Original title: The Beijing Stock Exchange opened its market on a full moon, and the reforms performed smoothly and showed results
The Beijing Stock Exchange (hereinafter referred to as the “Beijing Stock Exchange”) has officially opened for a full month. The data shows that the overall operation of the Beijing Stock Exchange is stable and orderly, and the positive effects of reform are significant. Institutions in the industry generally believe that the market position and unique institutional design of the Beijing Stock Exchange have injected new vitality into China’s capital market and provided new development opportunities for small and medium-sized enterprises.
Significant increase in market transactions
On December 14, 90% of the stocks of the Beijing Stock Exchange went red, 75 of the 82 stocks rose on the same day, and 32 of the 82 stocks rose more than 3% in a single day. The Beijing Stock Exchange officially opened on November 15 this year, and it has been running for a full moon so far. Overall, the market in the first month of the opening of the Beijing Stock Exchange was stable, and the positive effects of the reform were significant. Compared with the pre-reform period, the market turnover increased significantly, the newly listed shares rose collectively, the enthusiasm for market participation increased, professional institutions actively entered the market, and investors’ willingness to enter the market increased. The innovation layer and the basic layer were driven, and the trading activity was effectively improved.
According to data from the Beijing Stock Exchange, as of December 14, the total number of companies listed on the Beijing Stock Exchange was 82, with a total equity of 12.239 billion shares and a total market value of 269.320 billion yuan, of which the circulating market value was 105.256 billion yuan. The transaction amount on the day was 1.882 billion yuan. From November 15 to December 14, the Beijing Stock Exchange had a total turnover of 47.897 billion yuan. From the second week, the transaction gradually narrowed as the opening effect subsided, and the trend of change was in line with the general law of the newly established sector. Market liquidity has improved compared with the selection period. The average daily trading volume has increased by 3.07 times compared with the previous selection layer, and the average daily stock turnover rate has been 1.46%, which is an increase of 0.74 percentage points compared with the original selection layer, which is in line with the liquidity characteristics of small and medium-sized market capitalization stocks. In the first month, 11 new stocks rose collectively, with an average increase of 110.84%; most of the 71 translation stocks recovered from their highs before the market opened, but they were still up 29.97% from before the announcement of the reform. From the perspective of market performance, the average daily amplitude of the Beijing Stock Exchange fell from 25.51% on the first day of market opening to 5.28%, and the stock price gradually stabilized. The fluctuation of individual stocks was within the expected reasonable range, the price trend was relatively stable, and the market pricing function was further improved.
At the same time, investors are more enthusiastic about participation, and professional institutions are actively entering the market. As of December 14, the number of accredited investors in the Beijing Stock Exchange exceeded 4.6 million, an increase of approximately 1.7 times from before the announcement of the reform. After full game between buyers and sellers, investors have become more rational, and the overall transaction enthusiasm has remained at a reasonable level. In addition to direct participation, other channels such as public funds have also received high attention. The first batch of 8 themed funds all achieved half-day over-raising.
In addition, the back-feeding effect of the Beijing Stock Exchange has appeared, and the basic level of the innovation layer has improved significantly. The price and volume of the basic layer and the innovation layer have increased significantly. Driven by the Beijing Stock Exchange, the trading activity of the basic and innovative layers has improved significantly. Since the announcement of the reform news, the cumulative increase and decrease of the third board component index, the third board market making and the innovation component index have been 15.13%, 34.79%, and 20.19% respectively. After the opening of the Beijing Stock Exchange, the average daily turnover of the basic layer of the innovation layer was higher than that of the reform news. The previous increase was 1.83 times. The innovation layer and basic layer of the Beijing Stock Exchange and the New Third Board have shown a certain investment rotation effect.
Judging from the current market structure, the Beijing Stock Exchange is based on serving innovative small and medium-sized enterprises, among which listed companies are mainly small and medium-sized listed companies with a market value of less than 3 billion yuan. Wind statistics show that as of the closing on December 14, there were 70 companies with a market value of less than 3 billion yuan on the Beijing Stock Exchange, accounting for 85.37%.
According to research conducted by Essence Securities’ Zhuhaibin team, the liquidity of the Beijing Stock Exchange has been greatly improved after the opening of the market. Comparing the turnover rate of the Beijing Stock Exchange and the various sectors of the Shanghai and Shenzhen Stock Exchanges, the overall gap has been relatively small. The problem of liquidity has been resolved to a greater extent. Judging from the geographical distribution of the Beijing Stock Exchange, the companies of the Beijing Stock Exchange are widely distributed as a whole, covering as many as 23 provinces, driving the development of the regional economy.
Industry insiders generally believe that the overall market operation since the opening of the Beijing Stock Exchange has been in line with expectations. Fu Lichun, the founding partner of Yuntai Capital, told the reporter of “Economic Information Daily” that the capital market has already had some reactions during the period from the official establishment of the Beijing Stock Exchange to the official opening of the market. After the official opening of the market, the market performance of many stocks is also expected, including the rise and correction of some stocks. The market as a whole is still a relatively stable situation. On this basis, the Beijing Stock Exchange also drove other related concept stocks, including stocks of the innovation layer, injecting vitality into the capital market as a whole.
Cui Yanjun, director of the Standardized Governance Research Center of the China Association of Small and Medium Enterprises, told reporters that from the perspective of market performance, the correction of individual stocks on the Beijing Stock Exchange was mainly due to the fact that the first day of listing of new stocks rose far more than expected, and the shifting stocks had also accumulated relatively high in the early stage. Therefore, it is a normal phenomenon and in line with market expectations. Investment must return to rationality after all, and the Beijing Stock Exchange as a whole is still a market dominated by mature investors.
Distinctive system features to serve small and medium-sized enterprises
Compared with short-term market performance, research institutions pay more attention to the development opportunities brought by the characteristics and institutional advantages of the Beijing Stock Exchange market to the majority of small and medium-sized enterprises, as well as the long-term investment value of this market.
Yang Delong, chief economist of Qianhai Kaiyuan Fund, told the reporter of “Economic Information Daily” that the Beijing Stock Exchange is tailor-made for innovative small and medium-sized enterprises, and provides IPO financing services for small and medium-sized enterprises, especially “specialized and new” enterprises. Compared with companies listed on the Main Board, Science and Technology Innovation Board, and ChiNext, companies listed on the NEEQ and “specialized and new” companies are “earlier, smaller, and newer” and face greater uncertainty and desire for funds The degree is also very high, and the future growth is stronger. He said that through the design of the investor threshold, the optimization of the system, and the inclusive innovation of the market, the Beijing Stock Exchange has opened up new and convenient financing channels for SMEs, and SMEs have the opportunity to enter the capital market earlier. Understanding the modern corporate governance culture in the early stage of the enterprise and accelerating its growth is a great boon for the majority of small and medium-sized enterprises, especially high-quality small and medium-sized enterprises. SMEs will usher in unprecedented opportunities and enter a new era of development.
Fu Lichun also said that the institutional characteristics of the Beijing Stock Exchange are very obvious. First of all, the reform of the market-wide registration system is advancing. As the foundation of the Beijing Stock Exchange, the NEEQ has been at the forefront of the market in terms of registration system and market-oriented reforms. Secondly, the Beijing Stock Exchange has also learned from the experience of other markets, and there are some interactions and connections with other markets, such as the transfer system of the Beijing Stock Exchange, which makes the Beijing Stock Exchange and other levels of capital markets together form an organic capital market. system. In addition, the Beijing Stock Exchange is not only a top of the original New Third Board, but also an independent market. The Beijing Stock Exchange, the ChiNext and the Science and Technology Innovation Board, etc. form a complementary and dislocation competition relationship. Therefore, the Beijing Stock Exchange as a whole The innovative features are very distinctive.
Essence Securities Research pointed out that the Beijing Stock Exchange has five major institutional investors with longer investment periods, a sponsorship and direct investment system, a strategic placement and issuance system with “green shoes” characteristics, a differentiated tax incentive system, and a transfer system. Characteristic system. The reform of the New Third Board generally follows the idea of building a multi-level capital market. With the establishment of the Beijing Stock Exchange and the continuous advancement of the transfer system, a progressive market structure of “basic layer-innovation layer-Beijing Stock Exchange” has been formed. . The Beijing Stock Exchange and the innovation layer and the basic layer have a long strategy. The NEEQ companies are distributed in various industries in the industry chain, and there are still many segmented leaders still to be discovered.
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