Xinhua News Agency, Beijing, September 2nd. Chairman Xi Jinping announced on the 2nd in his speech at the China International Trade Fair in Services Global Service Trade Summit that he will continue to support the innovation and development of small and medium-sized enterprises, deepen the reform of the New Third Board, and establish the Beijing Stock Exchange to create service innovation. The main position of small and medium-sized enterprises.
The establishment of the Beijing Stock Exchange means that the New Third Board, which is dedicated to serving small and medium-sized enterprises, will stand on a new starting point for reform, and that China’s capital market reform and development has taken another crucial step.
Understanding the deployment of the Beijing Stock Exchange should be placed under the general logic of deepening the reform of the New Third Board. In recent years, the reform and development of the New Third Board have laid a solid foundation for further deepening reforms. According to the China Securities Regulatory Commission, the Beijing Stock Exchange will “build on the basis of the existing NEEQ selection layer”, shift the basic systems of the selection layer in general, and simultaneously pilot the securities issuance registration system. The Beijing Stock Exchange is still a part of the New Third Board, and it forms an “upgraded” New Third Board together with the innovation layer and the basic layer.
As an important measure to deepen the reform of the NEEQ, the establishment of the Beijing Stock Exchange will inevitably improve the ability of the NEEQ to serve small and medium-sized enterprises. According to reports, the Beijing Stock Exchange will firmly adhere to the market positioning of serving innovative SMEs, respect the development rules and growth stages of innovative SMEs, and enhance the inclusiveness and accuracy of the system. This not only means the improvement of the legal status of the NEEQ selection layer, but also effectively improves market efficiency, activates market vitality, guides resources to pay more attention to high-quality small and medium-sized enterprises, enhances brand effect and attractiveness, and leads the better development of small and medium-sized enterprises.
Establish the Beijing Stock Exchange to form a pattern of dislocation development and interconnection between the Beijing Stock Exchange and the Shanghai and Shenzhen Stock Exchanges, and regional equity markets. The multi-level market structure of China’s capital market will be further improved, and China’s capital market will be more dynamic and resilient . Companies listed on the Beijing Stock Exchange will be created by innovative companies, maintaining the “progressive” market structure of the NEEQ basic layer, innovation layer and Beijing Stock Exchange. From the perspective of system design, the future market operation, investor structure, and main basic institutional arrangements of the Beijing Stock Exchange have significant characteristics of small and medium-sized enterprises, which are obviously different from those of the Shanghai and Shenzhen Stock Exchanges.
It can be expected that with the steady advancement of reforms, the New Third Board will form a more specialized platform to serve SMEs, allowing more and more SMEs and “specialized, special-new” enterprises to receive the assistance of the multi-level capital market and usher in Higher quality development.
(Source: Shanghai Securities News)
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