The National Enterprise Credit Information Publicity System reports that Beijing Stock Exchange has completed its registration with a capital of 1 billion yuan (approximately $155 million).
The Beijing Stock Exchange was established and approved on September 3, according to information on the PR system website, and the National Equities Exchange and Quotations (NEEQ) is the sole stakeholder. The Beijing Municipal Administration for Market Regulation is in charge of registration.
China began soliciting public feedback on Sunday (September 5) for the detailed operating regulations of a new stock market to be established in Beijing, which would serve as a major platform for smaller businesses to fulfill their financial needs.
In order to incorporate the features of small- and medium-sized businesses (SMEs) stock trading and maintain the consistency and continuity of market operational activities, the Beijing Stock Exchange will primarily maintain the trading regulations of the NEEQ’s selected layer.
On the first trading day, the stock exchange will not set a price cap, but trading will be interrupted for 10 minutes if stock prices jump by more than 30% or fall by more than 60%. After the first day of trade, daily trading fluctuations will be limited to 30 percent.
The newly-listed firms on the Beijing Stock Exchange should derive from progressive enterprises that have been listed on the NEEQ for at least a year. Targeted issuance should be priced at no less than 80% of the market price. According to the China Securities Regulatory Commission’s draft, the issuance’s target and price should be set through bids, and common investors should be prohibited from selling for at least six months.
The exchange, Xi Jinping added, will “deepen reform of the New Third Board,” referencing Beijing’s existing funding system for small and medium-sized businesses (SMEs).
Xi made it clear that the new stock exchange will benefit companies that are not cut from the same cloth as the IT behemoths whose fortunes have recently cooled. According to Xi’s statement, “service-oriented, innovative SMEs” would be fostered.
“In the eyes of the Chinese, ‘Made in Germany’ represents high-quality products. “Made in China” should learn from “Made in Germany,” according to an editorial on China Economic Net that was reposted in The Paper earlier this week.
However, some analysts feel that assisting SMEs is only part of the narrative when it comes to the development of the Beijing Stock Exchange.
Cynics think that the decision signals an attempt to entice or coerce large companies now listed outside of mainland China to rejoin.
Zhang Tianliang, a New York-based YouTuber who focuses on politics and finance, says that the capital’s new exchange signals additional actions against private-sector enterprises.
“If big companies are delisted in the United States and relisted in China, on the Shanghai or Shenzhen exchanges, the volatility caused to those existing exchanges will be too great. But on a new stock exchange that is not an issue. Beyond spreading the risks of financing SMEs … the exchange in Beijing will help with repatriating tech companies with minimal disruption,” Zhang further added.
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