Beijing Stock Exchange Construction Path Exposed

Beijing stock exchange (hereinafter referred to as "Beijing stock exchange") announced its establishment on September 2. How to build the new third largest stock exchange in China has become a topic of urgent concern to the market.

On September 3, Zhou Guihua, director of the public company Department of China Securities Regulatory Commission (CSRC), said at a regular press conference that the CSRC would immediately solicit public opinions on the measures for the registration and administration of the issuance of shares by the company of the Beijing stock exchange to unspecified qualified investors, the measures for the registration of securities issuance by the Beijing stock exchange, and the measures for continuous supervision of the Beijing stock exchange. Meanwhile, it will revise the administrative measures of the stock exchange at the same time.

In the future, the Beijing stock exchange will shift the basic systems of listing, trading, transferring and delisting on the new third board as a whole, adhere to appropriate investor suitability requirements, and form differentiated arrangements that fit the characteristics of small and medium-sized enterprises.

Pilot registration system to maintain the progressive structure of the new third board Market

"Three market levels have been formed in the new third board market. After the establishment of the Beijing stock exchange, all listed companies at the selected level will be listed on the Beijing stock exchange. The subsequent listed companies on the Beijing stock exchange will be selected from the qualified listed companies. " Zhou Guihua disclosed at a news conference of the CSRC on September 3.

It is reported that after the reform, the basic layer and innovation layer of the new third board are still national securities places, while the companies at the innovation level of the basic level are still unlisted public companies. In the future, the Beijing stock exchange will continue to improve the institutional arrangements and improve the market service function.

The reform does not increase the listing conditions of Beijing stock exchange. In order to achieve a smooth transition, the relevant departments will continue to accept the public offering applications of the selected layer during the period of soliciting opinions on relevant rules and regulations. After the opening of the Beijing stock exchange, the projects under examination will be transferred to the Beijing stock exchange, and the examination will continue according to the requirements of the registration system.

The CSRC will immediately solicit opinions on the measures for the registration and administration of the issuance of shares by the Beijing stock exchange to unspecified qualified investors- Visual China

Although there are no new listing conditions, the new rules also build a more inclusive and accurate issuance system for the Beijing stock exchange. It is clear that the newly added companies of Beijing stock exchange come from the companies listed on the innovation layer of the new third board for 12 months, and maintain the progressive structure of the new third board market. The Beijing stock exchange will highlight the characteristics of specialization and innovation, and clarify the simple, inclusive and accurate issuance conditions.

At the same time, the Beijing stock exchange is also experimenting with the registration system, which will establish the audit process with different emphasis on the registration of the Beijing stock exchange and the Securities Regulatory Commission. The main arrangement is consistent with the overall arrangement of the science and technology innovation board gem. At the same time, the whole process supervision of the whole chain will be strengthened, and the responsibilities of intermediary agencies will be clarified.

In terms of the continuous financing system after listing, the future Beijing stock exchange will also focus on the needs of small and medium-sized enterprises, sum up the experience of the selected layer, consolidate the small amount rapid and flexible refinancing system, and form rich financing tools such as common stock, preferred stock and convertible bond.

Zhou Guihua disclosed that in the future, Beijing stock exchange will implement multiple financing methods, such as issuing to unspecified investors and specific objects, and flexible issuance mechanism to further reduce financing costs. In terms of pricing mechanism, we should adhere to the market-oriented orientation, promote full game, take bidding as the principle, do not intervene in the price and scale of issuance, strengthen the protection of investors' rights and interests, and standardize the order of issuance.

In addition to the listing and refinancing system, Yang Zhe, deputy director of the public company Department of China Securities Regulatory Commission, said that the Beijing stock exchange as a whole will shift the basic systems of the selected layer and establish a listing and information disclosure system suitable for the characteristics of small and medium-sized enterprises.

In terms of trading system, Yang said that the Beijing stock exchange will adhere to the flexible trading system of the selective layer and implement continuous bidding. There will be no price limit on the first day of IPO, and 30% limit on the next day. This will increase market flexibility, prevent speculation and promote balanced trading game.

In terms of continuous supervision, the Beijing stock exchange will strictly abide by the legal framework of listed company supervision, continue the characteristics of the selected layer in line with the actual situation of small and medium-sized enterprises, strengthen corporate autonomy and market constraints, form differentiated institutional arrangements, balance financing needs and standardize costs.

In terms of exit arrangement, the Beijing stock exchange will maintain the market ecology with entry and exit, build a diversified delisting index system, improve the regular and immediate delisting system, strengthen the market clearing function, and establish differentiated exit arrangements. Qualified companies of the Beijing stock exchange can continue trading at the innovation level and the basic level, and directly withdraw from the market in case of major violations.

As for the future operation of the selective layer "transfer board" mechanism which the market is concerned about, Yang zhe also said that he would strengthen the organic connection between the multi-level markets, enrich the growth path of enterprises, and encourage small and medium-sized enterprises growing at the basic level and innovation level to continue to be listed on the Beijing stock exchange. In this process, the transfer mechanism will also be improved. Companies that meet the requirements and have the will can choose to go to the Shanghai and Shenzhen stock exchange for listing and continue to develop.

The role of Beijing stock exchange in unblocking multi-level capital market

According to the system design, the new Beijing stock exchange, the third largest stock exchange in China, will develop in dislocation with Shanghai and Shenzhen stock exchanges and regional equity markets.

Zhou Guihua said that he would strive to build a basic system in line with the characteristics of small and medium-sized enterprises, insist on the emergence of listed companies from qualified innovative enterprises, adhere to the unimpeded transfer mechanism, strengthen the interconnection of multi-level markets, and smooth the role of Beijiao in the multi-level capital market, so as to form the complementary and complementary market levels The growth path of SMEs' direct financing is mutual promotion.

"Compared with the Shanghai and Shenzhen stock exchanges, the service objects of the Beijing stock exchange are earlier, smaller and newer, and at the same time, it will build a progressive market structure from the basic level of the new third board, the innovation level to the level of the Beijing stock exchange." Zhou Guihua said.

On the issue of whether the threshold for investors will be further lowered on the basis of the selected level after the establishment of the Beijing stock exchange, Zhou Guihua said that the Beijing stock exchange will continue to adhere to the management system of investor suitability, and constantly improve it on the basis of practice, so as to form an appropriate arrangement suitable for the characteristics of small and medium-sized enterprises served by the Beijing stock exchange and the investor positioning of Beijing stock exchange.

"The establishment of the Beijing stock exchange is the internal need of the capital market to better support the development and growth of small and medium-sized enterprises." Li qiusuo, executive general manager of Research Department of CICC, also believes that the establishment of Beijing stock exchange will realize dislocation development and interconnection with Shanghai and Shenzhen exchanges and regional equity markets, and further promote the development of China's capital market.

On the issue of whether the selection layer concerned by the market will further lower the threshold for investors, Zhou Guihua said that the Beijing stock exchange will continue to adhere to the investor suitability management system, and constantly improve it on the basis of practice, so as to form the appropriate arrangement suitable for the characteristics of small and medium-sized enterprises served by the Beijing stock exchange and the investor positioning of Beijing stock exchange.

"From the financing side, the Beijing stock exchange will mainly serve innovative small and medium-sized enterprises, which have the characteristics of large performance fluctuation and high operational risk. From the investment side, Beijiao is dominated by qualified investors, which is different from the market dominated by ordinary retail investors. It may be characterized by low-frequency, rational and long-term holding, and pay more attention to medium and long-term returns. " Yang Zhe is so called.

It is worth mentioning that, in terms of management system, different from the Shanghai and Shenzhen stock exchanges, the new Beijing stock exchange will adopt the company system and comply with the relevant provisions of the securities law, the company law and the management measures of the exchange.

Xu Ming, chairman of the national equity to equity company, said that in the future, the Beijing stock exchange will be set up by the national stock transfer company, exploring a distinctive management system. According to the provisions of laws and regulations, the national stock transfer company will formulate the relevant articles of association, listing rules, trading rules and other rules of the Beijing stock exchange, which will be implemented after being approved by the CSRC.

On the same day, the CSRC also made clear the management system of the company system of the Beijing stock exchange. This also means that in the future, the Beijing stock exchange will establish a board of shareholders and a board of supervisors in order to form an efficient and transparent governance structure, implement the main responsibilities of the exchange, clarify the main management systems, and promote the effective play of the exchange's self-discipline management functions.