The business lines of the Beijing Stock Exchange, a large brokerage, have made full efforts.
On January 29, the Beijing ** Stock Exchange and the National Equities Exchange and Quotations Company released the results of the 2023 ** company practice quality evaluation. Among them, 20 brokerages were rated as first-class, and large brokerages were basically "listed". There are 40 brokerages rated as the second tier, 20 as the third tier, and 21 as the fourth tier.
Compared with the previous year, CICC's "Great Leap Forward" has risen from the fourth gear to one gear, and five brokerages such as Capital ** have slipped from the second gear to the fourth gear. In addition, Guorong**, Everbright** and other securities firms ranked first in compliance quality deductions.
5 brokerages slipped from second to fourth gear.
In November 2021, in order to realize the integrated development and institutional linkage of the innovation layer and the basic layer of the Beijing Stock Exchange and the National SME Share Transfer System, and guide the ** company to comprehensively improve the quality of various businesses, the Beijing Stock Exchange and the National Equities Exchange and Quotations Co., Ltd. jointly formulated the "Detailed Rules for the Evaluation of the Practice Quality of the National SME Share Transfer System ** Company of the Beijing ** Exchange" (hereinafter referred to as the "Evaluation Rules").
In 2023, a total of 101 ** companies will participate, one more than in 2022. The main reason is that CICC Wealth Management and its parent company, CICC, will merge to participate in the evaluation in 2023.
A total of 20 ** companies in the first gear. Compared with 2022, there are six new "players" in the first tranche, namely Dongfang**, Guojin**, Haitong**, Huatai**, CICC, and CITIC**. CICC made the fastest progress, jumping from the fourth tier last year to the first gear, while the other five companies moved up from the second to the first gear.
There are new brokers, and some brokerages are squeezed out. Compared with the previous year, Caitong**, Dongguan**, Guoyuan**, Minsheng**, Shanxi**, and Zheshang**, the six brokerages, all fell from the first to the second gear.
There are a total of 40 ** companies in the second tranche. Brokerage China reporters observed that a number of small and medium-sized brokerages have seen a significant jump in the evaluation of practice quality, and East Asia Qianhai**, Jianghai**, Jinyuan Unification**, and Zhongshan** have all been upgraded from the fourth level in 2022 to the second level.
There are a total of 20 ** companies in the three grades, mainly small and medium-sized brokerages. Among them, Aijian**, Great Wall Guorui**, Guodu**, Cinda**, Yintai**, Yongxing**, and CITIC South China** rankings have not changed, and other brokerages have fallen from the second to the third level, such as Bohai**, or the fourth gear has been upgraded to the third level, such as Huafu**.
There are a total of 21 ** companies in the four gears. The ranking of 10 brokerages, including Zhongtian**, has not changed, and the other brokerages are all "downgraded". There are 5 brokerages with the most obvious decline in the ranking, namely Guorong**, Huajin**, Capital **, Zhongtian Guofu**, and Zhongyuan**, which have slipped from the second to the fourth gear.
8 brokerages were deducted more than 6 points for compliance quality.
According to the Evaluation Rules, the quality of practice is mainly evaluated from the quality of professional services, the quality of compliance practice and other matters that have an important impact on the evaluation, and the score is based on 100 points, with additional points for professional quality and deduction for compliance quality, and ranking after comprehensive calculation.
From the perspective of professional quality scores, there are 15 brokerages with a score of 20 or above; There are 31 brokerages with a score between 10 and 20; There are 43 with a score of 5 (inclusive) to 10 points; The remaining 12 are all below 5 points.
Open source** topped the professional quality score, but it also had the most deductions for compliance quality, with 31 points. According to the Evaluation Rules, the points deducted for the compliance quality of a single business are mainly measured based on the deduction of points for the negative behavior record of the business and the self-regulatory measures, disciplinary sanctions, administrative supervision measures and administrative penalties taken.
In addition to open source**, the brokerage companies with more deductions also include Guorong** (1158), Everbright** (875), Joaquin** (8), Capital ** (8), Minsheng ** (745), Shenwan Hongyuan (65), IB** (645）。Other brokerages deducted less than 6 points.
It should be pointed out that compared with the evaluation system in 2022, a new column of special bonus points has been added to the evaluation results in 2023. According to the relevant supporting rules issued by the Beijing Stock Exchange at the end of December 2022, the special evaluation is mainly linked to the four special evaluation indicators of "the number of new shares sponsored", "the number of research reports of listed companies", "the balance of margin financing and securities lending at the end of the period" and "the number of market makers sponsoring new shares sponsored by market makers".
There are 34 brokerage firms whose results have benefited from the special bonus points. Among them, China Securities Construction Investment, CITIC**, Soochow**, Guoxin**, Guojin**, Guotai Junan, Shenwan Hongyuan, CICC, SDIC**, Kaiyuan**, these 10 brokerages have a special bonus score of more than 5 points, which also strongly boosts their final ranking.
The business lines of the Beijing Stock Exchange, a large brokerage, have made full efforts.
According to the Beijing Stock Exchange, the evaluation results fully reflect the quality of the company's practice on the Beijing Stock Exchange and the market. In addition to the continuous improvement of service capabilities, the company's enthusiasm for participation has also been continuously improved. Large-scale comprehensive securities firms have seized the new opportunities brought about by market reforms, and all business lines have made full efforts, and have been rated as first-class in the annual practice quality evaluation, maintaining a leading position in the market in a number of indicators. A group of small and medium-sized characteristic brokerages continued to work hard and performed well.
Judging from the situation of the brokerages that have been rated in the first grade, in 2021, most of them are small and medium-sized brokerages, but in 2022, large brokerages such as China Merchants ** have been among them. In 2023, CICC and other leading brokerages have basically been rated as Class 1.
From the perspective of equity financing project reserves, taking CITIC ** as an example, as of January 30, CITIC ** had 6 projects on the Beijing Stock Exchange, compared with only 3 in the same period last year, doubling. China Merchants ** and CICC also have a similar situation.
However, in terms of project reserves, small and medium-sized brokerages still have advantages. Wind shows that as of January 30, among the top 10 brokerages in the number of projects queuing up to declare on the Beijing Stock Exchange, there are only two leading brokerages, China Securities Construction Investment and Shenwan Hongyuan. Open source** topped the list with 24 projects, followed by China Securities Construction Investment and Minsheng**, with 19 and 15 projects respectively.
According to the Beijing Stock Exchange, in the next stage, the Beijing Stock Exchange and the National Equities Exchange and Quotations Company will further improve the evaluation of practice quality under the new situation of market reform and development, guide the best companies to actively participate in the construction of the Beijing Stock Exchange and the first market, give full play to the role of the core hub, continue to increase business investment, standardize the quality of practice, and continue to improve the service capabilities of innovative small and medium-sized enterprises.
Zhou Yunnan, founder of Beijing Nanshan Investment, told the brokerage China reporter that with the continuous advancement of comprehensive and deep reform, the Beijing Stock Exchange market is becoming more and more attractive to brokers. In 2023, major brokerages will significantly increase their investment in the Beijing Stock Exchange in an all-round way, and the leading brokerages will continue to expand their leading position in the Beijing Stock Exchange by virtue of their comprehensive strength and service resources.
However, Kong Xiang, a non-bank analyst at Guosen, said that the business of the Beijing Stock Exchange has brought new business opportunities for brokerages in brokerage, investment, investment banking, and wealth management. From the perspective of business structure, the investment banking business of small and medium-sized securities companies may be more flexible, and it is expected to share the dividends brought by the growth of the Beijing Stock Exchange.
Editor-in-charge: Yang Yucheng.
Proofreader: Tao Qian.
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