Ten Strategic Significances of the New Third Board for China
2021-09-15
The NEEQ is not simply the future Nasdaq. It will become the world's largest stock exchange at any time. If the annual listing rate of 10,000 companies can be maintained in the future, it will no longer be a myth to become the world's largest exchange platform. Therefore, the New Third Board has ten strategic significance for China's capital market.
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First, the New Third Board is the starting point, weapon and foothold of national policy. The huge wealth effect of the NEEQ enables the NEEQ to attract entrepreneurs to start businesses and venture capital to invest, enabling the implementation of the national policy of "mass entrepreneurship and innovation".
Second, the New Third Board is a thorough test of China's reform and opening up. It will release the fruits of 30 years of reform and opening up, and will become an outlet for tens of millions of small, medium and micro enterprises. Over the past 20 years, the capital market has not fully played its due role in promoting economic growth, and the New Third Board will become a base to truly release the achievements of my country's 30 years of reform and opening up due to a large number of companies investing there.
Third, the NEEQ will restore the uncertain and diversified nature of the capital market, will vigorously promote technological innovation and model innovation, and will give birth to great innovative enterprises. In the past, my country's market review, whether it is the main board, the small and medium-sized board or the GEM, was a strict review system, which did not really play a supporting role in the capital market's uncertainty for enterprises. The average establishment time of NEEQ enterprise companies is less than 5 years, and the NEEQ requires companies to go public for only 2 full fiscal years, which is a kind of support for innovation and entrepreneurship.
Fourth, the New Third Board will become a booster for economic growth. Driven by the wealth effect of the New Third Board, capital can be squeezed and actively flowed into the equity market, becoming a booster for economic growth. In fact, whether it flows into the main board, the small and medium-sized board, the ChiNext board or the new third board, increasing the proportion of direct investment, especially equity investment, to a certain proportion is particularly important for the development of China's economic growth.
Fifth, the New Third Board will become a real GEM. At present, there is no essential difference between the domestic main board, the small and medium-sized board, and the GEM, and even the strictness of the review of the GEM exceeds that of the small and medium-sized board.
Sixth, the New Third Board will become the largest stock exchange in the world. In the future, the new third board can develop at a rate of 10,000 per year, and the number of enterprises in our country can fully support this number. This is very similar to the development history of Nasdaq and the New York Stock Exchange.
Seventh, the New Third Board will be a bridge linking entrepreneurs, venture capital and capital markets. In the domestic capital market, an entrepreneurial project was originally far away from the capital market, especially the secondary market, but the emergence of the New Third Board has greatly shortened the listing time and greatly improved the possibility of listing, making entrepreneurial projects, venture capital and The capital market is directly connected, and this bridge is very important.
Eighth, the New Third Board will implant the Internet thinking of disintermediation, openness and transparency into the entire investment field, and will become the world's largest Internet financial platform. Although many people and enterprises are talking about Internet thinking, so far, Internet thinking has been rare in the investment field. The New Third Board has truly implanted Internet thinking into the investment field.
Ninth, the new third board will be a revolution, not only the life of the capital market, but also the life of the equity investment industry, especially the PE industry, and will reshape the investment pattern of the primary market. The emergence of the new third board will cut off PE investment, which will make the primary market investment develop to the front.
Tenth, the development of China's capital market over the past 20 years is only a prelude, and the substantial development of the New Third Board will truly open the entire curtain of the capital market.
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