A key step in the reform and development of China’s capital market | Small and medium-sized enterprises have significant characteristics

CCTV News: Yesterday (September 2) evening, the China Securities Regulatory Commission introduced the deepening of the NEEQ reform and the establishment of the Beijing Stock Exchange. The establishment of the Beijing Stock Exchange is a major new strategic plan for the capital market. This means that the New Third Board, which is dedicated to serving small and medium-sized enterprises, will stand at a new starting point for reform, and that China’s capital market reform and development has taken another crucial step.

The China Securities Regulatory Commission stated that it will stick to “one positioning”, that is, the Beijing Stock Exchange will firmly adhere to the market positioning of serving innovative small and medium-sized enterprises, and handle the “two relationships”: First, the Beijing Stock Exchange, the Shanghai and Shenzhen Stock Exchanges, and the Shanghai and Shenzhen Stock Exchanges. The regional equity market insists on dislocation development and interconnection, and gives full play to the function of listing on the transfer board; second, the Beijing Stock Exchange and the existing innovation and basic layers of the New Third Board insist on overall coordination and system linkage to maintain the balance of market structure.

At the same time, the “three goals” will be achieved. The first is to build a set of basic institutional arrangements that fit the characteristics of innovative SMEs, covering issuance and listing, trading, delisting, continuous supervision, and investor suitability management. The second is to unblock the Beijing Stock Exchange’s role as a link in the multi-level capital market, and form a complementary and mutually reinforcing direct financing growth path for small and medium-sized enterprises. The third is to cultivate a group of specialized and new small and medium-sized enterprises to form a benign market ecology featuring high enthusiasm for innovation and entrepreneurship, active participation of qualified investors, and responsibility of intermediary agencies.

The China Securities Regulatory Commission stated that it will shift the basic systems of the selection layer as a whole, insist that the Beijing Stock Exchange listed companies are generated by innovative companies, and maintain the “progressive” market structure of the basic and innovative layers of the New Third Board and the Beijing Stock Exchange. , Simultaneously pilot the registration system for securities issuance.

“Establishing the Beijing Stock Exchange on the basis of the existing NEEQ selected layers.” The CSRC’s thinking clarifies that the Beijing Stock Exchange will be an integral part of the NEEQ and will form the NEEQ together with the innovation layer and the basic layer. Market level.

In the future, the market operation, investor structure, and main basic institutional arrangements of the Beijing Stock Exchange will have significant characteristics of small and medium-sized enterprises, which will be significantly different from the Shanghai and Shenzhen Stock Exchanges.