Yin Yin entrusts

President Xi Jinping delivered a video speech at the 2021 China International Fair for Trade in Services Global Services Trade Summit on the evening of the 2nd. Xi Jinping emphasized that we will continue to support the innovative development of small and medium-sized enterprises, deepen the reform of the New Third Board, establish the Beijing Stock Exchange, and create a main position for serving innovative small and medium-sized enterprises. ——According to Xinhua News Agency, September 2, 2021

market answer sheet

For more than three months, the market of the Beijing Stock Exchange has been running smoothly, the issuance review work has been progressing steadily, the resources of back-up listed companies have been sufficient, institutions have conducted more frequent investigations on companies listed on the Beijing Stock Exchange, public funds have actively participated in market investment, and the first transfer company has just been released... …The various systems of the Beijing Stock Exchange have withstood the test of the market. Driven by the establishment and operation of the Beijing Stock Exchange, the new third board market has undergone trend, structural and fundamental changes, the market functions have been significantly improved, and a good market ecology has gradually formed , SMEs are getting more 'personal' capital market services that are more in line with their development stage and needs.

◎Reporter Zhang Xue Liang Yinyan ○Editor Ma Jingyu

On September 2, 2021, President Xi Jinping delivered a video speech at the 2021 China International Fair for Trade in Services Global Service Trade Summit and emphasized that he will continue to support the innovative development of small and medium-sized enterprises, deepen the reform of the New Third Board, establish the Beijing Stock Exchange, and create services. The main position of innovative small and medium-sized enterprises. Starting from this, deepen the reform of the New Third Board and start a new starting point, and start a new journey for the high-quality development of the multi-level capital market.

Since the announcement of its establishment, the Beijing Stock Exchange (hereinafter referred to as the "Beijing Stock Exchange") has pressed the "fast-forward button" for market construction, and the new third board market has also "accelerated" the reform. In just 74 days, the Beijing Stock Exchange has efficiently completed the preparatory work such as institutional rules, entity establishment, technical systems, market cultivation, and investor account opening. Those who are ready to go. On November 15, 2021, the Beijing Stock Exchange sounded the opening gong, and a new picture of the integrated development of the Beijing Stock Exchange and the New Third Board was rolled out.

Today, the North Exchange has been running for over 100 days. For more than three months, the market of the Beijing Stock Exchange has been running smoothly, the issuance review work has been progressing steadily, the resources of back-up listed companies have been sufficient, institutions have conducted more frequent investigations on companies listed on the Beijing Stock Exchange, public funds have actively participated in market investment, and the first transfer company has just been released... …The various systems of the Beijing Stock Exchange have withstood the test of the market. Driven by the establishment and operation of the Beijing Stock Exchange, the new third board market has undergone trend, structural and fundamental changes, the market functions have been significantly improved, and a good market ecology has gradually formed , SMEs are getting more “personal” capital market services that are more in line with their development stage and development needs.

Focusing on the general requirement of "creating a main position for serving innovative small and medium-sized enterprises", the Beijing Stock Exchange and the New Third Board have clarified that "the initial formation of innovative small and medium-sized enterprises, a demonstration area that fits the characteristics of small and medium-sized enterprises, a good capital market cultural conservation area, The specific goal of 'investing in early investment and small investment in new' ecological strategy".

The future has come. The Beijing Stock Exchange and the New Third Board will be committed to providing innovative small and medium-sized enterprises with more inclusive and accurate capital market services, and to better explore the "China Solution" for the capital market of inclusive finance, moving steadily forward.

On November 15, 2021, the unveiling and opening ceremony of the Beijing Stock Exchange. Reporter Shi Li data map

74 days open

The capital market witnesses the "speed of the North Exchange"

The establishment of the Beijing Stock Exchange is a major decision and deployment made by the Party Central Committee and the State Council based on building a new development pattern and promoting high-quality development. It will further improve the multi-level capital market, accelerate the improvement of the financial support system for small and medium-sized enterprises, and promote innovation-driven development and economic transformation and upgrading. , are of great significance.

Since the announcement of the establishment of the Beijing Stock Exchange, the Beijing Stock Exchange has pressed the "fast-forward button" of market construction. The first batch of companies in the Beijing Stock Exchange were transferred from the original selection layer companies. Before the opening of the market, the New Third Board insisted that the issuance and transactions of the selection layer should not stop, to ensure smooth translation of enterprises and seamless market connection. After 74 days of intense and orderly preparations, the Beijing Stock Exchange opened successfully on November 15, 2021, and the capital market witnessed the "speed of the Beijing Stock Exchange"——

7 pieces of basic business rules, 14 pieces of business rules, 12 pieces of guidelines and 18 pieces of guidelines, covering four major areas including issuance and financing, continuous supervision, securities trading, and market management. In terms of listing standards, information disclosure requirements, investor suitability management, etc., the Beijing Stock Exchange has made institutional arrangements to adapt to the characteristics of the early cycle of enterprises, which not only follows the general laws of stock exchange system construction, but also fully considers innovative needs of SMEs. The differentiated rule system has laid a solid institutional foundation for the Beijing Stock Exchange to build the main position of serving innovative small and medium-sized enterprises. Equal emphasis is placed on development and regulation, and reform and service at the same time. While the construction of the market system is progressing at full speed, the National Equities Exchange and Quotations Corporation (hereinafter referred to as the "National Equities Exchange and Quotations"), in collaboration with the Beijing Stock Exchange, has played a "combination punch" in terms of the breadth and depth of services, the sense of gain of market players, and the synergy of market services. Explore deeply.

From focusing on the main line of reform in stages and progressively organizing the interpretation of the system of the Beijing Stock Exchange, to special training for the "key minority" such as board secretaries and independent directors of listed companies on the Beijing Stock Exchange; from inviting local financial officials to the Beijing Stock Exchange for exchanges Activities, to cooperate with Shanghai and Shenzhen Stock Exchanges and local financial bureaus to carry out special training in some areas; from relying on South China, East China and other bases, organizing bank-enterprise docking roadshows, to establishing strategic cooperative relations with many banks, and guiding commercial banks to actively develop special projects Credit products...Beijing Stock Exchange and the New Third Board continue to increase market services, comprehensively improve the accuracy and professionalism of market services, and continue to transform the "soft power" of services into the "productivity" of market development.

The Beijing Stock Exchange has opened, and brokerages and other market intermediaries have also taken active steps to prepare for the war with multiple departments, comprehensively sort out existing project resources, and communicate potential project intentions of the Beijing Stock Exchange... The research institutions of securities companies have also continued to investigate and pay attention to the companies of the Beijing Stock Exchange. promote. According to statistics, since the opening of the Beijing Stock Exchange, more than half of the companies listed on the Beijing Stock Exchange have been surveyed by reception agencies.

On the other end of the increasing enthusiasm for institutional research, listed companies are generally optimistic about the Beijing Stock Exchange market. According to the questionnaire survey data from the Beijing Stock Exchange, more than 96.21% of the listed companies have confidence in the future development of the Beijing Stock Exchange, and 95.7% of the companies expressed their optimistic attitude towards the future development of the New Third Board.

100 days of operation

A good ecology is gradually formed

The establishment of the Beijing Stock Exchange is the consolidation and continuation of the comprehensive deepening of the reform of the New Third Board, and it is also a qualitative leap on the basis of more than eight years of exploration and development in the New Third Board market. The North Exchange has been open for 100 days, and the market is undergoing trend, structural and fundamental changes. Various market functions have been significantly improved, and a good market ecology has gradually formed.

First, companies listed on the Beijing Stock Exchange have a sound structure and sufficient backup resources. As of the end of February 2022, there were more than 1,200 listed companies that met the financial conditions for listing on the Beijing Stock Exchange, nearly 300 companies were undergoing listing counseling, and high-tech manufacturing and high-tech service industries accounted for more than 40%. With the characteristics of strong profitability and strong R&D intensity, the market has the enterprise foundation for normalized issuance and listing.

Secondly, there is a strong willingness for capital to enter the market. 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 steadily increased. As of the end of February 2022, the number of qualified investors in the whole market exceeded 4.9 million, an increase of 1.9 times over the same period last year. 8 Beijing Stock Exchange themed funds were newly established and actively opened positions. Over 100 public fund products held positions in Beijing Stock Exchange. Social security funds and foreign capital (QFII, RQFII) have entered the market for trading. The proportion of circulating market value held by professional institutions has increased from 5.6 in 2020. % increased to 8.4%.

Furthermore, the level of market liquidity has been significantly improved, and the wealth effect has initially appeared. As of the end of January 2022, the average daily turnover rate of the North Exchange market was 2%, and the overall annualized turnover rate was 484%, which is in line with the liquidity characteristics of small and medium-sized stocks. The innovation-layer and basic-layer stocks of the New Third Board have also been effectively driven, and the turnover in 2021 will increase by 19.76% year-on-year, of which the turnover of market-making stocks will increase by 37.76% year-on-year.

Under the leveraging action of the Beijing Stock Exchange, the financing function of the NEEQ market has been improved as a whole, and the ability to support the innovation and development of small and medium-sized enterprises has been further enhanced. According to the data, in 2021, there will be a total of 598 issuances in the whole market of the New Third Board, with a total financing of 28.1 billion yuan. Among them, 41 companies raised 7.5 billion yuan through public offerings; 532 companies completed 557 private placements and raised 20.6 billion yuan, of which 122 were self-issued and raised 1 billion yuan. Since the announcement of the establishment of the North Exchange, the subscription ratio of public offerings has doubled; the proportion of private offerings subscribed by external investors has increased by 16%.

to the future

Exploring the Capital Market "China Solution" for Inclusive Finance

After 100 days of trials, the Beijing Stock Exchange market has shown a good momentum of development. However, there is still a long way to go to "build the Beijing Stock Exchange with high quality" and "build the main position of service innovation SMEs".

Xu Ming, chairman of the Beijing Stock Exchange, said that the National Equities Exchange and Quotations and the Beijing Stock Exchange will continue to deepen reforms, optimize services, enhance the inclusiveness and inclusiveness of the system, highlight "earlier, smaller, and newer", and build a coverage of small and medium-sized enterprises. A full-chain financial service system, exploring the "China Plan" for the development of inclusive finance in the capital market.

He proposed that in the process of "building a main position for serving innovative SMEs", the New Third Board and the Beijing Stock Exchange will scientifically grasp the relationship between quantity and quality, the relationship between internal and external, the relationship between financing and investment, innovation and development and The relationship between risk prevention and control, and the relationship between the short-term and the long-term.

According to the work plan, the New Third Board and the Beijing Stock Exchange will adhere to the integrated development and become a gathering place for innovative small and medium-sized enterprises, a demonstration place that fits the characteristics of small and medium-sized enterprises, a good capital market cultural conservation place, and an ecological source of "investment in early investment, small investment and new". ; Lay a more solid enterprise foundation, institutional foundation, cultural foundation, policy foundation and technical foundation for building the main position of service-innovative SMEs.

A reporter from the Shanghai Securities News learned from the Beijing Stock Exchange that in 2022, the New Third Board and the Beijing Stock Exchange will adhere to the general work tone of "steady words and seeking progress while maintaining stability", and will further consolidate and deepen the reform year and service year as the main line. Market characteristics, enhance market functions, optimize market ecology, and continuously improve the ability of the market to serve the innovation and development of SMEs, focusing on five aspects:

Expand the scale of enterprises in the Beijing Stock Exchange to enhance market vitality and resilience; improve the functional system of the New Third Board and improve the basic quality of market backup; implement the requirements for the full implementation of the registration system, and consolidate the foundation for market development; improve service accuracy and build a market service brand; The quality of listed companies enriches the "toolbox" of risk prevention and control.

The ultimate goal of the reform and development of the capital market is to improve the ability to serve the real economy and national strategy. Innovative small and medium-sized enterprises can really get capital assistance, which is the best answer submitted by the Beijing Stock Exchange.

Wang Rong, chairman of Yingtai Biotechnology Co., Ltd. of the Beijing Stock Exchange, told reporters that after the company moved from the selection layer to the Beijing Stock Exchange, the company has achieved good results and realized the return of valuation; the enthusiasm of investors to call and communicate has improved, and the interaction between the company and the capital market has also increased. frequently. "In the future, we expect the Beijing Stock Exchange to establish and improve the institutional system for financing and investment, so that outstanding small and medium-sized enterprises can develop by leaps and bounds in the Beijing Stock Exchange, allowing more investors to participate and share the dividends of the rapid growth of innovative small and medium-sized enterprises. It is hoped that the Beijing Stock Exchange can always stick to its positioning, continue to deepen reforms, and constantly improve its service system, so as to help innovative small and medium-sized enterprises develop efficiently and with high quality." Wang Rong's expectations represent the aspirations of many innovative small and medium-sized enterprises.

In the fertile soil of the young capital market of the Beijing Stock Exchange, enthusiasm has been ignited, and more surprises will continue to come.

 Note: The above article is from Shanghai Securities News, and it is forbidden to reprint without permission!