On September 2, President Xi Jinping proposed at the 2021 China International Service Trade Fair Global Service Trade Summit 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 build a main front for service innovative small and medium-sized enterprises". The establishment of the Beijing Stock Exchange has become one of the hottest topics at this year's service trade fair.
In just a few days, the "construction drawing" of the Beijing Stock Exchange was fully rolled out - on September 3, the CSRC solicited public opinions on the issuance and financing, continuous supervision, exchange governance and other measures of the Beijing Stock Exchange, and clarified the basic system; On September 5, the Beijing Stock Exchange solicited public opinions on the three rules of listing rules, trading rules and membership management rules to build a basic institutional framework; On September 10, the second batch of three business rules of the Beijing Stock Exchange publicly solicited opinions, including the review rules for listing, refinancing, mergers and acquisitions, and the basic rule basis for establishing a pilot registration system and performing review responsibilities; On September 17, the Beijing Stock Exchange issued the investor appropriateness management measures, and determined the threshold for investors
In order to build a "main position for service innovation oriented SMEs", how will Beijing Stock Exchange form a differentiated institutional arrangement, achieve dislocation development with Shanghai and Shenzhen Stock Exchanges, and forge a path of inclusive finance with capital market supporting SMEs' technological innovation? The reporter interviewed the relevant responsible persons, experts and enterprises of the regulatory authorities.
The selected layer of NEEQ was changed to Beijing Stock Exchange, and its legal status and market functions were greatly improved
Jinyang Building, No. 26, Financial Street, Xicheng District, Beijing, has been extremely busy in recent days. This is the location of the national stock transfer company. These days, new business is being carried out here: new rules are being issued in batches, stress tests on trading platforms are being carried out, official websites are being launched... A series of orderly preparations show that the Beijing Stock Exchange is coming!
"The street and building that I used to know have taken on a new look!" Financial Street Liang Jiliang, chairman of Beijing Youxuan Software Co., Ltd., was excited to welcome the new "resident" of Beijing Stock Exchange. "We were going to apply for listing of the selected tier, but now we can directly apply for listing in Beijing Stock Exchange."
The establishment of Beijing Stock Exchange was changed from the new third board selection layer. From the implementation of hierarchical management to the establishment of Beijing Stock Exchange based on the selection layer, Liang Jiliang witnessed every step of the continuous reform and innovation of the new third board. In 2013, the NEEQ, a national securities exchange, was officially put into operation. Unlike the Shanghai and Shenzhen Stock Exchanges, which mainly serve mature enterprises, NEEQ is positioned to serve small and medium-sized enterprises, without financial threshold, scale, region and ownership restrictions. Youxuan software, which is engaged in database research and development, was successfully listed on the NEEQ.
In 2016, aiming at the characteristics of large number of listed companies and large differences, NEEQ explored internal hierarchical management, initially divided into innovation layer and foundation layer, and gradually growing Youxuan Software successfully entered the innovation layer. In 2020, the NEEQ will further establish a select tier and introduce a public offering system to further meet the financing needs of some enterprises after their growth. "Over the past eight years, we have completed multiple rounds of financing on the NEEQ platform, growing from a startup team with more than a dozen employees to an innovative enterprise with thousands of employees and a valuation of more than 4 billion yuan." Liang Jiliang said that entering the select layer has also become the next goal of Youxuan Software. The good news of the establishment of the Beijing Stock Exchange made Youxuan Software have new goals soon.
The selection layer of NEEQ was changed to Beijing Stock Exchange, which changed from a stock exchange to a stock exchange. The legal status and market functions have been greatly improved. "The selected layer has initially met the requirements of the stock exchange, but is limited by the legal status of the NEEQ. Long term stable funds in the capital market, such as social security funds and insurance funds, are difficult to enter, and investors are relatively single. After the change to the stock exchange, these funds can enter smoothly, and the investor group will increase, liquidity will increase, and market functions will be better played." Wang Xian, vice president of the National Institute of Finance of Tsinghua University, who participated in the NEEQ reform, introduced.
"For enterprises, changing from a listed company to a listed company means more investors and more significant brand awareness." Liang Jiliang said that the threshold of investors in the Beijing Stock Exchange who "average securities assets of 500000 yuan per day in 20 trading days, and have more than two years of securities investment experience" will create better liquidity, help enterprises further open up financing channels It is crucial for innovative small and medium-sized enterprises to increase their attractiveness to high-level and sophisticated talents.
Both inclusive care and strict supervision, let innovative SMEs "new seedlings" thrive in the fertile land of Beijing Stock Exchange
After the completion of industrial and commercial registration, the newly established Beijing Stock Exchange immediately solicited public opinions on the three essential basic business rules of the exchange, namely, listing rules, trading rules and membership management rules. The formulation of these rules not only follows the general rules of stock exchange system construction, but also is tailored for innovative SMEs, so that more SMEs can solve financing problems in this new world and further expand the proportion of direct market financing.
Beijing Yingtai Jiahe Biotechnology Co., Ltd. is about to be listed in the first batch of Beijing Stock Exchange. In the opinion of Wang Rong, the chairman of the board, inclusiveness is an important feature of Beijing Stock Exchange. "The listing threshold is consistent with the listing conditions of the current select tier. When the market value, financial indicators and other four sets of criteria for listing on the NEEQ meet their requirements, the NEEQ companies can apply for public issuance and listing. The minimum market value threshold is 200 million yuan, which is conducive to stimulating the active growth of enterprises at the basic and innovative levels of the NEEQ." Wang Rong said that compared with the Science and Technology Innovation Board and the GEM, which also serve innovative enterprises, The Beijing Stock Exchange has opened its arms to innovative SMEs that are "earlier, smaller and newer".
The first batch of listed companies in Beijing Stock Exchange come from the existing top tier companies on the NEEQ, and the new listed companies will come from the innovative tier companies that have been listed on the NEEQ for 12 months in the future. According to the person in charge of relevant business of national stock transfer companies, there are currently 7292 companies in the NEEQ, including 5977 in the basic layer, 1249 in the innovation layer, and 66 in the selection layer. The listed companies in the selection layer apply all four sets of standards, which shows the good adaptability of this set of indicators, "At present, the number of companies that meet one of the four sets of financial conditions at the innovation level and the foundation level is sufficient, and the reserve of listed enterprises at the Beijing Stock Exchange is sufficient."
While reflecting inclusiveness, various rules also highlight the accuracy of service innovation oriented SMEs.
——Regulatory requirements are more flexible. There is no rigid requirement on the proportion of cash dividends of listed companies, and companies are encouraged to act according to their own actual conditions; For equity incentive, listed companies are allowed to reasonably set the option exercise price lower than the stock market price on the premise of full disclosure and implementation of the corresponding procedures to enhance the incentive effect.
——More flexible trading rules. Implement a 30% price limit to ensure the efficiency of price discovery; On the first day of listing, there was no limit on price rise or decline, and a temporary suspension mechanism was implemented to stabilize prices; The minimum number of purchase and sale orders is 100 shares, and each order can be increased by 1 share.
——Refinancing is faster. Support enterprises to flexibly finance on demand, and set up fast and convenient declaration and review arrangements for characteristic financing mechanisms such as self issuance and authorized issuance as stipulated by the upper law.
Let innovative small and medium-sized enterprises "new seedlings" thrive in the fertile soil of the Beijing Stock Exchange. It is necessary not only to protect and irrigate accurately, but also to tighten fences and strictly supervise.
The Beijing Stock Exchange has adjusted and optimized the rules while moving the basic systems of the selection layer as a whole, and compacted the responsibilities of all parties in strict accordance with the current legal framework for the supervision of listed companies. For example, the corporate governance standards are more optimized, increasing the situation that independent directors should express their opinions, and promoting independent directors to play a greater role; For example, the information disclosure requirements are more specific, detailing the specific requirements for voluntary disclosure, exemption from disclosure, delayed disclosure, industry and risk information disclosure, and establishing a unified insider management and reporting system to strictly prevent insider trading and other illegal acts
"The services provided by the Beijing Stock Exchange are in line with the market characteristics of innovative SMEs, which not only provides a broader development platform for innovative SMEs, but also alleviates the financing difficulties and expensive problems of technology-based innovative and growing SMEs. In addition, the listing system and compliance management of the Shanghai and Shenzhen Stock Exchanges also promote SMEs to constantly improve their internal control system and build a good corporate governance Manage the structure to ensure the compliance operation and long-term development of SMEs. " Wang Rong said.
To promote the formation of a multi-level capital market system with Chinese characteristics, the Beijing Stock Exchange has added a key link
Many people are curious about why the Shanghai and Shenzhen Stock Exchanges also set up the Beijing Stock Exchange?
In fact, looking at the entire capital market, the answer is very clear: Beijing Stock Exchange is positioned to serve innovative SMEs and achieve dislocation development with Shanghai and Shenzhen Stock Exchanges.
On the one hand, it has formed an integrated development, synergy and linkage trend with the NEEQ. The Beijing Stock Exchange undertakes the development and growth of innovative SMEs in the innovative and basic layers of the NEEQ, provides more efficient open market financing and trading services, forms the demonstration, guidance and "back feeding" functions for the innovative and basic layers, and stimulates the overall market vitality of the NEEQ. At the same time, the delisted companies of the Beijing Stock Exchange meet the conditions of the basic or innovative layers of the NEEQ, Encourage listing transactions at corresponding levels and continue to develop.
On the other hand, it has formed a pattern of dislocation development and interconnection with Shanghai and Shenzhen Stock Exchanges. In addition to firmly adhering to the market orientation of innovative small and medium-sized enterprises, the Beijing Stock Exchange adheres to the transfer mechanism to the Shanghai and Shenzhen Stock Exchanges, where mature listed companies can also choose to continue to develop in the Shanghai and Shenzhen Stock Exchanges.
"The Beijing Stock Exchange has added a key link, which not only promotes the formation of a multi-level capital market system with Chinese characteristics that has different priorities and complements each other, but also gives full play to its role as a link and strengthens the interconnection of multi-level capital markets." Tian Xuan, deputy director of the Wudaokou School of Finance, Tsinghua University, said, The Beijing Stock Exchange has connected the whole chain service system of "venture capital funds and equity investment funds - regional equity markets - NEEQ and exchange markets" for innovative enterprises, which will greatly promote innovative investment, accelerate the good cycle of science and technology, capital, and the real economy, and serve to build a new development pattern.
Experts said that the Beijing Stock Exchange is a "newborn", and it has a long way to go to give full play to its market functions and improve its market recognition, which requires the efforts of all parties.
Tian Xuan believes that at present, the number of listed enterprises in the Beijing Stock Exchange is small and the scale is small, so we should further enrich the listing standards on the basis of the great breakthrough in the current issuance and trading system, relax the listing channels for high-quality SMEs, and improve the efficiency of the registration system review.
Wang Xian believes that the role of the capital market in the development of enterprises is far more than financing. Enterprises listed on the Beijing Stock Exchange should abide by the obligation of information disclosure of listed companies, accept the supervision of the market and the media, improve the corporate governance structure, and reduce the company's legal, financial and other risks.
For securities service institutions, the establishment of the Beijing Stock Exchange has also raised new issues. Wang Xian said: "The intermediary services required by companies listed on the Beijing Stock Exchange will be somewhat different from those before. Securities service agencies should practice their internal skills and seize market opportunities."
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