日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Finance

'First-choice listing venue for innovative SMEs'

By Zhou Lanxu | China Daily | Updated: 2021-10-11 07:26
Share
Share - WeChat
People wait outside the China Securities Regulatory Commission, which released draft rules of the Beijing bourse. [Provided to China Daily]

In addition to the easier listing thresholds, the BSE will lend support to the cash-thirsty SME sector on the grounds of a shortened IPO time frame and reduced issuance costs, Li said.

This is because the BSE has adopted the registration-based system, which streamlines the IPO review process. For BSE-listed companies, the bourse also offers easier financing channels, including the mechanism that a couple of issuances can be made through one issuance registration, Li said.

Many NEEQ-traded firms have stepped up efforts to tap into the development opportunity offered by the BSE, including Roit, which entered the NEEQ Base tier in 2015.

"We are confident that we will maintain an average annual growth of 50 to 70 percent in revenue in the coming three years," Tong said. "Our confidence is backed by our research and development fruits as well as the expected financing boost from the BSE."

Ben Jinfeng, chairman of Jilin Boda Pharmaceutical Co Ltd, said the generic drugmaker based in Liaoyuan, Jilin province, whose controlling stake is held by Cloudview Capital, plans to raise money via the NEEQ first and then file for an IPO on the Beijing bourse to empower its business transformation.

According to Ben, although the company entered the NEEQ Base tier in 2017, it still relied primarily on its own cash flow for R&D due to lackluster financing conditions on the NEEQ. The lack of external financing has combined with the company's undiversified product line to restrict its growth.

To address the developmental bottlenecks, Ben said the company has undergone major adjustments and requires hundreds of millions of yuan in external financing over the next three years to transition from a generic drugmaker to one that also specializes in innovative medicine development.

"The BSE is likely to play a big role in facilitating our financing plan," Ben said. "The bourse has not only made it easier for the company to be listed in the future but also to obtain financing at present as it has boosted PE and VC investors' interest in smaller firms."

Calvin Fu, chief economist at the International Financial Centre Federation, said, "All in all, the establishment of BSE is a significant step for China in strengthening financial support for the building of the new development paradigm."

The paradigm, in which the domestic market is the mainstay while the domestic and international markets support each other, stresses achieving sustainable and inclusive growth, a process that entails thriving innovative industries and a booming SME sector, Fu said.

Fu added that the lack of liquidity that once plagued the NEEQ is unlikely to be replicated on the BSE, thanks to its legal status as a real exchange and enhanced arrangements to boost liquidity, such as lightened investment thresholds.

Any retail investor qualified to trade on the BSE should have at least 500,000 yuan worth of assets in securities accounts, a reduction from 1 million yuan of the NEEQ Select, according to the bourse.

The registration-based system of the BSE may also improve from those trialed in Shanghai and Shenzhen, as the new bourse will leverage more of the market mechanism in screening information disclosure, said Xiao with China Renaissance Securities.

According to Xiao, market players are expected to supervise the disclosure quality of a firm during at least one year of NEEQ trading before it files for an IPO. Doing so will help strengthen its quality of information disclosure later as a listed company.

Nevertheless, experts still called for more institutional innovations to ensure the bourse is a success, especially when it comes to introducing more qualified investors, ensuring listed companies' quality and safeguarding investor protection.

"Though highly anticipating the BSE, many investors will still take a wait-and-see approach and await its actual market performance," Xiao said.

To make the bourse a strongly competitive listing venue, Xiao said he is hopeful that it will provide enough tolerance to applicants' financial performance fluctuations in the IPO review process and make institutional innovations to attract foreign investors who are experienced in growth startup investments.

Hu Yuanyuan and Wang Weihan contributed to the story.

|<< Previous 1 2 3   
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 精品一区二区三区在线视频 | 国产性夜夜性夜夜爽91 | 亚洲午夜久久久久久尤物 | 在线观看视频亚洲 | 日韩第一区 | 91久久精品一区二区二区 | 成人偷拍自拍 | 无码缴情做A爱片毛片A片 | 亚洲免费一区 | 国产精品美女久久久久aⅴ国产馆 | 国产99页| 99re在线观看 | www.精品久久 | 爱爱视频在线观看 | 79thz.com| 日韩在线网址 | 激情av免费看 | 综合网视频 | 日韩不卡视频在线 | 国产精品丝袜视频 | 魏千翔 | 日韩欧美一区二区三区不卡在线 | 日韩超碰 | 欧洲精品视频完整版在线 | 久爱www成人网免费视频 | 亚洲日本天堂在线 | 成人不卡在线 | a级黄色网| 国产成年网站v片在线观看 中文字幕在线免费视频 | 国产精品亚洲成在人线 | 欧美偷偷操 | 欧美性一区二区三区 | 草草影院地址 | 亚欧免费视频一区二区三区 | 国产精品丝袜视频 | 国产在线小视频 | a级欧美片免费观看 | 亚洲一区二区色情苍井空 | 欧美福利视频一区二区三区 | 亚洲日韩欧洲无码av夜夜摸 | 亚洲特级aaaaaa毛片 |