Original title: Beijing Stock Exchange Index will be released at an opportune time
In order to create a main position for serving innovative small and medium-sized enterprises, on September 2, 2021, President Xi Jinping announced the establishment of the Beijing Stock Exchange. It took only 74 days for the Beijing Stock Exchange to complete the preparations and open the market smoothly. It has been running smoothly for more than 7 months. . In the past seven months, the North Exchange has made progress in continuous exploration and achieved initial results. Recently, the Beijing Stock Exchange held a symposium for the central and Beijing-owned media, which summarized and sorted out the operation of the Beijing Stock Exchange since the opening of the market, and further explained the market concerns such as the audit quality and efficiency and the Beijing Stock Exchange index.
In the next step, under the premise of strict quality control, the Beijing Stock Exchange will further accelerate the review speed, further leverage the advantages of integrated development with the New Third Board, and establish a direct review mechanism linking the entire chain of listing access, continuous supervision, and listing review to allow It is more convenient and faster for companies to go public, so that all parties involved in the market have a stronger sense of gain.
Outstanding results since the market opened
In the first half of 2022, the geopolitical, economic and financial environment at home and abroad will be complex and changeable, and the operation of small and medium-sized enterprises will encounter greater challenges. The superposition of multiple uncertain factors will have a certain impact on the operation of the market. However, under many challenges, the basic system of the Beijing Stock Exchange has withstood the test of the market. On the whole, the market has shown positive changes in structure and trend.
At the symposium, the Beijing Stock Exchange released the transcripts since the opening of the market. As of June 28, there were 100 companies listed on the Beijing Stock Exchange, with a total market value of 217.745 billion yuan. With the direction of “creating the main position of service-oriented small and medium-sized enterprises” as the direction, small and medium-sized enterprises account for 78% of the listed companies, covering industrial materials, information technology, medicine and health, “double carbon”, consumption and other multi-segments In the field of innovation, strategic emerging industries and advanced manufacturing industries account for more than 80%, reflecting the diversified innovation forms of small and medium-sized enterprises such as technological innovation, product innovation, management innovation and business model innovation.
In terms of operating conditions, the 100 listed companies on the Beijing Stock Exchange will achieve a total operating income of 70.466 billion yuan in 2021, a year-on-year increase of 31.04%; net profit attributable to 7.625 billion yuan, a year-on-year increase of 22.81%. The total R&D expenditure in 2021 is 3.339 billion yuan, and the average R&D intensity is 6.87%, which is 4.78 times the average level of enterprises above designated size. Among the 100 listed companies, 22 are national-level specialized and new “little giant” enterprises, and 2 companies have won the National Science and Technology Progress Award.
In terms of financing, as of June 24, the Beijing Stock Exchange has raised a total of 20.8 billion yuan in public financing, with an average of over 200 million yuan per company, injecting capital into small and medium-sized enterprises. 5 companies started refinancing to support small steps and fast running of enterprises. Among them, Changhong Energy started major asset restructuring and supporting fundraising. Since the opening of the market, the average daily turnover is nearly 1.2 billion yuan, and the average daily turnover rate is 1%. The overall liquidity level is in line with the liquidity characteristics of small and medium-sized stocks.
In addition, with the gradual optimization of the market ecology, the participation of various entities of the Beijing Stock Exchange has increased. As of June 28, the number of qualified investors in the market has exceeded 5 million, social security funds and QFIIs have entered the market, and more than 500 public funds have participated in the investment of the Beijing Stock Exchange, and the market value of their positions has steadily increased.
Review quality and efficiency improvement, sufficient reserve army
As of June 30, the number of companies listed on the Beijing Stock Exchange has exceeded 100. Since the opening of the Beijing Stock Exchange, the quality and efficiency of audits have been continuously improved, and the expansion of high-quality capacity is being accelerated.
It is understood that the Beijing Stock Exchange has formulated a special audit plan for the regular problems in the development process of small and medium-sized enterprises, highlighting the characteristics of precision and inclusiveness. At present, the average time for the listing review of the Beijing Stock Exchange is 143 days, and the projects with good quality of enterprises and diligent and responsible intermediaries are regarding 70 days. can be completed.
Taking Rongyi Precision, which was accepted in the early days of the Beijing Stock Exchange as an example, the company’s IPO was accepted by the Beijing Stock Exchange on September 14, 2021, and it received a review inquiry letter on October 21 of that year, which took just over a month.
Since June, the number of IPOs accepted by the Beijing Stock Exchange has also been increasing. At present, the supply speed of new shares on the Beijing Stock Exchange has gradually increased. As of the symposium, 58 companies have been accepted in a single month in June. Currently, there are 105 companies under review and regarding 300 companies in auxiliary.
What do you think regarding the speed of review? Wang Peng, an associate professor at the Gaoli Research Institute of Renmin University of China, said that this shows that “specialized, specialized, and innovative” small and medium-sized enterprises are developing very well. With the shortening of the review cycle, the listing cost of the enterprise is also greatly reduced, which can increase the liquidity of the enterprise to a certain extent, allowing the enterprise to obtain more resources and development in a shorter time.
In addition, since the opening of the market, the Beijing Stock Exchange has been continuously optimized in terms of its entry-level mechanism. The frequency of innovation level entry has been increased from 1 to 6 times a year. This year, 3 levels of level adjustment have been completed, and 515 basic-level companies have entered the innovation level. Among them, 348 meet the financial conditions for listing on the Beijing Stock Exchange.
At the same time, the quality of newly listed companies on the Beijing Stock Exchange has improved significantly. Since 2022, 195 new companies have applied for listing, which is 4 times that of the same period last year, of which over 70% meet the financial conditions for listing on the Beijing Stock Exchange. After the stratification is completed in the first half of 2022, there will be 1,696 innovation-level companies, reaching the highest level since the implementation of the stratification system. Among them, 958 companies have an operating income of more than 200 million yuan, and 580 companies have a net profit of more than 30 million yuan.
Zhou Yunnan, founder of Beijing Nanshan Investment, said in an interview with a reporter from Beijing Business Daily that with the deepening reform of the Beijing Stock Exchange, the gradual improvement of supporting policies, the continuous expansion of the scale of listing, and the continuous increase of investors, the Beijing Stock Exchange will develop rapidly Become an efficient market with active investment and financing.
According to Bu Naxin, Vice President of the Science and Technology Industry Investment Branch of the China Council for the Promotion of Science and Technology and Executive Director of the Strategic Investment Think Tank, the registration system reform carries a huge mission. While cooperating with other securities trading markets, it will continue to improve its capabilities and build itself into an exchange with greater advantages in new dimensions.
The North Exchange Index will be released at an opportune time
The Beijing Stock Exchange, which has just opened for more than 7 months, is still a young market and is still in the initial stage of market construction. The improvement of systems, products and services is a long-term process. In the continuous exploration, the Beijing Stock Exchange will continue to improve market functions through reform and innovation in the future, such as the release of the Beijing Stock Exchange Index and the establishment of a direct link review mechanism for the entire chain.
At the symposium, the Beijing Stock Exchange stated that it will do a good job in various services for investors entering the market, further increase the number of qualified investors in the market, and increase the proportion of long-term funds; at the same time, the Beijing Stock Exchange will improve the trading mechanism and study the launch of hybrid trading. and margin financing system.
In response to the issue of the North Exchange Index, which has been highly demanded by the market, the North Exchange said that it is currently making intensive preparations and will release the North Exchange Index at an appropriate time according to market conditions to provide investors with more trading options and guidance, and promote innovation. Small and medium-sized enterprises can better realize value discovery, and build the Beijing Stock Exchange into a valuation and pricing center for innovative enterprises.
In the future, the direct-link audit mechanism connecting the whole chain is expected to be implemented. It is reported that the Beijing Stock Exchange will also dynamically evaluate the operation of the review mechanism in the future. Under the premise of strict quality control, it will further speed up the review speed, further leverage the integrated development advantages of the Beijing Stock Exchange and the New Third Board, and establish listing access, continuous supervision and listing. Review the direct link review mechanism connected by the whole chain, consolidate the foundation of front-end supervision, improve the efficiency of back-end listing, and provide key services and precise services for companies that meet the listing requirements of the Beijing Stock Exchange, making it easier and faster for companies to go public, and all parties in the market can obtain feel stronger.
In addition, financing varieties will continue to be enriched. It is understood that innovative small and medium-sized enterprises need diversified product supply from exchanges due to their business segmentation, advanced development stage and strong uncertainty. “We will promote the improvement of the market product system as soon as possible, implement the demonstration cases of convertible bonds, change the situation of a single market variety as soon as possible, and gradually build a ‘product supermarket’ that is suitable for the ecology of innovative small and medium-sized enterprises and qualified investors, with complete varieties and obvious characteristics. “Long Haiyang, director of the Beijing Stock Exchange Office, said.
While the number of listed companies and listed companies continues to expand, how can the Beijing Stock Exchange and the National Equities Exchange and Quotations improve the quality of their companies? At the level of the Beijing Stock Exchange, in accordance with the relevant requirements of the State Council and the China Securities Regulatory Commission on improving the quality of listed companies, formulate and implement plans to improve the quality of listed companies on the Beijing Stock Exchange, implement a direct train for information disclosure of listed companies, and urge listed companies to standardize their development. At the level of the New Third Board, the compliance guidelines for the innovation layer will be refined to facilitate companies to gradually adapt to listing requirements; the disclosure content of the basic layer will be simplified to reduce listing costs.
(Editor in charge: Peng Yansong)
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