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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 "meat" and 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 "meat" and 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 \"meat\" and 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 2, the central government announced that it would deepen the reform of the National Equities Exchange and Quotations (NEEQ), establish the Beijing Stock Exchange, and create a main platform for serving innovative small and medium-sized enterprises.</p><p><b>I. The establishment of the Beijing Stock Exchange is a strategic choice for great power competition and \"revitalizing the nation through science and technology\".</b></p><p>Currently, a technological revolution is coming, led by the digital economy, chips, artificial intelligence, new energy technologies, space exploration technologies, and biomedical technologies.</p><p><b>In China's high-quality economic development, industrial transformation and upgrading, and global industrial competition, competition in technological innovation is the core.</b>Whether China can gain a first-mover advantage in this technological competition will not only determine whether China can solve the short-term problem of \"bottlenecks\" in key technologies, but also the long-term question of who will be the \"leader\" of the global industrial economy in the future and who will be the 21st century.</p><p><b>Looking at the rise of great powers throughout history, science and technology have been the fundamental driving force:</b></p><p>Leveraging its leading advantage in the steam engine, Britain pioneered the First Industrial Revolution and became the world's hegemon.</p><p>Germany overtook Britain in the fields of internal combustion engines 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 fields such as atomic energy, biomedicine, aerospace, and computers, further consolidating its position as a global technological leader and world hegemon.</p><p><b>In the US-Japan trade war of the 1980s and 90s, besides the superficial factor and direct incentive of the \"Plaza Accord,\" the key to the US's ultimate victory over Japan lies in the fundamental differences between the two countries in their choice of economic development drivers:</b></p><p>Japan, following the traditional host bank system, supports the development of traditional large manufacturing enterprises and the real estate industry, but its financial system is not suitable for the needs of technological innovation. Following the Plaza Accords, the yen appreciated, exports suffered, and Japan directly stimulated stock and housing bubbles through massive monetary easing, creating a \"false prosperity.\"</p><p>The United States provides a convenient financing environment for technology innovation companies through the Nasdaq market, and Silicon Valley has developed, nurturing a large number of subsequent internet companies.</p><p>By the 1990s, Japan's housing and stock market bubbles had burst, plunging the economy into a \"lost two decades.\" The United States has accumulated wealth and achieved a breakthrough, with the rise of the Internet revolution and the emergence of a \"new economic boom\". Japan was completely eliminated from the US-Japan competition.</p><p><b>In the great power struggle, technology determines the course of events! Science and technology are the primary productive forces and the key to the rise of major powers and global competition.</b></p><p><b>Finance is the lifeblood of the real economy; in technological competition, finance takes the lead. A country's capital market is better able to serve innovation and facilitate the financing and development of high-tech enterprises. The country's technological innovation is more likely to progress rapidly, while also attracting high-tech enterprises from other countries and regions to list locally.</b></p><p><b>In recent years, Nasdaq in the United States has also been continuously innovating its systems to provide more convenient policy and mechanism design for the listing of small and medium-sized science and technology innovation enterprises.</b>For example, in recent years, many special purpose acquisition companies (SPACs) have emerged in the US stock market, becoming a \"shortcut\" for many companies to go public through backdoor listings. The operating model is as follows: The first step is to establish a SPAC company and apply to regulatory agencies for a share issuance to raise funds, but at this time the shares held by the sponsors can only be traded separately on a limited market; The second step is for the management team to find a target company that can be acquired within 18 to 24 months. After all shareholders vote and the majority agree, the acquisition is completed, the company is merged into a new company, and the stock can be officially listed and traded. Once the lock-up period for the shares held by the initiators expires, they can withdraw and cash out. The SPAC model allows companies to go public in a short period of time, and the cost is lower than IPOs, shell companies, and backdoor listings.</p><p><b>Today, China's policymakers are fully determined to transform, bidding farewell to the old \"real estate + land finance\" model based on the dividends of urbanization, and shaping a new growth model with \"hard technology + green and low-carbon + support for private enterprises and micro and small enterprises\" as its three pillars.</b></p><p><b>To undertake the aforementioned development strategic transformation, China currently needs an exchange that focuses on serving innovative SMEs and undertakes the mission of cultivating a number of specialized, refined, and innovative SMEs. The emergence of the Beijing Stock Exchange meets the needs of the times and responds to the demands of global technological competition.</b></p><p><b>Second, the Beijing Stock Exchange did not \"emerge out of thin air,\" but rather is the result of the endogenous evolution of Beijing's long-term policies supporting technological innovation.</b></p><p>Beijing is a city with a high concentration of innovative enterprises and financial resources in China. A review of the policy evolution path in Beijing's science and technology innovation field reveals that...<b>At every important historical juncture, Beijing has introduced major policy and institutional innovations:</b></p><p>In the 1980s and 90s, with the rise of the American internet technology industry, Beijing established...<a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>It has become the region with the highest concentration of scientific, educational, intellectual and talent resources in my country, and is known as \"China's Silicon Valley\".</p><p>In 2006, unlisted joint-stock companies in Zhongguancun Science Park entered the agency transfer system to conduct share quotation transfers, which was called the \"New Third Board\".</p><p>On July 27, 2020, the establishment ceremony of the Selected Layer of the National Equities Exchange and Quotations (NEEQ) and the advancement ceremony of the first batch of companies were held in the listing hall of the NEEQ. The first batch of 32 companies had completed the public offering procedures, and the Selected Layer was officially established and opened for trading.</p><p><b>Now, after more than a year of pilot programs for the Selected Tier, the establishment of the Beijing Stock Exchange based on the Selected Tier is a natural progression.</b></p><p><b>From the perspective of Beijing's industrial transformation and upgrading, the digital economy and technological innovation are important supports. The establishment of the Beijing Stock Exchange is crucial for...<a href=\"https://laohu8.com/S/00925\">Beijing Construction</a>Being a financial center and a science and technology innovation center with global influence is of great significance.</b></p><p><b>Third, the most anticipated question for the Beijing Stock Exchange is whether it can make further breakthroughs and innovations in its institutional development.</b></p><p><b>China already has two major stock exchanges, Shanghai and Shenzhen. The biggest highlight of the establishment of the Beijing Stock Exchange is not the addition of another exchange, but what is most anticipated is what institutional innovations will emerge in the future!</b></p><p>For a long time, the Chinese stock market did not implement a registration system, making it impossible to list companies with dual-class shares or unprofitable high-tech companies. The launch of the Science and Technology Innovation Board solved the problem of the registration system and created conditions for unprofitable high-tech companies to go public. The Beijing Stock Exchange has further relaxed the market capitalization and financial conditions for innovative small and medium-sized enterprises to rise, making it more convenient for them to go public and raise funds.</p><p><b>Based on current regulatory information, the Beijing Stock Exchange's initial plan is an extension of the National Equities Exchange and Quotations (NEEQ):</b>The Beijing Stock Exchange will be established based on the existing NEEQ Selected Layer, generally transferring all basic systems of the Selected Layer, adhering to the principle that listed companies on the Beijing Stock Exchange will be generated by companies in the Innovation Layer, maintaining the \"layer-by-layer\" market structure of the NEEQ Basic Layer, Innovation Layer and the Beijing Stock Exchange, and simultaneously piloting a securities issuance registration system.</p><p>Previously, the NEEQ Select Layer also designed a system for transferring listings to the Science and Technology Innovation Board and the ChiNext Board, but only a limited number of companies have successfully transferred listings. The establishment of the Beijing Stock Exchange based on the existing NEEQ Selected Layer will not only help enhance the liquidity of equity and listing channels of companies listed on the NEEQ, but also \"create a main battleground for serving innovative SMEs\" and \"cultivate a number of specialized, refined and innovative SMEs\".</p><p><b>In terms of the conditions and thresholds for listing on the NEEQ Select Layer and the Science and Technology Innovation Board, the Select Layer has more lenient requirements for companies' market capitalization and financial conditions, which is more conducive to the listing of small and medium-sized science and technology innovation enterprises.</b></p><p><b>Will the Beijing Stock Exchange have more institutional innovations in the future? Can this further promote the reform process of China's stock market? It's something we can look forward to.</b></p><p><img src=\"https://static.tigerbbs.com/24adac74431844c001244acdf21f3ca0\" tg-width=\"892\" tg-height=\"853\" width=\"100%\" height=\"auto\"></p><p><b>IV. The establishment of the Beijing Stock Exchange will bring about disruptive changes to the PE fund industry.</b></p><p>The establishment of the Beijing Stock Exchange is conducive to the listing of innovative small and medium-sized enterprises, revitalizing the stock trading market, and boosting the revenue growth of securities firms' underwriting and brokerage businesses. As a result, securities firm stocks collectively surged after the market opened on Friday.</p><p>But we believe that,<b>The establishment of the Beijing Stock Exchange will have very limited benefits for brokerage stocks; at best, it will only provide some \"soup\". The biggest beneficiaries, or rather, the \"profiteers,\" of the establishment of the Beijing Stock Exchange are PE/VC funds, and the golden age of primary PE funds is expected to arrive.</b></p><p>In the past, there were relatively few exit channels for PE/VC investments, and they basically had to wait until the investee company went public before they could exit smoothly. However, in the past, companies had high thresholds and long listing cycles on the A-share market, while the duration of typical PE funds was often only 3-7 years.</p><p>To ensure a smooth exit and realize returns for investors at the end of the fund's lifespan, Chinese PE funds often have to keep up with the \"second half,\" only intervening when companies grow to a certain size and can go public in a short period of time. Some companies face difficulties in listing in China and ultimately choose a VIE structure to list in the United States or Hong Kong, allowing private equity funds to exit.</p><p><b>With the launch of the Science and Technology Innovation Board, the reform of the registration-based IPO system on the ChiNext board, and the establishment of the Beijing Stock Exchange, it has become more convenient for innovative SMEs to list, and the conditions have been relaxed. They can list at an earlier stage of their development, which can alleviate the problem of mismatch between the product terms of PE funds and the listing terms of investee companies in the past, and change the phenomenon of Chinese PE funds flocking to invest in pre-IPOs or near-IPO rounds. Innovative SMEs no longer need to go through the long process of angel round - Series A - Series B - Series C - Series D - IPO when going public, which will encourage more PE funds to move forward on the investment side and also promote the development of VC investment.</b></p><p><b>The establishment of the Beijing Stock Exchange has also changed the underlying logic of the survival of primary market PE funds and will disrupt the current industry ecosystem in the future.</b>The current PE and VC markets are polarized: a large number of startups are vying for investment from leading PE funds, while a large number of small and medium-sized PE funds are seeking market share from star projects. Leading private equity funds have strong fundraising capabilities, while small and medium-sized private equity funds find it difficult to find LPs without special resources. In the future, it will be easier for innovative SMEs to go public, which will be conducive to the survival and development of professional and distinctive SME PE funds and is expected to change the industry ecosystem dominated by leading large PE funds.</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 \"meat\" and 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 \"meat\" and 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 2, the central government announced that it would deepen the reform of the National Equities Exchange and Quotations (NEEQ), establish the Beijing Stock Exchange, and create a main platform for serving innovative small and medium-sized enterprises.</p><p><b>I. The establishment of the Beijing Stock Exchange is a strategic choice for great power competition and \"revitalizing the nation through science and technology\".</b></p><p>Currently, a technological revolution is coming, led by the digital economy, chips, artificial intelligence, new energy technologies, space exploration technologies, and biomedical technologies.</p><p><b>In China's high-quality economic development, industrial transformation and upgrading, and global industrial competition, competition in technological innovation is the core.</b>Whether China can gain a first-mover advantage in this technological competition will not only determine whether China can solve the short-term problem of \"bottlenecks\" in key technologies, but also the long-term question of who will be the \"leader\" of the global industrial economy in the future and who will be the 21st century.</p><p><b>Looking at the rise of great powers throughout history, science and technology have been the fundamental driving force:</b></p><p>Leveraging its leading advantage in the steam engine, Britain pioneered the First Industrial Revolution and became the world's hegemon.</p><p>Germany overtook Britain in the fields of internal combustion engines 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 fields such as atomic energy, biomedicine, aerospace, and computers, further consolidating its position as a global technological leader and world hegemon.</p><p><b>In the US-Japan trade war of the 1980s and 90s, besides the superficial factor and direct incentive of the \"Plaza Accord,\" the key to the US's ultimate victory over Japan lies in the fundamental differences between the two countries in their choice of economic development drivers:</b></p><p>Japan, following the traditional host bank system, supports the development of traditional large manufacturing enterprises and the real estate industry, but its financial system is not suitable for the needs of technological innovation. Following the Plaza Accords, the yen appreciated, exports suffered, and Japan directly stimulated stock and housing bubbles through massive monetary easing, creating a \"false prosperity.\"</p><p>The United States provides a convenient financing environment for technology innovation companies through the Nasdaq market, and Silicon Valley has developed, nurturing a large number of subsequent internet companies.</p><p>By the 1990s, Japan's housing and stock market bubbles had burst, plunging the economy into a \"lost two decades.\" The United States has accumulated wealth and achieved a breakthrough, with the rise of the Internet revolution and the emergence of a \"new economic boom\". Japan was completely eliminated from the US-Japan competition.</p><p><b>In the great power struggle, technology determines the course of events! Science and technology are the primary productive forces and the key to the rise of major powers and global competition.</b></p><p><b>Finance is the lifeblood of the real economy; in technological competition, finance takes the lead. A country's capital market is better able to serve innovation and facilitate the financing and development of high-tech enterprises. The country's technological innovation is more likely to progress rapidly, while also attracting high-tech enterprises from other countries and regions to list locally.</b></p><p><b>In recent years, Nasdaq in the United States has also been continuously innovating its systems to provide more convenient policy and mechanism design for the listing of small and medium-sized science and technology innovation enterprises.</b>For example, in recent years, many special purpose acquisition companies (SPACs) have emerged in the US stock market, becoming a \"shortcut\" for many companies to go public through backdoor listings. The operating model is as follows: The first step is to establish a SPAC company and apply to regulatory agencies for a share issuance to raise funds, but at this time the shares held by the sponsors can only be traded separately on a limited market; The second step is for the management team to find a target company that can be acquired within 18 to 24 months. After all shareholders vote and the majority agree, the acquisition is completed, the company is merged into a new company, and the stock can be officially listed and traded. Once the lock-up period for the shares held by the initiators expires, they can withdraw and cash out. The SPAC model allows companies to go public in a short period of time, and the cost is lower than IPOs, shell companies, and backdoor listings.</p><p><b>Today, China's policymakers are fully determined to transform, bidding farewell to the old \"real estate + land finance\" model based on the dividends of urbanization, and shaping a new growth model with \"hard technology + green and low-carbon + support for private enterprises and micro and small enterprises\" as its three pillars.</b></p><p><b>To undertake the aforementioned development strategic transformation, China currently needs an exchange that focuses on serving innovative SMEs and undertakes the mission of cultivating a number of specialized, refined, and innovative SMEs. The emergence of the Beijing Stock Exchange meets the needs of the times and responds to the demands of global technological competition.</b></p><p><b>Second, the Beijing Stock Exchange did not \"emerge out of thin air,\" but rather is the result of the endogenous evolution of Beijing's long-term policies supporting technological innovation.</b></p><p>Beijing is a city with a high concentration of innovative enterprises and financial resources in China. A review of the policy evolution path in Beijing's science and technology innovation field reveals that...<b>At every important historical juncture, Beijing has introduced major policy and institutional innovations:</b></p><p>In the 1980s and 90s, with the rise of the American internet technology industry, Beijing established...<a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>It has become the region with the highest concentration of scientific, educational, intellectual and talent resources in my country, and is known as \"China's Silicon Valley\".</p><p>In 2006, unlisted joint-stock companies in Zhongguancun Science Park entered the agency transfer system to conduct share quotation transfers, which was called the \"New Third Board\".</p><p>On July 27, 2020, the establishment ceremony of the Selected Layer of the National Equities Exchange and Quotations (NEEQ) and the advancement ceremony of the first batch of companies were held in the listing hall of the NEEQ. The first batch of 32 companies had completed the public offering procedures, and the Selected Layer was officially established and opened for trading.</p><p><b>Now, after more than a year of pilot programs for the Selected Tier, the establishment of the Beijing Stock Exchange based on the Selected Tier is a natural progression.</b></p><p><b>From the perspective of Beijing's industrial transformation and upgrading, the digital economy and technological innovation are important supports. The establishment of the Beijing Stock Exchange is crucial for...<a href=\"https://laohu8.com/S/00925\">Beijing Construction</a>Being a financial center and a science and technology innovation center with global influence is of great significance.</b></p><p><b>Third, the most anticipated question for the Beijing Stock Exchange is whether it can make further breakthroughs and innovations in its institutional development.</b></p><p><b>China already has two major stock exchanges, Shanghai and Shenzhen. The biggest highlight of the establishment of the Beijing Stock Exchange is not the addition of another exchange, but what is most anticipated is what institutional innovations will emerge in the future!</b></p><p>For a long time, the Chinese stock market did not implement a registration system, making it impossible to list companies with dual-class shares or unprofitable high-tech companies. The launch of the Science and Technology Innovation Board solved the problem of the registration system and created conditions for unprofitable high-tech companies to go public. The Beijing Stock Exchange has further relaxed the market capitalization and financial conditions for innovative small and medium-sized enterprises to rise, making it more convenient for them to go public and raise funds.</p><p><b>Based on current regulatory information, the Beijing Stock Exchange's initial plan is an extension of the National Equities Exchange and Quotations (NEEQ):</b>The Beijing Stock Exchange will be established based on the existing NEEQ Selected Layer, generally transferring all basic systems of the Selected Layer, adhering to the principle that listed companies on the Beijing Stock Exchange will be generated by companies in the Innovation Layer, maintaining the \"layer-by-layer\" market structure of the NEEQ Basic Layer, Innovation Layer and the Beijing Stock Exchange, and simultaneously piloting a securities issuance registration system.</p><p>Previously, the NEEQ Select Layer also designed a system for transferring listings to the Science and Technology Innovation Board and the ChiNext Board, but only a limited number of companies have successfully transferred listings. The establishment of the Beijing Stock Exchange based on the existing NEEQ Selected Layer will not only help enhance the liquidity of equity and listing channels of companies listed on the NEEQ, but also \"create a main battleground for serving innovative SMEs\" and \"cultivate a number of specialized, refined and innovative SMEs\".</p><p><b>In terms of the conditions and thresholds for listing on the NEEQ Select Layer and the Science and Technology Innovation Board, the Select Layer has more lenient requirements for companies' market capitalization and financial conditions, which is more conducive to the listing of small and medium-sized science and technology innovation enterprises.</b></p><p><b>Will the Beijing Stock Exchange have more institutional innovations in the future? Can this further promote the reform process of China's stock market? It's something we can look forward to.</b></p><p><img src=\"https://static.tigerbbs.com/24adac74431844c001244acdf21f3ca0\" tg-width=\"892\" tg-height=\"853\" width=\"100%\" height=\"auto\"></p><p><b>IV. The establishment of the Beijing Stock Exchange will bring about disruptive changes to the PE fund industry.</b></p><p>The establishment of the Beijing Stock Exchange is conducive to the listing of innovative small and medium-sized enterprises, revitalizing the stock trading market, and boosting the revenue growth of securities firms' underwriting and brokerage businesses. As a result, securities firm stocks collectively surged after the market opened on Friday.</p><p>But we believe that,<b>The establishment of the Beijing Stock Exchange will have very limited benefits for brokerage stocks; at best, it will only provide some \"soup\". The biggest beneficiaries, or rather, the \"profiteers,\" of the establishment of the Beijing Stock Exchange are PE/VC funds, and the golden age of primary PE funds is expected to arrive.</b></p><p>In the past, there were relatively few exit channels for PE/VC investments, and they basically had to wait until the investee company went public before they could exit smoothly. However, in the past, companies had high thresholds and long listing cycles on the A-share market, while the duration of typical PE funds was often only 3-7 years.</p><p>To ensure a smooth exit and realize returns for investors at the end of the fund's lifespan, Chinese PE funds often have to keep up with the \"second half,\" only intervening when companies grow to a certain size and can go public in a short period of time. Some companies face difficulties in listing in China and ultimately choose a VIE structure to list in the United States or Hong Kong, allowing private equity funds to exit.</p><p><b>With the launch of the Science and Technology Innovation Board, the reform of the registration-based IPO system on the ChiNext board, and the establishment of the Beijing Stock Exchange, it has become more convenient for innovative SMEs to list, and the conditions have been relaxed. They can list at an earlier stage of their development, which can alleviate the problem of mismatch between the product terms of PE funds and the listing terms of investee companies in the past, and change the phenomenon of Chinese PE funds flocking to invest in pre-IPOs or near-IPO rounds. Innovative SMEs no longer need to go through the long process of angel round - Series A - Series B - Series C - Series D - IPO when going public, which will encourage more PE funds to move forward on the investment side and also promote the development of VC investment.</b></p><p><b>The establishment of the Beijing Stock Exchange has also changed the underlying logic of the survival of primary market PE funds and will disrupt the current industry ecosystem in the future.</b>The current PE and VC markets are polarized: a large number of startups are vying for investment from leading PE funds, while a large number of small and medium-sized PE funds are seeking market share from star projects. Leading private equity funds have strong fundraising capabilities, while small and medium-sized private equity funds find it difficult to find LPs without special resources. In the future, it will be easier for innovative SMEs to go public, which will be conducive to the survival and development of professional and distinctive SME PE funds and is expected to change the industry ecosystem dominated by leading large PE funds.</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":6016,"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":[],"title":"","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":[],"title":"","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":6005,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}