bingonodepositbonus| The market value of the Beijing Stock Exchange's misaligned development space has been further highlighted

Guo Bohao, a reporter from the Securities Times

After the promulgation of the new "Nine National articles"BingonodepositbonusThere is more and more discussion about A-share small-cap stocks in the market. Some market participants believe that the new rules and regulations on dividends and delisting in the new "National Nine articles" will lead to the risk of delisting of some "small microdisk stocks", resulting in a sharp decline in the investment value of small microdisk stocks. Some people even classify the companies listed on the Beijing Stock Exchange as small-cap stocks with generally small market capitalization, and associate the pullback of the index with the new "National Nine articles".

These conclusions are obviously inconsistent with the real situation. The interviewed experts believe that there is an essential difference between the "small" of enterprises listed on the Beijing Stock Exchange and the small disk "zombie stocks" and "shell stocks" in the market due to poor management and inactive trading. While paying attention to the improvement of the standards of listed enterprises on the main board, Science and Technology Innovation Board and gem in the new "National Nine articles", the statement of the misplaced development of the Beijing Stock Exchange should not be ignored.

Interviewees generally believe that the misplaced development of the Beijing Stock Exchange can provide a larger financing platform for innovative enterprises in the early stage of development, and service enterprises can transform from "small and beautiful" to "large and excellent". At the same time, it also provides financial support for these innovative small and medium-sized enterprises which undertake the important task of realizing "domestic substitution" and promoting the development of new quality productive forces.

Small market value does not mean poor quality

As the youngest stock exchange in China, the Beijing Stock Exchange shoulders the important mission of building the main position to serve innovative small and medium-sized enterprises. The establishment of the Beijing Stock Exchange not only further improves the multi-level capital market and speeds up the improvement of the financial support system for small and medium-sized enterprises, but also provides an opportunity for capital investment to be "earlier, smaller and newer".

According to Oriental Fortune (300059) Choice data, so far, there are a total of 248 listed companies on the North Stock Exchange. From the market capitalization scale of listed companies, the average market capitalization is about 1.5 billion yuan, and companies with a market capitalization of less than 3 billion yuan account for more than 90%.

Liu Ping an, founder and chairman of Jin Changchuan Capital, pointed out in an interview with the Securities Times that from the market value of listed companies, the Beijing Stock Exchange is indeed a small market capitalization market. However, the "small" here has distinct characteristics, and the companies listed on the Beijing Stock Exchange have the core technology and good growth attributes; in some key areas, the listed companies on the Northern Exchange bear the important task of realizing "domestic substitution".

Liu Jing, chief analyst at the Beijing Stock Exchange of Shenwan Hongyuan Research Institute, told reporters that the small market capitalization cannot be equated with the difference in texture. The dividend yield of companies listed on the North Stock Exchange in the past two or three years is much higher than that of Science and Technology Innovation Board and gem, close to the main board. From the perspective of the industry, the Beijing Stock Exchange has gathered a number of specialized new "little giant" enterprises, with many subdivision leaders in the fields of semiconductors, new materials, new energy, new consumption and so on.

Many specialized and special new enterprises of the Beijing Stock Exchange have the characteristics of "high dividend" and "growth potential". "on the one hand, such enterprises have a high market share in industry segments, showing high gross profit margin / net profit margin, good cash flow and other characteristics, on the other hand, there is still room for growth in areas such as going out to sea." Liu Jing pointed out.

The attribute of "small microdisk stock" is misunderstood.

The misreading of the shares of the Beijing Stock Exchange as "small micro-disk stocks" is also related to the fact that some market participants only pay attention to the improvement of the standards of enterprises listed on the main board, Science and Technology Innovation Board and gem in the new "National Nine articles", but ignore the expressions related to the North Stock Exchange. The reporter noted that many expressions of the new "National Nine articles" reflect the state's adherence to the "misplaced development" arrangement for the Beijing Stock Exchange.

The new "National Nine articles" proposes to improve the multi-level capital market system and adhere to the misplaced development of the main board, Science and Technology Innovation Board, gem and the Beijing Stock Exchange. The "misplaced development" is reflected in the listing standards. Article 2 of the new "National Nine articles" emphasizes "improving the listing standards of the main board and gem, improving the evaluation standards of the innovative attributes of science and technology board", and the listing standards of the North Stock Exchange remain unchanged. In the view of Zhou Yunnan, a senior commentator on the new third board, the improvement of listing standards on the Shanghai and Shenzhen stock exchanges has vacated more space and more potential for the Beijing Stock Exchange, which can provide a broader listing stage for more innovative and high-quality small and medium-sized enterprises.

Zhao Xijun, co-dean of the China Capital Market Research Institute of Renmin University of China, told reporters that the Beijing Stock Exchange in the "misplaced development" is an important part of the multi-level capital market and plays an important role in connecting the front and back ends. Specifically, the Beijing Stock Exchange has built a bridge between the front end (venture capital, venture capital, etc.) and the back end (Science and Technology Innovation Board, gem and even the main board), which can meet the financing needs of innovative small and medium-sized enterprises in the transition from front-end to back-end.

In addition, "China is in the stage of high-quality development, and attaches great importance to the development of new quality productive forces." Compared with traditional productivity, new quality productivity means a lot of innovation, and specialized and special new enterprises play an important role in this process; but the development of these innovative small and medium-sized enterprises is often accompanied by greater uncertainty. this requires the establishment of a financing market in line with the development of such enterprises in addition to the main board. The significance of the 'misplaced development' of the Beijing Stock Exchange has been further highlighted. " Zhao Xijun specifically pointed out.

For the enterprises listed on the Beijing Stock Exchange, they also need to seize the opportunity period of the reform of the new "National Nine articles" and the six supporting rules of the Northern Exchange, "closely around the policy guidance, making full use of the role of market financing, increasing investment in science and technology to enhance their core competitiveness; speed up business layout and market development, improve profitability as soon as possible; further improve corporate governance mechanism, strengthen information disclosure, and improve management level. In this way, improve the company's valuation level, attract a large number of long-term funds, towards high-quality development. " Tian Xuan, deputy dean of Wudaokou School of Finance, Tsinghua University, told reporters.

In the next three or five years

May become an important window period

As a newly established stock exchange, combined with its position to serve innovative small and medium-sized enterprises, in order to meet the diversified financing needs of small and medium-sized enterprises at different stages of development, reform and development will still be the main task of the North Stock Exchange.

In Tian Xuan's view, the differentiated construction of the Beijing Stock Exchange should strengthen the effective connection with other market sectors, especially the linkage with the reform of the regional equity market, and consolidate the responsibilities of intermediary agencies. and then improve the early financing, innovative development, maturity and other different stages of the financing service market. At the same time, it is necessary to strengthen the management of investor appropriateness, set investment thresholds for different levels according to different investment varieties, investors' asset conditions, and investment experience, and study and launch innovative investment products with the theme of the Beijing Stock Exchange. carry out structural optimization for investors, and further improve the turnaround mechanism, smooth delisting and post-financing channels, and speed up the formation of a market pattern of survival of the fittest.

"In the future, as a series of reform measures are gradually implemented and come into effect, the Beijing Stock Exchange will usher in high-quality expansion, attract more long-term funds to enter the market, and add to the development and growth of listed companies on the Beijing Stock Exchange. It will become the market value of the Beijing Stock Exchange in the next three to five years. window period." Liu Ping 'an explained that after three to five years of development, not only will the institutional construction of the Beijing Stock Exchange be more complete, but the market expansion will attract large and long-term money, and the valuation of the Beijing Stock Exchange will have objective room for upward repair; at the same time, the companies listed on the Beijing Stock Exchange are small and medium-sized enterprises with strong innovation capabilities. After three to five years of development, the company's technical capabilities and market size will also be significantly improved.