The new third board reform continues to deepen the Beijing Stock Exchange will be born
“Specialized, Specialized, New” SMEs will receive key support
Science and Technology Daily
“Beijing Stock Exchange has solved the problem of selected layer transfer board review and export.” “Copy the experience of the science and technology innovation board and make the trading market alive. With good companies, funds, and transactions, the Beijing Stock Exchange will be able to do it!”…
On the evening of September 2, Xi Guangyi, chairman of Yuanxu Semiconductor Technology Co., Ltd., posted several circles of friends about the “new third board reform” and “the establishment of the Beijing Stock Exchange.”
Yuanxu Semiconductor is one of the specialized and new “little giant” companies that the Beijing Stock Exchange will focus on. Xi Guangyi’s excitement is beyond words.
That night, President Xi Jinping announced in his speech at the 2021 China International Trade Fair in Services Global Service Trade Summit that he will continue to support the innovation and development of SMEs, deepen the reform of the New Third Board, set up the Beijing Stock Exchange, and create service-innovative SME owners. position.
This not only points out the direction for deepening the reform of the NEEQ, it also marks a new starting point for reforms on the NEEQ that focuses on serving the innovation and development of small and medium-sized enterprises. It is also a major new initiative to better serve the capital market to build a new development pattern and promote high-quality development. Strategic deployment.
Release the signal of continuous reform
“Deepening the reform of the New Third Board and establishing the Beijing Stock Exchange is an inherent need for the capital market to better support the development and growth of small and medium-sized enterprises, an inevitable requirement for the implementation of the national innovation-driven development strategy, and an important measure to comprehensively deepen the reform of the capital market under the new situation. “The person in charge of the China Securities Regulatory Commission emphasized when answering a reporter’s question on deepening the reform of the NEEQ and establishing the Beijing Stock Exchange.
In fact, in recent years, the pace of deepening the reform of the New Third Board has never stopped.
On August 22, 2012, the China Securities Regulatory Commission agreed to establish the National Small and Medium-sized Enterprise Share Transfer System Co., Ltd.;
On January 16, 2013, the National Equity Transfer Company was officially inaugurated and operated;
In December 2013, the State Council clarified the market nature of the national public securities market in the National Equity Exchange System;
On June 27, 2016, the NEEQ implemented a stratification system for the first time, and listed companies were divided into basic layer and innovation layer;
On October 25, 2019, the China Securities Regulatory Commission announced the launch of comprehensively deepening the reform of the New Third Board;
On March 1, 2020, the New Securities Law further clarified the legal status of the New Third Board as “other national securities trading venues approved by the State Council”;
On July 27, 2020, the selection layer of the New Third Board was established, and the first batch of enterprises were promoted;
Industry insiders analyzed that some of the reform measures of the New Third Board in recent years have achieved relatively good results, attracting a number of high-quality small and medium-sized enterprises to list and trade, laying a solid foundation for further deepening reforms. “Stock Exchange” can be said to be a matter of course.
Mu Guohong, head of the Zhongyuan Securities Research Institute, believes that the establishment of the Beijing Stock Exchange is of great significance. First, it fully demonstrates the country’s eagerness to increase the proportion of direct financing, and that the securities market will play a greater role in China’s economic development; second, it releases the message of continuing to deepen reforms; third, the positioning of the Beijing Stock Exchange will further help accelerate China’s economic development The pace of high-quality economic development and the intensity of economic structural transformation will solve the financing problems of innovative small and medium-sized enterprises to improve their employment quality and income levels, and help accelerate the realization of a development pattern based on internal circulation. In the long run, it will have a positive significance for achieving common prosperity.
Provide a bigger stage for small and medium-sized enterprises mastering hard-core technology
Undoubtedly, with the establishment of the Beijing Stock Exchange, the New Third Board will form a more specialized platform to serve small and medium-sized enterprises, allowing more and more innovative small and medium-sized enterprises, specialized and new enterprises to receive the assistance of the multi-level capital market.
The China Securities Regulatory Commission emphasizes that it insists that companies listed on the Beijing Stock Exchange are created by innovative companies, maintains the “gradual” market structure of the new third board, the innovation layer and the Beijing Stock Exchange, and simultaneously pilots the securities issuance registration system.
The most direct and quickest to enjoy the favorable policies are the selected enterprises on the NEEQ. They can be directly upgraded to listed companies without going through the transfer of listing, and they can enjoy the same treatment as the Shanghai and Shenzhen A-share listed companies. Later, through the transfer effect of the selection layer, the innovation-level enterprises can be encouraged to actively apply to become the selection-level enterprises; it can drive the rapid growth of basic-level enterprises into the innovation layer; the progressive effect of the three layers of the new third board can be more obvious.
“The reform of the New Third Board is actually to allow companies that truly master hard-core technologies to obtain the support of the capital market.” Chen Jin, director of the Technology Innovation Research Center of Tsinghua University and professor of the School of Economics and Management, analyzes that the traditional capital market pays too much attention to financial performance, which makes many companies Focusing on operations but ignoring the development of core technologies has resulted in companies with core technologies failing to receive effective support from the capital market. Therefore, it is necessary to strengthen the reform of the capital market.
In Chen Jin’s view, previously, small and medium-sized enterprises may have paid more attention to market development and operation management, but they were insufficient in paying attention to social responsibility and serving the national strategy. At this service trade meeting, President Xi Jinping’s emphasis on the reform of the New Third Board and the establishment of the Beijing Stock Exchange means that the innovation and entrepreneurship development of small and medium-sized enterprises must be combined with the country’s major policies and strategic needs, and make decisions in the practice of corporate social responsibility. example.
When talking about the “three goals” of the Beijing Stock Exchange, the China Securities Regulatory Commission particularly emphasized that it is necessary to cultivate a group of specialized and new small and medium-sized enterprises, and form a benign market ecology featuring high enthusiasm for innovation and entrepreneurship, active participation of qualified investors, and responsibility of intermediary agencies. .
In fact, at the Politburo meeting held at the end of July, a blockbuster signal of “developing specialized, specialized, new and small- and medium-sized enterprises” was released.
Specialized and new small and medium-sized enterprises are an important force for strengthening the chain and are of great significance to solving the “stuck neck” problem.
“Specialization, special newness” is not a new concept, it has been proposed as early as 2011. However, it can be clearly seen that in recent years, from the heavy support of the ministries and commissions, the intensive deployment of high-level meetings, and the heavy support of the capital market, the cultivation of specialized, special and new small and medium-sized enterprises has risen to unprecedented heights.
Chen Jin took Tianrui Heavy Industries and Sunny Optical as examples. These two are small and medium-sized enterprises that have mastered core technologies in the fields of magnetic levitation technology and optical instruments respectively. “The New Third Board will give key support to small and medium-sized enterprises with core technologies, breakthrough technologies and disruptive technologies,” he said.
Not long ago, the Ministry of Industry and Information Technology announced the third batch of specialized and new “little giant” companies, with a total of 2,930 companies on the list. Since 2019, the country has announced three batches of 4,762 small and medium-sized enterprises.
“Small and medium-sized enterprises should become the source of new technologies. They are a very active part of innovation. In the future, our development thinking will be to transition from industry-university-research collaboration innovation to industry-university-research research plus the integration and innovation of large and small-scale enterprises.”
In Chen Jin’s view, the advantages of large companies are their capital strength and competitiveness. In terms of disruptive technological development and breakthrough technological innovation, small and medium-sized enterprises can actually play a better role, with more advantages and potential.
“The deepening of the NEEQ reform and the establishment of the Beijing Stock Exchange, on the one hand, is to guide SMEs to serve the country’s strategic needs, and on the other hand, to give full play to the advantages of SMEs to give enough room for development.” Chen Jin concluded.
Chen Jin believes that the reformed New Third Board, the Sci-tech Innovation Board, and the Growth Enterprise Market are complementary to each other, which is intended to allow small and medium-sized enterprises with core technologies and competitiveness to obtain capital market support.
Looking forward to more innovative measures being implemented as soon as possible
Chen Jin explained that Beijing is not only the political, economic and cultural center of the country, but is also accelerating the construction of an influential international scientific and technological innovation center.
“In fact, the number and quality of Beijing’s high-tech small and medium-sized enterprises are the highest in the country, and the innovation potential of these small and medium-sized enterprises should be further utilized in the future.” Chen Jin said that Beijing has a large number of entrepreneurial parks and high-tech companies in the world. Further create an innovative and friendly financial environment, give full play to the advantages of Beijing technology-based small and medium-sized enterprises, and promote the construction of Beijing Science and Technology Innovation Center.
Previously, one of the main problems of the New Third Board was poor liquidity. In this regard, Chen Jin suggested that in terms of asset liquidity, it should not be solidified into traditional financial capital, and non-financial capital such as intellectual property rights and core technology should also be used. , R&D team and other “intangible” capital included.
Mou Guohong believes that with the implementation of the Beijing Stock Exchange, it is expected that the level of listed companies will be further optimized from the level of the top-level design system. The transaction level is expected to be further optimized on the existing NEEQ system. At the same time, it will fully learn from the successful experience of the sci-tech innovation board registration system. , On the basis of strengthening investor education and risk warning, consider appropriately relaxing the entry threshold for individual and institutional investors, and solve the problem of insufficient liquidity in a multi-pronged approach.
Wei Shijie, a researcher at the China Academy of Science and Technology Strategic Development who has been following the development of the New Third Board for a long time, said that he looks forward to more innovative mechanisms and products based on the Beijing Stock Exchange. Small and medium-sized enterprises have an even more urgent need for financial innovation. Beijing Securities Exchange has a lot of room for imagination. Innovative products such as equity crowdfunding, high-yield bonds, and intellectual property financing, as well as innovative systems such as private equity transactions and lifetime sponsors, may rely on Beijing Securities. The exchange is launched.”
Wei Shijie specifically pointed out that “the lifetime sponsor system is a good system for SMEs’ counseling and information disclosure, which is very suitable for the New Third Board and the future Beijing Stock Exchange.”