Xinhua News Agency Beijing, November 15th title: Beijing Stock Exchange First day of opening the market: Perspective of the three hot spots of public concern
Xinhua News Agency's "Xinhua Viewpoint" reporters Liu Hui, Yao Junfang, and Guo Yujing
Beijing Stock Exchange html officially opened on the 215th.
9:30, the Beijing Stock Exchange opened the market. On the electronic screen at the opening ceremony of the Beijing Stock Exchange, the stock information of the first batch of listed companies continued to flash and update.
How is the operation of the Beijing Stock Exchange on the first day of opening? Compared with the Shanghai and Shenzhen Stock Exchanges, what are the characteristics of its listed companies? What are the differences between the conditions and trading rules for investing in Beijing Stock Exchange? The reporter of "Xinhua Viewpoint" conducted an in-depth interview.
Hot Spot 1: How about the first-day transaction? Running smoothly, the market has differentiated
In the eyes of people's attention, the first batch of 81 listed companies began trading. Among them, 10 new stocks listed on the first day rose across the board. Tongxin Drive once rose by more than 500%, leading the rise in new stocks. At the close of the market, rose by at 493.67%. The other new stocks also achieved an increase of more than 100%. Six new stocks including Dadi Electric, Zhisheng Information and Jingsai Technology rose by more than 200%.
As of the close, 71 companies that moved from the New Third Board Selected Layer to the Beijing Stock Exchange, and 9 stocks rose. Among them, Derui Lithium Battery, which had the largest increase, recorded an increase of 18.23% at the close.

Beijing Stock Exchange unveiling and opening ceremony. Xinhua News Agency reporter Li Xin Photo
Why are there market differentiation in new stocks on the Beijing Stock Exchange and stocks that have moved from the selected layer?
Director of Kaiyuan Securities Research Institute Sun Jinju said that the new shares on the Beijing Stock Exchange have just completed the public offering pricing and were listed on the first day of the 15th. The valuation level of its initial offering pricing is low. At the same time, investors are enthusiastic about the new shares on the Beijing Stock Exchange, and a variety of factors have led to the outstanding performance of the new shares on the first day.
"The stock of the selected layer stock has been fully traded in the Selected Layer after the announcement of the establishment of the Beijing Stock Exchange. The stock price has risen sharply before it moved to the Beijing Stock Exchange, reflecting the expectations of the listing of the Beijing Stock Exchange." Sun Jinju said that after accumulating a high increase in the early stage, some of the original Selected Layer stocks showed certain adjustments on the first day of the opening.
Dong Dengxin, director of the Institute of Finance and Securities of Wuhan University of Science and Technology, believes that judging from the first-day market trading situation, most of the companies that have moved from the New Third Board Selected Layer to the Beijing Stock Exchange did not unexpectedly surge or plummet, and maintained a relatively balanced state. This not only proves that these companies have experienced full market game in the Selected Level, but also reflects that the Beijing Stock Exchange has initially realized market-oriented institutional arrangements.
Hot Spot 2: What are the characteristics of listed companies? The average market value is relatively low, focusing on "early, smaller, and updated"
on the first day of the opening of the market, 81 first batch of listed companies made their debut. By analyzing the characteristics of these companies, it can be found that compared with the Shanghai and Shenzhen Stock Exchanges, the Beijing Stock Exchange has obvious characteristics in serving innovative small and medium-sized enterprises.
81 companies cover 25 major national economic industries, most of which are the vanguard of the industry segmentation field. Among them, 87% of the companies come from advanced manufacturing , modern service , high-tech service , strategic emerging industry and other fields, and 17 specialized and new "little giant" companies.

The first batch of 81 corporate logo display walls listed on the Beijing Stock Exchange. Xinhua News Agency reporter Li Xin photo
"The vitality of the Beijing Stock Exchange lies in its characteristics." Xu Ming, chairman of the Beijing Stock Exchange, said at the opening ceremony of the Beijing Stock Exchange on the 15th.
From the perspective of positioning, although the Beijing Stock Exchange and the Shanghai and Shenzhen Stock Exchanges are both stock exchanges, their service objects are different - the Beijing Stock Exchange mainly serves innovative small and medium-sized enterprises, highlighting "early, smaller, and updated". The main board mainly serves large and mature enterprises. Science and Technology Innovation Board serves "hard technology", and GEM serves "three innovations and four innovations". As a result, the Beijing Stock Exchange and the Shanghai and Shenzhen Stock Exchanges formed a dislocation pattern.
This misaligned development is fully reflected in the listed companies of the Beijing Stock Exchange.Judging from the 71 listed companies on the Beijing Stock Exchange that have been translated from the Selected Layer of the New Third Board, after excluding the extreme value, their average market value (as of November 12) and last year's average revenue were 2.832 billion yuan and 513 million yuan respectively, which is not only far lower than those listed companies on the Shanghai and Shenzhen main boards, but also has a considerable gap compared with , the Science and Technology Innovation Board and , GEM listed companies.
"The official opening of the Beijing Stock Exchange is a new starting point for the New Third Board market to actively explore the path of inclusive finance in the capital market with Chinese characteristics." said Yi Huiman, chairman of the China Securities Regulatory Commission .
Tsinghua University Wudaokou School of Finance Deputy Dean Zhang Xiaoyan said: "Small and medium-sized enterprises have always had the problems of insufficient issuance and listing, and the difficulty of issuing credit bonds is difficult and expensive to raise funds. The financial threshold for listing of the Beijing Stock Exchange is relatively low, and innovation is encouraged. Delisted companies that meet the conditions can retire to the Innovation Layer of the New Third Board or the Basic Layer of to continue trading... A series of basic systems reflect the accurate grasp of the development laws of innovative small and medium-sized enterprises."
"For the innovative small and medium-sized enterprises that are relatively early in the Beijing Stock Exchange, investors should not only see better growth opportunities for the Beijing Stock Exchange companies, but also see greater risks of operation fluctuations in innovative small and medium-sized enterprises." Sun Jinju reminded.
Hot Spot Three: What is the difference between investment and the Shanghai and Shenzhen Stock Exchanges? 30% increase or decrease, investment threshold of 500,000 yuan
According to the relevant regulations of the individual investor entry threshold issued by the Beijing Stock Exchange, individual investors apply for the trading authority of the Beijing Stock Exchange for the day of the securities account and the capital account shall not be less than 500,000 yuan in the securities account and capital account in the 20 trading days before the opening of the Beijing Stock Exchange, and they must have more than 2 years of securities trading experience.

Outdoor location of Beijing Stock Exchange. Photo by Xinhua News Agency reporter Peng Ziyang
This entry threshold is consistent with the Science and Technology Innovation Board and is higher than the conditions of "100,000 yuan + more than 2 years of securities investment experience" on the GEM.
Official data from the Beijing Stock Exchange shows that as of November 12, more than 2.1 million investors have made an appointment to open qualified investor rights on the Beijing Stock Exchange. After the market opening, there will be more than 4 million investors who can participate in trading on the Beijing Stock Exchange.
"This threshold reflects the system's protection for ordinary investors." Dong Dengxin believes that this not only protects small and medium-sized investors with insufficient professional knowledge and financial risk tolerance, but also encourages more institutional investors to participate, further improving the degree of market institutionalization.
Not only that, except for the new stocks not having a rise or fall on the first day of listing, the Beijing Stock Exchange imposes a 30% price increase or fall limit on stock trading, which is higher than 20% of the Science and Technology Innovation Board and the ChiNext Board, and higher than 10% of the main board market . This means that the share price game between the Beijing Stock Exchange listed companies is more fully played, and investors also need to bear greater risks.
Li Xudong, member of the Investment Banking Committee and managing director of CICC Securities and Investment Banking Committee, believes that the development stage and nature of the listed companies on the Beijing Stock Exchange determine that the market is more suitable for investors with risk identification, risk tolerance and industry judgment capabilities. Investors should grasp the innovation and growth of the company based on their research on the industry, and avoid short-term hype.
Industry insiders believe that for ordinary investors, when the risk tolerance matches, layout through the Beijing Stock Exchange theme public fund may be a relatively better way.
On November 12, the Beijing Stock Exchange theme fund , including GF Fund , Jiashi Fund , Huaxia Fund , and Huaxia Fund were officially approved. It is understood that the first batch of Beijing Stock Exchange theme public funds will adopt a two-year regular operation method, and it is agreed that more than 80% of the non-cash fund assets will be invested in Beijing Stock Exchange stocks.
Li Xudong said that as a professional institutional investor, public funds have more professional research strength and industry judgment, which is a good way to invest in the Beijing Stock Exchange. Individual investors can participate if they meet the requirements, but they must abandon behaviors such as concept hype.