China Will Add More Stock Exchanges: Setting Up Beijing Stock Exchange, Deepening The Reform Of The New Third Board

Beijing stock exchange, the third stock exchange outside Shanghai and Shenzhen Stock Exchange, will be established.

On the evening of September 2, President Xi Jinping said in a video address at the 2021 China International Trade in services fair that he would continue to support the innovation and development of small and medium-sized enterprises, deepen the reform of the new third board, set up the Beijing stock exchange, and create a main position for service innovation oriented small and medium-sized enterprises.

At the same time, President Xi Jinping also said that he would continue to improve the level of opening up, promote the implementation of the negative list of cross-border service trade across the country, and explore the construction of a national demonstration area for innovation and development of service trade. We will expand the space for cooperation, increase support for the development of the service industry in countries that jointly build the belt and road initiative, and share with the world the achievements of China's technological development. We will strengthen the construction of rules in the field of services, support Beijing and other places to carry out the docking of high-level international free trade agreement rules, and try first to build a digital trade demonstration zone.

As for deepening the reform of the new third board and establishing the Beijing stock exchange, the relevant person in charge of the CSRC also said in response to the reporter's question that in the future, the development layout of multi-level capital market will be coordinated as a whole, and the whole chain system of capital market serving the innovation and development of small and medium-sized enterprises will be promoted and perfected, and efforts will be made to create a system that is in line with China's national conditions It is a professional development platform of capital market for specialized and special new small and medium-sized enterprises.

It is reported that the main idea for the future construction of the Beijing stock exchange is to strictly follow the securities law, implement step-by-step and step-by-step, generally shift the basic systems of the selected layer, adhere to the principle that the listed companies of the Beijing stock exchange are created by innovative companies, and maintain the market structure of the basic layer, the innovation layer and the Beijing stock exchange, Meanwhile, the pilot registration system for securities issuance will be implemented.

To build a professional development platform of capital market for small and medium-sized enterprises with effective service, specialization and innovation

"This is a new major strategic deployment to better serve the capital market, build a new development pattern, and promote high-quality development. It points out the direction and provides guidance for further deepening the reform of the new third board and improving the financial support system of the capital market for small and medium-sized enterprises." A spokesman for the SFC said.

For the details of promoting the establishment of the Beijing stock exchange in the future, some private fund personages in Beijing believe that a new stock exchange will not be set up in the future“ At present, only three stock exchanges have been approved from the legal level, namely, the Shanghai Shenzhen Stock Exchange and the national stock transfer system. If a fourth stock exchange is to be established, it needs to be deliberated by the National People's Congress and the State Council, which also means longer preparation time. Therefore, it is speculated that upgrading on the basis of the new third board market is the most efficient way. "

Pang Ming, chief economist and chief strategic analyst of Huaxing securities (Hong Kong), also told the 21st century economic reporter that after upgrading the national small and medium-sized enterprise share transfer system to Beijing stock exchange, it will become the third national stock exchange after Shanghai Stock Exchange and Shenzhen Stock Exchange, and become an organic part of the multi-level capital market system.

He predicted that there would be dislocation competition between the Beijing stock exchange and other existing national stock exchanges, clarify the differentiated positioning and development, promote the formation of an appropriate competition pattern with different emphasis and mutual complementation, stimulate market potential, increase market vitality, and enhance market imagination, which will help institutional investors better price enterprises, It is conducive to the listed companies with real intrinsic value and development potential to gain advantages in the acquisition of resources, and to promote the capital market to effectively play the role of resource allocation in dislocation competition.

Zhou Yunnan, founder of Beijing Nanshan investment, pointed out that the establishment of the stock exchange in the future will thoroughly solve the problems of the market positioning and legal status of the new third board. The new third board will finally upgrade from the "third stock exchange in China" to an independent and open "Stock Exchange", which will greatly improve the service function of the new third board, More effectively support "specialized and special new" small and medium-sized enterprises, and more accurately solve the financing problems of high-tech entrepreneurial growth SMEs and private enterprises.

Zhou Yunnan also believes that the Beijing stock exchange will directly benefit the new third board select layer enterprises. Through the transmission effect of the selection layer, the innovation level enterprises can actively apply to become the selection level enterprises, and promote the rapid growth of the basic level enterprises to enter the innovation level, so that the progressive effect of the three layers within the new third board is more obvious.

Remarkable achievements have been made in the construction of multi-level capital market system

In the view of insiders, the birth of Beijing stock exchange is another powerful supplement to China's multi-level capital market.

Xu Ming, chairman of the national small and medium-sized enterprise stock transfer system, previously said that China's innovation and entrepreneurship are constantly emerging, and the number of enterprises is growing. At present, the number of enterprises has exceeded 40 million, and the total demand for direct financing is large. These enterprises are diversified in industry, rich in types and diversified in business forms, so the capital market needs to provide differentiated services.

In fact, in recent years, China's multi-level capital market system construction has also made remarkable achievements.

After 30 years of continuous enrichment and improvement, China has gradually formed a multi-level market system structure composed of private equity and venture capital, regional equity market, new third board and Shanghai Shenzhen Stock Exchange. It has played an important role in promoting financing convenience, reducing the cost of the real economy and improving the efficiency of resource allocation.

Specifically, the system of the exchange plate has been gradually improved. The main board, small and medium-sized board, growth enterprise board and science and technology innovation board have been established successively, forming a multi-level market plate system of the exchange. In April this year, the main board of Shenzhen Stock Exchange merged with the small and medium-sized board, and the "simplified" structure of the exchange plate system is more simple and clear.

Among them, the new third board as the main form of the market structure of echelon. In 2013, the new third board expanded from small-scale regional pilot projects to the whole country, becoming an important part of China's multi-level capital market system. In order to meet the differentiated needs of enterprises and realize hierarchical risk management, the market was divided into two levels: the basic level and the innovation level in 2016. In July 2020, the selected layer was added. The three levels are respectively positioned at the standardization, cultivation and upgrading of small and medium-sized enterprises.

Since its establishment for more than eight years, the new third board has played an important role in expanding the coverage of the capital market and cultivating "small, special, specialized and specialized". According to the statistical data of stock transfer companies, by the end of May 2021, the new third board has served 13400 enterprises, and 7519 listed companies are in stock. Among them, 52, 1033 and 6434 are selected layer, innovation layer and basic layer respectively. Modern service industry and advanced manufacturing industry account for 71.3%.

"Small and medium-sized enterprises play an important role in promoting economic growth, promoting scientific and technological innovation, and increasing employment." The relevant person in charge of the CSRC said that the capital market has always regarded serving the innovation and development of small and medium-sized enterprises as an important mission. In recent years, through deepening the reform and improving the policy system, the quality and efficiency of serving the development of small and medium-sized enterprises has been continuously improved.

Deepening the reform of the new third board and establishing the Beijing stock exchange is an important measure to implement the national innovation driven development strategy and continuously cultivate new driving forces for development. It is also an important part of deepening the structural reform of the financial supply side and improving the multi-level capital market system, so as to better play the role of the capital market, promote the integration of science and technology and capital It is of great significance to support the innovation and development of small and medium-sized enterprises.

It is reported that in the future, the CSRC will, in accordance with the important instructions of General Secretary Xi Jinping, thoroughly implement the new development concept, adhere to the principle of seeking progress while maintaining stability, adhere to the direction of marketization and legalization, coordinate the development layout of multi-level capital market, promote and improve the whole chain system of capital market serving the innovation and development of small and medium-sized enterprises, and strive to create a system in line with China's national conditions We should effectively serve the specialized development platform of capital market for specialized and special new small and medium-sized enterprises, and strive to build a standardized, transparent, open, dynamic and resilient capital market, so as to better serve the high-quality development of the real economy.