On the evening of November 1st, Wang Yue, chairman of Lianjie, was invited to sit in the "Ten Times Research and Study Live Room" to discuss in depth with Mr. Zhang Aoping, president of the Incremental Research Institute, how to seize the great opportunities of the capital market set up by the Beijing Stock Exchange to innovate assets and incremental value. During the live broadcast, the two sides conducted incisive analysis and all-round judgments on the structural changes brought about by the rapid establishment of the Beijing Stock Exchange to the capital market, the investment opportunities of enterprises in this context, and the five deterministic trends of the capital market under the reform of the registration system.
Wang Yue, chairman of Lianjie, interprets the historical inevitability of the establishment of the Beijing Stock Exchange from the macro background
Wang Yue, chairman of Lianjie, believes that it is necessary to accurately understand the establishment and development of the Beijing Stock Exchange from a broader perspective and a longer historical cycle.
Observing the development trajectory of the capital market represented by the New York Stock Exchange and NASDAQ, its establishment aims to transform the development model of relying on infrastructure to promote economic growth, promote the "one body and two wings" of science and technology, and overcome the "middle-income trap"; its main mission is to provide financing support for the development of the technology industry, which can be seen from the industrial structure, industrial background, and industry of the listed companies at the beginning of its establishment.
In the same way, at present, China's economic development has also reached the stage where it is necessary to cross the "middle-income trap", and it is imminent to rely on scientific and technological innovation to achieve the transformation of new and old kinetic energy of economic development. Therefore, in order to seek financing support for the vigorous development of scientific and technological innovation, the establishment of the Beijing Stock Exchange is a historical necessity, and it must also be made a scientific and rational judgment on the development of the Beijing Stock Exchange from a long-term perspective.
Wang Yue, chairman of Lianjie, pointed out that it is more meaningful to understand the registration system than to study the liquidity of the Beijing Stock Exchange
Wang Yue, chairman of Lianjie, pointed out that the reform of the registration system is the core of China's capital market reform, and understanding the logic and significance behind it far exceeds understanding the Beijing Stock Exchange itself and studying its liquidity.
In the context of the reform of the registration system, some enterprises that have not achieved profitability for the time being but are considered to have high growth by the capital market have also been listed, which means that the capital market no longer focuses solely on the profitability of enterprises, but is more inclined to consider the ability of enterprises to continue to operate. Therefore, market capitalization as the center is the internal logic of the Beijing Stock Exchange. Under this logical framework, the registration system transforms the financing threshold, and whether innovative enterprises can verify their own innovative value and thus increase their valuation in investment institutions has become more important than the listing itself. The reform of the registration system can be called "a major operation in China's capital market".
Wang Yue, chairman of Lianjie, believes that basic technology and innovation will become the main theme of the Beijing Stock Exchange
Wang Yue, chairman of Lianjie, threw out an important point of view in the discussion: innovation ability is the core indicator to measure the future growth of enterprises, and only those small and medium-sized enterprises with technological upgrading capabilities, in the blue ocean of competition, and innovative talent teams are more likely to be favored by the capital side, so as to grasp the financing initiative. In other words, basic technology and basic innovation are the main themes of the Beijing Stock Exchange.
Wang Yue, chairman of Lianjie, believes that China's industrial innovation has begun and has become an internal driving force for economic development. The establishment of the Beijing Stock Exchange is about to witness this historic innovation and transformation, and the general trend and the trend are full of variables and opportunities, but it is certain that the next fifteen years will inevitably be fifteen years full of increments!
Wang Yue: Innovation strategy scholar, industrial ecological investor, chairman of Lianjie Venucia, founder of New Bookstore, concurrently tutor at the National Development Research Institute of Peking University, Renmin University Business School, and SPACE China School of Business of the University of Hong Kong, and author of classic books such as "Enterprise Life Cycle".