The strong development and resilience of CBEX continue to be demonstrated
The number of listed companies has reached 200, and the staged results have been remarkable
On June 8, with the listing of Yishi Precision on the Beijing Stock Exchange, the number of listed companies on the North Exchange reached 200, doubling the number compared with the same period last year. From the first batch of 81 listed companies at the opening of the market to the current 200 companies, the total market value is about 270 billion yuan, and the cumulative public offering financing exceeds 40 billion yuan. The CBEX has continued to grow and develop. For more than a year, CBEX has anchored the strategic direction of building a leading position for serving innovative small and medium-sized enterprises, insisted on dislocation development, and highlighted the construction of characteristic markets and achieved phased results; for more than a year, CBEX has never From small to large, from a stable opening and operation to a critical period of scaling up and improving functions.
The reporter learned that based on the new starting point of the new stage of market development, CBEX will also systematically plan a package of measures to promote high-quality construction of CBEX, focus on shaping distinctive brands and comparative advantages, and promote the formation of a sustainable market ecology and a positive development trend.
CBEX enters the “200+” era with remarkable achievements
200, this number is of great significance to both the Beijing Stock Exchange and China’s capital market.
“For CBEX, this number means the rapid growth of the stock exchange, which means that CBEX has begun to take shape and become an influential exchange. For my country’s capital market, it is the link between the new third board and Shanghai and Shenzhen. The number of listed companies on the Beijing Stock Exchange has reached 200, which means the healthy and rapid development of the multi-level capital market.” said Tian Lihui, vice president of Guangxi University and dean of the Financial Development Research Institute of Nankai University.
The establishment of the Beijing Stock Exchange is an important strategic deployment made by the Party Central Committee based on building a new development pattern and promoting high-quality development, and it is also an important reform measure to support the technological innovation of small and medium-sized enterprises.
Chen Li, chief economist of Chuancai Securities and director of the research institute, believes that after the establishment of the Beijing Stock Exchange, the coverage of my country’s capital market will be wider, the rationality of the market layout will increase, and the channels and efficiency of capital serving the real economy will be more complete. The development of China’s capital market has entered a new level, forming a capital market structure with complete functions and rich layers.
“The Beijing Stock Exchange is an indispensable part of my country’s multi-level capital market.” Tian Lihui said, “It not only promotes the high-quality development of specialized, special and new small and medium-sized enterprises, but also leads the standardized development of the majority of new third-board and fourth-board companies. and predictable growth.”
Since the opening of the market, under the unified leadership of the China Securities Regulatory Commission and the strong support of all parties in the society, the CBEX has anchored the strategic direction of building a leading position for serving innovative small and medium-sized enterprises, insisted on dislocation development, and highlighted the construction of a characteristic market, which has achieved phased results .
A basic institutional framework has been established. A set of basic institutional system that fits the characteristics of small and medium-sized enterprises has been preliminarily constructed, and adaptive adjustments have been made according to the arrangement for the full implementation of the registration system. Match the market positioning, maintain a certain difference in access standards from the Science and Technology Innovation Board and the Growth Enterprise Market, provide diversified financing types, financing methods and market-oriented pricing mechanisms, and implement more flexible equity incentive arrangements.
Serving a group of innovative small and medium-sized enterprises. There are 200 listed companies with a total market value of about 270 billion yuan and an average price-earnings ratio of about 18 times. Among them, specialized, special and new “little giant” enterprises accounted for more than 40%, and high-tech enterprises accounted for more than 90%. 200 listed companies raised a total of 40.562 billion yuan in public offerings, with an average of 203 million yuan each.
Formed a development pattern of stocks and bonds going hand in hand. The government bond issuance business started smoothly, achieving a new breakthrough in domestic exchanges serving the issuance of government bonds. So far, local government bonds and government bonds have issued more than 2.14 trillion yuan.
A number of landmark reform measures have achieved positive results. The Beijing Stock Exchange 50 Index provides market representation and investment benchmarks, leading to the issuance of 8 index funds. The margin financing and securities lending business has enriched the trading strategies of investors. At present, there are 71 stocks that are subject to the two financing and securities lending. Mixed market-making improved transaction quality, with 13 market makers making markets for 36 stocks, contributing 7.16% of the market-making stock turnover.
On May 19, in the “Fifth Xicheng District Enterprise Listing Theme Exchange”, Lu Songbin, Director of the Supervision Department of Unlisted Public Companies of the China Securities Regulatory Commission, said that since the opening of the Beijing Stock Exchange for more than a year, the market construction has achieved positive results: Steadily promoting high-quality expansion, the CBEX market has begun to take shape; efforts have been made to build market functions, and market vitality has initially emerged; multi-party development and joint efforts have strengthened the market’s positive development momentum.
Listed companies have strong development resilience and innovative attributes are becoming more and more obvious
On the whole, the 200 listed companies on the Beijing Stock Exchange have maintained stable operations, gathered specialties, special innovations, obvious innovation attributes, continued improvement in standardization, and continuously enhanced awareness of social responsibility, demonstrating relatively strong development resilience.
CBEX focuses on “earlier, smaller and newer”, and the 200 listed companies have good innovation and growth, which is more in line with CBEX’s market positioning of serving innovative small and medium-sized enterprises. Among the 200 listed companies on the Beijing Stock Exchange, SMEs account for 83%, and private enterprises account for 88%. Nearly 80% of the companies belong to strategic emerging industries and advanced manufacturing industries, covering new generation information technology, high-end Subdivided fields such as energy and new materials reflect the diversified innovation forms of small and medium-sized enterprises in technological innovation, product innovation and business model innovation.
From the perspective of performance, the overall operating quality of companies listed on the Beijing Stock Exchange remains stable. The 200 listed companies will achieve an average total operating income of 768 million yuan in 2022, a year-on-year increase of 21.95%; the average net profit attributable to the parent company will be 71.5299 million yuan, a year-on-year increase of 12.12%; the profit margin will reach 92.5%, and the net profit of 22 companies will exceed 100 million yuan; The company’s overall working capital is good, with a net cash inflow of 8.829 billion yuan from operating activities, a year-on-year increase of 28.27%; production and construction are progressing steadily, and the total investment expenditure for the purchase of fixed assets is 14.487 billion yuan, a year-on-year increase of 46.68%. Faced with the triple pressure of shrinking demand, supply shocks, and weakening expectations, small and medium-sized enterprises continued to achieve steady growth, reflecting strong operational resilience.
As the main front for serving innovative small and medium-sized enterprises, the Beijing Stock Exchange has gathered a large number of innovative enterprises, and its innovation-driven role has been continuously enhanced. A number of subdivided leading enterprises with outstanding innovation and growth have gradually emerged, forming a huge aggregation effect.
A total of 84 companies have been selected into the national-level Specialized, Specialized and New “Little Giant” enterprise directory of the Beijing Stock Exchange, accounting for 42% of the total market, and more than 80% of the companies have been selected into the provincial and municipal specialized, specialized and new enterprise directory. In addition, 8 companies have obtained national “single event champion” certification. These enterprises focus on market segments, have strong innovation capabilities, and master certain core technologies, and are the backbone of industrial transformation and upgrading.
Supported by R&D investment, the innovation-driven role of companies listed on the Beijing Stock Exchange has been significantly enhanced. The average R&D expenditure of 200 listed companies in 2022 totaled 35.5626 million yuan, a year-on-year increase of 21.26%. Among them, 70% of the companies’ R&D investment increased year-on-year, and 10 companies including Beiterui and Haitai New Energy had R&D expenditures exceeding 100 million yuan. The company’s average R&D intensity is 4.63%, which is about three times the average level of enterprises above the designated size, and 24 companies’ R&D intensity exceeds 10%. From the perspective of the number of patents, companies listed on the Beijing Stock Exchange will add more than 2,600 new patents in 2022, including more than 600 invention patents. From the results of research and development, the nine-valent HPV vaccine independently developed by KangleGuard (male indication) has successfully entered phase III clinical research. Tianma New Materials’ project “Key Technology and Industrialization of Zirconia Toughened Alumina Ceramic Substrate for IGBT Packaging” won the second prize of the 2022 Henan Science and Technology Progress Award.
Today, a number of innovative and growth-oriented subdivided leading companies have gradually emerged on the Beijing Stock Exchange, forming a huge aggregation effect. For example, Beiterui, a leading enterprise in lithium-ion battery anode materials, has ranked first in the world in terms of anode shipments for ten consecutive years. Its customers cover mainstream customer groups represented by Ningde Times and BYD. In 2022, it will achieve a net profit of 2.318 billion yuan, a year-on-year increase 60.86%. Sugon Digital is currently the only supplier in China that has realized immersion phase change liquid cooling technology and large-scale deployment cases. It has successfully solved the heat dissipation problem of medium-high to extremely high-density data centers. In 2022, it will achieve a net profit of 112 million yuan, a year-on-year increase of 24.72% .
Continue to increase services to better support enterprises in connecting with the capital market
Dapeng rises with the same wind in one day and soars up to 90,000 li. For the ever-growing CBEX, 200 is still a new starting point.
“The increase in the number of listed companies on the Beijing Stock Exchange shows that the Beijing Stock Exchange is continuously expanding its financing channels to support specialized and new small and medium-sized enterprises, and at the same time providing investors with diversified investment opportunities. With the support and implementation of national policies, the future The number of listed companies on the Beijing Stock Exchange will continue to increase, and their market position will also increase simultaneously,” said Chen Li.
Based on the new starting point of the new stage of market development, CBEX has continuously improved its market service capability and level to provide stronger support for the high-quality construction and development of the market. In order to strengthen the support role of the capital market for the innovation and development of small and medium-sized enterprises and promote high-level technological self-reliance and self-improvement, on June 2, the Beijing Stock Exchange and the National Equity Exchange Company formulated the “Comprehensive Action Plan for Beijing Stock Exchange National Equity Exchange Company to Improve Service Capabilities” (hereinafter referred to as the “Proposal”), closely centering on the central task of “creating a leading position for serving innovative small and medium-sized enterprises”, based on the commonality of exchange services and the market characteristics of the Beijing Stock Exchange and the New Third Board, it is proposed to create “door-to-door services, direct services, and precise The “three services” brand of “service” has formulated the first batch of “eighteen measures” to optimize market services in response to the demands of market players.
Zhou Tianle, an analyst at Guotai Junan Securities, said that with the launch of the “Plan”, the vitality of the Beijing Stock Exchange will be further stimulated, and the liquidity is expected to continue to increase. Liu Yan, an analyst at Southwest Securities, also believes that the continuous improvement of the trading mechanism and the promotion of system construction by CBEX will help give full play to the role of the CBEX platform, establish a good market ecology, and play an important role in the high-quality development of the sector.
“After more than a year of development, the CBEX has gradually moved from a stable opening and operation to a critical period of scale and function improvement, standing at a new starting point in a new stage.” The relevant person in charge of the CBEX said that for a better To give full play to the function of CBEX in promoting innovation and development of small and medium-sized enterprises and supporting high-level technological self-reliance and self-reliance, CBEX will systematically plan and promote key issues such as supply of high-quality enterprises, improvement of liquidity, and optimization of market ecology under the overall guidance of the China Securities Regulatory Commission. A package of measures to build the CBEX with high quality, focus on shaping distinctive brands and comparative advantages, and promote the formation of a sustainable market ecology and a positive development trend. (Reporter Li Jing)
[Responsible editor: Lu Xiaofan]