The establishment of the Beijing stock exchange and the major deployment of building the main position of service innovative small and medium-sized enterprises are important milestones in the high-quality development of China’s multi-level capital market. Since its operation for more than 100 days, the market trend of Beijing stock exchange has been stable, various systems and rules have withstood the test, the quality and efficiency of service innovative small and medium-sized enterprises have begun to appear, and the “reform effect” of Beijing stock exchange has also driven the overall improvement of the market ecology of the new third board.
This year’s government work report clearly stated that “we will fully implement the stock issuance registration system and promote the steady and healthy development of the capital market”. In an interview with the reporter of Shanghai Securities News, many representatives and members of the national two sessions generally believed that taking the reform of the registration system as the traction to promote the comprehensive and deep reform, accelerate the improvement of the multi-level capital market system and build the North stock exchange with high quality are the important starting points to “promote the stable and healthy development of the capital market”.
The representative members believed that the establishment of the Beijing stock exchange will help to improve the overall inclusiveness and coverage of the capital market and greatly improve the ability of the market to serve innovative small and medium-sized enterprises, especially specialized and new enterprises. At the national two sessions this year, many representatives and members put forward suggestions on the follow-up reform and development of the Beijing stock exchange and the new third board, including improving the trading mechanism, optimizing the financing function, clarifying the legal status of public companies, etc.
Carry important mission
The Beijing stock exchange company handed over a brilliant “report card”
From the announcement of its establishment to the opening of the market, there is a 74 day preparatory period, marking the “speed of the Beijing stock exchange”. Since the opening of the Beijing stock exchange, the overall market has maintained a stable operation, and the reform effect has been continuously released, which has led to positive and profound changes in the market ecology of the new third board.
By the end of February this year, 86 companies of the Beijing stock exchange had released the performance express of 2021. Data show that among the 86 companies, except Northland, other companies have achieved profits, with a profit margin of 99%. Among them, 54 companies are expected to increase their net profit, accounting for 63%; 47 companies are expected to increase their net profit after deducting non recurring profits and losses, accounting for 55%.
Small and medium-sized enterprises can do great things and accomplish great things. Dynamic small and medium-sized enterprises, with diverse and differentiated ecology, are an important guarantee for China’s economic resilience. It is an important mission of the capital market to help the development of innovative small and medium-sized enterprises and “specialized and new” enterprises.
He Qiang, member of the CPPCC National Committee and director of the Institute of securities and futures of the Central University of Finance and economics, believes that the establishment of the North stock exchange is an important strategic layout of China’s capital market. The basic function of the North stock exchange is to promote the innovative development of small and medium-sized enterprises and promote industrial upgrading and economic transformation. The positioning of Beijing stock exchange and Shanghai and Shenzhen stock exchange is misplaced and different, which is mainly to provide help for the development of innovative small and medium-sized enterprises, especially “specialized and new” enterprises.
The reporter learned that since the announcement of the establishment of the Beijing stock exchange, the national small and medium-sized enterprise share transfer system company (hereinafter referred to as the “national share transfer company”) and the Beijing stock exchange have established strategic cooperative relations with more than 10 banks, jointly carried out policy research with the Ministry of science and technology, the Ministry of industry and information technology and other national ministries and commissions, and cooperated with various securities regulatory bureaus, China Clearing, China Securities Association and other departments The unit jointly organized training and investment activities, covering nearly one million investors. At the same time, intermediaries have increased their business investment, and research institutions have increased their research on the companies of the Beijing stock exchange.
“The establishment of the Beijing stock exchange is a major breakthrough in China’s capital market reform. It is of great significance for practicing the national innovation driven strategy, improving the multi-level capital market system and promoting financial services to the real economy.” Xi Guohua, member of the CPPCC National Committee and vice chairman and general manager of CITIC Group, said. He introduced that by the end of 2021, in the field of national specialized and new “little giant” enterprises as the main service object of the Beijing stock exchange, the cooperation coverage of China Citic Bank Corporation Limited(601998) has exceeded 37%, and China Securities Co.Ltd(601066) securities and Citic Securities Company Limited(600030) have recommended a total of 16 enterprises to log on to the Beijing stock exchange.
investment and financing activities
innovative small and medium-sized enterprise “ecosystem” is gradually formed
The establishment of the Beijing stock exchange and the deepening of the reform of the new third board have improved the legal status of the market, strengthened policy support, improved the market structure and better played the market function. A series of major key problems and institutional obstacles have been solved, and the Beijing stock exchange has increasingly shown the changing trend of investment and financing activities. The “ecosystem” of innovative small and medium-sized enterprises with the North stock exchange and the new third board as the carrier is gradually taking shape.
From the financing side, the Beijing stock exchange has sufficient enterprise reserve resources. Authoritative statistics show that as of the end of February, there were more than 1200 listed companies that met the financial conditions for listing on the Beijing stock exchange, and nearly 300 enterprises were undergoing listing counseling. Among them, high-tech manufacturing and high-tech service industries account for more than 40%, which are characterized by rapid development, strong profitability and high R & D intensity. The market has the enterprise foundation of normalized issuance and listing.
From the investment side, since the establishment of the Beijing stock exchange, the number of investors has increased significantly, the structure has continued to improve, and the proportion of long-term capital holdings has increased steadily. By the end of February, the number of investors in the whole market had exceeded 4.9 million, an increase of 1.85 times compared with that before the announcement of the establishment of the Beijing stock exchange, of which 500000 threshold investors accounted for the vast proportion of the increment. At the same time, the incremental funds of natural persons have gradually entered the market, and the number of investors with strong professionalism and higher education level is increasing. Social security fund and QFII have also entered the market, institutional investors have accelerated the layout, and the proportion of positions has increased steadily.
A researcher of the new third board market said that the Beijing stock exchange is a supplement to China’s existing capital market structure, and forms a differentiated development trend with the science and innovation board and the gem. The person believes that with its misplaced development orientation, Beijing Jiaotong hopes to form a new pattern in coordination with Shanghai and Shenzhen exchanges and regional equity markets, promote a virtuous circle of financial, scientific and technological and industrial development, and promote the sustainable and healthy development of China’s capital market. The construction of multi-level capital market system is becoming more and more perfect, and will also make greater contributions to serving the national strategy and the real economy.
improve the system and mechanism
promote the continuous release of the effect of reform
Solving problems in the process of development through reform is an important “methodology” accumulated by China’s capital market after more than 30 years of development. In the coming period, continuing to deepen reform is also the meaning of the high-quality construction of the Beijing stock exchange.
“There are still some problems in the Beijing stock exchange, such as the IPO and subscription link needs to be optimized, the transaction activity needs to be improved, the attraction to institutional investors needs to be improved, and the legal status of public companies needs to be clarified.” Xi Guohua said.
In this regard, Xi Guohua put forward four suggestions: optimize the purchase mode and promote the adjustment of the full advance payment system of the Beijing stock exchange to credit purchase; Innovate the trading mechanism and take multiple measures to improve the trading activity of the Beijing stock exchange; Introduce incremental funds and create conditions to attract all kinds of institutional investors; Clarify the legal status of public companies, introduce the concept of public companies into the company law, and create a good legal environment for the construction and development of the Beijing stock exchange and the new third board.
Selera is an innovative listed company on the new third board.
According to Chen Haijia, member of the CPPCC National Committee and chairman of selera, in order to better serve the financing of small and medium-sized enterprises and improve the sense of acquisition of enterprises, the Beijing stock exchange and the new third board should further enrich financing products. Including the construction of the rules and regulations system for the issuance and trading of corporate credit bonds on the new third board and the Beijing stock exchange, allowing the introduction of corporate bond products on the Beijing stock exchange and the new third board; Local governments should increase their support for the new third board and the convertible bonds and corporate bonds of the Beijing stock exchange, and further improve the innovation and development ability of small and medium-sized enterprises.
Chen Haijia said: “at present, the Beijing stock exchange is still in the initial stage and development stage of market development. It needs to continuously improve the relevant institutional functions and further improve the ability to support the innovative development of small and medium-sized enterprises.” He also suggested that the Beijing stock exchange should meet the market demand, prepare and release the index, and continue to improve the index system.
Looking back, the reform and development of the Beijing stock exchange and the new third board have taken firm steps, seeking from top to bottom. The foundation of “stability” of the market is more solid, and the confidence of “progress” is more firm.
Looking forward to 2022, under the overall deployment of “comprehensively implementing the stock issuance and registration system and promoting the stable and healthy development of the capital market”, the new third board and the Beijing stock exchange will adhere to the general tone of “taking the lead in stability and seeking progress in stability”, take the reform year and service year as the main line, further consolidate and deepen the market characteristics, enhance the market function, optimize the market ecology and maintain the good development momentum of the market, Continue to improve the ability of the market to serve the innovative development of small and medium-sized enterprises.
The reporter learned that the key work of the integrated development of the North stock exchange and the new third board in the next stage includes: expanding the enterprise scale of the North stock exchange and improving the market vitality and toughness; Improve the functional system of the new third board and improve the quality of the market reserve foundation; Implement the requirements of fully implementing the registration system and consolidate the foundation of market development; Improve the accuracy of service and start the market service brand; Improve the quality of listed and listed companies and enrich the “toolbox” of risk prevention and control.
It can be expected that by reforming and improving the system, the Beijing stock exchange will continue to release reform dividends, strive to smooth financing channels for all kinds of innovative small and medium-sized enterprises, help them grow, and make greater contributions to serving the real economy, building a new development pattern and serving high-quality development.
