Adhere to dislocation development, highlight characteristics, build the Beijing Stock Exchange, better serve innovative small and medium-sized enterprises, and develop with high quality.

Deepening the reform of the New Third Board and establishing the Beijing Stock Exchange is an inherent need for the capital market to better support the development and growth of small and medium-sized enterprises, an inevitable requirement for implementing the national innovation-driven development strategy, and an important measure 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.