Qi Yun, General Manager of SME Financing Department of West China Securities: Beijing Stock Exchange Makes the Capital Market "Sunshine"

Cover news reporter Liu Xuqiang

The Beijing Stock Exchange is about to open, what major impact will it have on the capital market and the real economy? Qi Yun, executive director of the investment banking business headquarters of Huaxi Securities and general manager of the financing department of small and medium-sized enterprises, believes that the main embodiment is to cover the support of the capital market to the level of small and medium-sized enterprises, and will also drive the market to actively explore the value depression in the new third board.

Qi Yun, Executive Director of Investment Banking Business Headquarters of West China Securities and General Manager of SME Financing Department

Caring for SMALL AND MEDIUM-SIZEDS

Let the capital market "shine"

Qi Yun believes that the biggest change brought by the Beijing Stock Exchange to the capital market is reflected in the care for small and medium-sized enterprises.

"This market is tailor-made for innovative small and medium-sized enterprises," Qi Yun said, "the Overall positioning of the Beijing Stock Exchange as a service for developing small and medium-sized enterprises, it leans down, pays attention to and respects the various stages of development of small and medium-sized enterprises, and gives inclusiveness and precision from the aspects of system design and enterprise listing threshold, so that these enterprises can be sunshined by the capital market." ”

At the same time, the conversion of the selected layer into the Beijing Exchange in the national stock transfer system has also broken some of the policy obstacles of the original New Third Board. "Through the establishment of the exchange framework, the market resource allocation function of the exchange is fully reflected, which greatly improves the overall efficiency of the capital market platform, including the basic layer and the innovation layer." In the future, small and medium-sized enterprises will be listed, go to the North Stock Exchange, and obtain more resource allocation, which will provide good support from it. Qi Yun said.

Drive the market to explore the value depression in the new third board

The establishment of the Beijing Stock Exchange in the capital market has aroused widespread discussion, not only because of its improvement of the coverage of the capital market, but also because of the potential dividends it may bring to investors.

For investors with a personal capital threshold of less than 500,000, how to participate in the investment of the Beijing Stock Exchange and share the opening dividend? Qi Yun suggested that you can choose the channels of public fund related products. It is reported that the CSRC has recently approved the registration of 8 thematic public funds of the Beijing Stock Exchange, all of which have adopted a 2-year regular opening mode of operation, bringing incremental long-term funds to the Beijing Stock Exchange and bringing more participation channels to investors.

In addition, Qi Yun pointed out that with the establishment of the Beijing Stock Exchange, in addition to the Shanghai and Shenzhen exchanges, the new third board has become a depression for better value discovery. And how to find value in this depression, find very high-quality resources and funds to connect to small and medium-sized enterprises? And let ordinary investors also participate in it and share the dividends of future development? This process needs to be explored by everyone.

Looking ahead, will the Beijing Stock Exchange replicate the path of the Sci-Tech Innovation Board or the ChiNext Board? Qi Yun believes that due to the difference in underlying logic and investment philosophy, this phenomenon will not occur. "The Science and Technology Innovation Board clearly requires listed companies to be hard-core enterprises with core technologies, and its innovation ability is considered by the market to be reflected in the valuation of more than 1 billion yuan." The significance of the Beijing Stock Exchange is to expand the coverage of the capital market. Therefore, there is a misalignment between the Beijing Stock Exchange and the science and technology innovation board, and it will certainly not reproduce the development of the science and technology innovation board. Qi Yun said.

<b>[If you have a news thread, please report to us, once adopted, there is a fee reward.] Newspaper WeChat attention: ihxdsb, newspaper QQ: 3386405712].</b>