On February 15, the Beijing stock exchange (hereinafter referred to as the “Beijing stock exchange”) has been in operation for three months. From the perspective of market performance, the market performance is in line with expectations. Various systems have withstood the “review” of the market, and there are many “firsts”.
As Xu Ming, chairman of the Beijing stock exchange, said in his speech in the Spring Festival, “since the opening of the Beijing stock exchange, the operation of the Beijing stock exchange has been stable and good, the positive effects have been continuously released, the characteristic advantages of the integrated development of the new third board and the Beijing stock exchange have begun to appear, and the market has stood at a new starting point of high-quality development.”
stock trading continued to be active
organization intensive research company
From the opening of the Beijing stock exchange to the closing on February 14, 2022, the total trading volume of 84 stocks reached 6.625 billion shares, with an average daily trading volume of 110 million shares, an increase of 71.86% compared with the average daily trading volume from the announcement of the establishment of the Beijing stock exchange to the opening of the market; The total turnover reached 110.932 billion yuan, with an average daily turnover of 1.849 billion yuan, an increase of 68.86% over the average daily turnover from the announcement of the establishment of the Beijing stock exchange to the opening of the market; The average daily turnover rate of individual stocks was 2.86%.
“In the three months since the opening of the Beijing stock exchange, transactions have continued to be active, and the trading volume and turnover have increased steadily.” Zhao Xin, executive general manager of the equity capital market department of securities, told the reporter of Securities Daily.
In terms of the 10 newly listed companies among the first batch of companies listed on the Beijing stock exchange, the closing price on the first day of listing increased by 209.8% on average compared with the initial price; After the opening of the Beijing stock exchange, three new listed companies (Yoshioka precision, Weibo hydraulic and Hujiang materials) were added. The closing price on the first day of listing increased by 143.04% on average compared with the initial price.
Chang Chunlin, founder and partner of Beijing Liwu Investment Management Co., Ltd., told the Securities Daily that since the opening of the Beijing stock exchange three months ago, the market transaction activity has increased and the price trend is stable as a whole.
“At the same time, the enthusiasm for market participation is rising rapidly. For example, after the opening of the Beijing stock exchange, institutions investigate the listed companies of the Beijing stock exchange more frequently, and the public fund base actively participates in the strategic placement of new shares.” Chang Chunlin said that it is expected that with the gradual entry of institutional investors into the market, the investment behavior will become more rational. In the future, the trend of individual stocks of the Beijing stock exchange will further differentiate and gradually return to the category of value investment. Individual stocks with good fundamentals, large development space and high growth will continue to be sought after by funds.
multiple “first”
centralized lifting of the ban is expected to have limited impact
Looking back on the stable operation of the Beijing stock exchange in the three months since its opening, we can find that the full-dimensional guardianship of relevant rules and mechanisms is indispensable, and the emergence of a number of “first” shows that the Beijing stock exchange deserves more expectations.
According to the requirements, the Beijing stock exchange implemented the registration system. With the public offering of shares by Weibo hydraulic on December 16, 2021 approved by the CSRC for registration, the registration system was implemented in the Beijing stock exchange for the first time. Then, two companies (Weibo hydraulic and Hujiang materials) under the dimension of registration system were successfully listed, and the number of listed companies on the Beijing stock exchange increased to 84. In addition, another four companies have been registered with the CSRC, including one (WEIMAO Electronics) under issuance, one (Hongxi Technology) opened the subscription of new shares on February 15, and two (Cade quartz and lux shares) have not yet implemented public offering.
“The above enterprises are ‘specialized and special new’ small and medium-sized enterprises, reflecting the key support of the Beijing stock exchange for innovative small and medium-sized enterprises.” According to Zhao Xin’s analysis, the Beijing stock exchange launched and piloted the registration system, which will help the development of China’s innovative small and medium-sized enterprises in a wider range. It is expected that more high-quality innovative small and medium-sized enterprises will join in the follow-up.
The board transfer system is also one of the focuses most concerned by the market. The first board transfer company of the Beijing stock exchange has been released. On January 7, the CSRC issued the guiding opinions on the board transfer of Listed Companies in Beijing stock exchange to further clarify the relevant arrangements for the board transfer. On January 27, the municipal Party committee of Shanghai Stock Exchange on the science and technology innovation board released the review results of the 7th meeting in 2022: Guandian Defense met the listing conditions and information disclosure requirements. So far, the first “transition” science and Innovation Board successfully passed the meeting of the Beijing stock exchange company was born, which also marks the initial results of the transition board system. In addition to Guandian defense, Hanbo hi tech and taixiang are also promoting the board transfer, and the “destination” is the gem. At present, the board transfer applications of the above two companies of the Beijing stock exchange have been accepted by the Shenzhen Stock Exchange and made progress. They replied to the first round of inquiries recently.
The first gambling agreement for the public offering of the Beijing stock exchange demonstrates the inclusiveness of its system. On February 10, teres, a new third board innovation layer company, issued a prospectus for directional issuance of shares, saying that the actual controller of the company made an investment commitment to the investor China Securities Co.Ltd(601066) , and the company submitted an application for public offering to the North stock exchange before December 31, 2022, which was officially accepted. If the company fails to achieve the above objectives, China Securities Co.Ltd(601066) investment has the right to claim repurchase and require payment of corresponding investment income.
AVIC TEDA became the first company inquired by the Beijing stock exchange due to its merger and reorganization business. The Beijing stock exchange asked it to supplement the equity structure of the underlying assets, the financial situation of the underlying assets and other issues. In this regard, Chang Chunlin believes that “the Beijing stock exchange adheres to information disclosure as the core, strictly controls the audit quality of mergers and acquisitions, realizes accurate supervision through inquiry letters and other ways, and constantly urges listed companies to improve the quality of information disclosure.”
In addition, the Beijing stock exchange has built a diversified refinancing tool system with common shares, preferred shares and convertible bonds. After the opening of the Beijing stock exchange, four companies including Northland, Tongxiang technology, Deyuan pharmaceutical and Changhong energy have successively issued refinancing plans. In terms of the purpose of the raised funds, the fixed increase financing of the four companies will be used to improve production capacity, increase capital holding, pay fees related to M & A integration, supplement working capital, etc. In this regard, Zhao Xin said, “the refinancing system can support enterprises to finance flexibly on demand.”
In February, the company of Beijing stock exchange will enter the centralized lifting period, and the relevant impact has also become one of the market concerns. On July 27, 2020, the first batch of 32 companies in the selection layer were listed, and the lock-in period of the restricted shares of the initial original shareholders was extended for an additional 6 months over the original 12 months. It is expected to be lifted in the near future. According to Zhao Xin, “From the perspective of analysis, the lifting of the ban on restricted shares does not mean that shareholders will definitely reduce their holdings. Whether shareholders sell after the lifting of the ban depends on their specific decisions. The lifting of the ban on restricted shares in the next half of the year will be dominated by major shareholders, senior core shareholders of the board of directors and supervisors, and the number of shares lifted by strategic investors is limited and the proportion is small. Considering that most enterprises of the Beijing stock exchange are innovative small and medium-sized enterprises, they have a high percentage Therefore, it is expected that the willingness of core shareholders to reduce their holdings in the period of rapid development of the enterprise is limited. Overall, the centralized lifting of the ban is expected to have a limited impact on the market. “
policy dividend continued to release
more companies have conditions to declare
“The issuance review has been steadily promoted, and there are sufficient backup projects waiting in line for review.” Zhao Xin believes that 2022 is the first full year after the establishment of the Beijing stock exchange, and the continuous release of policy dividends will enable more companies to report to the Beijing stock exchange.
According to the requirements of the listing rules, innovative listed companies that have been listed in the national share transfer system for 12 months can apply for transfer to the Beijing stock exchange.
At the same time, in order to fit the development stage and operating characteristics of small and medium-sized enterprises, the Beijing stock exchange has set up four sets of differentiated listing standards, covering market value, revenue, R & D and other indicators.
The threshold setting is more inclusive and covers a wider range, which promotes the continuous expansion of the “reserve team” of the Beijing stock exchange. According to the data on the official website of the Beijing stock exchange, as of February 14, 64 enterprises were in the review stage of issuance and listing, including 1 accepted, 42 inquired, 1 submitted to the CSRC and 20 suspended from listing. In terms of application standards, in addition to 20 enterprises in suspended status, 40 enterprises apply for listing with standard I, 3 apply for listing with standard II and 1 apply for listing with standard IV.
In addition, according to the relevant requirements of the revised Measures for the hierarchical management of the national share transfer system of small and medium-sized enterprises issued by the national share transfer company, the existing basic level enterprises were screened based on the financial data of recent two years, and more than 400 basic level enterprises meeting the preliminary conditions of innovation level were added. Among them, 243 meet the conditions for entering the innovation layer I; 158 meet the conditions for entering the innovation layer II; Four companies meet the conditions for entering the innovation layer III (R & D standards); 11 meet the conditions for entering the innovation layer 4 (market maker).
“After the implementation of the new stratification system, it will be more convenient to enter the layer. It is expected that more basic layer enterprises will enter the innovation layer and then apply for listing on the Beijing stock exchange.” Zhao Xin predicted that from the perspective of market reserve projects, the public offering projects of the Beijing stock exchange this year are expected to increase significantly than before.
