to build the Beijing Stock Exchange?

What will happen to the existing systems at the selection level?

What changes will the existing market structure usher in?

  The China Securities Regulatory Commission gave a clear answer: strictly follow the Securities Law, follow the principle of step-by-step implementation and gradual progress, generally shift the basic systems of the NEEQ selection layer, insist that the Beijing Stock Exchange listed companies are created by innovative companies, and maintain the NEEQ The basic layer, the innovation layer, and the Beijing Stock Exchange's "progressive" market structure are simultaneously piloting the securities issuance registration system.

  This means that the reform will proceed steadily, without changing the overall pattern of the current multi-level capital market:

  ——After upgrading to the Beijing Stock Exchange, the core institutional mechanisms such as the issuance, trading, transfer, and withdrawal of the select layer have not changed.

  ——The original select-tier listed company is converted to a listed company on the Beijing Stock Exchange, and you can still choose to transfer to the Shanghai and Shenzhen Stock Exchanges.

  —— Newly listed companies on the Beijing Stock Exchange are still generated by innovative companies on the New Third Board.

  As an important part of the New Third Board, the Beijing Stock Exchange, the innovation layer and the basic layer will firmly adhere to the positioning of serving innovative small and medium-sized enterprises.

In terms of market positioning, system design, and corporate sources, the Beijing Stock Exchange and the Shanghai and Shenzhen Stock Exchanges have developed in a staggered way.

At the same time, the unimpeded transfer mechanism allows companies to choose capital market services more flexibly and calmly.

  Industry insiders believe that the future market operation, investor structure, and major basic institutional arrangements of the Beijing Stock Exchange have significant characteristics of small and medium-sized enterprises, which are obviously different from the Shanghai and Shenzhen Stock Exchanges and will not have a major impact on the Shanghai and Shenzhen Stock Exchanges.

Long-term and vigorous reforms will never stop

  "SMEs can do great things."

If small and medium-sized enterprises are good, China's economy will be good.

In the context of increasing global economic and financial uncertainty, China’s high-quality economic development cannot lack vibrant small and medium-sized enterprises.

  The opening of a new round of the new three-board reform is to adhere to the rule of law and marketization, build a professional service platform for small and medium-sized enterprises, and release and stimulate market vitality.

  Anyone who understands China's capital market will be impressed by the series of reforms in recent years.

Whether it is a system reform with the registration system as the "bull nose", or the construction of the rule of law with the new securities law as the core, or steadily advancing the institutional opening...the reform of the capital market has never stopped.

  Capital market reform has never been smooth sailing.

The establishment of a new stock exchange requires running-in and debugging, and the uncertainty of the growth of SMEs may also affect market performance... Faced with new situations and new problems, all parties in the market need more patience.

  For the Beijing Stock Exchange, all parties in the market must also be rational and tolerant, and work together to help it become a "frontier position" and "innovation workshop" for the capital market to serve innovative small and medium-sized enterprises and the private economy.

  People are expecting that more and more small and medium-sized enterprises and "specialized, special-new" enterprises will be boosted by the multi-level capital market, focusing on their main businesses, strengthening innovation, and leapfrogging development, and growing into "new force" and "vanguard" in various fields. Bring more vitality to the high-quality development of China's economy.

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