CHINA: An Introduction to Corporate/Commercial: Guangdong: Non-contentious (PRC Firms)
Review and Outlook on the 2nd Anniversary of Beijing Stock Exchange’s Service to Innovative Small and Medium-sized Enterprises
1. Review: Established the BSE to address the problem of “financing difficulties” for innovative SMEs:
On 2nd September 2021, at the Global Trade in Services Summit of the 2021 China International Fair for Trade in Services, General Secretary Xi Jinping announced that China would continue to support the innovative development of SMEs and deepen the reform of the National Equities Exchange and Quotations (NEEQ) and would establish the Beijing Stock Exchange (hereinafter “BSE”) to build a primary platform for serving innovative SMEs. On 30th October 2021, the China Securities Regulatory Commission (CSRC) officially promulgated the legal provisions related to listing on the BSE. Alongside the reform of full implementation of the Stock Issuance Registration System, on 17th February 2023, the CSRC and the BSE amended the relevant regulations, which laid the foundation for enterprises to list on the BSE. Data shows that as of 14th November 2023, the total number of enterprises listed on the BSE had reached 229, with a value of the BSE stock market that had exceeded CNY280 billion, of which 81% are SMEs, 88% are private enterprises, 91% are high-tech enterprises and nearly 50% are national “little giant” enterprises.
2. Outlook: Continuously improving the full-chain market system for serving SMEs and leading the financing of SMEs into a new era:
The BSE continues to improve the full-chain market system for serving SMEs. On 1st September 2023, the CSRC issued the Opinions of the China Securities Regulatory Commission on the High-quality Building of the Beijing Stock Exchange, reiterating the principles of supporting the innovative development of SMEs, proposing 19 measures, including optimising the counselling and filing requirements for companies quoted on the NEEQ to apply for listing on the BSE, improving the execution criteria for listing for 12 consecutive months, establishing institutional arrangements for quality companies quoted on the NEEQ to be quickly upgraded to the BSE, reforming the floor price system, strengthening multi-tiered market connectivity, promoting institutional opening to the outside world and setting up a leading group for the CSRC to promote the building of a primary platform serving innovative SMEs in the capital market. In terms of examination procedures and transfer rules, the following latest improvements have been made.
2.1 – Optimising the examination procedures and improving the efficiency of companies listing on the BSE:
At the end of 2022, the Beijing Stock Exchange and the National Equities Exchange and Quotations launched a direct-connected review and supervision mechanism for quotation of stocks and listing (the “Direct-Connected Mechanism”), stipulating that an enterprise can apply for application of the “Direct-Connected Mechanism” when it applies for quotation of its stocks if it meets the following standards: (1) the enterprise conforms to the national industrial policy and the market positioning of the BSE and is mainly engaged in strategic emerging industries such as new generation of information technology, high-end equipment manufacturing, new materials, biology, new energy vehicles, energy conservation and environmental protection, digital creativity and related services; (2) the enterprise has met one of the four sets of financial listing standards of the BSE at the time of applying for quotation of stocks; (3) the enterprise does not have any material violations or irregularities specified in the negative list for issuance and listing; (4) the enterprise has a clear plan for issuance and listing on the BSE, has signed issuance and listing services agreement with intermediaries, and plans to submit the application documents for issuance and listing within 18 months after the quotation of stocks; (5) the enterprise belongs to the group of enterprises with strong profitability, good growth prospects and outstanding innovation capabilities. Through the Direct-Connected Mechanism, it is expected that a high-quality enterprise can be listed on the BSE within one to two months after one year of normal quotation of its stocks, greatly reducing the listing time of enterprises. As of June 2023, 72 enterprises have expressed their intention to apply for quotation of stocks, 15 enterprises have submitted their applications, 10 companies have completed the review process, and the stocks of 6 enterprises have been quoted, with an average time for quotation of stocks less than 33 days.
2.2 – Improving the board transfer mechanism and refining the rules to transferring their listings to other listed boards:
In terms of strengthening the interconnection between the Beijing Stock Exchange (BSE), the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE), the CSRC issued the Guiding Opinions of the China Securities Regulatory Commission on the Listing Transfers of Companies Listed on the Beijing Stock Exchange on 7th January 2022 and amended the same on 1st August 2023, stipulating that a company listed on the BSE that has been continuously listed on the BSE for not less than one year and meets the conditions for initial public offering and listing on the SSE or the SZSE can independently decide to transfer their listing and independently choose the exchange and board to which it is to be transferred. The SSE, the SZSE and the BSE have also formulated relevant business rules. On 1st October 2023, the BSE amended the Guidelines for the Ongoing Supervision of Companies Listed on Beijing Stock Exchange No.7-Listing Transfer, further specifying the procedures for transferring to another board, including a company evaluating whether it meets the conditions for board transfer, hiring the sponsor institution, and after the sponsor institution submits the filing application documents, the BSE will conduct a completeness check according to regulations, conducting stock trading verification, and communicate and coordinate with the SSE and the SZSE on important regulatory matters involved. After completing the relevant work, the company may convene a meeting of the board of directors and a shareholders’ meeting to consider the matters related to board transfer. At present, three companies listed on the BSE have realised the transfer to the SSE and the SZSE.
3. Conclusion:
Since the BSE formally commenced operations, the BSE has consistently adhered to the market positioning of serving innovative SMEs, through optimisation and innovation of systems such as issuance system, Direct-Connected Mechanism, board transfer mechanism and optimised trading mechanism. It is believed that the BSE will lead the financing of SMEs into a new era, providing opportunities for SMEs with definite strategic positioning, clear listing plans, well-regulated corporate financial management, internal control and corporate governance structure.
北京证券交易所服务创新型中小企业2周年回顾与展望
2021年11月15日，北京证券交易所（以下简称 “北交所” ）正式揭牌开市。北交所开市2周年，在服务创新型中小企业取得重大成果，同时也在逐步持续完善全链条服务中小企业的市场体系，真正解决创新型中小企业 “融资难” 的问题。
一、回顾: 设立北交所，解决创新型中小企业“融资难”的问题：
北交所持续完善全链条服务中小企业的市场体系，2023年9月1日，中国证监会发布了《关于高质量建设北京证券交易所的意见》，重申了支持中小企业创新发展的原则，提出了19项举措，包括优化新三板挂牌公司申报北交所上市的辅导备案要求，优化连续挂牌满12个月的执行标准，探索建立新三板优质公司快捷升级至北交所的制度安排，改革发行底价制度，加强多层次市场互联互通，支持北交所不断拓展和深化国际交流，探索建立企业、投资者、产品等方面的对外合作等。在审核程序和转板机制方面，已作出如下修订：
二、展望：不断完善服务中小企业的全链条市场体系，引领中小企业融资新时代：
北京证券交易所不断完善服务中小企业的全链条市场体系。 2023年9月1日，证监会发布《中国证监会关于北京证券交易所高质量建设的意见》，重申支持中小企业创新发展的原则，提出优化辅导、备案等19条措施 新三板挂牌公司申请在北交所申请上市的要求，连续12个月完善挂牌执行标准，建立优质新三板挂牌公司快速升级到北交所的制度安排，改革挂牌制度 底价制度、加强多层次市场互联互通、推进制度化对外开放、证监会成立领导小组推动资本市场服务创新型中小企业主平台建设等。 转会规则方面，进行了以下最新改进。
（一）完善审核程序，提高企业在北交所上市的效率：
2022年底，北交所和全国股转公司研究推出挂牌上市直联审核监管机制（以下简称 “直联机制” ），对于（1）符合国家产业政策和北交所市场定位，主营业务为新一代信息技术、高端装备制造、新材料、生物、新能源汽车、节能环保、数字创意、相关服务业等战略新兴产业领域；（2）申报挂牌时已满足北交所四套财务上市标准之一；（3）不存在重大违法违规等发行上市负面清单规定的情形；（4）有明确的北交所发行上市计划，已与中介机构签订发行上市服务协议，计划在挂牌后18个月内提交发行上市申报文件；（5）属于盈利能力强、成长性良好、创新能力突出的企业等要求的申请挂牌公司可以提出适用直联审核监管机制申请。通过直联机制，预计优质企业可以实现常态化挂牌满一年后1个月至2个月内在北交所上市，大大减少企业上市时间。自2022年11月直联机制推出以来，截至2023年6月，已有72家企业意向申报，15家企业已申报，10家企业已经审结，6家企业已挂牌，挂牌平均历时不到33天。
（二）完善转板机制，细化直通其他上市板块的规则：
在加强北交所与沪深交易所互联互通方面，证监会于2022年1月7日发布并于2023年8月1日修订《中国证监会关于北京证券交易所上市公司转板的指导意见》，公司应当已在北交所连续上市满一年且符合首次公开发行并在上交所或深交所上市的条件的北交所上市公司可自主作出转板决定，自主选择转入的交易所和板块。沪深交易所、北交所也已制定有关的业务规则，北交所还于2023年10月1日修订了《北京证券交易所上市公司持续监管指引第7号——转板》，进一步细化规定了转板程序，包括公司评估是否符合转板条件，聘请保荐机构，保荐机构提交报备文件后，北交所将依规进行完备性核对，开展股票交易核查，并与沪深交易所就涉及的重要监管事项进行沟通协调。相关工作完成后，公司可以召开董事会、股东大会审议转板事宜。目前已有观典防务、泰祥股份、翰博高新3家北交所上市公司实现到沪深交易所的转板。
三、总结：
自北交所正式揭牌开市以来，北交所始终坚持服务创新型中小企业的市场定位，通过发行制度、直联机制、转板机制、优化交易机制等制度优化及创新，可以相信北交所将引领中小企业融资进入新时代，为战略定位明确，上市规划清晰，具备完善公司财务管理和内部控制及公司治理结构的中小企业提供机会。