Propaganda slogan of Beijing Stock Exchange

Following Shanghai Stock Exchange and Shenzhen Stock Exchange, Beijing, as the capital and important economic center of China, will also welcome its own stock exchange.

On September 2nd, when President Xi Jinping delivered a speech at the Global Service Trade Summit of the 20021China International Trade Fair in Services, he announced 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 build the main position of service-oriented small and medium-sized enterprises.

1. How to build Beijing Stock Exchange? The CSRC responded.

On September 2nd, the official website of China Securities Regulatory Commission announced that it would stick to dislocation development and build Beijing Stock Exchange with outstanding characteristics to better serve the high-quality development of innovative SMEs.

The CSRC said that deepening the reform of the New Third Board and establishing the Beijing Stock Exchange are the inherent needs of the capital market to better support the development and growth of small and medium-sized enterprises, the inevitable requirements of implementing the national innovation-driven development strategy, and the important measures to comprehensively deepen the reform of the capital market under the new situation. The CSRC will further deepen the reform of the New Third Board, set up the Beijing Stock Exchange on the basis of the selection of the existing New Third Board, further enhance the ability to serve small and medium-sized enterprises, and build the main position of service-oriented small and medium-sized enterprises.

Since the official operation of the New Third Board on 20 13, it has developed into an important platform for the capital market to serve small and medium-sized enterprises through continuous reform and exploration. Since 20 19, the CSRC has introduced a series of reform measures, such as setting up a selection layer, establishing a public offering system, and introducing a continuous bidding transfer mechanism, which has stimulated market vitality and achieved positive results. Since the establishment of the Select Layer for more than a year, the overall operation has been stable, and various institutional innovations have initially withstood the market test, attracting a number of "small but beautiful" high-quality small and medium-sized enterprises to go public, laying a solid enterprise foundation, market foundation and institutional foundation for further deepening reform and establishing a stock exchange.

The main idea of building Beijing Stock Exchange is to strictly abide by the Securities Law, implement it step by step, advance it step by step, generally shift the basic system of selected layers, insist that listed companies in Beijing Stock Exchange are founded by innovative companies, maintain the "gradual" market structure of the New Third Board, innovative layers and Beijing Stock Exchange, and simultaneously pilot the securities issuance and registration system. In the process of implementation, we will pay attention to the following principles:

Adhere to "one orientation". Beijing Stock Exchange insists on the market positioning of innovative small and medium-sized enterprises, respects the development law and growth stage of innovative small and medium-sized enterprises, and enhances the inclusiveness and accuracy of the system.

Handle the "two relationships" well. First, Beijing Stock Exchange, Shanghai and Shenzhen Stock Exchanges and regional equity markets insist on dislocation development and interconnection, and play a role in improving the listing of the board. Second, the existing innovation layer and basic layer of the North Exchange and the New Third Board adhere to overall coordination and system linkage to maintain the balance of market structure.

Achieve the "three goals". First, we should build a set of basic institutional arrangements that fit the characteristics of innovative SMEs, including issuance, listing, trading, delisting, continuous supervision, investor suitability management, etc., to make up for the shortcomings of multi-level capital markets in developing inclusive finance. Second, unblock the link function of Beijing Stock Exchange in multi-level capital market, and form a path of direct financing growth for SMEs that complements and promotes each other. The third is to cultivate a group of specialized and innovative small and medium-sized enterprises, and form a benign market ecology with high enthusiasm for innovation and entrepreneurship, active participation of qualified investors, and due diligence of intermediaries.

The CSRC will guide the national share transfer companies, strengthen coordination and cooperation with relevant parties, do a solid and meticulous job in the formulation, release and technical preparation of the rules and regulations for the establishment of the Beijing Stock Exchange, promote the improvement of supporting policies, ensure the smooth start and implementation of this reform, and do a good job in major events.

According to the news of the official account of the "National Share Transfer System" WeChat on September 2, the Party Committee of the National Share Transfer Company held a special meeting. In the next step, the Party Committee of the National Stock Transfer Company will firmly adhere to the market positioning of innovative small and medium-sized enterprises, closely focus on building a set of basic institutional arrangements suitable for innovative small and medium-sized enterprises, dredge the role of Beijing Stock Exchange in multi-level capital markets, and cultivate a number of "specialized and innovative" small and medium-sized enterprises. Adhere to the overall coordination and systematic linkage between the Beijing Stock Exchange and the innovation layer of the New Third Board, the dislocation development and interconnection with the Shanghai and Shenzhen Stock Exchanges and the regional equity market, strengthen the system concept and bottom line thinking, pay close attention to implementation with the spirit of being proactive, pioneering and innovative, persevering and seizing every minute, fully guarantee the smooth opening and smooth operation of the Beijing Stock Exchange, and give full play to the function of serving innovative small and medium-sized enterprises.

2. Xinhua News Agency: The reform and development of China's capital market has taken another crucial step.

On the evening of September 2, Xinhua News Agency published a commentary saying:

The establishment of the Beijing Stock Exchange means that the New Third Board, which is dedicated to serving small and medium-sized enterprises, will stand at a new starting point for reform, and China's capital market reform and development will take another crucial step.

Understanding the deployment of setting up the Beijing Stock Exchange should be placed under the general logic of deepening the reform of the New Third Board. In recent years, the reform and development of the New Third Board has laid a solid foundation for further deepening the reform. The CSRC said that the Beijing Stock Exchange will be "established on the basis of the existing new third board selection layer", and the basic system of the selection layer will be translated as a whole, and the securities issuance registration system will be piloted simultaneously. The Beijing Stock Exchange is still a part of the New Third Board, and together with the innovation layer and the basic layer, it constitutes an "upgraded version" of the New Third Board.

As an important measure to deepen the reform of the New Third Board, the establishment of the Beijing Stock Exchange will definitely enhance the ability of the New Third Board to serve small and medium-sized enterprises. According to reports, Beijing Stock Exchange will strengthen the market positioning of innovative small and medium-sized enterprises, respect the development law and growth stage of innovative small and medium-sized enterprises, and enhance the inclusiveness and accuracy of the system. This not only means improving the legal status of the select layer of the New Third Board, but also effectively improving market efficiency, activating market vitality, guiding resources to pay more attention to high-quality SMEs, improving brand effect and attractiveness, and leading SMEs to develop better.

The establishment of Beijing Stock Exchange will form a pattern of dislocation development and interconnection of Beijing Stock Exchange, Shanghai Stock Exchange and Shenzhen Stock Exchange, and regional equity market. The multi-level market structure of China's capital market will be further improved, and China's capital market will be more dynamic and flexible. The listed companies in the North Exchange will be produced by innovative companies, and the market structure of the New Third Board's basic layer, innovation layer and the North Exchange will remain unchanged. Starting from the system design, the future market operation, investor structure and major basic institutional arrangements of Beijing Stock Exchange have obvious characteristics of small and medium-sized enterprises, which are obviously different from those of Shanghai and Shenzhen Stock Exchanges.

It can be expected that with the steady progress of reform, the New Third Board will form a more professional platform for serving small and medium-sized enterprises, so that more and more small and medium-sized enterprises and "specialized and innovative" enterprises can get help from multi-level capital markets and usher in higher quality development.

It is worth noting that in the two trading days since September, the brokerage industry index rose by 5.40%, ranking fourth in the second-tier industry growth list of Shenwan, and all 50 brokerage stocks rose to varying degrees. The cumulative gains of three stocks, namely GF Securities, First Venture and Zheshang Securities, were all above 10%, which were 18.48% and 65438 respectively.

Third, which stocks are good?

Further combing found that 45 brokerage stocks rose for three days or more, including Haitong Securities for five days, Huatai Securities, Guosen Securities, Pacific, CICC and other nine stocks all rose for four days.

In this regard, Yuan Huaming, general manager of Hua Hui Chuangfu Investment, told the Securities Daily reporter that the strength of brokerage stocks was first due to the deviation of fundamentals and valuation. The fundamentals of the brokerage industry show a steady and positive trend. The semi-annual report shows that the overall performance of the brokerage industry in the first half of the year was brilliant. Since July, trading in the A-share market has become more active, which means that brokers may further improve in the third quarterly report. In a longer period of time, China's capital market reform is in the process of promotion, and brokers are also the main beneficiary industries.