Recently, the newly revised Measures for the hierarchical management of the national share transfer system of small and medium-sized enterprises and supporting guidelines of the national share transfer company were officially released. The new measures have made major adjustments in the timing of the entry of the new third board. Therefore, the regular transfer in was started on April 30 every year, which was implemented month by month from February to June in the first half of the year and once in September in the second half of the year. This is the latest measure to deepen the reform of the new third board. Sui Qiang, general manager of Beijing stock exchange, said that realizing the continuous supply of high-quality enterprises is the top priority of the current high-quality construction of Beijing stock exchange. The purpose of optimizing the hierarchical management system of the national stock transfer company is to coordinate the system connection and organic linkage between the basic layer and innovation layer of the new third board and the Beijing stock exchange, and build a market system serving small and medium-sized enterprises in the whole chain. Market stratification is the characteristic institutional arrangement of the new third board market. Optimizing the hierarchical management system is an important measure to deepen the reform of the new third board. The optimization of the hierarchical management system is conducive to give full play to the pivotal role of the innovation layer, further strengthen the hierarchical positioning of the innovation layer as the "reserve force" for listing on the Beijing stock exchange, standardize the cultivation of "training camp" and the "stabilizer" of market ecology, and lay a solid institutional foundation for building the main position of service innovative small and medium-sized enterprises. The Beijing stock exchange has established a synchronous pilot registration system to enable more innovative small and medium-sized enterprises to enjoy the dividends of capital market reform. As of February 28, all 86 companies listed on the Beijing stock exchange have disclosed the performance express of 2021. Except Northland, other companies have achieved profits, with a profit margin of 99%. The average net profit of 85 companies is 85.23 million yuan, with a median of 50.31 million yuan. Next, the Beijing stock exchange will further enhance the inclusiveness of the industry and expand the market coverage of innovative small and medium-sized enterprises. By the end of January 2022, there were more than 1000 companies meeting the financial conditions for listing on the Beijing stock exchange, nearly 300 enterprises undergoing listing guidance, and more than 40% of them were high-tech manufacturing and high-tech service industries. On the whole, they showed the characteristics of rapid development, strong profitability and high R & D intensity, with rich quantity and diversified structure. After the announcement of the establishment of the Beijing stock exchange, the enthusiasm of high-quality enterprises to be listed has increased significantly, forming a rich reserve of listed enterprises. The gradual and collaborative linkage between the Beijing stock exchange and the new third board is not only the market feature in line with the law of innovation and growth of small and medium-sized enterprises, but also the support for jointly building the main position of service innovative small and medium-sized enterprises. We have also improved the "layered and mutual recognition" mechanism for the continuous development of enterprise listing, and improved the "layered and mutual recognition" mechanism for the continuous development of enterprise listing, so as to facilitate the implementation of the "layered and mutual recognition" mechanism. In the next step, we have also improved the "layered and mutual recognition" mechanism for the continuous development of enterprise listing and other business High degree of smooth growth of enterprises in the new third board and the Beijing stock exchange market. " Sui Qiang said. It is reported that since the opening of the market on November 15, 2021, more than 90% of the enterprises of the Beijing stock exchange are high-tech enterprises, and more than 60% belong to strategic emerging industries. The listed companies are mainly concentrated in mechanical equipment, power equipment and other industries. Following the scientific innovation board, the Beijing stock exchange continues to cultivate listed enterprises around industrial innovation and development, and more than 20% of them are "specialized and special new" enterprises. According to the rough estimation of the data on December 27, 2021, the arithmetic average turnover rate of the Beijing stock exchange is equivalent to 41% of the science and innovation board and 22% of the gem; The trading volume is equivalent to 7.4% of the science and innovation board and 0.4% of the gem; The transaction amount is equivalent to 2.2% of the science and innovation board and 0.4% of the gem; The total market value is equivalent to 4.5% of the science and innovation board and 19% of the gem. In terms of funds, Huaxia, Guangfa, huitianfu, yifangda, Nanfang, harvest, Dacheng and Wanjia funds launched the first eight publicly raised theme funds of the Beijing stock exchange. Liu Feng, chief economist of China Galaxy Securities, believes that serving small and medium-sized enterprises is a unique feature of the Beijing stock exchange, which is different from the science and innovation board and the gem, but it may not be limited to serving small and medium-sized enterprises in the future. At the beginning of its establishment, Nasdaq was also positioned as the "preparatory class" of the New York Stock Exchange, and also established a relatively smooth channel to transfer to the New York Stock Exchange. However, later, with the increasing vitality of the Nasdaq market, top technology enterprises such as Microsoft and Google have long met the conditions for board transfer, but they still stay on the NASDAQ. "We need to further activate and improve the market vitality and attractiveness of the Beijing stock exchange." First of all, Liu Feng believes that the selection and quality control of listed companies should be clear; Secondly, we should establish a supporting mechanism after listing to provide derivatives and means for traders and market makers. For example, launch the market index of the selected layer and derivative financial instruments such as ETF funds, margin trading and stock options as soon as possible to provide market hedging mechanism for market makers and traders; Third, take care of the exit. Beijing stock exchange should demonstrate and implement a strict delisting mechanism in advance of other exchanges, implement more strict information disclosure, and realize the survival of the fittest through merger and reorganization, downgrade, active or forced delisting, so as to truly form a market-oriented resource allocation optimization ecology. "To establish the real core competitiveness of the Beijing stock exchange, we should attach great importance to four points: the first is the market maker mechanism, the second is the information disclosure mechanism, the third is the delisting system, and the fourth is the investor protection mechanism." Liu Feng suggested. (Xinhua News Agency)