Since the high-level announcement of the establishment of the Beijing Stock Exchange on September 2, the Beijing Stock Exchange has received great attention from the market, and its popularity has not decreased. The establishment of the Beijing Stock Exchange is not only the result of the continuous deepening of the reform of the New Third Board, but also the inevitable development of the capital market to a certain stage. Personally, I think that although the Beijing Stock Exchange was "born" from the selected layer of the New Third Board, it needs to grasp the three "passes" in its future development process.
The new third board market has undergone reform, and a hierarchical system has been established before, from the basic layer to the innovation layer, and then to the selection layer, layer by layer, and enterprises listed on the selection layer for one year can also be transferred to the science and technology innovation board or the ChiNext board as long as they meet the conditions. The impact of the hierarchical system and the transfer listing system on the development of the new third board market is self-evident. But in reality, this is not enough. After all, even the selected enterprises of the New Third Board can only be called listed companies, not listed companies in the true sense.
But the establishment of the North Stock Exchange has completely changed this situation. The enterprises listed on the Beijing Stock Exchange are already listed companies, which are essentially different from the listed enterprises at the selected level. Listed companies on the Beijing Stock Exchange, like Those listed on the Shanghai and Shenzhen A-share companies, can raise IPO financing, implement refinancing, and initiate mergers and acquisitions. Moreover, the valuation of listed companies on the Beijing Stock Exchange is also different from that of the previous selection layer. It is precisely because of this that after the high-level announcement of the news, the work of the Beijing Stock Exchange has shown a trend of running forward.
For example, on September 3, the Beijing Stock Exchange was registered as a firewire industry and commerce; thereafter, the official website of the Beijing Stock Exchange launched a trial run; including listing rules, trading rules, refinancing, mergers and acquisitions and restructuring rules were released and began to solicit public comments; on September 17, the investor threshold of the Beijing Stock Exchange landed, which was set at 500,000 yuan like the science and technology innovation board; on the 22nd, the Beijing Stock Exchange issued a notice that it would start the whole network test. If the establishment of the science and technology innovation board in that year allowed us to witness what is the "speed of the science and technology innovation board", then now we have also witnessed what is the "speed of the North Stock Exchange".
The Beijing Stock Exchange has received great attention, which is also reflected in the number of accounts opened by investors. For example, during the Mid-Autumn Festival holiday, many securities companies worked overtime to make an appointment for investors on the Beijing Stock Exchange to open an account. It not only shows the side of the securities companies seeking to share the interest cake of the Beijing Stock Exchange, but also highlights the enthusiastic side of investors. On the first trading day after the small long holiday, securities companies ushered in a boom in account opening on the North Stock Exchange. For example, on September 22, the number of new investors added by China Merchants Securities on that day increased by about 180 times compared with the previous average daily number, which shows the enthusiasm of investors for the Beijing Stock Exchange.
At the corporate meeting, the Beijing Stock Exchange also had a hot scene. Throughout September, the Listing Committee of the National Stock Transfer Company arranged a total of 10 review meetings to review the applications of 16 enterprises for public offerings at the selected level. Since the establishment of the selection layer, in addition to the first batch of 30 listed companies in June 20, the number of companies participating in other months is often low, usually no more than 6, which is in stark contrast to the 16 in September, and also highlights the attractiveness of the Beijing Stock Exchange for enterprises.
Although the work of the Beijing Stock Exchange is progressing smoothly at present, as a "new thing" in the capital market, it is obviously very necessary to grasp the "three passes" in the development process of the Beijing Stock Exchange.
First of all, it is undoubtedly a perfect system construction pass. The establishment of a multi-level capital market is inseparable from the escort of the system and system. The shanghai and shenzhen main board is like this, the ChiNext board is like this, and the science and technology innovation board is also the same. The same is true of the Beijing Stock Exchange, as a "new thing" in the capital market. Moreover, with the continuous development and growth of the market of the Beijing Stock Exchange, there will inevitably be a variety of problems, and the solution of these problems will help promote the development of the market, among which improving the construction of the system is indispensable. Therefore, for the Beijing Stock Exchange, a sound system construction is crucial.
Second, the Beijing Stock Exchange must grasp the market positioning barrier. The multi-level capital market will have different requirements for the positioning of each market. For example, the science and technology innovation board is positioned in high-tech industries and strategic emerging technology industries, and enterprises that do not meet this positioning will not be listed on the science and technology innovation board. The GEM will focus on supporting the listing and financing of "three innovations and four new" enterprises, "three innovations" that is, innovation, creation and creativity, and "four new" that is, new technologies, new industries, new formats and new models. The Beijing Stock Exchange is positioned as a small enterprise with "special specialization and new precision". Grasping the market positioning of the Beijing Stock Exchange will be more conducive to the dislocation development of various sectors and form a pattern of different emphases, complementarities and moderate competition.
In addition, the Beijing Stock Exchange also needs to grasp the quality of enterprises. In the future development of the Beijing Stock Exchange, the quality of listed enterprises will be the top priority. The Shanghai and Shenzhen stock markets have been sluggish for many years, which is closely related to the quality of listed companies. Based on this, the Beijing Stock Exchange should learn the lessons of the Shanghai and Shenzhen stock markets and strictly control the quality of enterprises. Enterprises with poor performance and growth, even if they meet the positioning of the sector, must resolutely block them from the door of the market.