Recently, the national stock transfer company released the official list of companies listed in the third innovation layer in 2022. So far, the implementation of the new third board in the first half of the year has been successfully completed, with a total of 515 companies newly entering the innovation layer. The total number of innovative companies reached 1696, the highest level since the implementation of the hierarchical system, and the scale and quality of the hierarchy were significantly improved. Industry insiders said that the reform of the new third board has been deepened, the overall quality of entry-level companies has been significantly improved, and the functional positioning of the basic level and innovation level as the "reserve force" and "training camp" listed on the Beijing stock exchange has been further strengthened, which will better assist the innovative development of small and medium-sized enterprises. The new company has excellent quality and efficiency Market stratification is a characteristic institutional arrangement of the new third board. With the continuous optimization of the stratification system, the selection function and attraction of the innovation layer to high-quality small and medium-sized enterprises continue to increase. The data shows that 515 new tier companies have shown good profitability or growth, with an average net profit of 29.0446 million yuan in 2021, 10.32% higher than the original innovative tier companies; The average return on net assets is 15.72%, 7.04 percentage points higher than the original innovative companies; The compound growth rates of operating income and net profit in the past two years were 23.50% and 40.69% respectively, 17.66 and 36.45 percentage points higher than the original innovative companies. "The new tier companies have excellent quality, and their profitability and other indicators have been significantly improved compared with the original innovative tier companies, which is directly related to the institutional dividend of the Beijing stock exchange and the 'incubation' of innovative small and medium-sized enterprises by the foundation layer of the new third board." Chang Chunlin, founder of Beijing Liwu Investment Management Co., Ltd., said that after the establishment of the Beijing stock exchange, many high-quality enterprises have plans to list on the Beijing stock exchange, but the application for the Beijing stock exchange needs to be an innovative company listed on the new third board for more than a year, so it has attracted many high-quality enterprises to actively enter the market. Sunjinju, vice president of Kaiyuan securities and director of the Research Institute, believes that with the support of tax and fee reduction policies and various financial policies, the financing costs of companies listed on the new third board have been reduced, and the development environment has been further optimized. At the same time, the newly revised layering system strictly prevents "bringing diseases into the layer", ensuring the quality of innovative companies. In addition, the listed companies adhere to the innovation driven development path, give play to the advantages of small and medium-sized enterprises in the industrial chain, and improve the overall quality of the entry company. In terms of industry, new entrants are mostly concentrated in advanced industries such as information technology, high-end equipment manufacturing, new energy, new materials, biomedicine, etc. Among them, five companies entered the innovation layer according to the R & D standards. In 2021, the average R & D investment was 45.902 million yuan, and the average R & D intensity was 12.27%. The innovation attribute was outstanding. The layered market pattern has initially taken shape "The new third board layering system has a strong guiding role for innovative small and medium-sized enterprises, and can enable us to focus more on subdivisions. It can be said that the new third board is a window for small and medium-sized enterprises to obtain more development possibilities, and effectively serves the innovation and development of enterprises." He Qian, chairman of Guangzhou youI Technology Co., Ltd., told reporters. As one of the first batch of enterprises to enter the level with R & D indicators this year, our technology was listed on the new third board in November 2016, and obtained the funds needed for development through private placement. The company continued to increase R & D investment and improve its technical strength, laying the foundation for steady growth. With the establishment of the Beijing stock exchange, the new third board foundation layer, innovation layer and the Beijing stock exchange have gradually formed a pyramid market structure, and the progressive market structure has been gradually improved, which is conducive to improving the accuracy of the capital market in serving innovative small and medium-sized enterprises. "At present, the pattern of dislocation development and interconnection of the new third board, the Beijing stock exchange and the Shanghai Shenzhen Stock Exchange, and the regional equity market is more perfect, and the multi-level market structure is gradually formed, which improves the coverage of the capital market serving small and medium-sized enterprises, and improves the whole chain system of the capital market serving the innovative development of small and medium-sized enterprises." Chang Chunlin said. Among the new tier companies, 348 companies met the financial conditions for listing on the Beijing stock exchange, accounting for 67.57%. In 2021, the average net profit of 348 companies reached 36.6166 million yuan, and the average return on net assets reached 16.94%. The agglomeration effect of high-quality companies was significant. 89 new tier companies have submitted the listing guidance filing materials of the Beijing stock exchange, accounting for 27.47% of the companies that have been mentored. Liu Jing, chief analyst of Shenwan Hongyuan specialty Texin, said that the new third board revised the layering system in the first half of the year, which facilitated the orderly arrangement of development plans such as entry and listing of enterprises, strengthened the close connection between the entry conditions of the innovation layer and the listing conditions of the Beijing stock exchange, thus accelerating the process of listed companies from the basic layer to the innovation layer, and providing favorable conditions for the development and growth of the Beijing stock exchange. Help small and medium-sized enterprises overcome difficulties Affected by the epidemic repeatedly, the development of small and medium-sized enterprises has encountered many difficulties. In order to give full play to the function of the capital market and support enterprises in regions and industries seriously affected by the epidemic to accelerate the recovery and development, the national stock transfer companies issued a series of measures in the first half of this year to relieve the difficulties of small and medium-sized enterprises. On March 4, the national share transfer company issued the newly revised "national measures for the hierarchical management of the share transfer system of small and medium-sized enterprises" and supporting guidelines, which optimized and adjusted the entry conditions and entry frequency of the innovation layer, and made it clear that there were six innovation layer entry arrangements throughout the year, including one from February to June in the first half of the year and one in September in the second half of the year. On May 31, the national stock transfer company and the Beijing stock exchange issued the notice on several measures to further optimize regulatory services to support the recovery and development of areas and industries seriously affected by the epidemic, and launched 24 measures to optimize self regulatory services in combination with the actual market conditions to support companies affected by the epidemic to accelerate their recovery and development. In general, the national stock transfer companies optimize and adjust their business processes by layers, and flexibly carry out various work through remote training, online Q & A, electronic submission and other means; Appropriately relax the requirements on the form of document submission, and allow the signature to temporarily sign on behalf of the company entity after obtaining the corresponding authorization; Orderly arrange the companies affected by the epidemic to advance after completing the annual report disclosure or issuing financing in May, effectively increase the regulatory flexibility and improve the service temperature. These arrangements also lay the foundation for further optimizing the layered implementation mechanism, improving workflow and improving service efficiency. "In order to effectively respond to the impact of the epidemic, the new third board should continue to provide more efficient institutional supply in terms of financing services and trading services, and build a more attractive market." Liu Jing suggested that, on the one hand, we can attract small and medium-sized enterprises to list on the new third board through efficient, flexible and diversified public offering and refinancing services, reduce the financing costs of small and medium-sized enterprises, and promote the healthy development of small and medium-sized enterprises; On the other hand, through the introduction of more institutional investors, the implementation of mixed market making and other systems to improve market liquidity and pricing efficiency, and promote a virtuous cycle of the market. Chang Chunlin believes that as the market operation of the new third board and the Beijing stock exchange becomes more stable and orderly, the market reform will also continue to deepen. By optimizing the appropriate management of investors, promoting the entry of all kinds of long-term funds into the market, we will gradually explore an effective model for the capital market to serve innovative small and medium-sized enterprises, and help the real economy achieve higher quality development. (Xinhua News Agency)