The new third board originated in Beijing, and its predecessor was the Zhongguancun Agency Share quotation transfer pilot jointly carried out by CSRC and Beijing in 2006. The reform of the new third board is also a major event for Beijing and is highly valued.
After comprehensively deepening the launch of the new third board reform, on December 24, 2019, Cai Qi, Secretary of the Beijing Municipal Party committee, went to Xicheng District to investigate and study the promotion of high-quality development of the financial industry, and held a forum on financial work. He stressed that we should strengthen the construction of a multi-level capital market. We will accelerate the implementation of the new third board reform and support more high-quality enterprises in Beijing to enter the capital market.
Todays market opening of the selected layer may be another beginning for the new third board. It is understood that securities companies have put forward suggestions to promote the expansion of the army of qualified institutional investors in the new third board, and Beijing is also making efforts to form a reserve of 1000 local listed enterprises on the new third board in 3-5 years.
On the new third board, there is another encouraging news today.
Shell finance reporter of Beijing News learned exclusively from Beijing local financial supervision and Administration Bureau (hereinafter referred to as Beijing Financial Bureau) that Beijing will strengthen communication with regulatory departments such as CSRC, strive to issue relevant supporting policies, carry out pilot projects in the new third board or other sectors, and guide China capital stocks to return home for development.
At the same time, the Beijing financial regulatory bureau also said that it would sort out the general stocks going to the United States and China, and support the development of returning to a shares or Hong Kong shares if they meet the return conditions; if they do not meet the requirements temporarily, the comprehensive service platform for listing Beijing enterprises can provide comprehensive services. Next, Beijing will continue to promote development while adhering to the fight against the epidemic, and continue to promote high-quality scientific and technological innovation enterprises in Beijing to choose appropriate capital market financing at home and abroad according to their own development reality.
Pay behind Beijing speed
Now there are more than one million qualified investors, far more than we expected. Now what we can do is to do a good job. On July 10, Beijing liujinnian Culture Communication Co., Ltd. completed the preparation before listing on the selected layer of the new third board. Xu Wenhai and Wang Ying, who have worked in this company for six years, have participated in the companys declaration process. More than a week later, they finally had time to get together with friends in Wangjing.
We have gone through two IPOs, and this time the relevant approval can be completed in a few working days, which is unexpected. Talking about the whole application process of the selected layer of the new third board, Xu Wenhai was deeply impressed by the audit efficiency.
At the dinner table, to my friends surprise, this declaration has been in contact with the leaders and staff of the Financial Bureau. They will ask us in time how we are progressing and if we have any difficulties.
On July 1, Yingtai biology, located in the science and Technology Park of Changping District, Beijing, started to apply online. 522900 investors participated in the online subscription, with a cumulative subscription multiple of 663 times, which exceeded the expectations of the underwriting and recommendation agencies. In the end, Yingtai biological successfully issued 100 million shares and raised 545 million yuan, becoming the first selected level public offering enterprise in China. It took 43 days from the application to the meeting of Yingtai biology to create the selected layer speed.
Southwest Securities, headquartered in Beijing Financial Street, is the underwriter and sponsor of Yingtai biology. In a report, the reporter saw that at the end of December 2019, the intermediary team composed of Southwest Securities, Beijing Kangda law firm and Sichuan Huaxin accounting firm entered the work site. In the process of project implementation, Southwest Securities and other intermediary organizations have appointed more than 20 people to participate in the due diligence.
The epidemic situation has brought unprecedented challenges to intermediary agencies. The project team of Southwest Securities Co., Ltd. should coordinate the security material support work such as masks externally, and overcome the panic at home to pacify the family members. In order to save time and reduce the risk of the epidemic, the project team lived in the company.
It is not only the mediators who help Yingtai biology. According to the above-mentioned reporting information of Southwest Securities, Beijing Financial Bureau attaches great importance to Yingtai biological listing project, establishes a special working class to connect enterprises and sponsor institutions, and continuously pays attention to the progress of the project. In the process of guidance, Beijing Securities Regulatory Bureau always pays attention to various problems in the process of project promotion. In the end, Yingtai bio became the first enterprise in China to obtain the approval of public offering of selected layer.
It is better to prepare for the rain, not to dig a well in the face of thirst. This sentence has become the requirement of Beijing Financial Bureau for relevant front-line staff. The reporter also learned from their communication that behind the Beijing speed is the strict requirements and solid work of the Beijing Financial Bureau from top to bottom.
Before the establishment of the new third board working class in December last year, Beijing has made preliminary research and judgment, and has preliminarily sorted out the listed enterprises in the region and formed a list of key enterprises. Take the Beijing Financial Bureau as an example. Every day, there are eight full-time staff in relevant departments of nearly 100 wechat working groups, who are respectively responsible for the listing of enterprises, the new third board, the fourth board, private venture capital, service institutions, etc.
When encountering major projects, key tasks and critical moments, the responsible comrades are the main ones, the whole staff are involved, the municipal leaders and the Bureau leaders give strong support and coordinate and promote in person. After the selection layer of the new third board has entered a critical stage, we will respond at any time in 7 u00d7 24 hours, and we will handle the case as soon as we receive the lawsuit, and we will handle it before the lawsuit is filed. A special staff member recalled that at that time, his normal was starting to work at more than five oclock in the morning, and still working overtime at two or three oclock in the evening..
Reform the new third board to better serve the construction of Beijing Science and Technology Innovation Center
What kind of capital to build and how to build it? The answer given in the master plan of Beijing (2016-2035) released in 2017 is that Beijing should implement the strategy of four centers in the construction of political center, cultural center, international communication center and scientific and technological innovation center.
Serving the construction of Beijing Science and technology innovation center is one of the functions of the new third board. At the beginning of January 10, Beijing issued the notice on several measures to increase financial support for the healthy development of science and technology innovation enterprises (hereinafter referred to as Article 17 of Beijing Science and technology innovation).
Beijing Science and technology innovation 17 clearly requires accelerating the implementation of the new three board reform. That is to establish a security mechanism to speed up the implementation of the new third board, implement special incentive and compensation policies, actively release reform dividends and demonstration effects, realize a batch of reserves, cultivate a batch, list a batch, issue a batch, and give play to the leading role of Beijing science and innovation enterprises in listing, issuing and trading in the new third board. We will further strengthen the docking between the regional equity market and the new third board and expand the reserves of listed enterprises. We should encourage securities companies and other intermediary institutions in Beijing to actively participate in the reform of the new third board, guide institutional investors such as public funds in Beijing to actively participate in the market investment of the new third board, and actively promote the implementation of relevant policies for long-term capital investment in the new third board.
At the press conference, Huo Xuewen, Secretary of the Party group and director of the Beijing Financial Bureau, directly referred to the 17 articles of Beijing Science and technology innovation as all articles are hard truth. At the same time, Beijing Science and technology innovation Article 17 also puts forward the quantitative goal, that is, strive to achieve the total number of Listed Companies in Beijing and abroad more than 600 by the end of 2020.
According to the latest data, Beijing has been focusing on epidemic prevention and promoting development on the one hand. As of July 21, 21 local enterprises have been promoted to land in a shares, up 133% year on year.
This year, the international and domestic epidemic situation has had a great impact on the development of enterprises, and some enterprises have no choice but to slow down the pace of listing. At the same time, since Ruixing coffees performance fraud, China concept shares have become a short target again. The development of listed China concept shares and the future listing of Chinese enterprises in the United States have been greatly affected. All of these bring challenges to Beijing.
In the interview, the reporter learned that the introduction of Beijing Science and technology innovation Article 17 is to help Beijing Science and technology innovation enterprises develop better. Therefore, Beijing Financial Bureau said that it is willing to face such challenges and is confident to achieve the goal.
Zhao Zexiao, editor of shell finance reporter Huang Xinyu of Beijing News
Source: Wang Fengzhi, editor in charge of Beijing News_ NT2541