On the morning of November 15, the closely watched Beijing stock exchange (hereinafter referred to as the "Beijing stock exchange") officially opened. It took only 74 days from the announcement of its establishment to its landing on September 2, refreshing China's speed in financial infrastructure construction. Aiming at the strategic goal of "building the main position of service innovative small and medium-sized enterprises", the Beijing stock exchange extends the capital service innovation strategy to the enterprise group of "earlier, smaller and newer", which is of great significance to improve the whole chain financial services of small and medium-sized enterprises, improve the multi-level capital market system, and explore the "China scheme" of Inclusive Finance in the field of direct financing. What changes will the establishment of the Beijing stock exchange bring to the pattern of China's capital market? How will market vitality be stimulated? For Guangdong, how can innovative small and medium-sized enterprises seize the opportunity to achieve leapfrog development? The reporter interviewed regulators and industry experts for analysis. Characteristic The first batch of 17 listed companies are specialized special new enterprises On the Financial Street in Xicheng District, Beijing, the front of Jinyang building where the National SME share transfer system (hereinafter referred to as the "new third board") is located, seven brand-new characters - "Beijing stock exchange" are glittering, attracting pedestrians to stop and take photos. At 9 a.m. on November 15, the Beijing stock exchange was officially opened, and 81 of the first batch of listed companies appeared collectively, including 10 from Guangdong. On the same day, 71 enterprises shifted from the selected layer of the new third board, and 10 new listed companies were Henghe shares, Keda automatic control, jingsai technology and Tongxin transmission. Among them, Guangdao hi tech, from Guangdong, is a high-tech enterprise providing network information security equipment services for the construction of new smart cities. Yang boguang, chief economist and head of the Research Institute of Dongguan securities, analyzed: "the first batch of special and new lineups have obvious characteristics, which fully reflects the market positioning of innovative small and medium-sized enterprises of the Beijing stock exchange." The data show that 81 companies cover 25 major industries of the national economy, and 17 are specialized "little giant" enterprises. Advanced manufacturing, modern service, high-tech manufacturing, high-tech service and strategic emerging industries account for 87%, with an average R & D intensity of 4.2% and an average R & D expenditure of 25.36 million yuan. On the whole, 81 enterprises are in stable operation and have outstanding growth. Most of them are leaders in industry segments. Some enterprises are in a leading position in the same industry or long-term stable suppliers of downstream international and domestic important enterprises. Taking 10 companies from Guangdong as an example, there are leading enterprises in lithium ion negative electrode materials - beiteri, Yongshun biology, the enterprise with the first market share of classical swine fever vaccine in China, and "the first share" of domestic bidding agency industry - leading enterprises in subdivided fields such as national bidding. Innovation is the driving force to lead high-quality development and the engine to cultivate and expand new economic momentum and form new economic growth points. "The establishment of the Beijing stock exchange is an inevitable requirement for implementing the national innovation driven development strategy. It will reshape the ecological pattern of China's capital market, give better play to the function of the capital market, promote the integration of science and technology and capital, and support the innovative development of small and medium-sized enterprises." Yang boguang said that the Beijing stock exchange will become an important investment and financing platform for the growth and development of small and medium-sized enterprises. location Small and medium-sized enterprises serving "earlier, smaller and newer" Since its establishment in 2013, the new third board has been positioned as a capital market serving small and medium-sized enterprises. Today, the Beijing stock exchange, born out of the selected layer of the new third board, also "inherits" the "gene" to serve small and medium-sized enterprises. "Enterprises are the main body of innovation, and small and medium-sized enterprises are an important birthplace of innovation. To build an innovative country and realize scientific and technological self-reliance, we need to promote the accelerated growth of a large number of innovative small and medium-sized enterprises," said Xu Ming, chairman of stock transfer company and Beijing stock exchange. At present, China has become the second largest economy in the world, with more than 40 million enterprise entities, including more than 225000 high-tech enterprises. Small and medium-sized enterprises have contributed more than 70% of China's technological innovation achievements and created more than 80% of new products. The development stage and demand characteristics of enterprises are different, and the demand for investment and financing is strong and diverse, but it is not easy to guide the "living water" of indirect financing to small and medium-sized enterprises. Luo Zhiheng, chief economist of YueKai securities, believes that for a long time, indirect financing dominated by bank credit often requires assets such as plant, machinery and equipment as collateral, which is not in line with the development characteristics of small and medium-sized enterprises, especially science and technology-based small and medium-sized enterprises. Therefore, it is necessary to develop direct financing of equity financing, mainly based on the Beijing stock exchange, Explore a new path for the open capital market to play the role of Inclusive Finance. Focusing on "earlier, smaller and newer", the establishment of Beijing stock exchange has opened up the whole chain of financial services for small and medium-sized enterprises, and formed a multi-level capital market system with positioning and complementary functions with science and innovation board and gem. "The science and innovation board is targeted at enterprises that conform to the national strategy and have mastered the core 'hard technology'. The gem emphasizes the new business format of combining the 'four new' with traditional industries, and the Beijing stock exchange serves small and medium-sized enterprises that are 'earlier, smaller and newer'." Luo Zhiheng said. Xu Ming said that in the next step, the Beijing stock exchange will innovate the inclusive mechanism and continuously optimize the access conditions for listing; Innovate the fund supply mechanism, price discovery mechanism and talent incentive mechanism, solve the key mechanism problems supporting the innovation and development of small and medium-sized enterprises, and release the innovation vitality of small and medium-sized enterprises. Trends The turnover on the first day of opening was 9.576 billion yuan There are various signs that all parties are "running in" during the establishment and opening preparations of the Beijing stock exchange, and the enthusiasm and expectations of all parties in the market are increasing. According to the data of the Beijing stock exchange, on the first day of the opening of the market on November 15, the trading of 81 stocks of the Beijing stock exchange was generally stable, with a total turnover of 9.576 billion yuan. As of November 12, more than 2.1 million investors have made an appointment to open the qualified investor authority of the Beijing stock exchange. After the opening of the market, more than 4 million investors can participate in the trading of the Beijing stock exchange. A total of 112 securities companies have obtained membership and become full members of the Beijing stock exchange. Yang boguang disclosed that on September 17, the Beijing stock exchange issued the measures for the administration of investor appropriateness of Beijing stock exchange, which made it clear that the capital threshold for the access of individual investors was 500000 yuan of securities assets, and there was no capital threshold for the access of institutional investors, which was the same as that of the science and innovation board. On the same day, the Financial Technology Department of Dongguan securities speeded up the adjustment and data center switching, completed the appropriateness adjustment and submission before September 20, and became the first echelon in the securities industry for investors to make an appointment to open the trading authority of the Beijing stock exchange in advance. In terms of trading rules, the Beijing stock exchange has followed many trading systems of the selection layer, such as providing continuous bidding trading, block trading, agreement transfer and other trading methods. On the first day of listing, there is no limit on the rise and fall of new shares on the Beijing stock exchange. From the next day, the rise and fall is limited to 30%, which is higher than 20% of the science and innovation board and gem. It increases the market elasticity and is in line with the characteristics of large differences in stock valuation of small and medium-sized enterprises. Several insiders expect that after the opening of the Beijing stock exchange, it will attract more incremental investors, and the market liquidity is expected to continue to improve. There are two ways for individual investors to participate in the investment of the new third board: one is to open trading authority for trading, and the other is to invest in the theme fund of the Beijing stock exchange. Up to now, the first eight theme funds of the Beijing stock exchange have been officially approved. Yifangda, Guangfa, huitianfu, Huaxia, Nanfang, harvest, Wanjia, Dacheng and other fund companies drank the "first soup". The eight funds raised about 4 billion yuan in total, and the products are expected to be sold this week. opportunity Promote the construction of multi-level capital market in Guangdong According to the data provided by Guangdong securities regulatory bureau, among the 10 listed companies on the Beijing stock exchange in Guangdong, four are from Guangzhou, three are from Shenzhen, two are from Huizhou and one is from Zhuhai, mainly focusing on new energy, advanced manufacturing, producer services and other fields. With the help of capital, the specialized new "little giant" has a stronger driving force. He Xueqin, chairman of beiteri, said: "the launch of the Beijing stock exchange has provided greater development opportunities and strength for 'specialized, special and new' enterprises. Beiteri will deeply take root in the Beijing stock exchange and build itself into a better enterprise." "in the next step, the company will continue to strengthen technological transformation and upgrading and expand market influence and industry influence." Pan Wenshuo, chairman of Derui lithium, told reporters. "Seizing the opportunity of Beijing stock exchange and promoting the leapfrog development of small and medium-sized enterprises" has become the consensus of Guangdong Province and municipal government departments and securities business circles in Guangdong Province. Cai Hui, deputy director of comprehensive business supervision division 1 of Guangdong regulatory bureau of China Securities Regulatory Commission, disclosed that the Bureau has continuously visited the Pearl River Delta, Eastern, Western and northern Guangdong for two months, and launched major reforms of the new third board, policy publicity and mobilization activities of the Beijing stock exchange in accordance with the idea of "promoting key cities and guiding key enterprises one by one", More than 600 enterprises and more than 800 trainees have participated in the training. The Shenzhen regulatory bureau of China Securities Regulatory Commission, together with Shenzhen Municipal and Shenzhen district governments, Shenzhen SME Service Bureau and national stock transfer companies, has formed a multi-party joint force to optimize innovative SME services. For example, promote government guidance funds, industrial funds and other venture capital funds and equity investment funds to invest in innovative small and medium-sized enterprises; Build a whole chain service system for scientific and technological innovation of small enterprises from venture capital funds and equity investment funds, to regional equity markets, and then to the new third board and exchange markets. Yang boguang said that the listing conditions of the Beijing stock exchange are more inclusive and help to solve the financing difficulties of the real economy. As a gathering place of "expertise and innovation", Guangdong can consider making full use of the opportunities of the Beijing stock exchange, issuing relevant policies, further promoting the listing of enterprises, encouraging and guiding high-quality enterprises to use the capital market to achieve leapfrog development, Promote Guangdong to accelerate the construction of multi-level capital market and promote economic transformation and upgrading. Luo Zhiheng also believes that Guangdong Province has an active private economy, is the province with the most enterprises listed at the innovation level and the basic level, and has a large number of "specialized and special new" reserve enterprises. With the increasing maturity of the Beijing stock exchange, relevant enterprises will obtain capital assistance and achieve rapid development, which will help to enhance the overall scientific and technological strength and industrial competitiveness of Dawan district. Coordinator: Xie Meiqin Digital reading Guangdong's "figure" on the Beijing stock exchange Among the first batch of listed enterprises of the Beijing stock exchange, the top three regions in terms of the number of enterprises are Jiangsu Province (12), Beijing (11) and Guangdong Province (10). Ten enterprises in Guangdong Province are registered in four cities: Guangzhou (4), Shenzhen (3), Huizhou (2) and Zhuhai (1). In the first three quarters of 2021, 10 listed enterprises in Guangdong achieved a total revenue of nearly 9.6 billion yuan and a net profit of about 1.455 billion yuan, of which 8 had a positive year-on-year increase in operating revenue and net profit attributable to the parent company. Among the enterprises listed on Guangdong north stock exchange, beiteri's revenue and net profit ranked first in the first three quarters of this year. From January to September this year, beiteri realized an operating revenue of 6.851 billion yuan, a year-on-year increase of 154.18%. Among the 10 enterprises, Guangdao hi tech is the one with the largest proportion of total R & D expenditure in operating revenue. In 2020, it invested 20.4269 million yuan in R & D, accounting for 13.69% of revenue. Among the 10 listed companies and their subsidiaries in Guangdong, Derui lithium, Jinhao medical and beiteri are rated as "small giants" specialized in Texin by the Ministry of industry and information technology, accounting for 18% of the total number of "small giants" specialized in Texin among the first batch of Listed Companies in the Beijing stock exchange. Guangdong Province also has a rich "reserve force" of the Beijing stock exchange. As of November 15, Guangzhou