Xinhua News Agency, Beijing, November 23rd, title: CBEX explores characteristic systems to support innovation and development of small and medium-sized enterprises
Xinhua News Agency reporters Yao Junfang and Ji Ning
On November 15, 2021, the Beijing Stock Exchange was officially inaugurated and opened. Now, standing at a new starting point after one full year of operation, what breakthroughs and innovations will CBEX usher in? Guests at the 2022 Financial Street Forum annual meeting had heated discussions on this topic.
Shang Qingjun, a first-level inspector of the Public Company Department of the China Securities Regulatory Commission, said: “Over the past year of operation, various systems and arrangements of the Beijing Stock Exchange have been operating smoothly, and the bright spots of market characteristics have gradually emerged, and the reform has achieved a good start.”
According to Zhou Guihua, chairman of the Beijing Stock Exchange, as of now, there are 126 listed companies on the Beijing Stock Exchange, with a total market value of over 200 billion yuan, and the median market value of listed companies is 855 million yuan. The average daily turnover rate is nearly 1%, presenting a level of liquidity that matches that of small and medium-cap stocks. The public issuance achieved financing of 27 billion yuan, and the number of qualified investors exceeded 5.2 million.
“The North Exchange has attracted a group of small and medium-sized enterprises with strong innovation capabilities and high technological quality. There are 50 “giant” enterprises and 56 provincial-level “specialized and special new” enterprises, with outstanding innovation attributes.
Since the opening of the CBEX, Beijing has actively supported high-quality companies to list on the CBEX. According to Zhao Weijiu, deputy director of the Beijing Local Financial Supervision and Administration Bureau, as of November 20, there were 13 companies listed on the Beijing North Exchange, and more than 100 listed companies that meet the financial standards for listing on the North Exchange have been sorted out. The listed reserve echelon. “In the future, more technological and innovative companies will be cultivated to list on the Beijing Stock Exchange.”
“There are more than 4,000 small and micro enterprises in the Beijing Stock Exchange and the New Third Board Market, accounting for more than 60%, which effectively extends the scope of capital market services, improves the coverage of direct financing, and further enhances the inclusiveness and inclusiveness of the capital market.” Shang Qing. Jun said.
“The CBEX has just celebrated its first anniversary, and is in a critical period of scale construction and functional improvement.” Zhou Guihua said that to build and develop CBEX with high quality, it is necessary to lead the market with more pioneering, innovative and open thinking building.
“The current priority is to promote the high-quality expansion of the Beijing Stock Exchange.” Shang Qingjun said, “We will improve the issuance and listing conditions, improve the inclusiveness of the review, and support a group of benchmarks with core competitiveness on the premise of ensuring the quality of the review. The rapid realization of the issuance and listing of enterprises will promote the formation of a certain scale of the Beijing Stock Exchange as soon as possible.”
Hu Hao, chairman of the Academic Committee of the Beijing Financial Street Forum, believes that in the future, we should further improve the efficiency of the capital market in serving small and medium-sized enterprises, continuously expand the market scale, improve the product system, and promote more qualified investors to enter the market. “The Beijing Stock Exchange should further improve the system construction, deepen the market financing transaction function, and provide direct financing services for more specialized, special and new small and medium-sized enterprises.”
“Investment and financing products and tools are an important carrier for the function of the exchange.” Zhou Guihua said that CBEX will gradually launch suitable products based on the market development stage, and build a “product supermarket” covering stocks, bonds, funds and other categories. Launch public issuance of convertible bonds as soon as possible, research and explore credit bonds, asset securitization and other varieties, and develop characteristic products around the needs of “specialized, special and new” enterprises and technology-based small and medium-sized enterprises.
In order to promote a balance between investment and financing, Zhou Guihua said that the CBEX will continue to build an efficient and transparent trading mechanism arrangement, implement a margin financing and securities lending system, and launch hybrid market-making transactions to increase investor activity. At the same time, various investors will be promoted to participate in the CBEX market more extensively and deeply, and the channels for various funds to enter the market will be unblocked.
“The joint cooperation and coordinated development of the Beijing Stock Exchange and the innovation layer and the base layer of the new third board are important features of the new third board market.” Shang Qingjun said that the China Securities Regulatory Commission will continue to deepen the reform of the new third board, optimize the listing conditions of the base layer, and further improve innovation. Layer-by-level standards, increase support for “earlier, smaller, and newer” start-up technology innovation enterprises, and cultivate and deliver more high-quality listing resources for the Beijing Stock Exchange.
“We will continue to help CBEX market construction and reform and innovation, help CBEX continue to expand trading scale, innovate trading mechanisms, enrich trading varieties, optimize market ecology, and further enhance the market function and vitality of CBEX.” Zhao Weijiu said.