(Original title: Beijing Stock Exchange: Form an initial scale as soon as possible to give full play to the valuation and pricing function of SMEs)
On September 4, Zhou Guihua, chairman of the Beijing Stock Exchange, delivered a keynote speech at the “Capital Market Helps the Construction of International Science and Technology Innovation Centers” forum of the China International Fair for Trade in Services. He pointed out that with the goal of building a first-class exchange serving innovative small and medium-sized enterprises, vigorously promote market reform and innovation, comprehensively improve market governance capabilities, form the initial scale of the Beijing Stock Exchange as soon as possible, improve the diversified investment and financing product system, and give full play to small and medium-sized enterprises. Enterprise valuation and pricing function, consolidate the link between multi-level capital markets, and better serve the innovation and development of small and medium-sized enterprises.
This is the first time Zhou Guihua has spoken in public as the head of the Beijing Stock Exchange. Zhou Guihua said that since the opening of the Beijing Stock Exchange, the market has been running smoothly on the whole, various systems have initially been tested by the market, market characteristics and highlights have gradually emerged, and the reform has achieved expected results and achieved a good start.
Zhou Guihua pointed out that the construction of the Beijing Stock Exchange is aimed at building a first-class exchange serving innovative small and medium-sized enterprises, in accordance with the idea of ”improving functions and creating characteristics”, following the general rules of exchange construction, focusing on the development needs of innovative small and medium-sized enterprises, and vigorously Promote market reform and innovation, comprehensively improve market governance capabilities, form the initial scale of the Beijing Stock Exchange as soon as possible, improve the diversified investment and financing product system, give play to the valuation and pricing function of small and medium-sized enterprises, consolidate the role of the link between multi-level capital markets, and shape the market. Characteristic brand and service system, constantly promote market construction to a new level, and better serve the innovation and development of small and medium-sized enterprises.
First, a first-class exchange must have a first-class enterprise. The foundation of the sustainable development of the exchange is a solid foundation, which is to have a group of listed and listed companies with high-quality development. As the organizer of the market, the Beijing Stock Exchange will take it as its mission to build a first-class innovative benchmarking enterprise with integrity, transparency and core competitiveness, adhere to both regulation and development, improve institutional arrangements that meet the needs of enterprises, comprehensively enhance market service capabilities, and promote Enterprise innovation and development.
Lay a solid foundation for the development of enterprise norms. It will further make good use of the normative and nurturing functions of the new third board, promote classified supervision and precise supervision, improve institutional arrangements, strengthen training and guidance, and form a characteristic service model of “standardization, financing, and development”, and strive to improve the quality of listed companies. , to play the role of the innovation layer and the basic layer as the “hintland” of the Beijing Stock Exchange, and continuously deliver high-quality listing resources to the Beijing Stock Exchange. Help enterprises to issue and go public efficiently. Give full play to the advantages of the integrated development and coordinated supervision of the Beijing Stock Exchange and the New Third Board, create an efficient, transparent and predictable issuance and listing path for small and medium-sized enterprises, and support more high-quality innovative small and medium-sized enterprises to enter the “fast lane” of capital market development as soon as possible. The Beijing Stock Exchange will adhere to both supervision and service, focus on supervision in one hand, adhere to information disclosure as the core, improve the transparency of listed companies, continue to carry out special corporate governance actions, keep an eye on the key minority, strictly abide by the bottom line requirements, and effectively improve the company’s standard operation level; Focus on services, improve the diversified financing tool system, and support listed companies to use refinancing, mergers and acquisitions, and equity incentives to become better and stronger.
Second, without investors, there is no market.
With the goal of promoting the balance of investment and financing, the Beijing Stock Exchange will strengthen the construction of the investment side, vigorously promote the entry of various funds into the market, be guided by the needs of investors, improve relevant institutional arrangements, smooth investment and exit channels, effectively protect the legitimate rights and interests of investors, strengthen Investor sense of gain. Enrich the number and structure of investors, guide public funds, private equity institutions, and QFIIs to increase investment, expand investment channels such as social security funds and insurance funds, and provide convenience for various types of funds to enter the market. Facilitate the exit of investor transactions. The main appeal of investors when they come to the capital market is to trade. Timely launch the Beijing Stock Exchange 50 Index and guide market players to develop supporting fund products to facilitate investors to make portfolio investments; optimize the information disclosure system of the New Third Board and the Beijing Stock Exchange so that investors can see and understand clearly; improve the adaptability of the trading mechanism , explore mixed market making and margin financing and securities lending transactions to improve the efficiency of market transactions. The Beijing Stock Exchange will implement the “zero tolerance” requirements, continue to strengthen self-discipline management, consolidate the “gatekeeper” responsibilities of intermediaries, strengthen internal and external linkages, form a synergy of supervision, and resolutely crack down on financial fraud, market manipulation, insider trading and other violations of laws and regulations. conduct, maintain an open, fair and just market order, and enhance investor trust and confidence.
Third, capital market services for SMEs should implement the orientation of inclusive finance. Serving the innovation and development of SMEs cannot rely solely on exchanges, but also requires the concerted efforts of all sectors of society to implement the policy orientation of inclusive finance and jointly create a good ecosystem. To build a main position for serving innovative small and medium-sized enterprises, we must give full play to the platform functions of the New Third Board and the Beijing Stock Exchange, strengthen communication and coordination with national ministries and local governments at all levels, promote the improvement of the policy support system for small and medium-sized enterprises, and gather various resources and elements. Make the whole society pay more attention, participate more, and better support the innovation and development of SMEs.