The Basic System Of Beijing Stock Exchange Has Been Gradually Clarified

The first batch of business rules of Beijing stock exchange (hereinafter referred to as "Beijing stock exchange") immediately solicited public opinions.

? ? ? ? On September 5, the Listing Rules of Beijing stock exchange (for Trial Implementation), the trading rules of Beijing stock exchange (Trial Implementation) (hereinafter referred to as the Listing Rules), and the member management rules of Beijing stock exchange (Trial) (hereinafter referred to as the member management rules), which constitute the basic business rules of the Beijing stock exchange, formally solicited opinions from the public.

It is reported that the above three rules will build the basic institutional framework of corporate supervision, securities trading and member management of the Beijing stock exchange. Among them, "Listing Rules" stipulates the regulatory requirements of Beijing stock exchange for listed companies and related subjects, "trading rules" stipulates the securities trading system of Beijing stock exchange, and "member management rules" stipulates the management requirements of membership of Beijing stock exchange. It is also understood that on the basis of the first three basic business rules for public consultation, the Beijing stock exchange will also solicit market opinions on the self-discipline rules related to the implementation of audit responsibilities under the public offering registration system.

"On September 2, it was announced that the general institutional framework on September 5 had begun to solicit opinions, and the establishment of the Beijing stock exchange was progressing rapidly. Different from the science and technology innovation board, Beijing stock exchange mainly transplants the selected layer policy, and the overall progress is relatively fast. " There is a Beijing area private sector responsible person said.

The information disclosure and corporate governance of Listed Companies in Beijing stock exchange are also different from those of Shanghai and Shenzhen stock exchanges. Visual China

Listing and delisting basically continue the original institutional arrangements

Listing and delisting constitute the most basic system of the stock exchange.

According to the current system design, the public offering and registration examination of Beijing stock exchange belong to Beijing stock exchange and China Securities Regulatory Commission. Among them, the issuance conditions of the company are specified by the registration method of the Beijing stock exchange of China Securities Regulatory Commission, and the listing conditions are specified in the Listing Rules of the Beijing stock exchange.

In terms of listing standards, the Beijing stock exchange directly shifts the four sets of access standards for the selected layer: the standard side focuses on financial indicators, while the market value plays an auxiliary role; Standard 2 focuses on the market value standard and adapts to the enterprises with clear profit model and rapid business development; Standard 3 is for enterprises with certain R & D capability and the R & D achievements have initially realized business income; Standard 4 is mainly for innovative unprofitable enterprises with high market recognition and strong R & D innovation ability.

"The listing standard of Beijing stock exchange is to shift the four sets of" Finance + market value "admittance standards of the selected layer, maintaining stability." Zhou Yunnan, founder of Beijing Nanshan investment, said.

According to wind data statistics, among the 66 companies that have been listed in the selected layer, the above four sets of standards are covered. Among them, 61 companies entered the selection level according to the first set of standards, while 2, 1 and 2 enterprises listed in the second, third and fourth standards respectively.

According to the listing rules, innovative listed companies listed in the national stock transfer system for more than 12 months can apply for listing on the Beijing stock exchange. In addition to the 66 enterprises listed in the selected layer, 68 enterprises are still in the review stage of public offering, and these 68 enterprises are expected to join the Beijing stock exchange to complete the listing. According to the statistics of Anxin securities, as of September 5, 2021, 240 companies have announced the intention of Beijing stock exchange, and 183 companies have announced the bottom price and plan of issuance. In the future, the number of reserve enterprises listed on the Beijing stock exchange is very sufficient.

At the other end of IPO, it is the construction of delisting mechanism.

Drawing on the experience of recent delisting system reform, the Beijing stock exchange believes that it is necessary to fully accommodate the characteristics of small and medium-sized enterprises, which are naturally volatile in their business activities and are easily affected by the external environment, so as to avoid "large-scale entry and large-scale export" in the market, and resolutely eliminate the companies with serious violations and loss of sustainable operation ability.

According to the listing rules, the delisting arrangements of Beijing stock exchange can be divided into two categories: active delisting and compulsory delisting. Among them, compulsory delisting can be divided into four categories: transaction, finance, regulation and major violation of laws, and a diversified and rich index combination is constructed. Among them, the inspection period of compulsory delisting in financial category is two years, and the indicators are not cross applicable.

Careful comparison of the Beijing stock exchange delisting indicators can be found, with the previous selected layer retreat index or maintained a high degree of consistency. However, the rules have explicitly required that "for 60 consecutive trading days, the market value of the stocks traded is less than 500 million yuan". According to the rules of the Beijing stock exchange, the delisting mechanism will be triggered only when the market value of stocks is less than 300 million yuan for 60 consecutive trading days.

"This is also to keep in line with the delisting index of the A-share market. However, the total market value of the A-share market is required to be higher than 300 million yuan for 20 consecutive trading days. The relaxation of all certain measures by Beijing Jiaotong is that the overall volume of small and medium-sized enterprises is small, which will also affect the performance of market value." The person in charge of the above-mentioned private institutions in Beijing said.

In the future, companies listed on the Beijing stock exchange that have been forced to delist can enter the corresponding level for listing and trading if they meet the basic listing conditions or innovation level conditions of the new third board. Those who do not meet the requirements for listing on the new third board and have more than 200 shareholders will be transferred to the delisted company board. In addition, the delisted companies of the Beijing stock exchange may apply for re listing if they meet the re listing conditions.

Reserve Institutional space for hybrid trading

In addition to the listing and delisting system, in accordance with the "trading rules" being solicited for opinions, in the future, the Beijing stock exchange will also continue the trading system with continuous bidding as the core of the selective layer, and other major provisions such as the limit of rise and fall will remain unchanged.

Specifically, in the future, the Beijing stock exchange will still implement a 30% price limit, giving the market sufficient space for price game and ensuring the efficiency of price discovery. There is no price limit on the first day of listing, and the temporary suspension mechanism is implemented. In other words, when the transaction price rises or falls by 30% or more than 60% compared with the opening price for the first time, the trading will be temporarily suspended for 10 minutes, and the call auction will be conducted when the trading is resumed. According to people close to the regulator, the temporary suspension mechanism for individual shares is mainly to avoid market panic and blind trading caused by rapid and irrational fluctuation of stock prices, and to give the market a certain cooling off period.

The rest of the price limit protection measures, the minimum number of trading orders, block trading and other institutional arrangements are consistent with the current rules of the selection layer“ It does not change the trading habits of investors, does not increase the market burden, reflects the characteristics of small and medium-sized enterprise stock trading, and ensures the stability and continuity of market trading. " The person close to the regulator said.

However, it is worth mentioning that in addition to the above-mentioned original trading system, the Beijing stock exchange has also reserved space for the introduction of market making mechanism and the implementation of hybrid trading.

At present, qualified investors can choose to open and close call auction trading, continuous bidding trading and after hours block trading“ The Beijing stock exchange has introduced a hybrid market making system, allowing market makers to join the market to provide the function of price discovery, and directly stimulate the liquidity activity, "said a Beijing area securities firm's new third board business.

As a matter of fact, it has been a long time since the introduction of the mixed trading system in the selection layer. As early as 2016, the relevant person in charge of the stock to equity company put forward "the idea of transforming the traditional market maker system into the mixed market maker trading at the innovative level". Since then, stock to equity companies have frequently held meetings with some securities companies on the preparation of hybrid trading technology, and discussed the introduction of market makers to provide liquidity and increase the supply of trading orders on the basis of continuous competitive trading at the selected level. By 2020, the stock to equity companies will conduct the network wide test of hybrid trading business and information release optimization.

From this point of view, the relatively mature system is expected to be quickly implemented in the Beijing stock exchange. Another business personnel of the new third board of securities companies said that on the basis of the advantages of high timeliness, high price effectiveness and fast price sensitivity of continuous bidding, hybrid trading will simultaneously exert the characteristics of market making transactions to resist the artificial manipulation of the market and stabilize the large fluctuation of market price, effectively alleviate the sudden extremely excited or pessimistic sentiment of the market, and enhance the balance and stability of the secondary market.

In addition, according to the contents of the draft, the information disclosure and corporate governance of Listed Companies in Beijing stock exchange are also different from those of Shanghai and Shenzhen stock exchanges.

On the one hand, the listing rules follow the general rules of supervision of listed companies, implement the legal responsibilities of supervision of listed companies, fully absorb the mature experience of supervision of listed companies, conform to the main regulatory arrangements of current listed companies, and maintain the overall consistency with the requirements of Shanghai and Shenzhen stock exchanges in terms of information disclosure and corporate governance standards.

On the other hand, the listing rules have fully absorbed the early practical experience of the selected layer, and made distinctive and differentiated institutional arrangements to effectively balance the standardized costs and benefits of small and medium-sized enterprises in the capital market. For example, there is no mandatory requirement for the cash dividend ratio of Listed Companies in the Beijing stock exchange, and companies are encouraged to "do what they can" according to their actual situation; For equity incentive, it is allowed to reasonably set the option exercise price lower than the stock market price under the premise of full disclosure and implementation of corresponding procedures, so as to enhance the incentive effect.

?