On June 24, with the listing of Youji shares, the number of stock listed companies in Beijing stock exchange reached 100. On November 15, 2021, the Beijing stock exchange was opened. After more than seven months of growth, the young Beijing stock exchange has attracted more and more attention from the market. On the whole, the 100 listed companies have maintained steady operation, obvious innovation attribute, continuously improved normative level, and continuously enhanced social responsibility awareness, showing relatively strong development toughness. Listed enterprises "small and beautiful" The long-term goal of Beijing stock exchange is to create a service innovation oriented small and medium-sized enterprise main position, highlight the market positioning of "earlier, smaller and newer", form a dislocation pattern with the main board, the science and innovation board and the gem, and enhance the joint force of the capital market to serve the real economy. Not to mention the newly listed Youji shares, what is the quality of the other 99 listed companies on the Beijing stock exchange? In the face of the recent complex and severe domestic and international situations and many risks and challenges, the listed companies on the Beijing stock exchange have shown strong resilience and vitality. According to the analysis of Zhongguancun Guorui financial and Industrial Development Research Association, as of June 20, the total market value of 99 listed companies on the Beijing stock exchange exceeded 200billion yuan. In 2021, the annual operating revenue was 69.760 billion yuan, a year-on-year increase of 16.06%, the net profit was 7.722 billion yuan, a year-on-year increase of 5.21%, and the return on net assets (ROE) was 12.63%. From the perspective of provinces, it is mainly distributed in 23 provinces, including 17 in Jiangsu Province, 12 in Beijing, 12 in Guangdong Province and 11 in Shandong Province, ranking the top 4 respectively. The eastern region is still the main concentration of listed companies. "It conforms to the market positioning of Beijing stock exchange as a whole." The person in charge of the relevant departments of the Beijing stock exchange said that among the 100 listed companies of the Beijing stock exchange, 76% are small and medium-sized enterprises, and more than 80% are strategic emerging industries and advanced manufacturing industries, covering diversified and segmented innovation fields such as industrial materials, information technology, medicine and health, "double carbon" and consumption. The 100 listed companies are characterized by "small and beautiful", which matches the market positioning of Beijing stock exchange for serving innovative small and medium-sized enterprises. In 2021, nearly half of the companies with a net profit of more than 50million yuan. 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%. 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. Yangdelong, chief economist of Qianhai open source fund, said in an interview with reporters that since the establishment of the Beijing stock exchange, the overall operation has been stable and the trading volume has been gradually enlarged. Especially this year, although the share price has fluctuated, the trading volume has performed well. In the future, as more and more companies land on the Beijing stock exchange, more investors will participate in the transaction, and the transaction activity is expected to be further improved. "Beijing stock exchange actively serves innovative small and medium-sized enterprises, and a number of invisible champions and unicorns are emerging. For example, beiteri, Liancheng CNC, Chuangyuan instrument, Jilin Carbon Valley and other enterprises have become benchmark enterprises in their respective segments." Tian Lihui, Dean of the Financial Development Research Institute of Nankai University, said that the service provided by the Beijing stock exchange to innovative small and medium-sized enterprises is mainly reflected in providing timely financing support for "specialized, special and new" and "small and beautiful" enterprises. Tianxuan, vice president of Wudaokou School of finance of Tsinghua University, believes that it is a very meaningful moment for the number of listed companies on the Beijing stock exchange to reach 100. On the basis of institutional innovation, Beijing Jiaotong exchange has continuously developed and improved, gradually becoming a standardized financing platform for innovative small and medium-sized enterprises. The liquidity of the sector has been continuously strengthened, and the investor structure has been continuously improved. Under the background of promoting the comprehensive registration system, the prototype of China's multi-level capital market has basically taken shape, and the market pattern of dislocation distribution and linkage development of multi plate markets has been further improved. Initial results of pilot registration system In 2022, the major task of Beijing stock exchange is to "scale up" and realize the sustainable supply of high-quality enterprises. Since the opening of the market, the registration system has been piloted simultaneously by the Beijing stock exchange, which is also an important step before the implementation of the registration system in the whole market. "Implement the general requirements of the registration system, strictly carry out the audit with information disclosure as the core, require the issuer to fully disclose the information necessary for investors to make value judgments and investment decisions, and cooperate with on-site inspection, on-site supervision and other means to effectively ensure the quality and efficiency of the audit." The relevant person in charge of the Beijing stock exchange told reporters. According to the reporter, at present, the average project audit time of the Beijing stock exchange (from acceptance to approval / registration) is 143 days, and the project audit with good enterprise quality and diligent and responsible intermediary agencies is more efficient. For example, the Huifeng diamond audit recently applied for registration only takes 71 days. In practice, some enterprises feel that the audit time is long, which is mainly affected by factors such as the replacement of the host securities firm and the long feedback time. The national stock transfer company plans the system connection and organic linkage between the basic level, innovation level of the new third board and the Beijing stock exchange, and makes every effort to build a market system that serves small and medium-sized enterprises in the whole chain. Therefore, the examination and approval of the issuance and listing of Beijing stock exchange has initially formed certain characteristics. First, give full play to the regulatory advantages of stock enterprises. All the enterprises declared by the Beijing stock exchange are innovative companies that have been listed for one year. The enterprise has passed the listing access and continuous information disclosure supervision at the innovation level. In the review of the issuance and listing of the Beijing stock exchange, the disclosure requirements for the disclosed information will be simplified, and the pertinence of the enterprise information disclosure will be further improved through the review and inquiry. Secondly, we should make effective use of the basis of continuous supervision of securities companies. Make full use of the supervision foundation of the new third board sponsored securities companies in the early stage, implement the integration of the sponsor and the continuous supervision securities companies, strengthen the responsibilities of the sponsor, and simplify the verification if the specific conditions are met during the continuous supervision. Thirdly, the development characteristics of innovative small and medium-sized enterprises should be accurately included. The companies applying for listing in Beijing stock exchange objectively show the common characteristics of small scale and early development stage. On the premise of strictly controlling the financial authenticity, operation and internal control compliance and other conditional issues, the listing audit fully reflects the accurate inclusion of the regular problems in the growth process of innovative small and medium-sized enterprises. In 2022, the average number of the first round of questions asked by the Beijing stock exchange will be reduced by nearly 30% compared with 2021. The institutional advantages of the innovation layer of the new third board and the progressive and integrated development of the Beijing stock exchange have been further highlighted. "Further strengthen the hierarchical positioning of the innovation layer of the new third board as the 'reserve force' for listing on the Beijing stock exchange, the standardized cultivation of 'training camps' and the' stabilizer 'of the market ecology." The relevant person in charge of Beijing stock exchange said that from the stratification situation in the first half of 2022, the selection function and attraction of innovation layer have been continuously enhanced. In 2021, 515 new tier companies achieved an average net profit of 29.0446 million yuan, an average return on net assets of 15.72%, and the compound growth rates of operating income and net profit in the past two years were 23.50% and 40.69% respectively, showing good profitability or growth. Among the new tier companies, 348 companies met the financial conditions for listing on the Beijing stock exchange, accounting for 67.57%. 89 new tier companies have submitted the listing guidance filing materials of Beijing stock exchange. At present, the national stock transfer companies are implementing the "pilot plan" to comprehensively strengthen the business process docking, regulatory standard convergence, information sharing and mutual recognition between the new third board market in various links such as enterprise cultivation, stock listing, continuous supervision, financing and M & A, and public offering, so as to improve the smooth growth of enterprises in the new third board and the Beijing stock exchange. Better serve innovative small and medium-sized enterprises The reporter 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 its overall physical condition is relatively good, and it has the foundation for normalized issuance and listing. On June 23, beiteri, a listed company of the Beijing stock exchange, issued a 2022 prospectus for the issuance of shares to specific objects (Draft), which shows that it is planned to increase the total amount of raised funds by no more than 5billion yuan, which is the largest refinancing project since the opening of the Beijing stock exchange. According to Tian Lihui, beiteri and other enterprises of the Beijing stock exchange can not only raise funds through initial public offering, but also plan to carry out large-scale refinancing, which shows that the market breadth and depth of the Beijing stock exchange have been significantly improved, the market microstructure is diversified and orderly, and the liquidity is fully stable, so that they can support relatively large fixed growth. The market expects Beijing stock exchange to better serve innovative small and medium-sized enterprises. Liu Feng, chief economist of galaxy securities, believes that the data show that the 100 listed companies on the Beijing stock exchange are of good quality, but objectively speaking, compared with the science and innovation board and the gem, the turnover rate of the Beijing stock exchange is low, and the P / E ratio is also relatively low. This actually reflects that the market transaction is not active enough and the function of value discovery is not fully reflected. It is expected that the Beijing stock exchange will improve the activity of market transactions in the next step, vigorously attract institutional investors, and truly give play to the price discovery function of the market. Tian Xuan suggested that the Beijing stock exchange needs to accelerate the listing rhythm of high-quality innovative enterprises, especially broaden the financing channels of "specialized and special new" enterprises, and form a reasonable market scale as soon as possible. And from the aspects of improving laws and regulations, unblocked delisting channels, reform of regulatory system, protection of investors' rights and interests, we will consolidate the foundation for the steady operation of the market. It is reported that the Beijing stock exchange will release the index of the Beijing stock exchange, further develop index products, promote the implementation of the mixed trading system of the Beijing stock exchange, enrich market trading tools and trading strategies, and strive to reduce market participation costs and increase trading convenience. (Xinhua News Agency)