Since the national standard operation, ** has gone through ten years.
At the end of 2013, the national small and medium-sized enterprise share transfer system (hereinafter referred to as the first listed company expanded to all enterprises that meet the listing conditions in the country, followed by the first batch of national enterprises on January 24, 2014 The collective listing ceremony was held in Beijing. This year is also known as an important year for achieving leapfrog development.
After ten years of wind and rain, what changes have taken place in everyone's eyes? Standing at the starting point of a new decade, what challenges and opportunities will the development of the market face?
**"Ten years" cumulative service listed enterprises tens of thousands.
Overall, the decade of development is a decade of improvement of the financial market for small and medium-sized enterprises. Xi Qingqing, chairman of Qingbo Ming Capital, said in an interview with a Shell financial reporter that on the one hand, the Beijing Stock Exchange was bred to support the listing of specialized, special and new enterprises; On the other hand, the primary market investment and financing market transactions have been standardized, so that the financing of enterprises to be listed after listing is more accurate and convenient, and the financial market such as equity financing is no longer only the exclusive privilege of a small number of large enterprises.
**The establishment of the market is a major breakthrough in the construction of China's multi-level capital market system.
On January 24, 2014, the first batch of national enterprises held a collective listing ceremony in Beijing, and began to standardize the operation of the whole country.
Mainly for the development of innovative, entrepreneurial and growing small and medium-sized enterprises, it has served tens of thousands of listed enterprises since its establishment.
By the end of 2023, the number of ** stock listed companies will reach 6,241, with a total market value of 21,9707.5 billion yuan. Among the listed companies, the number of manufacturing enterprises accounted for more than half of the country, followed by the number of information transmission, software and information technology service enterprises, accounting for 1851%；The number of leasing and business service enterprises ranked third, accounting for 526%。
Throughout the past 10 years, the development of *** has been mixed. Cui Yanjun, a senior practitioner and founder of the secretary of the board of directors, told the Shell financial reporter that the good thing is that the level of standardized governance of many small and medium-sized enterprises has been greatly improved, financing is more convenient, and a large number of high-quality companies have been provided for Beijing, Shanghai and Shenzhen.
Looking forward to the future, Cui Yanjun believes that with the self-clearing of the survival of the fittest market and the implementation of a series of reforms in the selection layer and the Beijing Stock Exchange, "* will usher in benign development, and the future can be expected." ”
The market is not only the axis of the entire multi-level capital market, but also shoulders the important task of exploring the capital market with Chinese characteristics, which determines that the complexity of its construction is far greater than that of the first market. Zhang Keliang, deputy general manager of Bohai ** Innovation Investment Headquarters, emphasized that it has a huge inclusiveness, and it is a multi-level capital market, which is both different and related to each other, and at the same time, it also needs to be connected and cooperated with the system of the A** field and the four-board market.
Comprehensively deepen the reform of the first ten years of the new decade.
In October 2019, the China Securities Regulatory Commission officially launched a comprehensive deepening of the reform. Since then, the reform has never stopped.
It is understood that the reform in 2019 focuses on four main lines: improving market liquidity, strengthening financing functions, optimizing market ecology, and strengthening the organic connection of multi-level capital markets, focusing on the introduction of public offerings to unspecified qualified investors and the establishment of a select layer, optimization of directional issuance, the implementation of continuous bidding transactions, the establishment of a differentiated investor suitability system, the introduction of public offerings, the establishment of a transfer listing system and deepening differentiated supervision and other reform measures.
In July 2020, the Select Tier was officially established and opened for trading. The industry pointed out that with the successive implementation of reform measures, the market positioning has been further clarified, the market structure has been further improved, the market function has been further improved, the market ecology has been further optimized, and the market resilience and vitality have been further revealed.
Especially with the establishment of the Beijing Stock Exchange, in this context, the vitality and attractiveness of the first class have been significantly enhanced - the emergence of "listing tide" and frequent "repeat customers".
The data shows that since the opening of the Beijing Stock Exchange, the number of newly listed companies in 2022 has increased threefold year-on-year, and the proportion of "specialized, special and new" enterprises in the listed companies has reached nearly three-tenths. At the same time, the financing function of ** listed companies has been significantly enhanced, and a total of 696 directional issuances will be completed in 2022, a year-on-year increase of 1857%。However, in 2023, due to the impact of the market**, the number of issuances has decreased, which remains the same as in 2021.
Entering 2024, standing at the starting point of a new decade, the market has a lot of expectations.
For enterprises, the best company can attack and retreat. Cui Yanjun believes that on the one hand, first-class companies can choose to be listed in Shanghai and Shenzhen, or they can be listed on the Beijing Stock Exchange. But this also implies challenges, if the direct IPO system is officially launched, a large number of large, prominent companies in the industry will be listed on the Beijing Stock Exchange, ** companies will be more difficult to list on the Beijing Stock Exchange, need to seize the time window.
He also said that for investment institutions, with the improvement of the trading and valuation of the Beijing Stock Exchange, the opportunity of value investment is coming again, and they can enjoy cross-market valuation arbitrage opportunities. However, due to the improvement of listing review standards and stricter review, the probability of successful listing has decreased, and the investment risk has increased, and the requirements for investment research have become higher and higher.
From the perspective of the market, Cui Yanjun said that it is necessary to continue to adhere to the integrated development of the Beijing Stock Exchange, continue to reflect inclusiveness in the listing of the Beijing Stock Exchange, and have differentiated policies in terms of public offering ratio, sales restrictions, and supervision, otherwise the attractiveness of the company will be greatly reduced.
**After the birth of the Beijing Stock Exchange, the market undertook the task of continuously delivering high-quality companies to be listed on the Beijing Stock Exchange, and its future positioning is the incubation and display board of the company to be listed. Therefore, Xi Qingqing believes that more and more small and medium-sized enterprises will choose to be incubated in the stage of planning to be listed. However, this also tests the market's ability to lead and serve investment institutions.
**The market is a socialist capital market with Chinese characteristics that we have explored ourselves, although it is still small and weak, but the prospects are bright and the future can be expected. Zhang Keliang emphasized that the construction of the first class can not be designed with the idea of building a reservoir, and the construction of the first class cannot be built into another a** field.
In his view, a complete set of rivers and lakes, extending in all directions, should be built, rather than isolated dams and reservoirs. **This water conservancy system must quickly monetize the huge amount into zero through its small, fast and flexible investment and financing mechanism, so that a large number of listed companies can quickly absorb over-issued currency through low price-earnings ratio and low financing amount, so as to let the currency enter the vast ocean of China's real economy. At present, the number of listed companies and the development situation represented by the Beijing Stock Exchange have initially met such conditions: enterprises have achieved automatic stratification, low price-earnings ratio, low financing amount, but large volume and wide range, and funds directly enter the real economy.
** On the basis of the improvement of its own institutional system, the market will be linked to the four-board market of various provinces through the system construction, so that it can become its own bifurcation and tributary, and jointly form a national water conservancy system, which should be the construction idea and ultimate goal of China's capital market. Zhang Keliang said.
Beijing News Shell Financial Reporter Hu Meng Editor Chen Li Proofreader Zhang Yanjun.