Source: Beijing Youth Daily Author: Liu Shenliang
On September 2, the Beijing Stock Exchange announced its one-year anniversary. Since the opening of the market, the Beijing Stock Exchange has maintained a stable operation. The basic system of four beams and eight pillars has been established, various institutional arrangements have been effectively operated, the financing and transaction functions have been continuously strengthened, and elements such as enterprises, systems, culture and ecology that serve the main position of innovative small and medium-sized enterprises have been created. Continuing to gather, the construction of the North Exchange has achieved initial results.
110 companies cover segmented innovation fields
As of September 2, there were 110 companies listed on the Beijing Stock Exchange, of which 77% were small and medium-sized enterprises, 90% were private enterprises, and more than 80% were strategic emerging industries and advanced manufacturing industries, covering industrial materials, information technology, Diversified and subdivided innovation fields such as medicine and health, “double carbon” and consumption.
At present, 23 companies listed on the Beijing Stock Exchange are national-level “specialized, special and new” small giant enterprises (excluding the fourth batch of companies that have not been officially announced), and 2 have won the National Science and Technology Progress Award, with an average R&D intensity of 4.6%. It is 3.3 times that of enterprises above designated size. Some companies use capital market financing to break through key technologies, break foreign monopoly, and achieve localization substitution, playing an important role in stabilizing the chain and strengthening the chain. The public offering of companies listed on the Beijing Stock Exchange has raised a total of over 23.5 billion yuan, with an average of 210 million yuan per company, which effectively helps companies improve their technology, enhance their core competitiveness, and support their sustainable innovation and development.
Liquidity and valuation levels are generally reasonable
From the perspective of market operation, the North Exchange has maintained a reasonable level of liquidity and valuation as a whole.
The stocks of the North Exchange are dominated by small market capitalization, and the scale of circulation is small. 83% of the companies have a market value of less than 1.5 billion yuan. The investors of the Beijing Stock Exchange are mainly qualified individual investors and institutional investors. The transactions are relatively infrequent and rational, and the holding period is relatively long. The market turnover rate should not simply be compared with other markets. As of August 25, the average daily turnover since the opening of the Beijing Stock Exchange was 1.029 billion yuan, an increase of 167.17% compared with the selection stage.
The average time to complete the registration is more than 140 days
The Beijing Stock Exchange is guided by the pilot registration system. On the basis of following the basic rules of exchange construction, respecting the development rules and growth stages of small and medium-sized enterprises, a set of institutional arrangements that fit the characteristics of innovative small and medium-sized enterprises has been constructed.
The service objects are precise and inclusive, and the four sets of listing access standards take into account innovative companies of different types and characteristics. The listed companies include not only national-level “specialized, specialized and new” small giant companies, but also traditional industry companies with innovative characteristics; both profit and loss There are large mature companies with over 100 million yuan, industry leaders in sub-sectors, and start-ups that have not yet made a profit. The issuance and listing are convenient and smooth. Relying on the advantages of integrated development with the New Third Board, the review efficiency is improved, the issuance and listing are smoother, and the expectations are clearer. The average time from acceptance to completion of registration is more than 140 days. At present, some companies take only 37 days from acceptance to completion.
The financing mechanism is flexible as needed. In addition to public offerings, listed companies conduct an average of 2 targeted offerings during the listing stage of the New Third Board, with a single financing of about 50 million yuan. After listing, 5 companies have started refinancing, forming on-demand, small , The continuous financing mechanism for many times has reduced the financing cost of small and medium-sized enterprises and eased the cash flow pressure of small and medium-sized enterprises during the epidemic. The trading system is convenient and efficient, providing multiple trading methods such as auction trading, block trading, and agreement transfer, which meet the characteristics and needs of small and medium-sized stocks. Continue to regulate moderately lenient and strict, in line with the actual situation of small and medium-sized enterprises, and balance the financing needs of enterprises and standardize costs.
The quantity and quality of Beijing enterprises rank among the top in the country
It is also understood that as of June 28, Beijing had 11 companies listed on the Beijing Stock Exchange and 861 companies listed on the New Third Board, ranking the top in the country in terms of quantity and quality. These “specialized and special new” companies have the characteristics of outstanding innovation attributes, strong financing capabilities and sufficient reserve resources. In terms of backup companies, there are 861 companies listed on the New Third Board in Beijing, ranking first in all jurisdictions in the country, and 112 companies meet the financial conditions of the Beijing Stock Exchange.
Companies in Beijing listed on the Beijing Stock Exchange and listed on the New Third Board have three major characteristics. First, they have outstanding innovation attributes. The average R&D expenditure of listed companies in Beijing is 41.3244 million yuan, and the average R&D intensity is 4.29%, which is 1.85 percentage points higher than the social average R&D intensity. Second, the financing capacity is strong. The 11 listed companies raised an average of 230 million yuan, with an average issue price-earnings ratio of 28.95 times, and the financing amount was 15 percentage points higher than the market average of the Beijing Stock Exchange. The two companies have implemented equity incentives, motivating a total of about 60 core personnel, effectively stimulating the enthusiasm of employees and promoting the long-term healthy development of the enterprise. The third is sufficient reserve resources. In terms of audited companies, there are 17 companies in Beijing, with an average net profit of over 50 million yuan, an average R&D investment of over 49 million yuan, and an average R&D intensity of over 10%.
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The number of adjustments of the North China 50 Index sample does not exceed 10% each time
On September 2, on the occasion of announcing the first anniversary of its establishment, the Beijing Stock Exchange launched two major reform and innovation measures, released the index compilation plan of the Beijing Stock Exchange, and publicly solicited opinions on the margin financing and securities lending system.
The first index in the North Exchange market is the North Exchange 50 Component Index (abbreviated as North Exchange 50), which is positioned to reflect the overall performance of the 50 most representative securities in the North Exchange market. The Beijing Stock Exchange said that with the continuous development of the market in the future, it will further compile indexes of different scales, industries, themes and styles, enrich the market index system of the Beijing Stock Exchange, and explore to create a “barometer” that reflects the development of innovative small and medium-sized enterprises.
A reporter from Beijing Youth Daily noted that according to the Beijing Stock Exchange 50 Component Index compilation plan, its content is divided into six parts: introduction, index name and code, sample space, sample selection method, index calculation and sample adjustment.
The North Exchange 50 Index sample must meet two conditions, the listing time is more than 6 months, the average daily total market value since listing is ranked in the top 5 in the North Exchange market and the total issued market value exceeds 10 billion yuan; After the number of listed company securities in 12 months reaches 200 to 300, the listing time is adjusted to more than 12 months; securities of listed companies that are not delisted risk warning and other risk warnings.
The sample selects the securities of listed companies with good operating conditions, no violations of laws and regulations, no major problems in financial reports, and no obvious abnormal price fluctuations or market manipulation: securities in the sample space are based on the average daily trading value of the past six months from high to high. Low ranking, excluding securities in the bottom 20% of the ranking. The remaining securities are ranked from high to low by their average daily total market capitalization in the past six months, and the top 50 securities are selected to form the latest sample of the North China 50 Index.
The index takes April 29, 2022 as the base date, and the base point is 1000 points.
Based on the principle of combining sample stability and dynamic tracking, the Beijing Stock Exchange 50 Index reviews the samples quarterly, and adjusts the index samples according to the review results. The reference basis for the periodic adjustment of the sample is the daily average data of six months. The proportion of the number of BIT 50 index samples adjusted each time generally does not exceed 10%. The buffer rule is adopted. Candidate new samples ranked in the top 40 will be given priority to enter the index, and old samples ranked in the top 60 will be preferentially retained.
(Editor in charge: Zhang Ziyi)
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