Xinhua News Agency, Beijing, November 15 Title: On the second anniversary of the opening of the Beijing Stock Exchange, Beijing Stock Exchange explores a new model of precise and inclusive services for small and medium-sized enterprises
Xinhua News Agency reporter Yao Junfang
On November 15, the Beijing Stock Exchange celebrated its second anniversary. In the past two years, the Beijing Exchange, with its positioning of “building a leading position for serving innovative small and medium-sized enterprises”, has guided more financial resources to gather in technology, green and other fields. In the next step, Beijing Exchange will focus on “three coordinations” and “four linkages” to promote high-quality market construction.
High-tech enterprises account for over 90%
Data show that as of November 14, there were 229 listed companies on the Beijing Stock Exchange, with a total market value of more than 280 billion yuan. Among them, small and medium-sized enterprises accounted for 81%, private enterprises accounted for 88%, high-tech enterprises accounted for 91%, and national-level specialized and new “little giant” enterprises accounted for nearly 50%.
“Unlike serving mature enterprises, serving innovative small and medium-sized enterprises requires differentiated institutional arrangements.” said the relevant person in charge of the Beijing Exchange. “The characteristic institutional system of the Beijing Exchange highlights the characteristics of precision and inclusiveness. The access standards are in line with the Science and Technology Innovation Board, The GEM maintains certain differences, provides diversified financing varieties and financing methods, implements market-making transactions, and sets up more flexible equity incentive arrangements.”
“The differentiated financing system of the Beijing Stock Exchange of ‘quick financing, meeting urgent needs, and financing on demand’ effectively matches the financing needs of small and medium-sized enterprises.” Sun Jinju, vice president of Kaiyuan Securities and director of the research institute, said that the Beijing Stock Exchange has been listed since its opening. Among enterprises, the maximum amount raised by the public issuance of a single new stock is 650 million yuan, and the minimum amount is 68 million yuan. It can not only meet the large financing needs of high-quality companies, but also achieve flexible and convenient small financing, reflecting the concept of inclusive finance.
Data shows that more than 80% of the funds raised by companies listed on the Beijing Stock Exchange are invested in advanced manufacturing, digital economy, green and low-carbon and other fields.
From the regional equity market (fourth board) to the New Third Board and then to the Beijing Stock Exchange, a full-chain market system serving small and medium-sized enterprises is taking shape.
Recently, the system-based docking of the 3rd and 4th board markets has been solved, and the green channel and the publicity and review system have been smoothly launched, which has smoothed the convenient channel for high-quality enterprises in the regional equity market to go to the NEEQ. At the same time, the path for companies listed on the New OTC Market to apply for listing on the Beijing Stock Exchange has also been optimized. It is clarified that the calculation caliber of “continuous listing for 12 months” is “listed for 12 months at the time of review by the Beijing Stock Exchange Listing Committee”, which will shorten the number of eligible companies. New OTC companies are waiting for listing time.
Beijing Exchange implements multiple measures to build high quality
On September 1, the China Securities Regulatory Commission issued opinions on the high-quality construction of the Beijing Stock Exchange, launching a package of reform and innovation measures from the investment side, the trading side, the enterprise side, the intermediary side, and the product side.
According to the relevant person in charge of the Beijing Stock Exchange, as of November 14, the Beijing Stock Exchange has implemented the measures to cancel the minimum issuance price requirement, support investors on the Science and Technology Innovation Board to directly open trading rights to the North Exchange, allow private equity funds to participate in secondary market transactions, and improve 14 reform measures including special bonus points for the North Exchange’s business classification evaluation of securities companies.
“Since the release of the opinions, the market ecology of financing, investment, and trading of the Beijing Stock Exchange has been further optimized. The number of investor accounts has accelerated, and the performance of the secondary market has also improved. The average daily transaction volume has increased by nearly 30% year-on-year.” Sun Jinju said.
Beijing Exchange stated that since September 1, investors in Beijing Exchange have opened 600,000 new accounts, bringing the total number of qualified investors to 6.17 million, and the average daily number of participating accounts has increased by more than 20% year-on-year. Market institutions such as securities companies and public funds have generally increased their efforts to promote business, and local governments at all levels have actively coordinated business cultivation and other work.
Recently, the Beijing Stock Exchange bond market has experienced new breakthroughs. On October 20, Beijing Exchange took the opportunity to participate in undertaking corporate bond business and launched credit bond products. As of November 14, 14 corporate bond (including enterprise bonds) projects have been accepted, with a planned issuance amount of 28.7 billion yuan. Previously, treasury bonds and local government bonds have been issued on a regular basis in the Beijing Stock Exchange’s bond market.
The relevant person in charge of the Beijing Exchange said that other reform measures in the opinions will also be launched one after another when the time is ripe. Among them, “allowing qualified high-quality small and medium-sized enterprises to make initial public offerings and list on the North Exchange” will enable high-quality companies to no longer be subject to the 12-month restriction on listing on the New Third Board and be listed on the North Exchange more conveniently.
Future development focuses on “three coordinations” and “four linkages”
Currently, the Beijing Stock Exchange is still facing tasks such as improving liquidity, increasing high-quality investment targets, and expanding the breadth and depth of the market. The relevant person in charge of the Beijing Exchange said that it will continue to promote high-quality construction of the market and focus on “three coordinations” and “four linkages.”
The “three coordinations” are to strengthen the coordination of investment and financing, strengthen the coordination of primary and secondary markets, and strengthen the coordination of various products.
According to reports, the Beijing Exchange will further strengthen the construction of the investment side, actively promote the entry of public offerings, private placements and various medium and long-term funds into the market, and promote the establishment of special funds in more places to participate in market construction. Further study and optimization of the issuance pricing and supporting institutional arrangements of the Beijing Stock Exchange will be carried out to promote the positive interaction and sustainable cycle of the primary and secondary markets.
In terms of products, the Beijing Exchange will steadily complete various tasks such as the issuance, trading and supervision of credit bonds. Further enrich the Beijing Stock Exchange index system, study and compile special new indexes of the North Exchange, and guide fund companies to increase the supply of North Exchange fund products.
The “four linkages” are linkage with serving the national strategy, linkage with the regional equity market, linkage with the New Third Board, Shanghai and Shenzhen Stock Exchanges, and linkage with the private equity and venture capital market.
It is reported that the Beijing Exchange will strengthen collaboration with other departments and create a platform to support small and medium-sized enterprises in taking a path of specialized and new development, support small and medium-sized enterprises in transforming scientific and technological achievements and industrial transformation and upgrading, and support central and state-owned enterprises in deploying strategic emerging industries. Strengthen the institutional docking of the Third Board and the Fourth Board, strengthen the linkage with the New Third Board and the Shanghai and Shenzhen Stock Exchanges, and smooth the development path of enterprises. Promote the integrated development of the Beijing Stock Exchange, the New Third Board and the private equity and venture capital market, and jointly create a good atmosphere of “investing early and investing in small technology”.
The relevant person in charge of the Beijing Exchange said that in the future, we must further explore models on the road of precision and inclusiveness, make up for the shortcomings of the system from the perspective of serving the real economy, enable enterprises to obtain long-term funds and “patient” capital, and better support the innovative development of small and medium-sized enterprises. .
[Editor in charge: Zhang Qiaosu]