Securities Times reporter Guo Bohao
After the release of the new "National Nine Articles", the market has become more and more discussed about A-share small-capitalization stocks. Some market participants believe that the new rules and regulations on dividends and delisting in the new "National Nine Articles" will lead to the risk of delisting of some "small and micro cap stocks", which in turn will lead to a sharp decline in the investment value of small and micro cap stocks. There are even voices that classify listed companies on the Beijing Stock Exchange, which are generally small in market capitalization, as small and micro-cap stocks, and link the correction of the Beijing Stock Exchange index with the new "National Nine Articles".
These conclusions are clearly not in line with the real situation. The interviewed experts believe that there is an essential difference between the "small" companies listed on the Beijing Stock Exchange and the small and micro cap "zombie stocks" and "shell stocks" in the market due to poor management and inactive trading. While paying attention to the new "National Nine Articles" to improve the standards for companies listed on the main board, the Science and Technology Innovation Board and the Growth Enterprise Market, we cannot ignore the statement that the Beijing Stock Exchange adheres to the dislocation development.
The interviewed experts generally believe that the dislocation development of the Beijing Stock Exchange can provide a larger financing platform for innovative enterprises in the early stage of development, and serve enterprises to transform from "small and beautiful" to "large and excellent". At the same time, it also provides financial support for these innovative small and medium-sized enterprises that undertake the important task of realizing "domestic substitution" and promoting the development of new quality productivity.
A small market capitalization does not equal poor quality
As the youngest stock exchange in mainland China, the Beijing Stock Exchange shoulders the important mission of building a main position for innovative small and medium-sized enterprises. The establishment of the Beijing Stock Exchange not only further improves the multi-level capital market and accelerates the improvement of the financial support system for small and medium-sized enterprises, but also provides an opportunity for capital investment to be "earlier, smaller and newer".
According to the data of Oriental Wealth Choice, as of now, there are 248 listed companies on the Beijing Stock Exchange, with an average market value of about 1.5 billion yuan in terms of the market value of listed companies, and companies with a market value of less than 3 billion yuan account for more than ninety percent.
Liu Ping'an, founder and chairman of Jin Changchuan Capital, pointed out in an interview with a reporter from the Securities Times that from the perspective of the market value of listed companies, the Beijing Stock Exchange is indeed a small market capitalization market. However, the "small" here has distinctive characteristics, the companies listed on the Beijing Stock Exchange have core technologies and good growth attributes, and in some key areas, the companies listed on the Beijing Stock Exchange are even more responsible for realizing "domestic substitution".
Liu Jing, chief analyst of the Beijing Stock Exchange of Shenwan Hongyuan Research Institute, told reporters that the small market value and the difference in quality cannot be equated, and the dividend yield of listed companies on the Beijing Stock Exchange in the past two or three years is much higher than that of the Science and Technology Innovation Board and the Growth Enterprise Market, close to the main board. From the perspective of the industry, the Beijing Stock Exchange has gathered a number of specialized, special and new "little giant" enterprises, and there are many subdivision leaders in the fields of semiconductors, new materials, new energy, and new consumption.
Many specialized and special new enterprises on the Beijing Stock Exchange have the characteristics of "high dividends" and "growth potential". "On the one hand, such enterprises have a high market share in subdivided industries, showing high gross margin/net profit margin, good cash flow and other characteristics, on the other hand, there is still room for growth in terms of going overseas. Liu Jing pointed out.
The "small and micro cap stocks" attribute is a misreading
The misinterpretation that the stocks of the Beijing Stock Exchange are "small and micro cap stocks" is also related to the fact that some market participants only pay attention to the improvement of the standards of the new "National Nine Articles" for listed companies on the main board, the Science and Technology Innovation Board, and the Growth Enterprise Market, but ignore the statements related to the Beijing Stock Exchange. The reporter noted that many expressions of the new "National Nine Articles" reflect the country's insistence on "dislocation development" arrangements for the Beijing Stock Exchange.
The new "National Nine Articles" proposes to improve the multi-level capital market system and adhere to the dislocation development of the main board, the science and technology innovation board, the growth enterprise board and the Beijing Stock Exchange. "Dislocation development" is reflected in the listing standards, and Article 2 of the new "National Nine Articles" emphasizes "improving the listing standards of the main board and the Growth Enterprise Market, and improving the evaluation standards of the science and technology innovation attributes of the Science and Technology Innovation Board", and the listing standards of the Beijing Stock Exchange continue to remain unchanged. In the view of Zhou Yunnan, a senior commentator on the New Third Board, the improvement of the listing standards of the Shanghai and Shenzhen Stock Exchanges has freed up more space and more potential for the Beijing Stock Exchange, which can provide a broader listing stage for a wider range of innovative and high-quality small and medium-sized enterprises.
Zhao Xijun, co-dean of the China Capital Market Research Institute of Chinese University, told reporters that the Beijing Stock Exchange in the "dislocation development" is an important part of the multi-level capital market and plays an important role in connecting the front and back ends. Specifically, the Beijing Stock Exchange has built a bridge between the front-end (venture capital, venture capital, etc.) and the back-end (Science and Technology Innovation Board, ChiNext and even the main board) to meet the financing needs of innovative small and medium-sized enterprises in the transition from the front-end to the back-end.
In addition, "the mainland is in a stage of high-quality development and attaches great importance to the development of new quality productive forces." Compared with traditional productivity, new productivity means a lot of innovation, and specialized and special new enterprises play an important role in this process, but the development of these innovative small and medium-sized enterprises is often accompanied by great uncertainty, which requires the establishment of a financing market in line with the development of such enterprises in addition to the main board. The significance of the 'dislocation development' of the Beijing Stock Exchange has been further highlighted. Zhao Xijun pointed out in particular.
For companies listed on the Beijing Stock Exchange, it is also necessary to seize the opportunity period of the new "National Nine Articles" and the reform of the six supporting rules of the Beijing Stock Exchange, "closely focus on policy guidelines, make full use of the role of market financing, increase investment in science and technology, enhance core competitiveness, accelerate business layout and market development, improve profitability as soon as possible, further improve the corporate governance mechanism, strengthen information disclosure, and improve management level." In this way, the company's valuation level will be improved, a large amount of long-term capital will be attracted, and high-quality development will be pursued. Tian Xuan, deputy dean of Tsinghua University's PBC School of Finance, told reporters.
In the next three to five years
or an important window period
As a newly established stock exchange, combined with its positioning of serving innovative small and medium-sized enterprises, in order to meet the diversified financing needs of small and medium-sized enterprises at different stages of development, reform and development will continue to be the main task of the Beijing Stock Exchange.
In Tian Xuan's view, the differentiated construction of the Beijing Stock Exchange should strengthen the effective connection with other market sectors, especially the formation of linkage with the reform of the regional equity market, consolidate the responsibilities of intermediaries, and then improve the financing service market at different stages such as early financing, innovation and development, and maturity. At the same time, it is necessary to strengthen the management of investor suitability, set investment thresholds with different levels of requirements according to different investment varieties, investors' asset status, investment experience, etc., study and launch innovative investment products with the theme of the Beijing Stock Exchange, optimize the structure of investors, and further improve the transfer mechanism, smooth the delisting and post-financing channels, and accelerate the formation of a market pattern of survival of the fittest.
"In the future, with the gradual implementation of a series of reform measures, the Beijing Stock Exchange will usher in high-quality expansion, attract more long-term capital to enter the market, and superimpose the development and growth of listed companies on the Beijing Stock Exchange, and the next three to five years will become a window period for the market value of the Beijing Stock Exchange. Liu Ping'an explained that after three or five years of development, not only the Beijing Stock Exchange system construction is more complete, the market expansion has attracted a lot of money and long money to enter, the valuation of the Beijing Stock Exchange will have an objective upward repair space;