The high-quality capacity expansion of Beijing stock exchange has accelerated since it entered the "era of 100 enterprises"

2022-06-24

On June 24, with the listing of Youji shares, the number of listed companies on the Beijing stock exchange reached 100. The 100th listed company was welcomed seven months after the opening of the Beijing stock exchange, marking that the Beijing stock exchange has leapt into a new level and reached a new milestone. On the whole, the 100 listed companies have maintained sound operation and obvious innovation attributes, among which the national specialized and new "little giant" enterprises account for more than 20%, showing a relatively strong development toughness. "Hundred enterprises era" presents seven characteristics With the entry of the "100 enterprise era" of the Beijing stock exchange, the high-quality capacity expansion is accelerated, showing seven characteristics. First, it is generally in line with the market positioning of Beijing stock exchange. Among the 100 listed companies on the Beijing stock exchange at present, 76% are small and medium-sized enterprises, and more than 80% are strategic emerging industries and advanced manufacturing industries. They cover the diversified and segmented innovation fields such as industrial materials, information technology, medicine and health, "double carbon" and consumption, reflecting the diversified innovation forms such as technology innovation, product innovation, management innovation and business model innovation of small and medium-sized enterprises. Second, the overall business quality remained stable. In 2021, 100 listed companies achieved a total operating income of 70.466 billion yuan, a year-on-year increase of 31.04%; The net profit attributable to the parent company was 7.625 billion yuan, a year-on-year increase of 22.81%, and nearly half of the company's net profit was more than 50million yuan. Third, the driving role of innovation has been significantly enhanced. The R & D expenditure of 100 listed companies in 2021 totaled RMB 3.339 billion, with an average R & D intensity of 6.87%, 4.78 times that of Enterprises above designated size. Among the 100 listed companies, 22 are state-level specialized and new "little giant" enterprises, and 2 companies have won the national science and technology progress award. Fourth, the level of standardized governance has been continuously improved. The special action on corporate governance in 2021 shows that the governance structure of listed companies on the Beijing stock exchange is becoming more and more perfect, the operation of "three meetings" is basically standardized, the ownership structure is significantly optimized, and an effective internal and external restriction mechanism is gradually established. Fifth, the awareness of investor relationship management has been gradually enhanced. Listed companies pay more attention to the management of investor relations. Since the establishment of the Beijing stock exchange, 54 companies have received more than 110 surveys from various investors. Sixth, the awareness of rewarding investors and practicing social responsibility continued to increase. In terms of cash dividends, more than 70% of the companies issued cash dividend plans, with the proposed dividend amount of 2.06 billion yuan, a year-on-year increase of 7.3%, and the cash dividend rate of 36 companies exceeded 40%. Seventh, benchmarking enterprises have initially formed an aggregation effect. Among them, beiteri, the global leader in lithium battery cathode materials, realized a net profit of 1.44 billion yuan, a year-on-year increase of 191.4%; Jilin Carbon Valley, the domestic leader of carbon fiber precursor, realized a net profit of 310million yuan, a year-on-year increase of 126.1%. Listing review mechanism will be further optimized Since the opening of the Beijing stock exchange, the review of issuance and listing has been running well as a whole and has initially formed certain characteristics. Beijing stock exchange continued to optimize the audit mechanism, improve the audit quality and efficiency, and carried out a series of targeted measures to improve the efficiency of listing audit, including: improving the accuracy of inquiry questions, further focusing on conditions and key issues of relevant information disclosure, highlighting the significance and accuracy, reducing business and Industry general issues, and the exemption of standardized matters. The average number of questions in the first round of inquiry in 2022 was nearly 30% less than that in 2021; Establish a regular communication mechanism after inquiry, carry out on-site or video communication with intermediaries after inquiry, timely convey the inquiry purpose, audit requirements, etc., and promote the improvement of response efficiency and quality; Open the audit trends, concepts and cases to the market. At present, the project audit (from acceptance to approval / registration) of Beijing stock exchange takes an average of 143 days. The project audit with good enterprise quality and diligent and responsible intermediary agencies is more efficient. The audit of Huifeng diamond recently reported for registration takes only 71 days. It is understood that in practice, some enterprises feel that the audit time is long, which is mainly caused by factors such as changing the host broker and long feedback time. The reporter of the economic information daily learned that the subsequent Beijing stock exchange will further optimize the audit mechanism, strengthen the internal coordination of listing, supervision and audit, improve the "fast track" institutional arrangement for enterprise listing, promote the deep integration of the sponsor team and continuous supervision, and facilitate qualified enterprises to enter the Beijing stock exchange smoothly and efficiently for development. Sufficient backup enterprises of Beijing stock exchange The reporter of economic information daily learned that as of June 22, there were more than 310 auxiliary enterprises and 68 enterprises under review. Among the auxiliary enterprises, high-tech manufacturing and high-tech services account for more than 40%, showing the characteristics of rapid development, strong profitability and high R & D intensity. On the whole, the Beijing stock exchange has a certain number of backup enterprises, and the overall quality is relatively good, which has the basis of normalized issuance and listing. From the situation of existing listed companies, according to the annual report of 2021, there are more than 1300 companies that meet the financial conditions for listing on the Beijing stock exchange. Excluding the enterprises under review, termination of audit, failure to disclose periodic reports on schedule and other situations, there are more than 1100 backup companies, of which more than 70% are currently at the innovation level. In terms of industry distribution, backup enterprises are mainly concentrated in manufacturing, information transmission, software and information technology services, as well as scientific research and technical services. More than 160 companies have been selected into the list of specialized, special and new "little giant" enterprises released by the Ministry of industry and information technology, won the title of "single champion" in the national manufacturing industry or won the national science and technology award. From the stratification in the first half of 2022, the selection function and attraction of innovation layer are continuously enhanced. New tier companies are mostly concentrated in advanced industries such as information technology, high-end equipment manufacturing, new energy, new materials and biomedicine. More than half of the companies have been recognized as national or provincial "specialized, special and new" and "single champion". Among the new tier companies, 348 companies met the financial conditions for listing on the Beijing stock exchange, accounting for 67.57%. Liujing, chief analyst of Shenwan Hongyuan Research Institute, told reporters that the growth and strength of the exchange needs to be supported by enough listed companies. Since this year, the Beijing stock exchange has actively reformed the hierarchical management system, the number of innovative companies has reached a record high, and the reserve force of the Beijing stock exchange is sufficient. Since May, with the supplement of annual report materials, the audit pace has been significantly accelerated, and it is expected that the capacity expansion of Beijing stock exchange will be accelerated in the second half of the year. The future development of Beijing stock exchange also needs to focus on both the volume and quality of listed companies, improve financing services and continuously improve the financing efficiency of small and medium-sized enterprises; On the other hand, we should focus on investor services, improve liquidity, improve market pricing efficiency, and enhance investors' sense of gain. Zhouyunnan, senior commentator of the new third board and founder of Beijing Nanshan investment, told reporters that with the deepening reform of the Beijing stock exchange and the gradual improvement of supporting policies, the amount of corporate financing will continue to grow, market transactions will continue to expand, qualified investors will continue to increase, over-the-counter funds will continue to enter the market, intermediary service institutions will continue to increase, realize the overall enhancement of market activity, and will give full play to the "leading" leveraging role and "feeding back" function, Invigorate the foundation layer of the new third board, strengthen the innovation layer of the new third board, and jointly help the high-quality development of innovative small and medium-sized enterprises. (Xinhua News Agency)

Edit:He Chuanning    Responsible editor:Su Suiyue

Source:Economic Information Daily

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