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犇鑫磊

牛转乾坤犇向辉煌，不负韶华数我最牛。

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- 犇鑫磊犇鑫磊
  ·2023-09-02
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- 犇鑫磊犇鑫磊
  ·2023-09-01
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- 犇鑫磊犇鑫磊
  ·2023-09-01
  [微笑] [微笑] [微笑] [微笑] [微笑] [微笑] [笑哭]
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- 犇鑫磊犇鑫磊
  ·2021-09-21
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- 犇鑫磊犇鑫磊
  ·2021-09-06
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  The Beijing Stock Exchange is here! Whose "big meat", whose "soup"?
  9月2日晚，中央宣布将深化新三板改革，设立北京证券交易所，打造服务创新型中小企业主阵地。一、设立北京证券交易所是大国博弈、“科技兴邦”的战略抉择当前，一场以数字经济、芯片、人工智能、新能源技术、太
  The Beijing Stock Exchange is here! Whose "big meat", whose "soup"?
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- 犇鑫磊犇鑫磊
  ·2021-05-23
  ??????????
  @犇鑫磊：
  中概股中概股是指在海外註冊和上市，但最大控股權(通常爲30%以上)或實際控制人直接或間接隸屬於中國內地的民營企業或個人的公司。中概股有很多，比較有代表性的有：中國鋁業、汽車之家、阿里巴巴、百度、易車、嗶哩嗶哩、東方航空、中國海洋石油、中國電信、中國移動、網易有道、蛋殼公寓、鬥魚、新東方、格林酒店、廣深鐵路、跟誰學等。
  中概股中概股是指在海外註冊和上市，但最大控股權(通常爲30%以上)或實際控制人直接或間接隸屬於中國內地的民營企業或個人的公司。中概股有很多，比較有代表性的有：中國鋁業、汽車之家、阿里巴巴、百度、易車、嗶哩嗶哩、東方航空、中國海洋石油、中國電信、中國移動、網易有道、蛋殼公寓、鬥魚、新東方、格林酒店、廣深鐵路、跟誰學等。
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10:03","market":"sh","language":"zh","title":"The Beijing Stock Exchange is here! Whose \"big meat\", whose \"soup\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=1103617448","media":"海清FICC频道","summary":"9月2日晚，中央宣布将深化新三板改革，设立北京证券交易所，打造服务创新型中小企业主阵地。\n一、设立北京证券交易所是大国博弈、“科技兴邦”的战略抉择\n当前，一场以数字经济、芯片、人工智能、新能源技术、太","content":"<p>On the evening of September 2nd, the central government announced that it would deepen the reform of the New Third Board, set up the Beijing Stock Exchange, and build the main position of serving innovative small and medium-sized enterprises.</p><p><b>First, the establishment of the Beijing Stock Exchange is a strategic choice of the game between great powers and \"prospering the country by science and technology\"</b></p><p>At present, a scientific and technological revolution led by digital economy, chips, artificial intelligence, new energy technology, space exploration technology and biomedical technology is coming.</p><p><b>In China's high-quality economic development, industrial transformation and upgrading and global industrial competition, the competition of scientific and technological innovation is the core.</b>Whether China can gain a first-mover advantage in this scientific and technological competition not only determines whether China can solve the short-term problem of \"stuck neck\" of key technologies, but also determines the long-term problem of who will be the \"leader\" of the global industrial economy in the future and whose century will be in the 21st century.</p><p><b>From the perspective of the rise of great powers in history, science and technology is the fundamental driving force:</b></p><p>With the help of the leading advantage of steam engine, Britain took the lead in starting the first industrial revolution and became the world hegemon;</p><p>Virtue overtook Britain in corners in the field of internal combustion engine and electrification, leading the second industrial revolution and replacing Britain;</p><p>After World War II, the United States led the third industrial revolution in the fields of atomic energy, biomedicine, aerospace and computers, further consolidating its position as a global scientific and technological leader and world hegemony.</p><p><b>In the U.S. -Japan trade war in the 1980s and 1990s, apart from the superficial factor and direct incentive of the Plaza Agreement, the key to the ultimate victory of the United States over Japan also lies in the fundamental difference in the choice of driving forces for economic development between the two countries:</b></p><p>Japan follows the traditional host bank system, supports the development of traditional large-scale manufacturing enterprises and real estate industry, and its financial system does not meet the needs of scientific and technological innovation. After the Plaza Accord, the yen appreciated and exports were setbacks. Japan directly stimulated the stock market bubble and housing market bubble through the big currency release, giving birth to \"false prosperity\".</p><p>Through the Nasdaq market, the United States provided a convenient financing environment for technological innovation enterprises. Silicon Valley developed and cultivated a large number of later Internet enterprises.</p><p>By the 1990s, Japan's housing market and stock market bubbles burst, and the economy fell into the \"lost twenty years\"; The United States has accumulated a lot of experience, the Internet revolution has risen, and there has been a \"new economic prosperity\". Japan is completely out of the US-Japan rivalry.</p><p><b>Great power game, science and technology determines the world! Science and technology is the primary productive force and the key to the rise of great powers and global competition.</b></p><p><b>Finance is the blood of entities, technological competition, finance comes first. Which country's capital market can better serve innovation and facilitate the financing and development of high-tech enterprises, which country's scientific and technological innovation is more likely to make rapid progress, and at the same time, it can attract high-tech enterprises from other countries and regions to go public locally.</b></p><p><b>In recent years, NASDAQ in the United States has also continuously carried out institutional innovation, providing more convenient policy mechanism design for small and medium-sized science and technology enterprises to go public.</b>For example, in recent years, many special purpose acquisition companies (SPACs) have appeared in the US stock market, which has become the \"shortcut to the south\" for many enterprises to go public by backdoor. Its operation mode is: the first step is to set up a SPAC company and apply to the regulatory agency for issuance of shares to raise funds, but at this time, the shares held by the promoter can only be traded separately in the limited market; In the second step, within 18~24 months, the management team will find a target company that can be acquired, all shareholders will vote, and after the majority agrees, the acquisition will be completed, and the merger will be formed into a new company, and the stock will be officially listed and traded. Once the lock-up period of stocks held by the promoter expires, they can withdraw and cash out. SPAC mode enables enterprises to go public in a short time, and the cost is lower than IPO, shell listing/backdoor listing.</p><p><b>Nowadays, China's decision-makers have completely made up their minds to transform, bid farewell to the old model of \"real estate + land finance\" based on urbanization dividend, and shape a new growth model with three pillars of \"hard technology + green and low carbon + supporting small and micro private enterprises\".</b></p><p><b>In order to undertake the above-mentioned development strategic transformation, at present, China needs an exchange that focuses on serving innovative small and medium-sized enterprises and undertakes the mission of cultivating a number of specialized and new small and medium-sized enterprises. The emergence of Beijing Stock Exchange has adapted to the needs of the times and responded to the needs of global scientific and technological competition.</b></p><p><b>Second, the Beijing Stock Exchange was not \"born out of thin air\", but the result of the endogenous evolution of Beijing's long-term scientific and technological innovation support policy</b></p><p>Beijing is a city with a high concentration of innovative enterprises and financial resources in China. Looking at the policy evolution path in Beijing's scientific and technological innovation field, we can find that,<b>At every important historical juncture, Beijing has launched major policy and institutional innovations:</b></p><p>In the 1980s and 1990s, with the rise of the Internet technology industry in the United States, Beijing established<a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>It has become the area with the most intensive scientific and educational intelligence and human resources in China, and is called \"China's Silicon Valley\".</p><p>In 2006, the unlisted joint-stock company of Zhongguancun Science and Technology Park entered the agency transfer system for share quotation transfer, which was called the \"New Third Board\".</p><p>On July 27, 2020, the establishment of the selected layer of the New Third Board and the promotion ceremony of the first batch of enterprises were held in the listing hall of the National Equities Exchange and Quotations Corporation. The first batch of 32 companies have all completed the public offering procedures, and the selected layer was officially established and opened for trading.</p><p><b>Nowadays, on the basis of more than a year's pilot project in the selected layer, the establishment of Beijing Stock Exchange on the basis of the selected layer can be described as a \"natural success\".</b></p><p><b>From the perspective of Beijing's industrial transformation and upgrading, digital economy and scientific and technological innovation are important supports. The establishment of Beijing Stock Exchange is important for<a href=\"https://laohu8.com/S/00925\">Beijing Construction</a>It is of great significance to be a financial center and scientific and technological innovation center with global influence.</b></p><p><b>3. What is most expected of Beijing Stock Exchange is whether the system construction can make further breakthroughs and innovations</b></p><p><b>China already has two major exchanges in Shanghai and Shenzhen. The biggest attraction of the establishment of Beijing Stock Exchange is not that there is another exchange. What is most worth looking forward to is what institutional innovations will be in the future!</b></p><p>For a long time before, China's stock market did not implement a registration system, and it was impossible to list enterprises with different rights in the same shares, and it was impossible to list unprofitable high-tech enterprises. The launch of science and technology innovation board solves the problem of registration system, and at the same time creates conditions for unprofitable high-tech enterprises to go public. Beijing Stock Exchange has further relaxed the rising market value and financial conditions of innovative small and medium-sized enterprises, making it more convenient for enterprises to go public and raise funds.</p><p><b>Judging from the information disclosed by the current regulation, the initial planning of Beijing Stock Exchange is an extension of the New Third Board:</b>Set up Beijing Stock Exchange on the basis of the existing select layer of the New Third Board, translate the basic systems of the select layer as a whole, insist that listed companies in Beijing Stock Exchange are generated by innovative companies, maintain the market structure of \"progressive layer by layer\" between the basic layer, innovation layer and Beijing Stock Exchange of the New Third Board, and simultaneously pilot the securities issuance registration system.</p><p>Previously, the selected layer of the New Third Board also designed a system of transferring to the Science and Technology Innovation Board and the Growth Enterprise Market, but the number of enterprises successfully transferred to the board was limited. The establishment of Beijing Stock Exchange based on the existing selected layer of the New Third Board is not only conducive to enhancing the liquidity and listing channels of the equity of listed enterprises in the New Third Board, but also to \"build the main position of service innovative small and medium-sized enterprises\" and \"cultivate a group of specialized and new small and medium-sized enterprises\".</p><p><b>Judging from the conditions and thresholds of listing/listing of the selected layer of the New Third Board and the Science and Technology Innovation Board, the requirements of the selected layer for the market value conditions and financial conditions of enterprises are more relaxed, which is more conducive to the listing of small and medium-sized science and technology enterprises.</b></p><p><b>Can Beijing Stock Exchange have more institutional innovations in the future? Can it further promote the reform process of China's stock market? Worth our anticipation.</b></p><p><img src=\"https://static.tigerbbs.com/24adac74431844c001244acdf21f3ca0\" tg-width=\"892\" tg-height=\"853\" width=\"100%\" height=\"auto\"></p><p><b>Fourth, the establishment of Beijing Stock Exchange will bring subversive changes in PE fund industry</b></p><p>The establishment of Beijing Stock Exchange is conducive to the listing of innovative small and medium-sized enterprises, the activation of the stock trading market, and the growth of brokerage underwriting business and brokerage business income. Therefore, brokerage stocks collectively rose sharply after the opening of the market on Friday.</p><p>But we think,<b>The establishment of Beijing Stock Exchange has very limited benefits to brokerage stocks, and at best, it is just to drink some \"soup\". PE/VC funds are the biggest beneficiaries or \"meat-eaters\" established by Beijing Stock Exchange, and the golden age of first-class PE funds can be expected to come.</b></p><p>In the past, the exit channels of PE/VC investment were relatively scarce, and basically, it was necessary to wait until the IPO of the invested enterprise was listed before it could exit smoothly. However, in the past, enterprises had a high threshold and a long cycle for listing in A shares, while the duration of general PE funds was often only 3-7 years.</p><p>In order to ensure that the fund can exit smoothly at the end of the duration of the fund and cash the income for investors, China's PE funds can often only accompany the \"second half\", and only intervene when the enterprise grows to a certain scale and can go public in a short time; Some enterprises are facing the problem of difficulty in listing in China, and finally will choose VIE structure to go public in the United States or Hong Kong, so that PE funds can withdraw.</p><p><b>With the launch of Science and Technology Innovation Board, the reform of GEM registration system and the establishment of Beijing Stock Exchange, it is more convenient for innovative small and medium-sized enterprises to go public, and the conditions are relaxed. They can go public at an earlier stage of enterprise development, which can alleviate the problem of mismatch between the term of PE fund products and the listing term of invested companies in the past, and change the phenomenon that Chinese PE funds gather to invest in pre-IPO or approach the listing round. The listing of innovative small and medium-sized enterprises no longer needs to complete the long process of angel round-A round-B round-C round-D round-... -IPO, thus promoting more PE funds to move forward on the investment side, and also promoting the development of VC investment.</b></p><p><b>The establishment of Beijing Stock Exchange has also changed the underlying logic of the survival of PE funds in the primary market, and will subvert the current industry ecology in the future.</b>At present, the PE and VC markets show a state of polarization: a large number of start-ups are competing for investment in head PE funds, while a large number of small and medium-sized PE funds are asking for share in star projects; The head PE fund has strong fund-raising ability, and it is difficult for small and medium-sized PE funds to find LP without special resources. In the future, it will be easier for innovative small and medium-sized enterprises to go public, which is conducive to the survival and development of specialized and characteristic small and medium-sized PE funds, and is expected to change the industry ecology of the monopoly dominance of large PE funds at the head.</p>","source":"lsy1568619116533","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Beijing Stock Exchange is here! Whose \"big meat\", whose \"soup\"?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Beijing Stock Exchange is here! Whose \"big meat\", whose \"soup\"?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">海清FICC频道</strong><span class=\"h-time small\">2021-09-06 10:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On the evening of September 2nd, the central government announced that it would deepen the reform of the New Third Board, set up the Beijing Stock Exchange, and build the main position of serving innovative small and medium-sized enterprises.</p><p><b>First, the establishment of the Beijing Stock Exchange is a strategic choice of the game between great powers and \"prospering the country by science and technology\"</b></p><p>At present, a scientific and technological revolution led by digital economy, chips, artificial intelligence, new energy technology, space exploration technology and biomedical technology is coming.</p><p><b>In China's high-quality economic development, industrial transformation and upgrading and global industrial competition, the competition of scientific and technological innovation is the core.</b>Whether China can gain a first-mover advantage in this scientific and technological competition not only determines whether China can solve the short-term problem of \"stuck neck\" of key technologies, but also determines the long-term problem of who will be the \"leader\" of the global industrial economy in the future and whose century will be in the 21st century.</p><p><b>From the perspective of the rise of great powers in history, science and technology is the fundamental driving force:</b></p><p>With the help of the leading advantage of steam engine, Britain took the lead in starting the first industrial revolution and became the world hegemon;</p><p>Virtue overtook Britain in corners in the field of internal combustion engine and electrification, leading the second industrial revolution and replacing Britain;</p><p>After World War II, the United States led the third industrial revolution in the fields of atomic energy, biomedicine, aerospace and computers, further consolidating its position as a global scientific and technological leader and world hegemony.</p><p><b>In the U.S. -Japan trade war in the 1980s and 1990s, apart from the superficial factor and direct incentive of the Plaza Agreement, the key to the ultimate victory of the United States over Japan also lies in the fundamental difference in the choice of driving forces for economic development between the two countries:</b></p><p>Japan follows the traditional host bank system, supports the development of traditional large-scale manufacturing enterprises and real estate industry, and its financial system does not meet the needs of scientific and technological innovation. After the Plaza Accord, the yen appreciated and exports were setbacks. Japan directly stimulated the stock market bubble and housing market bubble through the big currency release, giving birth to \"false prosperity\".</p><p>Through the Nasdaq market, the United States provided a convenient financing environment for technological innovation enterprises. Silicon Valley developed and cultivated a large number of later Internet enterprises.</p><p>By the 1990s, Japan's housing market and stock market bubbles burst, and the economy fell into the \"lost twenty years\"; The United States has accumulated a lot of experience, the Internet revolution has risen, and there has been a \"new economic prosperity\". Japan is completely out of the US-Japan rivalry.</p><p><b>Great power game, science and technology determines the world! Science and technology is the primary productive force and the key to the rise of great powers and global competition.</b></p><p><b>Finance is the blood of entities, technological competition, finance comes first. Which country's capital market can better serve innovation and facilitate the financing and development of high-tech enterprises, which country's scientific and technological innovation is more likely to make rapid progress, and at the same time, it can attract high-tech enterprises from other countries and regions to go public locally.</b></p><p><b>In recent years, NASDAQ in the United States has also continuously carried out institutional innovation, providing more convenient policy mechanism design for small and medium-sized science and technology enterprises to go public.</b>For example, in recent years, many special purpose acquisition companies (SPACs) have appeared in the US stock market, which has become the \"shortcut to the south\" for many enterprises to go public by backdoor. Its operation mode is: the first step is to set up a SPAC company and apply to the regulatory agency for issuance of shares to raise funds, but at this time, the shares held by the promoter can only be traded separately in the limited market; In the second step, within 18~24 months, the management team will find a target company that can be acquired, all shareholders will vote, and after the majority agrees, the acquisition will be completed, and the merger will be formed into a new company, and the stock will be officially listed and traded. Once the lock-up period of stocks held by the promoter expires, they can withdraw and cash out. SPAC mode enables enterprises to go public in a short time, and the cost is lower than IPO, shell listing/backdoor listing.</p><p><b>Nowadays, China's decision-makers have completely made up their minds to transform, bid farewell to the old model of \"real estate + land finance\" based on urbanization dividend, and shape a new growth model with three pillars of \"hard technology + green and low carbon + supporting small and micro private enterprises\".</b></p><p><b>In order to undertake the above-mentioned development strategic transformation, at present, China needs an exchange that focuses on serving innovative small and medium-sized enterprises and undertakes the mission of cultivating a number of specialized and new small and medium-sized enterprises. The emergence of Beijing Stock Exchange has adapted to the needs of the times and responded to the needs of global scientific and technological competition.</b></p><p><b>Second, the Beijing Stock Exchange was not \"born out of thin air\", but the result of the endogenous evolution of Beijing's long-term scientific and technological innovation support policy</b></p><p>Beijing is a city with a high concentration of innovative enterprises and financial resources in China. Looking at the policy evolution path in Beijing's scientific and technological innovation field, we can find that,<b>At every important historical juncture, Beijing has launched major policy and institutional innovations:</b></p><p>In the 1980s and 1990s, with the rise of the Internet technology industry in the United States, Beijing established<a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>It has become the area with the most intensive scientific and educational intelligence and human resources in China, and is called \"China's Silicon Valley\".</p><p>In 2006, the unlisted joint-stock company of Zhongguancun Science and Technology Park entered the agency transfer system for share quotation transfer, which was called the \"New Third Board\".</p><p>On July 27, 2020, the establishment of the selected layer of the New Third Board and the promotion ceremony of the first batch of enterprises were held in the listing hall of the National Equities Exchange and Quotations Corporation. The first batch of 32 companies have all completed the public offering procedures, and the selected layer was officially established and opened for trading.</p><p><b>Nowadays, on the basis of more than a year's pilot project in the selected layer, the establishment of Beijing Stock Exchange on the basis of the selected layer can be described as a \"natural success\".</b></p><p><b>From the perspective of Beijing's industrial transformation and upgrading, digital economy and scientific and technological innovation are important supports. The establishment of Beijing Stock Exchange is important for<a href=\"https://laohu8.com/S/00925\">Beijing Construction</a>It is of great significance to be a financial center and scientific and technological innovation center with global influence.</b></p><p><b>3. What is most expected of Beijing Stock Exchange is whether the system construction can make further breakthroughs and innovations</b></p><p><b>China already has two major exchanges in Shanghai and Shenzhen. The biggest attraction of the establishment of Beijing Stock Exchange is not that there is another exchange. What is most worth looking forward to is what institutional innovations will be in the future!</b></p><p>For a long time before, China's stock market did not implement a registration system, and it was impossible to list enterprises with different rights in the same shares, and it was impossible to list unprofitable high-tech enterprises. The launch of science and technology innovation board solves the problem of registration system, and at the same time creates conditions for unprofitable high-tech enterprises to go public. Beijing Stock Exchange has further relaxed the rising market value and financial conditions of innovative small and medium-sized enterprises, making it more convenient for enterprises to go public and raise funds.</p><p><b>Judging from the information disclosed by the current regulation, the initial planning of Beijing Stock Exchange is an extension of the New Third Board:</b>Set up Beijing Stock Exchange on the basis of the existing select layer of the New Third Board, translate the basic systems of the select layer as a whole, insist that listed companies in Beijing Stock Exchange are generated by innovative companies, maintain the market structure of \"progressive layer by layer\" between the basic layer, innovation layer and Beijing Stock Exchange of the New Third Board, and simultaneously pilot the securities issuance registration system.</p><p>Previously, the selected layer of the New Third Board also designed a system of transferring to the Science and Technology Innovation Board and the Growth Enterprise Market, but the number of enterprises successfully transferred to the board was limited. The establishment of Beijing Stock Exchange based on the existing selected layer of the New Third Board is not only conducive to enhancing the liquidity and listing channels of the equity of listed enterprises in the New Third Board, but also to \"build the main position of service innovative small and medium-sized enterprises\" and \"cultivate a group of specialized and new small and medium-sized enterprises\".</p><p><b>Judging from the conditions and thresholds of listing/listing of the selected layer of the New Third Board and the Science and Technology Innovation Board, the requirements of the selected layer for the market value conditions and financial conditions of enterprises are more relaxed, which is more conducive to the listing of small and medium-sized science and technology enterprises.</b></p><p><b>Can Beijing Stock Exchange have more institutional innovations in the future? Can it further promote the reform process of China's stock market? Worth our anticipation.</b></p><p><img src=\"https://static.tigerbbs.com/24adac74431844c001244acdf21f3ca0\" tg-width=\"892\" tg-height=\"853\" width=\"100%\" height=\"auto\"></p><p><b>Fourth, the establishment of Beijing Stock Exchange will bring subversive changes in PE fund industry</b></p><p>The establishment of Beijing Stock Exchange is conducive to the listing of innovative small and medium-sized enterprises, the activation of the stock trading market, and the growth of brokerage underwriting business and brokerage business income. Therefore, brokerage stocks collectively rose sharply after the opening of the market on Friday.</p><p>But we think,<b>The establishment of Beijing Stock Exchange has very limited benefits to brokerage stocks, and at best, it is just to drink some \"soup\". PE/VC funds are the biggest beneficiaries or \"meat-eaters\" established by Beijing Stock Exchange, and the golden age of first-class PE funds can be expected to come.</b></p><p>In the past, the exit channels of PE/VC investment were relatively scarce, and basically, it was necessary to wait until the IPO of the invested enterprise was listed before it could exit smoothly. However, in the past, enterprises had a high threshold and a long cycle for listing in A shares, while the duration of general PE funds was often only 3-7 years.</p><p>In order to ensure that the fund can exit smoothly at the end of the duration of the fund and cash the income for investors, China's PE funds can often only accompany the \"second half\", and only intervene when the enterprise grows to a certain scale and can go public in a short time; Some enterprises are facing the problem of difficulty in listing in China, and finally will choose VIE structure to go public in the United States or Hong Kong, so that PE funds can withdraw.</p><p><b>With the launch of Science and Technology Innovation Board, the reform of GEM registration system and the establishment of Beijing Stock Exchange, it is more convenient for innovative small and medium-sized enterprises to go public, and the conditions are relaxed. They can go public at an earlier stage of enterprise development, which can alleviate the problem of mismatch between the term of PE fund products and the listing term of invested companies in the past, and change the phenomenon that Chinese PE funds gather to invest in pre-IPO or approach the listing round. The listing of innovative small and medium-sized enterprises no longer needs to complete the long process of angel round-A round-B round-C round-D round-... -IPO, thus promoting more PE funds to move forward on the investment side, and also promoting the development of VC investment.</b></p><p><b>The establishment of Beijing Stock Exchange has also changed the underlying logic of the survival of PE funds in the primary market, and will subvert the current industry ecology in the future.</b>At present, the PE and VC markets show a state of polarization: a large number of start-ups are competing for investment in head PE funds, while a large number of small and medium-sized PE funds are asking for share in star projects; The head PE fund has strong fund-raising ability, and it is difficult for small and medium-sized PE funds to find LP without special resources. In the future, it will be easier for innovative small and medium-sized enterprises to go public, which is conducive to the survival and development of specialized and characteristic small and medium-sized PE funds, and is expected to change the industry ecology of the monopoly dominance of large PE funds at the head.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/lqSPqmgOxaUC0SuD0zmyPQ\">海清FICC频道</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f5481d622d7bc535b67b2738f86cc0db","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"https://mp.weixin.qq.com/s/lqSPqmgOxaUC0SuD0zmyPQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103617448","content_text":"9月2日晚，中央宣布将深化新三板改革，设立北京证券交易所，打造服务创新型中小企业主阵地。\n一、设立北京证券交易所是大国博弈、“科技兴邦”的战略抉择\n当前，一场以数字经济、芯片、人工智能、新能源技术、太空探索技术、生物医药技术为引领的科技革命正在到来。\n在中国经济高质量发展、产业转型升级和全球产业竞争中，科技创新的竞争是核心。中国能否在这一场科技竞争中取得先发优势，不仅仅决定了中国能否解决关键技术“卡脖子”的短期问题，还决定了未来谁是全球产业经济的“领头羊”、21世纪是谁的世纪的长期问题。\n从历史上大国崛起的过程来看，科技是根本驱动力：\n英国借助蒸汽机的领先优势率先开始了第一次工业革命，成为世界霸主；\n美德在内燃机、电气化领域弯道超车超过英国，引领了第二次工业革命，取代了英国的地位；\n二战后美国在原子能、生物医药、航空航天、计算机等领域引领了第三次工业革命，进一步巩固了其全球科技领头羊地位和世界霸主地位。\n在上世纪八九十年代的美日贸易战中，除了“广场协议”这一表面因素和直接诱因外，美国最终能够胜过日本的关键也在于两国在经济发展驱动力选择上的根本差异：\n日本因循传统的主办银行制度，支持传统的大型制造业企业和房地产行业发展，其金融体制不适应科技创新的需要。在广场协议后，日元升值、出口受挫，日本更是直接通过货币大放水刺激起股市泡沫和房市泡沫，催生出“虚假的繁荣”。\n美国通过纳斯达克市场为科技创新企业提供便利的融资环境，硅谷发展起来，培育了一大批后来的互联网企业。\n到了九十年代，日本房市和股市泡沫破裂，经济陷入“失去的二十年”；美国厚积薄发，互联网革命兴起，出现“新经济繁荣”。日本在美日竞争中彻底出局。\n大国博弈，科技定乾坤！科技是第一生产力，是大国崛起和全球竞争的关键。\n金融是实体的血液，科技竞争，金融先行。哪个国家的资本市场更能服务创新，更能为高科技企业融资和发展提供便利，哪个国家的科技创新就更有可能快速进步，同时还能吸引其他国家和地区的高科技企业来本地上市。\n近年来美国纳斯达克也在不断进行制度创新，为中小科创企业上市提供更便捷的政策机制设计。比如，近年来美国股市出现许多特殊目的收购公司（SPAC），成为许多企业借壳上市的“终南捷径”。其操作模式是：第一步，成立一个SPAC公司，向监管机构申请发股募资，但此时发起人持有的股票只能在限定市场上单独交易；第二步，在18~24个月内，管理团队找到一家可以收购的目标公司，全体股东投票，多数同意后完成收购，合并成新公司，股票就可以正式上市交易。发起人持有的股票等锁定期一过，就可以退出套现。SPAC模式能够让企业在短时间内实现上市，成本也比IPO、买壳上市/借壳上市更低。\n如今中国决策层已经彻底下定决心转型，告别以城镇化红利为基础的“房地产+土地财政”旧模式，塑造“硬科技+绿色低碳+支持民企小微”为三大支柱的新增长模式。\n为承接上述发展战略转型，目前国内需要一个聚焦服务创新型中小企业、承担培育一批专精特新中小企业使命的交易所，北京证券交易所的出现适应了时代的需要，也响应了全球科技竞争的需求。\n二、北京证券交易所并非“凭空出世”，而是北京长期以来科技创新支持政策内生进化的结果\n北京是中国创新企业和金融资源高度集中的城市，纵观北京科技创新领域的政策演进路径可以发现，在每一个重要的历史关口，北京都推出了重大的政策和制度创新：\n在上世纪八九十年代，随着美国互联网科技产业兴起，北京建立了中关村，成为我国科教智力和人才资源最为密集的区域，被称为“中国硅谷”。\n2006年，中关村科技园区非上市股份公司进入代办转让系统进行股份报价转让，称为“新三板”。\n2020年7月27日，新三板精选层设立暨首批企业晋层仪式在全国股转公司挂牌大厅举行，首批32家公司已全部完成公开发行程序，精选层正式设立并开市交易。\n如今，在精选层进行了一年多的试点的基础上，以精选层为基础组建北京证券交易所，可谓“水到渠成”。\n从北京产业转型升级的方向来看，数字经济、科技创新是重要的支撑，北京证券交易所的设立，对于北京建设具有全球影响力的金融中心、科技创新中心具有重大意义。\n三、北京证券交易所最值得期待的是制度建设能否再做突破创新\n中国已有沪深两大交易所，设立北京证券交易所的最大看点并不是又多了一家交易所，其最值得期待的是未来还会有哪些制度创新！\n此前很长一段时间，中国股市没有实行注册制、无法让同股不同权的企业上市、无法让未盈利的高科技企业上市。科创板的推出解决了注册制的问题，同时为未盈利的高科技企业上市创造了条件。北京证券交易所进一步放宽了创新型中小企业上升的市值、财务条件，企业上市融资更加便捷。\n从目前监管披露的信息来看，北京证券交易所的初期规划是新三板的延伸：以现有的新三板精选层为基础组建北京证券交易所，总体平移精选层各项基础制度，坚持北京证券交易所上市公司由创新层公司产生，维持新三板基础层、创新层与北京证券交易所“层层递进”的市场结构，同步试点证券发行注册制。\n此前新三板精选层也设计了向科创板、创业板转板上市的制度，但成功转板上市的企业有限。以现有的新三板精选层为基础组建北京证券交易所，不仅有利于增强新三板挂牌企业股权的流动性和上市渠道，还是为了“打造服务创新型中小企业主阵地”，“培育一批专精特新中小企业”。\n从新三板精选层和科创板挂牌/上市的条件和门槛来看，精选层的对企业市值条件、财务条件的要求更加宽松，更有利于中小科创企业的上市。\n未来北京证券交易所是否能有更多的制度创新？能否进一步推动中国股票市场的改革进程？值得我们期待。\n\n四、北京证券交易所的设立将带来PE基金行业的颠覆性变革\n北京证券交易所的设立，有利于创新型中小企业上市，活跃股票交易市场，有利于券商承销业务和经纪业务收入增长，因此，周五开盘后券商股集体大涨。\n但我们认为，北京证券交易所的设立对券商股的利好非常有限，充其量也就是喝点“汤”。北京证券交易所设立的最大受益者或者说“吃肉的”是PE/VC基金，一级PE基金黄金时代可期待来临。\n过去 PE/VC投资的退出渠道比较匮乏，基本上需要等到被投企业IPO上市后才能顺畅地退出。但以前企业在A股上市门槛高、周期长，而一般的PE基金的存续期限往往只有3—7年。\n为了保证在基金存续期结束时能够顺利退出、给投资人兑现收益，中国的PE基金往往只能陪跑“后半场”，在企业成长到一定规模、能够在较短的时间内上市时才介入；部分企业在中国面临上市难的问题，最后会选择VIE架构去美国或香港上市，让PE基金得以退出。\n随着科创板推出、创业板注册制改革、北京证券交易所设立，创新型中小企业上市更加便捷，条件放宽，可以在企业发展的较早阶段上市，能够缓解过去PE基金产品期限和被投公司上市期限不匹配的难题，改变中国PE基金扎堆投pre-IPO或临近上市轮现象。创新型中小企业上市不再需要完整走完天使轮—A轮—B轮—C轮—D轮—……—IPO的漫长过程，从而促使更多的PE基金在投资端前移，也可以促进VC投资的发展。\n北京证券交易所的设立，还改变了一级市场PE基金生存的底层逻辑，未来将颠覆目前的行业生态。目前的PE、VC市场，呈现出两极分化的状态：一大批初创企业争相求着头部PE基金投资，而一大批中小PE基金则求着明星项目要份额；头部PE基金募资能力强，中小PE基金若无特殊资源则很难找到LP。未来创新型中小企业上市更加容易，有利于专业化、特色型中小PE基金的生存发展，有望改变头部大型PE基金垄断主导权的行业生态。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":3821,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133136962,"gmtCreate":1621725896056,"gmtModify":1704361686033,"author":{"id":"3582311267796115","authorId":"3582311267796115","name":"犇鑫磊","avatar":"https://static.tigerbbs.com/2978a0b1bfc84833e31420e7fdfa0e1e","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582311267796115","idStr":"3582311267796115"},"themes":[],"htmlText":"??????????","listText":"??????????","text":"??????????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/133136962","repostId":"133913115","repostType":1,"repost":{"id":133913115,"gmtCreate":1621682551637,"gmtModify":1704361429166,"author":{"id":"3582311267796115","authorId":"3582311267796115","name":"犇鑫磊","avatar":"https://static.tigerbbs.com/2978a0b1bfc84833e31420e7fdfa0e1e","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582311267796115","idStr":"3582311267796115"},"themes":[],"htmlText":"中概股中概股是指在海外註冊和上市，但最大控股權(通常爲30%以上)或實際控制人直接或間接隸屬於中國內地的民營企業或個人的公司。中概股有很多，比較有代表性的有：中國鋁業、汽車之家、阿里巴巴、百度、易車、嗶哩嗶哩、東方航空、中國海洋石油、中國電信、中國移動、網易有道、蛋殼公寓、鬥魚、新東方、格林酒店、廣深鐵路、跟誰學等。","listText":"中概股中概股是指在海外註冊和上市，但最大控股權(通常爲30%以上)或實際控制人直接或間接隸屬於中國內地的民營企業或個人的公司。中概股有很多，比較有代表性的有：中國鋁業、汽車之家、阿里巴巴、百度、易車、嗶哩嗶哩、東方航空、中國海洋石油、中國電信、中國移動、網易有道、蛋殼公寓、鬥魚、新東方、格林酒店、廣深鐵路、跟誰學等。","text":"中概股中概股是指在海外註冊和上市，但最大控股權(通常爲30%以上)或實際控制人直接或間接隸屬於中國內地的民營企業或個人的公司。中概股有很多，比較有代表性的有：中國鋁業、汽車之家、阿里巴巴、百度、易車、嗶哩嗶哩、東方航空、中國海洋石油、中國電信、中國移動、網易有道、蛋殼公寓、鬥魚、新東方、格林酒店、廣深鐵路、跟誰學等。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/133913115","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3675,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}