Shang Qingjun, a first-level inspector of the Public Company Supervision Department of the China Securities Regulatory Commission, said at the parallel forum of the 2024 Financial Street Forum Annual Conference on October 18 "Supporting Small and Medium-sized Enterprises to Take the Road of Specialization, Refinement, Specialization, and Innovation to Better Serve the Development of New Quality Productivity" that the current is a critical period for further deepening the reform of the capital market. The China Securities Regulatory Commission will thoroughly study and implement the spirit of the Third Plenary Session of the 20th Central Committee of the Communist Party of China, stick to its original intention, forge ahead, seek progress while maintaining stability, continue to consolidate the good momentum of high-quality development of the Beijing Stock Exchange, promote the coordinated development of the New Third Board, improve and optimize market functions, build a strong "main front", provide more support for the standardized development of innovative small and medium-sized enterprises, including specialized and special new enterprises, and effectively improve the ability and level of the capital market to serve the development of new quality productivity.
Quick Facts
Continue to promote the orderly implementation of relevant policies and measures of the "Opinions of the China Securities Regulatory Commission on the High-quality Construction of the Beijing Stock Exchange".
Optimize the listing financing mechanism and deepen cooperation and docking with regional equity markets
Research and promote the systematization and institutionalization of the innovative evaluation of the Beijing Stock Exchange
Support the issuance and listing of more high-quality enterprises that are in line with national industrial policies, conducive to extending the chain, supplementing the chain and strengthening the chain, and focusing on scientific and technological innovation
Introduce more long-term capital and cultivate and strengthen patient capital
Pay close attention to the "key minority" such as controlling shareholders and actual controllers, and adhere to "zero tolerance" to crack down on illegal acts such as financial fraud, capital embezzlement, and insider trading
Strengthen pre-research and prediction, continuous tracking and monitoring of various risks, and achieve "early identification, early warning, early exposure, and early disposal"
Among the 254 listed companies on the Beijing Stock Exchange, 48.43% of the state-level specialized and special new "little giant" enterprises
Shang Qingjun said that specialized and special new enterprises are the "leaders" of small and medium-sized enterprises, with the characteristics of full creative vitality, strong innovation ability and great development potential, and play a key role in promoting scientific and technological innovation and industrial upgrading, and are important representatives of new quality productivity. It is an important goal and task of the reform and development of the capital market in the new era to further improve the multi-level capital market system, continuously improve market functions, better serve scientific and technological innovation, serve small and medium-sized enterprises, and strive to do a good job in the "five major articles".
Shang Qingjun introduced that this year, the China Securities Regulatory Commission has conscientiously implemented the spirit of the new "National Nine Articles", researched and issued a series of supporting documents and system rules, built a "1+N" policy and rule system, and a number of key measures are also in the process of gradual implementation. As the "main front" of the capital market to serve innovative small and medium-sized enterprises, the Beijing Stock Exchange and the New Third Board have continued to deepen reform and develop steadily and healthily, attracting a number of small and medium-sized enterprises with excellent innovation attributes and scientific and technological achievements, and playing an important role in supporting the development of specialized, special and new enterprises.
At present, among the 254 listed companies on the Beijing Stock Exchange, there are 123 national-level specialized and new "little giant" enterprises, accounting for 48.43%, with outstanding market innovation attributes. Among the companies listed on the New Third Board, there are 950 "little giant" enterprises, which not only play an important role in cultivating the standardized development of enterprises, but also cultivate and deliver a large number of high-quality listing resources for the Shanghai, Shenzhen and North Stock Exchanges. The above-mentioned listed and listed companies issued and raised 32.2 billion yuan and 41.3 billion yuan in the market, with an average financing of 262 million yuan and 63 million yuan respectively, and the financing scale meets the capital needs of small and medium-sized enterprises, and promotes the organic combination of innovative capital and entrepreneurial enterprises.
Promote the high-quality development of the Beijing Stock Exchange and the New Third Board
Shang Qingjun said that the Third Plenary Session of the 20th Central Committee of the Communist Party of China made important strategic arrangements for further deepening the reform of the capital market in an all-round way. The China Securities Regulatory Commission will resolutely implement it, pay close attention to the implementation of the new "National Nine Articles", continuously improve the capital market function of coordinating investment and financing, promote the high-quality development of the Beijing Stock Exchange and the New Third Board, improve the support and service capabilities of innovative small and medium-sized enterprises, and better serve the overall situation of Chinese-style modernization.
The first is to focus on strengthening the function of the "main front". For the Beijing Stock Exchange, it adheres to the overall pattern of dislocation development and synergy with the Shanghai and Shenzhen Stock Exchanges, based on the characteristics and needs of innovative small and medium-sized enterprises, enriches market tools, products and services in a targeted manner, makes differentiated institutional arrangements, and continues to promote the orderly implementation of relevant policies and measures of the "Opinions of the China Securities Regulatory Commission on the High-quality Construction of the Beijing Stock Exchange". For the New Third Board, we will further deepen the reform around improving the market cultivation, standardization and service functions, optimize the listing financing mechanism, deepen the cooperation and docking with the regional equity market, enhance the attractiveness of the market, and encourage earlier, smaller and newer start-up science and technology enterprises to use the New Third Board to standardize their development, become stronger and bigger.
The second is to improve the overall quality and investment value of listed companies. On the one hand, we will continue to do a good job of "entry gate", fully consider the characteristics of small and medium-sized enterprises, study and promote the systematization and institutionalization of the innovation evaluation of the Beijing Stock Exchange, and further clarify market expectations, strengthen information disclosure requirements, and support more in line with national industrial policies. It is conducive to the issuance and listing of high-quality enterprises that extend the chain and strengthen the chain, focus on scientific and technological innovation, and promote the transformation and upgrading of traditional enterprises. On the other hand, strengthen the guidance for the standardized development of listed companies, strengthen the awareness of listed companies and the "key minority" to return investors, improve the quality of information disclosure and the standardization of corporate governance, respect and protect the legitimate rights and interests of small and medium-sized investors, and better use dividends, buybacks and other ways to give back to investors. Conscientiously implement the requirements of the "Six Mergers and Acquisitions", support listed companies to use various capital market tools to strengthen their main business, enhance their core competitiveness, and further enhance their investment value.
The third is to promote the balanced development of the investment side and the financing side, the Beijing Stock Exchange and the New Third Board focus on serving innovative small and medium-sized enterprises, most of these enterprises are small, the development stage is relatively early, with high investment, long cycle, business uncertainty and other characteristics, the need to introduce more long-term funds, cultivate and expand patient capital. Under the premise of fitting the characteristics of small and medium-sized enterprises, the construction of market system should give more consideration to the needs of investors; On the basis of upholding the principles of fairness, openness and impartiality, various regulatory arrangements should better protect the rights and interests of investors. Conscientiously implement the spirit of the "Guiding Opinions on Promoting the Entry of Medium and Long-term Funds into the Market", guide professional institutional investors such as public funds, social security funds, and insurance funds to participate in depth, and shape a good ecology of long-term funds that are "willing to come, retain, and develop well". At the same time, we should give full play to the "whole chain" advantages of the multi-level capital market to serve innovative small and medium-sized enterprises, optimize the whole-process support policies around venture capital and private equity investment, attract more patient capital that adheres to "long-termism" to invest in innovative small and medium-sized enterprises, and promote the virtuous cycle of "science and technology-industry-finance".
Fourth, prevent and resolve major risks. It is necessary to put strong supervision in a more prominent position, insist on establishing good rules, drawing red lines, and laying a solid foundation. It is necessary to keep a close eye on the "key minority" such as controlling shareholders and actual controllers, adhere to "zero tolerance" and crack down on illegal acts such as financial fraud, capital embezzlement, and insider trading, so that those who dare to cross the line will suffer the bitter fruits and continue to purify the market atmosphere. Strengthen pre-research and prediction, continuous tracking and monitoring of various risks, so as to achieve "early identification, early warning, early exposure, and early disposal", maintain the stable operation of the market, and protect the legitimate rights and interests of investors.