The regional equity market supports the development of small, medium and micro enterprises

In recent years, as an important part of the multi -level capital market, the regional equity market has played a positive role in implementing the policy and measures of local governments to support small, medium and micro enterprises, broadening small, medium and micro enterprises financing channels, and support for innovation and entrepreneurship. At the same time, the market still faces development bottlenecks such as poor equity financing functions, insufficient traceability of corporate information disclosure, insufficient positioning of operating institutions and unclear models, and urgently need to break through and resolve.

"Securities Daily" reporter was exclusively informed in the industry that with the continuous advancement of the capital market's comprehensive deepening reform, in order to further enhance the service capabilities of the regional equity market to small, medium and micro enterprises, the regulatory authorities intend to find out the pain points and potential issues of market development to the industry. It may not be far from the policy aspect.

本 Provide basic services for the capital market according to local conditions

The regional equity market is an emerging market developed in the past ten years. In 2017, the new "Securities Law" implemented from March 1, 2020, which has clearly clarified the regional equity market at the legal level. The distribution and transfer provides the functional positioning of places and facilities, laying the foundation for the rule of law for its development.

At present, a total of 35 regional equity market operating institutions across the country have basically formed a "one province, one market" pattern. As of the end of 2021, the regional equity market served 186,800 small and medium -sized enterprises, with a total of 1.66 trillion yuan in various types of financing. Luo Zhiheng, chief economist of Yuekai Securities and Dean of the Institute of Research, believes that as a "tower" as a multi -level capital market system, the regional equity market is based on local economic development and industrial characteristics. Services and comprehensive financial services have outstanding results.

Specifically, on the basis of the continuous improvement of the regional equity market in multiple governments, some operating institutions have continuously increased their incubation and cultivation to promote high -quality enterprises in their jurisdictions.

The Hunan Equity Exchange (hereinafter referred to as the "Hunan Stock Exchange"), which pays attention to the quality of quality, relies on the advantages of the controlling shareholder Hunan Caixin Financial Control Group's financial business to create a "growth booster, funds gas station for small and medium -sized enterprises in Hunan Province , Listing and Incubation Port. " Bao Shuang, chairman of the Hunan Stock Exchange, introduced that as of the end of August 2022, the total number of listed companies listed by Hunan Stock Exchange was 990. Among them, there are 135 new "little giants" enterprises, with 52 revenues of over 100 million yuan in 2021, and 45 net profit exceeding 10 million yuan. In addition, Hunan Stock Exchange has cultivated 5 custody companies to achieve IPO listing, and more than 40 listed companies are preparing for the new three board listing or listing work.

Qingdao Blue Sea Equity Trading Center has strived to improve the quality of listed enterprises by establishing a classified comprehensive service system and differentiated service supply system. For example, the relevant person in charge said that the "listing cultivation board" of the company's listing reserve cultivation library entry into the warehouse has attracted 90 high -quality enterprises such as "invisible champion" enterprises, high -tech enterprises, and "gazelle enterprises"; Focusing on the "Special Special New Specialty Board" of the "Specialty Specialty" enterprise, it is now selected as a national "specialized new" enterprise service platform. As of the end of August, 537 related companies have gathered.

In addition, some operating institutions focus on the gathering of resource elements that promote the financial support for the innovation system, and "fulfill" the financing expectations of some enterprises.

"Two legs walking" is more stable. Zhejiang Province Equity Trading Center (hereinafter referred to as "Zhejiang Stock Exchange") provides investment and financing services for Zhejiang Small and Medium Micro -Science and Micro -Science and Micro -science Innovation Enterprises through convertible bond financing and supporting investment. On the one hand, with the pilot cooperation with the local policy guarantee company in Zhejiang Province, supporting direct financing credit increase services, and issuing "convertible bonds+guarantee" products that can be converted into stocks for enterprises. Help it solve business funds at low cost. On the other hand, with Kunxin Investment with a private equity fund license, it has established a fund investment management platform to increase the financing supply of key listed enterprises such as "specialized specialty". At present, there have been funds such as Haichuang Investment Fund and Huzhou Phoenix Help Fund. As of the end of July this year, there were 11 management funds with a fund size of 3.374 billion yuan.

The exclusive credit product is a characteristic service of Yunnan Equity Trading Center Co., Ltd. (hereinafter referred to as "Yunnan Stock Exchange"). The relevant person in charge said that Yunnan's shareholders and Yunnan Agricultural Credit Cooperatives and Postal Savings Bank Yunnan Branch have developed their own development. The credit product "Cloud Stock Loan" of equity pledge credit increase, the first "Colorful Cloud Stock Loan" product has been landed at the end of July this year, with a loan amount of 10 million yuan.

Luo Zhiheng said, "The regional equity market integrates financial elements in the region through its own platform advantages, provides necessary development funds for small and medium -sized enterprises to help them solve financing difficulties."

There are also some operating institutions through share transfer pilots to explore a new path for the effective order of equity investment and entrepreneurial investment. The State Convention held on July 15, 2020 proposed that the pilot pilot transfer of equity investment and entrepreneurial investment shares in the regional equity market. In December 2020 and November 2021, the CSRC approved and agreed to carry out private equity and entrepreneurship at the Beijing Equity Exchange Center (hereinafter referred to as the "North Stock Communications") and Shanghai Equity Custody Trading Center (hereinafter referred to as "Shangshi Bank"). Investment share transfer pilot.

The relevant person in charge of Beijiao said that since the Pilot of the Fund's share transfer business at the end of 2020, the transaction scale exceeded the 6 billion yuan mark. Types realized the full coverage of the type of private equity fund, and fully activated the effective flow of science and technology capital. "Zhang Yunfeng, Secretary of the Party Committee and General Manager of Shangzhong, said," From December 2, 2021, Shanghai Private Equity equity and entrepreneurial investment shares transfer Since the platform's trial operation, as of now, the platform has launched 18 single share transfer projects, with a total transfer share of 1.427 billion copies; 13 orders have been sold, with a total of 1.199 billion transactions, and the total transaction amount is about 1.168 billion yuan. "

Wang Jianping, director of the Second Department of Market Supervision of the CSRC, previously stated that in the next step, it is necessary to vigorously cultivate investors in secondary market institutions in private equity equity, support the regional equity market and various institutions to strengthen cooperation, and encourage the transfer of share transfer through the regional equity market. general Service.

Some operating institutions are intended to be listed to cultivate and incubate, standardize corporate business disclosure, improve the governance structure, and finally promote enterprises to enter the national securities trading venue.

In October 2021, Beijiao officially operated the "Beijing Stock Exchange Beijing Service Base" of the National Stock Transfer System, excavated and cultivated the resources of reserve enterprises, and established a new economic platform for the Beijing Stock Exchange and the national stock transfer system service regional economic platform. According to the relevant person in charge of Beijiao, "In providing services for the listing companies to be listed and the New Third Board, the base focuses on setting up the" two -way "transit channel for the enterprise in terms of green channels and shares custody services to help the enterprise's' to get on to get on. , Get back, get back '. "

Providing high -quality and low -cost capital market services for small and medium -sized enterprises in the region is the key task of Xinjiang's equity trading center. Qian Wei, executive director and general manager, said that nearly a thousand existing listing and hosting enterprises of the Xinjiang Equity Exchange Center, with a total of 42 service companies listed on the New Third Board, and 11 service companies were listed.

用 Give full play to the role of toweren effects and encounter "growth troubles"

It is worthy of recognition that the regional equity market has begun to take shape, serving small and medium -sized enterprises, supporting the tolerance and coverage of scientific and technological innovation. However, we must also see that there are still "growth troubles" in the market still have imperfect laws and regulations, the financing functions cannot be fully exerted, and the operating institutions have weak operating capabilities.

Among them, the regional equity market lacks relevant laws and regulations in terms of development direction and regulatory arrangements, facing many problems and confusion in practice, and lack of systemicity and coherence between markets.

It is not given a clear legal status to the registration and settlement agency, which leads to insufficient validity of equity registration. This is a major cause of "difficult to apply" in the actual operation of the Hunan Stock Exchange. Bao Shuang said frankly that the Securities Law clearly clarified the legal trading place for the non -public issuance of securities in the regional equity market, but the supporting and settlement agency as a supporting support for the securities registration and settlement institution did not have the publicity effect against third parties. China Securities Registration and Settlement Co., Ltd. enjoys a clear legal status, which has caused the credibility of the registration and settlement institution to be fully played.

Luo Zhiheng believes that the regional equity market still lacks comprehensive laws and regulations and institutional systems. "On the one hand, the regional equity market has no unified self -discipline supervision and regulatory measures. According to local economic development, government support, and self -development ideas, the regional equity market has set up characteristic sectors. The operating agency 'each is the government', the difficulty of regulatory coordination, and the difference in development. "

The separation of the regional equity trading market is also Zhang Yunfeng's intuitive feelings. He believes that "this situation is not conducive to resource gathering and giving play to market functions, letting go or partially liberalized regional restrictions, or solving the problem of resource agglomeration."

In addition, due to the fewer tools for regional equity market financing products, and insufficient institutions represented by specialized intermediary service agencies and private equity funds, the market financing functions are insufficient.

According to Luo Zhiheng, according to relevant regulations, if the issuance or transfer of securities in the regional equity market, it is limited to the company's corporate bonds that can be converted into stocks, and other securities recognized by the relevant departments of the State Council shall not issue or transfer private equity bonds in violation of regulations; at the same time,, at the same time,, at the same time, Due to the lack of relevant licenses to carry out comprehensive services in the regional equity market, its functions of serving small, medium and micro enterprises, expanding financing channels, and realization of asset value -added cannot be played well; in addition, the regional equity market has not been included in a unified capital market tax discount Within the scope, the equity transfer of the listed enterprises and investors and the dividend dividends have not yet provided tax discounts, which to a certain extent reduced the enthusiasm of corporate listing and investor transactions.

"The core function of the capital market lies in solving corporate financing, making a large -scale direct financing scale under the premise of controllable risks, and helping the real economy development. Under the current regulatory policies, superimposed financing instruments and insufficient direct financing functions, most SMEs It is difficult to make full use of the regional equity market for financing. "Qian Wei said.

In Bao Shuang's view, financing and transfer business has not formed a closed loop. It is difficult for market participants to enjoy preferential tax policies for the capital market. The market operation and transaction costs are high, and the attractiveness of the market entity is not enough. insufficient. In the process of continuously promoting functions, problems such as poor blood -making function, weak effective service capabilities, and insufficient income in some market operating institutions have led to a market ecology that has not formed a virtuous cycle.

Luo Zhiheng introduced, "The development of some regional equity markets to largely depends on the support of local governments. Its business model and business logic have not formed, and the continuous operation and development capabilities are insufficient. Individual operating institutions even face certain survival pressure."

Many people in the industry also mentioned the above situation in the interview. Zhang Yunfeng revealed that "Due to the poor performance of some regional equity markets, it cannot meet the needs of market participation entities such as enterprises, investors, intermediaries, etc., and corporate custody, listing or more attraction of administrative promotion and funding by the government. In addition, in addition, In addition, some regional equity trading market loses losses, and even institutions are mainly based on equity money financial management income. "

In addition, the reporter noticed in the interview that the cooperation between the regional equity market and the national stock transfer system and the stock exchange is mainly reflected in the cultivation base, publicity and promotion, and roadshow. The effective upward mechanism and channels have not yet formed.

From the perspective of the system, Qian Wei introduced that there are comprehensive connection channels and institutional specifications between the internal levels of the New Third Board, the New Third Board, and the Beijing -Shanghai -Shenzhen Exchange. There is no clear stipulation of turning board systems.

From the perspective of practical perspective, the relevant person in charge of Bei Stock Exchange introduced that the Beijing Stock Exchange company only needs to suspend trading to apply to the Shanghai and Shenzhen Exchange. No need to deliver or delist first. Circulation. When the regional equity market has a demand for turning the board, if it is transferred to the New Third Board, it is necessary to deliver first and then apply for listing on the New Third Board. At the same time, during the audit stage, the legal compliance of corporate equity (shares) in regional equity market transactions is also a focus on issues. Compared with the company's direct application for the new three board listing, the process is more complicated, or it cannot reflect the value of the multi -level capital market ladder rising system, which reduces the willingness to enter the regional equity market for regulatory counseling.

"The operating conditions and processes of corporate transfer boards and supporting laws and regulations, regulatory regulations, information disclosure, settlement systems, and information data are all needed to be improved." Luo Zhiheng believes that all operating institutions are in terms of layered settings, listing conditions, etc. All of them are different, and the difficulty of formulating the transfer system between the regional equity market and the New Third Board market.

治 Further promote the construction of the rule of law into the industry's "most anticipated"

The healthy and stable development of the regional equity market requires the joint efforts of all parties. The reporter of the Securities Daily is exclusively learned that the regulatory authorities are facing the industry on the pain points, blocking points and potential issues of the regional equity market. It is expected to accelerate "breaking the problem" Essence At the same time, in combination with the actual situation of the market and its own operation, the industry has its own expectations for the future.

Among them, further optimizing the top -level design and promoting the construction of the rule of law has become the "most anticipated" in the industry.

Qian Wei said, "I hope to promote the top floor to formulate the characteristics of regulatory regulations and supporting policies that are suitable for over -market markets and promote market development, and give support policies for the regional equity market innovation and characteristic service means."

Bao Shuang said, hoping that the relevant departments can clearly identify the registered and settlement agency supported by the regional equity market as a "non -listed company securities registration and settlement institution", which can directly apply for equity pledge registration of non -listed companies in the registration settlement institution, and will leave related related issues. Quality information shows that the national corporate credit information publicity system shows that this can effectively solve the obstacles of equity registration caused by the asymmetry of equity information of non -listed joint -stock companies, and ensure the credibility of the registered and settlement institutions to handle non -listed joint -stock companies' equity registration.

Strengthen the middle -level design, and the planning and design "first -hand chess" has become the industry consensus.

In terms of exploring the establishment of a multi -level capital market interconnection mechanism, Zhang Yunfeng expressed that he hopes to choose a small number of regional markets with comprehensive investigation, strict review, sufficient information disclosure, standardized operations, and strict supervision. Methods to actively promote the transition mechanism between the construction of the regional equity trading market and the national securities trading venue.

Broadening space needs to establish a unified standard that matches it. Luo Zhiheng suggested that "explore the establishment of a unified layered model of 35 regional equity market operating institutions nationwide, and standardize the layered model, including layer settings, listing conditions, delisting conditions, elevated board conditions, information disclosure, violation of regulations, etc. In terms of reducing differentiation, creating standardization, and formulating a good docking foundation for enterprises to enter the New Third Board market. "

Grassroots exploration is the development element of the regional equity market.

Relevant persons in charge of Yunnan shares admit that operating institutions can establish business cards that attract high -quality small and medium -sized enterprises to enter the board by exploring mature and effective business models and enhancing corporate cultivation service capabilities, thereby improving their ability to continue operations.

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