＂Beijing Stock Exchange has deeply changed 19 articles＂, and the business entity has ushered in multiple benefits.
On the occasion of the announcement of the second anniversary of its establishment, the North Exchange ushered in a new round of heavy reforms. On September 1st, the Opinions on High-quality Construction of Beijing Stock Exchange (hereinafter referred to as Opinions), known as "19 Articles of Deep Reform of Beijing Stock Exchange", was officially released, and a package of targeted measures was put forward, aiming at further promoting the stable development, reform and innovation of Beijing Stock Exchange, and accelerating the synergy of the "main position" system of service-oriented SMEs. On the same day, the North Stock Exchange and the National Stock Transfer Company released the first batch of eight reform and innovation measures to fully promote the high-quality development of the market. According to industry insiders, standing at a new starting point of high-quality construction, after the implementation of this deep reform measure, the benign ecology of sustainable and high-quality development of the North Stock Exchange market is expected to accelerate.
Comprehensive policy at both ends of investment and financing
Further improve liquidity
On the whole, this reform will focus on improving the market liquidity of the North Exchange. The data shows that since the opening of the North Stock Exchange, the average daily turnover is about 1 billion yuan, and the annualized turnover rate is about 200%. The liquidity level fully conforms to the liquidity characteristics of small and medium-sized stocks.
"Considering that the North Exchange has only been established for about two years, listed companies are also ‘ Earlier and smaller updates ’ It is not appropriate for innovative small and medium-sized enterprises to simply and directly compare the liquidity of the North Stock Exchange market with the liquidity of the Shanghai and Shenzhen stock markets, which have been established for more than 30 years and have larger and more mature listed companies. " Liuli, a professor at Guanghua School of Management, Peking University, said.
Liquidity is the blood of the exchange and an important factor in market valuation and pricing. In order to better serve innovative small and medium-sized enterprises and promote the further high-quality development of Beijing Stock Exchange, there must be sufficient liquidity as support. "All along, all parties in the market have also put forward some opinions and suggestions on improving the liquidity level of the North Exchange. In this context, the Opinions focus on improving market liquidity. " The relevant person in charge of the CSRC introduced.
This reform of the North Exchange adheres to the comprehensive policy of investment and financing at both ends, and puts forward a series of hard moves, giving "optimized solutions" to the key points, focuses and difficult issues that the market cares about.
On the investment side, expand the investor team and optimize the trading mechanism, expand the increment and activate the stock. On the one hand, efforts should be made to increase the participation of existing investors, facilitate potential incremental investors to participate in the market, guide Public Offering of Fund to expand its investment in the North Stock Exchange, and allow private equity funds to participate in the investment in the North Stock Exchange through the secondary market. On the other hand, expand the team of market makers, enrich the sources of treasury stocks, introduce the system of refinancing and market-making borrowing, and expand the scope of margin financing and securities lending targets.
On the financing side, we will focus on improving the supply of quality enterprises. "Listed companies are the cornerstone of the sustainable development of the capital market. The fundamental solution to the liquidity of the North Stock Exchange lies in having high-quality investment targets." The relevant person in charge of the CSRC said. Based on this consideration, the Opinions put forward measures such as optimizing the arrangement of issuance and listing and improving the quality of listed companies in an all-round way, with the aim of gathering a group of high-quality listed companies that can support market depth, reflect market advantages and have brand effects as soon as possible, and provide effective support for improving liquidity. In the first batch of eight reform and innovation measures issued by the North Stock Exchange and the National Stock Transfer Company, it also includes a series of measures such as optimizing the implementation standard of "continuous listing for 12 months" and optimizing the stratification standard of the New Third Board.
"The transfer of high-quality companies of the North Stock Exchange to the Shanghai and Shenzhen Stock Exchanges has opened up the obstruction of multi-level capital markets, allowing the regional equity market, the New Third Board, the North Stock Exchange and the Shanghai and Shenzhen Stock Exchanges to form a multi-level capital market that is mutually connected and organically combined, which will help attract more specialized and new enterprises to land in the North Stock Exchange and promote the high-quality development of listed companies in the North Stock Exchange." Tian Lihui, dean of the Institute of Financial Development of Nankai University, believes that this reform can attract more specialized and new enterprises to land in the North Exchange, improve market liquidity and market activity, and also improve the valuation quality and market value discovery function of the North Exchange, boosting the confidence of investors in the North Exchange.
Liuli, a professor at Guanghua School of Management, Peking University, also said that the relevant suggestions in the Opinions on the transfer of listed companies in the North Stock Exchange will help to open up different levels of capital markets such as the regional equity market, the New Third Board, the North Stock Exchange and the Shanghai and Shenzhen markets. Unicom channels will attract more small and medium-sized innovative enterprises to list on the North Stock Exchange and enhance market activity; At the same time, it is helpful to cultivate a group of high-quality enterprises to grow from small to large, and it is also conducive to investors’ long-term investment, so as to achieve common growth with listed companies.
Differentiated institutional arrangements are more perfect.
Business entities usher in multiple benefits.
Generally speaking, after the implementation of the Opinions, the differentiated institutional arrangements that fit the market characteristics of the North Exchange will be more perfect. To sum up, it is mainly reflected in "six more", that is, the types of investors are richer, the trading mechanism is more flexible, the listing paths are more diversified, the market docking is closer, the intermediary exhibition industry is more adaptable, and the product system is more complete. Insiders pointed out that this comprehensive reform is good news for all parties concerned.
"The reform of the North Exchange is expected to improve the market vitality and further improve the resource allocation function of the capital market." Chen Gang, chief strategist of soochow securities, believes that, firstly, this reform takes many measures to improve liquidity, expand the scope of qualified investors to bring about a richer market product system, and optimize the investor structure, which is conducive to giving full play to the advantages of various investors and vigorously guiding social security funds and insurance funds to enter the market to bring in medium and long-term incremental funds. Second, the re-optimization of the listing system to support the better and faster listing of small and medium-sized enterprises can promote the supply of high-quality targets and support the market depth. Third, the trading mechanism is more perfect. Expanding market makers, enriching the sources of market makers’ stocks and reducing market-making costs will provide investors with more trading options and reasonable hedging means, promote market balance, and be conducive to the value discovery of small and medium-sized enterprises. Fourth, the plates are more closely linked, the transfer system is more perfect, the development chain of small and medium-sized enterprises is clearer, and the functional positioning of plates is more accurate. He believes that this reform has strongly responded to the central government’s proposal of "activating the capital market and boosting investors’ confidence", which is not only conducive to the high-quality development of the North Exchange, but also conducive to improving the multi-level capital market system in China, and more conducive to effectively serving the real economy and promoting the development of China’s capital market.
Zhang Xia, chief analyst of China Merchants Securities Strategy, also believes that this reform has put forward a package of measures, and the North Stock Exchange will improve the investor suitability management, optimize the market-making trading system, expand the scope of margin financing and securities lending, and improve and expand the team of market makers. The implementation of these measures will help to improve the investment environment of the North Stock Exchange market, increase the market activity, enhance the investment value of the North Stock Exchange, and enrich the range of A-share investors’ choices. At the same time, it will also help to improve the overall quality of listed companies in the North Exchange and enhance the competitiveness of the North Exchange, which is of great significance for improving the long-term development of multi-level China capital market.
In addition, the "Opinions" propose to strengthen the supervision and checks and balances of the whole chain. On the one hand, adhere to strict supervision, continuously improve the quality and efficiency of listing audit, strictly control the market, promote the company to firmly establish the awareness of "fear of listing", strengthen scientific supervision and precise supervision, and "zero tolerance" for violations of laws and regulations, strive to improve the company’s quality, effectively protect the legitimate rights and interests of investors, and consolidate the foundation for healthy market development. On the other hand, adhere to the bottom line thinking, improve the whole process and chain risk prevention and control mechanism, vigorously promote scientific and technological supervision, comprehensively improve the level of intelligent supervision, improve the ability of risk monitoring, early warning and disposal, maintain the stable operation of the market, and firmly adhere to the risk bottom line.
Draw a road map for future development
High-quality market development can be expected.
Since the opening of the market for more than a year, the market construction of the North Exchange has achieved a good and steady start. It is understood that there are currently 217 listed companies in the North Exchange, nearly three times as many as when the market opened, reflecting the service characteristics of "earlier, smaller and newer". Among listed companies, state-level specialized and innovative "little giant" enterprises account for over 40%, and high-tech enterprises account for over 90%. At present, there are 5.57 million qualified investors in Beijing Stock Exchange. The accumulated public offering financing of listed companies on the North Stock Exchange exceeds 44 billion yuan, with an average financing of 200 million yuan per company.
"Overall, the North Stock Exchange has achieved a good start, and various basic institutional arrangements have initially withstood the test of the market, and the market development is in line with the expectations at the time of opening." The relevant person in charge of the CSRC said.
This reform has also mapped out a road map for the future high-quality development of the North Exchange. The "Opinions" put forward that after three to five years of efforts, the market scale, efficiency, quality, function, activity and stability of the North Stock Exchange have been significantly improved, and the differentiated institutional arrangements that are in line with the market characteristics are more perfect, and the market vitality and toughness are enhanced, forming the brand, characteristics and comparative advantages of the North Stock Exchange with high-quality development as the core, and the incitement to the New Third Board is increasingly apparent; The pattern of gradual progress, up-and-down linkage, head feedback and bottom boost between Beijing Stock Exchange and New Third Board has been initially established, and the "main position" effect of service-oriented SMEs is more obvious. In another five to ten years, Beijing Stock Exchange will be built into an exchange with mature investors as the main body, complete basic system, rich variety system, full play of service functions, transparent and efficient market supervision, brand attraction and market influence, and the New Third Board will be driven to become an incubator, demonstration and gathering place for the vigorous development of innovative SMEs.
Zhang Xia believes that "the reform of 19 articles in Beijing Stock Exchange" is a comprehensive and deepening reform of Beijing Stock Exchange, which is of great significance to the market construction and capital market of Beijing Stock Exchange. "This reform marks a new stage of capital market reform in China. As an integral part of China’s capital market, the reform direction of Beijing Stock Exchange is consistent with the reform direction of the whole capital market. The optimization of its positioning and functions will contribute to the diversified development of China’s capital market. At the same time, this reform will promote the multi-level capital market to enter a more mature, standardized and market-oriented new stage, which will help optimize the structure of China’s financial market and improve its efficiency and vitality. " He said.
"This reform is of great significance. It is a key move for the development of the North Exchange, a milestone in the construction of China’s multi-level capital market, and an important positive for the growth of innovative SMEs and the stable development of the real economy in China." Tian Lihui believes that this comprehensive and systematic reform can promote the high-quality development of the North Exchange. Beijing Stock Exchange is an important platform for small and medium-sized enterprises in China and an important position for serving innovative small and medium-sized enterprises. This reform is expected to cooperate with the New Third Board and become an incubator, demonstration and gathering place for the vigorous development of innovative small and medium-sized enterprises, and a key platform for the development of specialized and new enterprises. This comprehensive reform of the North Exchange can also serve the Chinese-style modernization development process of small and medium-sized enterprises and effectively help the recovery and steady growth of China’s real economy.