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Cover news reporter Ma Mengfei Xiong Yingying
On October 9, the second network-wide test before the opening of the Beijing Stock Exchange ended, which also means that the opening of the Beijing Stock Exchange has entered the final countdown.
A month ago, on September 2, the Beijing Stock Exchange was launched, which will create the main position of serving innovative small and medium-sized enterprises. In the past month, the Beijing Stock Exchange has become one of the hottest keywords in the capital market, stirring up the enthusiasm of investors to participate.
After the establishment of the Shanghai and Shenzhen exchanges in 1990, after more than 30 years, the Chinese mainland capital market ushered in another national stock exchange, which can be described as of great significance.
So why was the Beijing Stock Exchange established? What is the relationship between the Beijing Stock Exchange and the New Third Board? Will it be easier for SMEs to finance? ...... This issue of "Jingjing Ledao" focuses on the Beijing Stock Exchange, and the host and expert lecturer of the Shenzhen Stock Exchange, Hong Le, and Qi Yun, general manager of the SME Financing Department of Huaxi Securities, conducted an in-depth analysis.
variation
From OTC to OTC
With the news of the establishment of the Beijing Stock Exchange, the "one pool of spring water" of the new third board was activated.
"What is the relationship between the Beijing Stock Exchange and the New Third Board?" What is the relationship between it and the selected layers of the new third board? "The Beijing Stock Exchange and the New Third Board are interrelated, so Hong Le first raised this question.
"According to the explanation of the Beijing Stock Exchange, including the share transfer company, all the listed enterprises in the selected layer are transferred to the Beijing Stock Exchange." Qi Yun said that on the other hand, the Beijing Stock Exchange and the basic layer of the new third board, including the innovation layer, belong to the layer of progressive relationship, then their business relationship has this very close relationship, the overall is a coordinated and coordinated development relationship.
"It can be said that the selected layer was taken out separately, the Beijing Stock Exchange was established, and then all the enterprises originally listed on the selected layer were moved to the Beijing Stock Exchange." Hong Le concluded.
So for small and medium-sized enterprises, what is the significance of the Beijing Stock Exchange? This is Hong Le's second question.
"I think this question should be from the perspective of the overall positioning of the Beijing Stock Exchange." Qi Yun said that the overall positioning of the Beijing Stock Exchange should be to adhere to the service of innovative small and medium-sized enterprises, and the Beijing Stock Exchange also made it clear that it respects the overall development law of innovative small and medium-sized enterprises.
Qi Yun believes that the conversion of the selected layer into a Beijing Stock Exchange, that is to say, from the establishment of the Beijing Stock Exchange, has broken some of the original policy obstacles of the New Third Board, for its own market, it reflects the function of an exchange resource allocation, and it also enhances the efficiency of the basic layer and the innovation layer as a whole, so for this kind of small and medium-sized enterprise listing, including the final Beijing Stock Exchange, more access to this resource allocation, providing good support.
"So for the original selection layer and the current Beijing Stock Exchange, one of the biggest differences between them should be that the original over-the-counter transaction has now become an on-exchange transaction." Hong Le mentioned that as far as over-the-counter trading and over-the-counter trading are concerned, in terms of the mechanism and rules of the transaction, the investors of the participants, the entry threshold, etc. are different.
positioning
Let capital "shine" on small and medium-sized enterprises
After the establishment of the Shanghai and Shenzhen exchanges in 1990, after more than 30 years, the capital market of Chinese mainland ushered in the Beijing Stock Exchange. The establishment of the Beijing Stock Exchange has also ushered in a new pattern in the capital market. According to the data, as of now, there are 4467 listed companies on the Shanghai and Shenzhen exchanges, with a total market value of 86.7 trillion yuan.
The establishment of the Beijing Stock Exchange will achieve dislocation development and interconnection with the Shanghai and Shenzhen exchanges and regional equity markets, and further promote the development of China's capital market.
But on the other hand, some people have also asked that China already has Shanghai and Shenzhen exchanges, and the establishment of the Beijing Stock Exchange, is it really necessary to need so many exchanges?
For this problem, Qi Yun put forward his own point of view, "or to look at the overall positioning of the Beijing Stock Exchange, it is positioned in the development of small and medium-sized enterprises, then at the same time from its institutional design, including the threshold for the listing of its enterprises, it will be more in line with these small and medium-sized enterprises in development." Qi Yun said that it leans down, pays attention to or respects the overall development of these enterprises, and gives them this inclusiveness and overall precision in the system, so that these enterprises can be exposed to the sunshine of this capital market.
"In the past, we would often say that the Shanghai and Shenzhen exchanges were actually in the past, and they also wanted to let the small and medium-sized enterprises get the sunshine." But for a variety of reasons, we see that the effect may not be ideal. "Qi Yun said that now that the Beijing Stock Exchange has been established, it is to open the coverage of the overall capital market." The Shanghai and Shenzhen exchanges may pay more attention to enterprises at a certain point, or in a certain dimension and level. And what Beijiao has done, I think, is a bit similar to the concept of financial inclusion. ”
"The finest granularity of China's economy is enterprises, and more than 80 or 90% of enterprises are composed of small and medium-sized enterprises, or small and medium-sized enterprises of private enterprises." Therefore, in the entrepreneurial stage of small and medium-sized enterprises, such a large-scale enterprise needs to finance the exchange, the original China is actually not, then now the establishment of the Beijing Stock Exchange actually supplemented this piece. Hong Le said.
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