On June 27, 2022, it has been 6 years since the National Equities Exchange and Quotations officially implemented the hierarchical management of listed companies.
In the past 6 years, the hierarchical management method has kept pace with the times and has been revised several times.The most recent revision was on March 4 this year, when the National Equities Exchange and Quotations Company formulated and issued and implemented the latest "Measures for the Hierarchical Management of the National Equity Transfer System for Small and Medium-sized Enterprises" (hereinafter referred to as the "Measures").As a result, the hierarchical management system has been upgraded again, aiming to give full play to the pivotal role of the innovation layer as a link between the top and the bottom, and further strengthen the function of the innovation layer as an incubator for the growth of companies applying for the Beijing Stock Exchange.
In the first half of the year, the scale and quality of the level were significantly improved
The key points of the revision of the "Measures" and supporting business guidelines issued by the National Equities Exchange and Quotations on March 4 are that a total of 6 innovation-level arrangements have been set up throughout the year; the requirement that qualified investors have no less than 50 people is cancelled; the net asset income is appropriately reduced rate requirements; add de-escalation of “problem companies” such as infidelity of financial reports, major violations of laws and regulations, etc.
"The tiered system is the characteristic basic system of the NEEQ market." Chang Chunlin, founder and partner of Beijing Liver Investment Management Co., Ltd., told the "Securities Daily" reporter that after the opening of the Beijing Stock Exchange, the tiered system will guide and encourage innovative The effect of the development of small and medium-sized enterprises is prominent, and the attractiveness of the innovation layer to high-quality enterprises is significantly enhanced, which in turn makes the "reserve army" of the Beijing Stock Exchange expand rapidly.
It is worth noting that on June 14, the National Equities Exchange and Quotations Company released the official list of companies listed in the third innovation layer in 2022, and a total of 153 companies were transferred to the innovation layer.So far, the implementation of the new third board in the first half of the year has been successfully completed. A total of 515 companies have newly entered the innovation layer (hereinafter referred to as "newly entered companies"), and the total number of companies in the innovation layer has reached 1,696, which is the highest level since the implementation of the layered system. Tier quality has also improved significantly.
"The stratified system of the New Third Board has been implemented for 6 years. With the opening of the Beijing Stock Exchange and the improvement of the efficiency of the innovation layer, the superposition of the innovation layer is a necessary condition for companies to list on the Beijing Stock Exchange. The number of companies has reached a record high and the quality of companies has been greatly improved, bringing together the leading companies on the New Third Board to the greatest extent, laying a solid foundation for the number and quality of companies listed on the Beijing Stock Exchange.” Zhou Yunnan, founder of Beijing Nanshan Investment, told Securities Daily reporter said.
This year, new companies are actively preparing for listing on the Beijing Stock Exchange, and a progressive market pattern has taken shape.Among the newly entered companies, 348 companies meet the financial conditions for listing on the Beijing Stock Exchange, accounting for 67.57%.Among them, 89 new-level companies have submitted the listing guidance materials of the Beijing Stock Exchange, accounting for 27.47% of the companies that have been counseled.
Sun Jinju, vice president of Kaiyuan Securities and director of the research institute, told reporters that from the perspective of industry characteristics, new companies in the innovation layer are mainly concentrated in strategic emerging industries such as information technology, high-end equipment manufacturing, new energy, new materials, and biomedicine. And more than 70% of the companies in the emerging industries of the New Third Board strategy focus on high-tech directions such as integrated circuits, 5G applications, the Internet of Things, and artificial intelligence.
"This not only reflects that the New Third Board has focused on supporting the technological innovation of SMEs through a series of innovative capital market institutional arrangements, but also reflects that these SMEs have actively integrated into the national development strategy, adhered to innovation-driven, and achieved through continuous R&D investment. High-quality development and transformation and upgrading." Sun Jinju said.
The growth channel of the capital market is progressively adapted to the financing needs of enterprises at different stages
On March 31 this year, the Shanghai Stock Exchange agreed to transfer Guandian Defense to the Science and Technology Innovation Board for listing.On May 25, Guandian Defense was listed and traded on the Science and Technology Innovation Board; on June 17, the Shenzhen Stock Exchange agreed to transfer Taixiang, a company listed on the Beijing Stock Exchange, to the Growth Enterprise Market.So far, there have been "first cases" of companies listed on the Beijing Stock Exchange transferring to the Science and Technology Innovation Board and ChiNext.
"The successful transfer of listed companies on the Beijing Stock Exchange means that the multi-level capital market has achieved seamless connection and interconnection, forming a closed loop from the New Third Board to the Beijing Stock Exchange to the Shanghai and Shenzhen Stock Exchanges." Zhou Yunnan said, The growth channels of the capital market meet the different investment and financing needs of enterprises at different development stages, stimulate the upward momentum of enterprises, and accurately promote small and medium-sized enterprises to use the capital market to achieve high-quality development.
Chang Chunlin said that the innovation level, the listing of the Beijing Stock Exchange and the transfer of the board have become a landmark event for the interconnection of multi-level capital markets this year.For enterprises, it means that the upward channel for the growth of innovative small and medium-sized enterprises has been completely opened up.For the market, the New Third Board, the Beijing Stock Exchange, the Science and Technology Innovation Board, and the Growth Enterprise Market have gradually formed a pyramid-like market structure, which has improved the whole-chain institutional system for the capital market to serve innovative small and medium-sized enterprises, which is conducive to improving the accuracy of services. Enhance market functions to support the high-quality development of the real economy.
"At present, the Beijing Stock Exchange is still in the stage of quality improvement and increment. It is necessary to give full play to its demonstration and driving role, form its scale effect and brand effect as soon as possible, attract more high-quality companies to choose to list on the Beijing Stock Exchange, and build the Beijing Stock Exchange into a capital The market serves the main position of innovative small and medium-sized enterprises." Chang Chunlin said.
