There are various signs that the Beijing ** Exchange (hereinafter referred to as the "Beijing Stock Exchange"), which has been established for more than two years, is entering a new stage of accelerated reform.
On the one hand, the Beijing Stock Exchange intends to launch a new *** segment, and the first round of testing has been launched, and after that, the listed companies that have landed on the Beijing Stock Exchange from *** will no longer be continuously displayed, which will improve the recognition between them and the *** market; On the other hand, signals are also emerging that the transfer mechanism of the Beijing Stock Exchange has been continuously optimized, and the connectivity between it and the Shanghai Stock Exchange will also be further strengthened.
More importantly, the way in which the "ready to fly" direct listing mechanism of the Beijing Stock Exchange will be implemented has undoubtedly attracted much attention.
Around the above-mentioned reform direction, there are still many links that need to be improved. For example, how to steadily expand the scope of reform on the basis of the market maker mechanism; how to further improve the convenience of investors in the trading mechanism; At the same time as the Beijing Stock Exchange's transfer and direct listing space are opened, how to balance the relationship with the stock market and other exchanges is a question that needs to be answered.
Not only that, but the market volatility that accompanies reform expectations is itself a challenge that needs to be faced.
Since mid-November 2023, the BSE 50 Index has seen big ups and downs, which has attracted more attention, and how to guide market expectations to return to stability in the future and pave the way for the follow-up reform expectations has tested the resilience of this young market.
A series of reform actions are accelerating on the Beijing Stock Exchange in 2024.
The Beijing Stock Exchange recently notified that it intends to launch two rounds of ** tests involving the new *** segment, including the Beijing Stock Exchange, the National Equities Exchange and Quotations Company, China Clearing, brokers, public offerings and other institutions will participate.
According to the arrangement, the first round of testing will be run from 19 February to 1 March 2024, while the second round of testing will be conducted from 4 March to 15 March 2024.
At that time, the Beijing Stock Exchange will enable the new number segment of "920", and the new number and information generated will be assigned to the new listed company, and after the preparation is ready, the stock of listed companies will be switched to the new one, and make it "new and old" with the first stage.
From the perspective of the industry, the display of new and independent information means that the Beijing Stock Exchange will further move from the original parent to independence, and enhance the overall recognition of the third national market.
The Beijing Stock Exchange is independently detached from the *** selection layer, and the market attention and valuation have been dragged down to a certain extent, and even the information of the *** period has been used in ** and **. A strategic analyst of a listed brokerage firm pointed out that "the launch of the new ** and ** means that the Beijing Stock Exchange will further 'cut the umbilical cord', 'break away from the mother', and move towards a stage of rapid development." ”
In fact, this is only a cross-section of the many reform measures promoted by the Beijing Stock Exchange in the new year, and more practical actions around the "19 deep reforms" ("Opinions on the High-quality Construction of Beijing ** Exchange") in September 2023 are also being fulfilled one after another.
On January 30, the Beijing Stock Exchange convened an on-site meeting with the heads of 16 securities firms that have obtained market-making qualifications, and expressed their recognition of the work of market makers, and at the same time said that they would continue to promote the expansion of market makers; In the future, the participation of more market makers will improve market liquidity.
At the same time, the transfer mechanism of the Beijing Stock Exchange is also expected to usher in substantial progress.
It is understood that the optimization of the transfer mechanism will involve four aspects, including "guiding listed companies to start safely", "consolidating the responsibilities of intermediaries as 'gatekeepers'", "further rationalizing the transfer procedures and strengthening the supervision of the 'key minority'".
In the view of buyers, the opening of the transfer channel means that the valuation gap between different markets will be further smoothed, and the market's 'valuation discrimination' against companies on the Beijing Stock Exchange will be reduced.
If there is a valuation gap between the Shanghai Stock Exchange and the Beijing Stock Exchange, and the transfer mechanism is smooth, then the company can achieve a more considerable valuation through the transfer. A manager of a public offering institution in Shanghai pointed out, "However, the company's free transfer between different markets will force this valuation gap to continue to narrow, and the market with low valuations is expected to return to value." ”
In other words, if the valuation of the Beijing Stock Exchange is relatively low, then the opening of the transfer board will further guide the valuation center out of the trough. The ** manager pointed out.
Despite the acceleration of reform, compared with the Shanghai market, the Beijing Stock Exchange still has many mechanisms to catch up.
For example, in the trading process, some brokerages have not yet integrated the Beijing Stock Exchange and the Shanghai ** Stock Exchange in the entrusted trading system, but have set up a separate "Beijing Stock Exchange Trading" or "Beijing Stock Exchange Special Zone", which has increased the complexity of investors participating in the Beijing Stock Exchange trading.
Because of the previous association between the Beijing Stock Exchange and the Beijing Stock Exchange, in the system, some brokerages still reserved the Beijing Stock Exchange trading area for the Beijing Stock Exchange, at the cost of investors not being able to smoothly switch between the Beijing Stock Exchange and the Shanghai and Shenzhen Bids under the same interactive interface when adjusting positions. A person from the business department of a listed securities company in Beijing pointed out that "for many investors who have just entered the Beijing Stock Exchange, such an interactive logic is equivalent to a kind of differential treatment, and it will also cause some investors to be unwilling to know more about the Beijing Stock Exchange." ”
Although some brokerages have carried out integration or traceless jump operations, there are still some brokerages whose entrustment systems 'discriminate' against the Beijing Stock Exchange. The above-mentioned sales department said frankly.
In addition to the trading link, what has attracted more attention from the market is the "direct listing" mechanism envisioned by the "19 Articles of the Deep Reform".
According to the current rules, listed companies on the Beijing Stock Exchange must come from the first-class innovation layer, which not only greatly restricts the supply of the lineup of companies to be listed on the Beijing Stock Exchange, but also has a huge gap with the Shanghai ** market in terms of the convenience of issuance and listing.
Article 19 of the "Deep Reform" proposes that high-quality small and medium-sized enterprises that already meet the listing conditions are allowed to make initial public offerings and be listed on the Beijing Stock Exchange under the premise of meeting the market positioning of the Beijing Stock Exchange; On November 23, 2023, Sun Li, deputy general manager of the Beijing Stock Exchange, publicly stated that he would "accelerate the implementation of the initial public offering and listing system on the Beijing Stock Exchange".
The above statements are regarded as signals that the Beijing Stock Exchange is preparing for a direct listing mechanism.
At the same time, at the end of last year, a number of securities firms also prepared for the proposed listing projects for the reform of "direct listing"; In the plan to be considered, the dual-track system of "Beijing Stock Exchange" and "direct listing" is regarded as the most feasible model.
While retaining the road from the Beijing Stock Exchange to the Beijing Stock Exchange for small and medium-sized enterprises, some high-quality large-scale companies can directly enter the Beijing Stock Exchange, which will help enhance the attractiveness and valuation center of the Beijing Stock Exchange on the one hand, and also provide one more option for some issuers with greater difficulty in listing on the Shanghai Stock Exchange. An investment banker close to the regulator pointed out.
Liu Jing, chief analyst of Shenwan Hongyuan, believes that "direct listing" is expected to introduce a number of high-quality enterprises to the Beijing Stock Exchange and attract more investors to participate in the Beijing Stock Exchange market, which is expected to be beneficial to the stock of listed head companies, but small market capitalization and low liquidity companies may be diverted.
However, the expected gradual reform of the listing mechanism does not mean a change in the scale of listing review - a number of projects to be listed on the Beijing Stock Exchange have been intensively defeated.
On the evening of February 2, Shangketong, Aggregation Technology, and Huaxida, which were in the state of listing queue, were terminated by the Beijing Stock Exchange for withdrawing their listing applications, and the earlier cryogenic energy, Nanlin Electronics, and Jade Bird Softpass also terminated their listing journey on the Beijing Stock Exchange due to the withdrawal of orders, and the reason for the withdrawal of some of the projects was pointed to regulatory reasons such as correction requirements.
Another challenge that the Beijing Stock Exchange must face in its reform is the current increase in market volatility.
Wind data shows that the BSE 50 Index has lost 3271%。
However, in the A-share ** on February 6, the Beijing Stock Exchange 50 appeared as high as 9The 5% one-day increase was the second-highest one-day increase in the index's history.
One of the important reasons for the drastic ** points to the rapid ** in the fourth quarter of last year. From October 24, 2023 to the end of the year, the BSE 50 Index has accumulated 5223%, becoming the fastest single-quarter broad-based index in recent years.
There were many reasons for the rapid development of the Beijing Stock Exchange at that time, including the stimulus of micro-cap stocks at that time, and the reform expectations of the Beijing Stock Exchange. The above-mentioned strategic analyst pointed out, "But this round of decline after the beginning of the year has made the Beijing Stock Exchange 50 'return to the pre-liberation period'." ”
Trading data shows that on October 24, 2023, before the launch of this round of the Beijing Stock Exchange, the dynamic PE (price-earnings ratio) was only 157 times, by January 2, 2024, the highest dynamic PE has been close to 30 times, and after a rapid adjustment at the beginning of the year, the dynamic PE has now fallen back to 198 times.
This also means that after this round of ups and downs at the end of the year and the beginning of the year, the cumulative gains of the Beijing Stock Exchange 50 Index have retracted to 1526%。However, the difference is that the larger market volatility has attracted more incremental funds to enter and fall into a state of floating loss.
During the "ups and downs" from October 23, 2023 to February 6, 2024, the average daily turnover of the BSE 50 Index was as high as 108 in 75 trading days$9.3 billion; Before the amplitude intensified, the average daily turnover of the BSE 50 Index was only 91.6 billion yuan.
In other words, the trading activity of the Beijing Stock Exchange in the past three months has expanded more than tenfold compared with before.
From the trading level alone, this round of drawdown at the beginning of the Beijing Stock Exchange may generate a certain scale of floating loss chips, which will form a certain resistance to the subsequent valuation repair of the index. The above-mentioned strategic analyst said, "When the money-making benefits disappear, it will be more difficult to maintain a high transaction and high activity state." ”
In the view of industry insiders, the variables of market conditions may also objectively affect the landing of direct listing on the Beijing Stock Exchange.
On the one hand, direct listing requires project reserves and institutional preparation, but on the other hand, it also involves whether the market environment is sufficient. If the valuation center of the Beijing Stock Exchange fluctuates greatly, it will obviously bring uncertainty to the issuance pricing of direct listing, and this impact is still not negligible. The above-mentioned investment bankers close to the regulator pointed out.
Wall Street news, welcome **app to see more.