The innovation layer plays a key role in the institutional arrangement of the integrated development of the Beijing Stock Exchange and the New Three Board. It should not only provide high-quality enterprises for the Beijing Stock Exchange, but also provide financing and development channels for unlisted enterprises. Recently, the national stock transfer company announced the preliminary screening list of the fourth batch of new three board innovative layer companies in 2024, with a total of 72 companies proposed to be transferred to the innovative layer. Among them, 41 companies to be listed meet the financial conditions of Beijing Stock Exchange. After the completion of this promotion, the cumulative number of new companies in the first half of 2024 is expected to reach 370, and the number of innovative companies is expected to expand to 2220.
Outstanding overall profitability
According to the introduction of national stock transfer companies, among the fourth batch of companies proposed to be upgraded, 71 companies proposed to be upgraded according to the standard of net profit or operating income, 41 of which met the financial conditions for listing on the Beijing Stock Exchange, and 22 were national specialized, special and new "little giant" enterprises; One company plans to go to the next level according to the R&D investment standard, which belongs to the computer manufacturing industry. The total R&D expenditure in the past two years has exceeded 300 million yuan, exceeding the average level of listed companies in the Beijing Stock Exchange.
Subsequently, the national stock transfer company will adjust the preliminary screening list according to the objection situation, and make a formal decision to upgrade after performing the prescribed procedures. After the completion of this promotion, the cumulative number of new entrants on NEEQ is expected to reach 370 in the first half of 2024.
The 370 companies mentioned above have three characteristics as a whole: first, they have outstanding profitability. In 2023, the average operating revenue will be 380 million yuan, and the average net profit attributable to the parent company will be 38.3025 million yuan, respectively 1.44 times and 3.83 times the average level of the NEEQ market in the same period. Among them, the net profit of 20 companies exceeded 100 million yuan, and that of 79 companies exceeded 50 million yuan. Second, the growth is good. The compound growth rate of operating income in the past two years is 12.52%, 9.17 percentage points higher than the average level of the new third board market; In recent two years, the compound growth rate of net profit reached 19.74%, significantly higher than the average level of the new third board market. Third, the innovation attribute is obvious. Among them, there are 114 national level "small giant" enterprises specialized in special new products, accounting for 31%; More than 90% of the companies are located in strategic emerging industries, advanced manufacturing industries and other industries in line with the national strategic development direction. The average R&D expenditure of these companies in 2023 will reach 160002700 yuan, 1.73 times the average level of the new third board market, of which 45 companies have spent more than 50 million yuan on R&D in the past two years.
It is worth mentioning that on May 13, the national stock transfer company confirmed and released the preliminary screening list of the third batch of listed companies to be transferred to the innovation layer in 2024, with a total of 226 companies transferred to the innovation layer. Among them, 153 companies meet the financial conditions for listing on the Beijing Stock Exchange, more than half of the companies have net profits of more than 30 million yuan, and more than 20% of the companies have net profits that reach the average level of listed companies on the Beijing Stock Exchange. 73 companies have been awarded the title of national specialized, special and new "little giant" enterprises.
Helping enterprises develop upwards
As the main position of serving innovative SMEs, Beijing Stock Exchange and NEEQ insist on integrated development, and the system is inclusive. According to the listing rules of the Beijing Stock Exchange, one of the conditions that the issuer should meet when applying for public offering and listing is that the issuer is an innovative tier listed company that has been listed on the NEEQ for 12 consecutive months. Many high-quality enterprises have flocked to the NEEQ market to further enrich the "reserve force" for listing on the Beijing Stock Exchange.
According to the report of "New Third Board Listed Companies Achieve Steady Operation in 2023" issued by the national stock transfer companies, about four of the 564 listed companies that are preparing for listing on the Beijing Stock Exchange have become national specialized, new and "little giant" enterprises. In 2023, the operation quality of the preparatory enterprises will be improved again, and the overall business will be in a rapid growth stage. In the past three years, the operating revenue and net profit will respectively maintain a high compound growth of 9.34% and 14.77%.
With the gradual emergence of the market reform effect of Beijing Stock Exchange, the new third board market continues to rise in popularity. In 2023, there will be 326 new listed companies, an increase of 20% year on year. The overall quality of newly listed companies continues to improve. The average operating revenue and average net profit in 2023 are 16.33% and 39.84% higher than those of newly listed companies in 2022 respectively; 21 companies have made profits of more than 100 million yuan and performed well. The upward development goal of newly listed companies is clear, 23 companies choose to list and enter the innovation layer at the same time, 79 companies enter the innovation layer through hierarchical adjustment after listing, and 133 companies enter the listing counseling period of Beijing Stock Exchange.
"Beijing Stock Exchange focuses on supporting enterprises in advanced manufacturing industry and modern service industry, with high inclusiveness, diversified standards and high efficiency of IPO review. It has gathered a group of small and medium-sized enterprises with strong innovation ability and scientific and technological excellence, covering new productivity related fields such as artificial intelligence, humanoid robots, low altitude economy, and multiple segments such as material end, equipment end, precision processing Section. " Pang Yaping, fund manager of E Fund's Beijing Stock Exchange 50 Index, said.
In March 2022, the national stock transfer companies will optimize the hierarchical management system, and adjust the entry conditions, frequency and downgrading arrangements of the innovation layer. This is conducive to giving full play to the role of the innovation layer as a connecting link between the preceding and the following, further strengthening the hierarchical positioning of the innovation layer as a "reserve force" for listing on the Beijing Stock Exchange, standardizing the cultivation of "training camps" and "stabilizers" for market ecology, and laying a solid institutional foundation for building a main position for innovative SMEs.
