Up to now, the number of listed companies in Beijing Stock Exchange has reached 90, attracting more than 4.96 million investors. However, at the same time, the new share issuance and subscription process needs to be optimized, the transaction activity needs to be improved, and the appeal to institutional investors needs to be improved. In this regard, the insiders called on Beijing Stock Exchange to introduce incremental funds and create conditions to attract institutional investors.

Wang Junguo, Chairman of Guide Fund, told the reporter of Securities Daily that the entrance of institutional investors is of great significance to Beijing Stock Exchange. On the one hand, institutional investors have stronger capital strength and pricing ability for enterprises, which can not only introduce capital and enhance liquidity to the market of Beijing Stock Exchange, but also make the valuation level of listed companies of Beijing Stock Exchange more reasonable and rational; On the other hand, the Beijing Stock Exchange has also provided many high-quality targets for institutional investors. Most of the listed companies in the Beijing Stock Exchange are in the early stage of development, with better growth and better valuation.

Innovative trading mechanism

Increase the attractiveness of funds

Chang Chunlin, founder and partner of Beijing Liwu Investment Management Co., Ltd., told the reporter of Securities Daily that in order to further improve the participation of institutional investors, the following three aspects can be taken into consideration: first, optimize the purchase mode; Second, attract more large institutional investors such as public funds; Third, introduce market maker mechanism and introduce mixed trading system.

"To be specific, because the Beijing Stock Exchange's proposed listed companies require investors to prepay the subscription funds in full before the subscription process of online issuance of new shares, the amount of frozen funds for issuance and subscription is large and the freezing time is long." Chang Chunlin believes that the Beijing Stock Exchange's new share subscription model should be optimized, and the full amount of prepayment should be adjusted to the same credit subscription model as the Shanghai and Shenzhen Stock Exchanges, It helps to improve the efficiency of investors' funds.

At the same time, although the listed companies of Beijing Stock Exchange have begun to take shape, due to various reasons, the participation of large institutional investors such as public funds is not high. In order to attract more large institutional investors, Wang Junguo told reporters that we should further expand the number of listed companies in Beijing Stock Exchange, strictly control the quality of listed companies in Beijing Stock Exchange, and let institutional investors have more high-quality listed companies to buy.

Chang Chunlin suggested that the Beijing Stock Exchange should innovate its trading mechanism and introduce a hybrid system of competitive trading and market making trading based on the current trading system.

　　 29 listed companies in the year

A total of 42 surveys were received

Since this year, the listed companies of Beijing Stock Exchange have received more attention from institutional investors, and the number of surveys has also increased significantly. According to the data, as of April 17, 29 listed companies of the Beijing Stock Exchange received 42 surveys of institutional investors in the year, including securities firms, public offerings, private placement, insurance, asset management and other types of institutional investors.

"The listed companies of the Beijing Stock Exchange that receive more research from institutions are all 'specialized, special and new', industry segment leaders or 'single champion' companies, which have strong investment attraction and potential." Zhou Yunnan, founder of Beijing Nanshan Investment, told the Securities Daily that intensive research on the listed companies of the Beijing Stock Exchange by institutions is conducive to improving market confidence for the market. At the same time, it will bring more over-the-counter funds to Beijing Stock Exchange, which is conducive to strengthening the overall activity of the board of Beijing Stock Exchange. It is worth noting that a few investors will regard the institutional research information as an important reference indicator for studying and judging the stock price movement trend of the secondary market and a signal for judging whether the stock price is started. The market's attention to the institutional research information is growing day by day. The research trend of large institutions, especially star funds, often causes the market to pay high attention.

When talking about how institutional investors should layout the Beijing Stock Exchange at present, Chang Chunlin believed that the current market is generally depressed, and the investment value of some high-quality targets is prominent, which is a good time to build positions in batches. It is suggested that investors should choose enterprises with solid technology R&D capability, core technical barriers and stable operation to make long-term value investment when investing in Beijing Stock Exchange, so as to avoid short-term fluctuations and obtain long-term stable income.

It is worth noting that on March 30, Liujinnian disclosed the Prospectus for Issuing Convertible Corporate Bonds to Specific Objects in 2022 (Draft), becoming the first company of Beijing Stock Exchange to plan to finance through convertible bonds. "The NEEQ and the Beijing Stock Exchange will also gradually deepen the reform. Institutional investors can focus on the convertible bonds, deliverable bonds and other financial instruments of the Beijing Stock Exchange that are expected to be launched in the future. The gradual lifting of the ban on stocks may bring about related trading opportunities such as bulk reduction," said Chang Chunlin.

Zhou Yunnan said that in terms of investment channels, institutional investors, especially large long-term investment institutions, should be given appropriate preference in offline innovation, strategic placement, public issuance, fixed increase, convertible bonds, preferred shares and other aspects.

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