Brokerages continue to develop the business of the Beijing Stock Exchange

time:2023-01-28 17:23:09 source:clevelanddrifters.com author:Stock market
Brokerages continue to develop the business of the Beijing Stock Exchange

As an important market participant, securities companies have been actively making continuous efforts in the business field of the Beijing Stock Exchange in recent years. A number of industry insiders told the China Securities Journal reporter that the Beijing Stock Exchange has brought a number of business opportunities to securities companies such as sponsorship, listing on the New Third Board, and direct investment, especially for small and medium-sized enterprises that have the advantage of serving "specialized, specialized, and new" small and medium-sized enterprises. For securities companies, the establishment of the Beijing Stock Exchange provides them with the opportunity to achieve overtaking on the curve and keep pace with leading securities companies. Faced with these opportunities, securities companies themselves need to further enhance their industry expertise, pricing and sales capabilities and other capabilities. The three major businesses have benefited significantly. "The announcement of the establishment of the Beijing Stock Exchange has brought about a comprehensive expansion of the capital market, and for securities companies, it has also brought a wealth of business opportunities." As an important participant in the Beijing Stock Exchange market, Zhongtai Securities is responsible for It is believed that the Beijing Stock Exchange has brought a positive impact on the three major businesses of brokerage sponsorship, listing on the New Third Board and direct investment. Specifically, the Beijing Stock Exchange provides a new channel for "specialized, special and new" small and medium-sized enterprises to enter the capital market. The listed companies of the Beijing Stock Exchange need to meet the requirements of listing on the New Third Board for 12 months, which makes high-quality small and medium-sized enterprises listed in the new market. The enthusiasm of the three boards has increased significantly. The Beijing Stock Exchange encourages the business model of "sponsoring + investment", which brings obvious incremental opportunities for the direct investment business of securities companies. Wind data shows that as of September 4, there were a total of 110 listed companies on the Beijing Stock Exchange, and a total of 44 securities firms acted as sponsors for these listed companies. In terms of the number of sponsors, in addition to leading institutions such as China Securities and Shenwan Hongyuan Securities, Zhongtai Securities, Kaiyuan Securities, Guoyuan Securities, Soochow Securities, Northeast Securities and many other small and medium-sized securities companies also occupy a considerable market share. Sun Jianfen, Assistant General Manager of Kaiyuan Securities and General Manager of Innovation Investment Banking Headquarters, told the China Securities Journal that the traditional investment banking business of securities companies mainly obtains the income from sponsorship and underwriting fees by sponsoring the listing of enterprises, while the Beijing Stock Exchange is based on the selection layer of the original New Third Board. The selection of various basic systems has formed the market structure of the basic layer, innovation layer and Beijing Stock Exchange of the New Third Board, which provides a diversified and open profit model for securities companies serving small and medium-sized enterprises. Securities companies can provide them with diversified and full-cycle services such as corporate governance standard consulting services, early financing services, recommendation and listing services, continuous supervision services, financing and M&A services, and sponsorship and listing services, and continue to gain benefits. Business capabilities are facing higher requirements. From the perspective of volume, most of the companies sprinting to the Beijing Stock Exchange are innovative small and medium-sized enterprises. For securities companies, the related business is full of opportunities and means higher risks, which makes the securities companies continue to improve their "internal strength". "It has become an inevitable choice to embrace the North Exchange market. In the view of the above-mentioned relevant person in charge of Zhongtai Securities, the Beijing Stock Exchange has put forward higher requirements for securities companies' industry expertise, pricing and sales capabilities, risk control capabilities and financial support capabilities. He said: "Beijing Stock Exchange mainly serves 'specialized, special and new' small and medium-sized enterprises, which requires securities companies to have a deep understanding of the industry in order to provide better services for enterprises; the accuracy of pricing and whether it is accepted by the market put forward the ability of securities companies. It is a big test, which also requires securities companies to continuously improve their investment research and sales pricing capabilities; the risk of operating fluctuations in service companies of the Beijing Stock Exchange is relatively higher, and the development potential and risk resistance capabilities of different small and medium-sized enterprises are often quite different. Improve risk identification capabilities; when selecting securities companies, companies in the Beijing Stock Exchange often consider their investment banking capabilities and financial support, which requires securities companies to further strengthen the combination of investment and investment banking, and increase financial support for high-quality small and medium-sized enterprises. "Sun Jianfen particularly emphasized the importance of compliance in an interview: "For securities companies, keeping the bottom line of compliance and controlling the risk 'red line' is the first priority of development, especially for the business of the Beijing Stock Exchange and the New Third Board. On the one hand, closely combine the high-quality development of the business with the construction of compliance and risk control, and continue to build an internal control system with reasonable division of labor, clear rights and responsibilities, mutual checks and balances, and effective supervision; The core, compliance, and risk control management will be expanded in advance, and the carrying capacity will be increased, so as to prepare for the business development of the Beijing Stock Exchange in advance." Various institutions have stepped up their layout efforts. When asked how to further develop the business of the Beijing Stock Exchange in the future, the above mentioned The relevant person in charge of Thai Securities said that the company will further strengthen the long-term follow-up service of "specialized, specialized and new" high-quality small and medium-sized enterprises, and strengthen the research and training of the technological innovation industry, and gradually form a differentiated competitive advantage of deep cultivation and specialization. The integrated financial service model of financing integration provides assistance for the initial listing of enterprises on the Beijing Stock Exchange. On September 2, on the occasion of the first anniversary of the establishment of the Beijing Stock Exchange, the Beijing Stock Exchange released the "Detailed Rules for the Management of Securities Indexes of the Beijing Stock Exchange" and the compilation plan of the Beijing Stock Exchange 50 Component Index. . With the continuous construction and improvement of the system, the Beijing Stock Exchange has also continued to attract various types of securities companies such as joint venture securities companies and foreign-funded securities companies to participate in it. The person in charge of the investment banking business of Daiwa Securities (China) told a reporter from China Securities Journal that after the establishment of the Beijing Stock Exchange, Daiwa Securities (China) immediately started the business preparation and expansion of the Beijing Stock Exchange. The National Equities Exchange and Quotations Co., Ltd. has the qualification to host the brokerage business, and on November 12 of the same year, it became the first batch of members of the Beijing Stock Exchange. "As the first newly established foreign-controlled securities firm to settle in Beijing, in the future, Daiwa Securities (China) will actively expand the business of the Beijing Stock Exchange in the following directions. The company will leverage its differentiated competitive advantages and take full advantage of its controlling shareholder, Daiwa Securities Group, in Japan. The practice and experience of the capital market focus on providing professional and diversified financial services for small and medium-sized enterprises with obvious industrial synergies between China and Japan; the company will continue to expand the construction of the North Exchange professional service team and strengthen personnel input; in addition, The company will also continue to improve its professional service capabilities to discover, cultivate and recommend high-quality companies for the Beijing Stock Exchange and the general public investors." said the aforementioned person in charge of the investment banking business of Daiwa Securities (China).

(Responsible editor:Market analysis)