On November 12, the Beijing stock exchange (hereinafter referred to as the Beijing stock exchange) announced that it would spare no effort to implement the preparations for the opening of the market with the strong leadership of the CSRC and the support and cooperation of all parties. At present, the opening of the Beijing stock exchange has been ready and is scheduled to open on November 15, 2021. Industry analysts believe that the official opening of the Beijing stock exchange means a new starting point for the reform of the new third board, which takes serving small and medium-sized enterprises as its own responsibility, which is conducive to promoting the improvement of the multi-level capital market system with Chinese characteristics, building a financial service system covering the whole chain of small and medium-sized enterprises, and exploring the "China plan" for the development of Inclusive Finance in the capital market. (source: China Securities Regulatory Commission, Beijing stock exchange, Kaiyuan securities) "Speed of Beijing stock exchange" has been highly concerned by the industry On November 10, according to the news on the official website of the national small and medium-sized enterprise share transfer system company (hereinafter referred to as the national share transfer company), 10 companies such as Henghe shares, Keda automatic control and jingsai technology announced that the company's shares will be listed on the Beijing stock exchange on November 15. Over the past two months, the preparatory work of the Beijing stock exchange has been vigorously and solidly promoted, and a number of important matters have been successfully completed: on September 2, the Beijing stock exchange officially announced its establishment; On September 3, Beijing stock exchange Co., Ltd. was incorporated; On the same day, the CSRC solicited opinions from the public on the relevant basic institutional arrangements of the Beijing stock exchange; On September 5, the Beijing stock exchange publicly solicited opinions on the listing rules, trading rules and member management rules; On September 10, the Beijing stock exchange publicly solicited opinions on the review rules for public offering and listing, refinancing of listed companies and major asset restructuring; On September 17, the Beijing stock exchange issued the measures for the management of investor appropriateness; On November 2, Beijing stock exchange issued "2 + 31" supporting rules... Up to now, all relevant basic systems and business rules have been issued. According to the contents successively released by the Beijing stock exchange, the relevant systems and business rules that have been released are planned to be officially implemented from November 15. The existing innovation layer and foundation layer of the Beijing stock exchange and the new third board adhere to overall coordination and system linkage to maintain the balance of market structure. At the same time, in terms of basic institutional arrangements, in accordance with the principle of "adhering to the 'one positioning', handling the 'two relations' and realizing the' three goals', the Beijing stock exchange adheres to dislocation development and interconnection with Shanghai and Shenzhen stock exchanges and regional equity markets, and gives full play to the function of improving the listing of the board. "Speed of Beijing stock exchange" has attracted great attention in the industry. Open source securities analysis pointed out that the establishment of the Beijing stock exchange is the largest reform in the history of the new third board, and has made rapid progress since its announcement. "The speed of Beijing stock exchange" fully reflects the state's determination to support the innovative development of small and medium-sized enterprises. Zhu Haibin, an analyst at Anxin securities, believes that since mid September, the opening simulation test and two network wide tests of the Beijing stock exchange have been successfully completed, indicating that the core technology system of the market institution has transformed the transactions, quotations and other businesses involved in the opening of the Beijing stock exchange in accordance with the relevant requirements to meet the online requirements. Combined with the current actions of the exchange, investors and companies to be listed, he said: "all preparations are basically ready, and the Beijing stock exchange is ready to go." Promote and improve the multi-level capital market system The CSRC previously said that deepening the reform of the new third board and establishing the Beijing stock exchange are the internal needs of the capital market to better support the development and growth of small and medium-sized enterprises, the inevitable requirements for implementing the national innovation driven development strategy, an important measure to comprehensively deepen the reform of the capital market under the new situation, as well as deepening the structural reform of the financial supply side Improving the multi-level capital market system is an important content. Establish the Beijing stock exchange based on the selected layer of the new third board, promote the improvement of the multi-level capital market system with Chinese characteristics, and further improve the legal status and market function of the selected layer on the basis of the early reform and exploration of the new third board. In recent years, the capital market has continuously improved the quality and efficiency of serving the development of small and medium-sized enterprises by continuously deepening reform and improving policies and systems. The CSRC said that deepening the reform of the new third board and establishing the Beijing stock exchange are of great significance for giving better play to the function of the capital market, promoting the integration of science and technology and capital, and supporting the innovation and development of small and medium-sized enterprises. At the same time, building the main position of service innovative small and medium-sized enterprises is a new major strategic deployment to better serve the capital market, build a new development pattern and promote high-quality development. It points out the direction and provides guidance for further deepening the reform of the new third board and improving the financial support system of the capital market for small and medium-sized enterprises. It is reported that since the opening of the selected layer of the new third board on July 27, 2020, various market-oriented institutional arrangements such as public offering and continuous bidding have initially withstood the market test, the financing and trading functions have been brought into full play, the pricing and transaction efficiency have been significantly improved, the average P / E ratio has exceeded 33 times, the average market value has exceeded 2.5 billion yuan, and the market performance is good, It has the institutional basis, enterprise basis and market basis for the change and establishment of the Beijing stock exchange. Through the establishment of the Beijing stock exchange, the reform undertakes the selected layer as a whole. The existing selected layer listed companies are transferred to the Beijing stock exchange, and the new listed companies are generated by qualified innovative layer listed companies. Based on the market positioning of serving innovative small and medium-sized enterprises, Beijing stock exchange fully respects the development law and growth stage of innovative small and medium-sized enterprises. It not only follows the general law of market construction of the exchange, but also introduces an inclusive system design in terms of market access, financing, supervision and exit arrangements. CITIC Securities said that deepening the reform of the new third board and establishing the Beijing stock exchange are the institutional needs of the capital market to better support the innovative development of small and medium-sized enterprises, and an important measure to comprehensively deepen the multi-level capital market reform under the new situation. Junkang Iiyama, executive director of Nomura holdings and chairman of the China Committee, congratulated the opening of the Beijing stock exchange. The opening of the Beijing stock exchange marks the further improvement of China's multi-level capital market construction and plays a positive and important role in promoting the development of innovative small and medium-sized enterprises. Small and medium-sized enterprises usher in new opportunities Xu Ming, chairman of the national stock transfer company and Beijing stock exchange, said at the parallel forum of the 2021 Financial Street Forum - "real economy and financial services" forum that in the construction of the national stock transfer system and the market of the Beijing stock exchange, we will focus on small and medium-sized enterprises, carefully summarize the experience and lessons of practice in the past eight years, constantly deepen reform and optimize services, Enhance the inclusiveness and inclusiveness of the system, highlight "earlier, smaller and newer", build a financial service system covering the whole chain of small and medium-sized enterprises, and explore the "China plan" for the development of Inclusive Finance in the capital market. Zheshang Securities believes that the rapid progress of the Beijing stock exchange not only benefits from the successful practice of the selection layer, but also shows the firm determination of the top-level design to serve small and medium-sized enterprises and break the financing barriers of small and medium-sized enterprises. Yang Delong, chief economist of Qianhai open source fund, told the economic information daily that the Beijing stock exchange is tailor-made for innovative small and medium-sized enterprises and provides listing financing services for small and medium-sized enterprises, especially the "invisible champion" enterprises. Compared with the enterprises listed on the main board, the science and innovation board and the gem, the enterprises listed on the new third board are "earlier, smaller and newer", face greater uncertainty, have a high desire for funds and have stronger growth in the future. Yang Delong believes that through the design of investor threshold, the optimization of system and the inclusive innovation of the market, the Beijing stock exchange has opened new and convenient financing channels for small and medium-sized enterprises, and small and medium-sized enterprises have the opportunity to enter the capital market earlier. Understanding the modern corporate governance culture in the early stage of enterprises and accelerating its growth is a great gospel for the majority of small and medium-sized enterprises, especially high-quality small and medium-sized enterprises. Small and medium-sized enterprises will usher in unprecedented opportunities and enter a new era of development. According to the analysis of open source securities, deepening the reform of the new third board and establishing the Beijing stock exchange fully reflect the state's determination to support the innovation and development of small and medium-sized enterprises. Relatively speaking, the listing standards of Beijing stock exchange are more diversified and inclusive, facing "earlier, smaller and newer" small and medium-sized enterprises, and the time cycle and certainty of listing are relatively stronger. The establishment of the Beijing stock exchange means that the new third board, which takes serving small and medium-sized enterprises as its own responsibility, will stand at a new starting point of reform. China's capital market reform and development has taken another key step, which will benefit more excellent small and medium-sized enterprises. (outlook new era)