On the evening of September 17, the Beijing Stock Exchange clarified that the participation threshold for individual investors is 500,000 yuan. The institution expects that the lowering of the “entry threshold” of the Beijing Stock Exchange will bring about a doubled growth of investors.

The "entry threshold" for individual investors in the Beijing Stock Exchange is lowered

On September 17, the Beijing Stock Exchange issued the "Beijing Stock Exchange Investor Suitability Management Measures (Trial)". After the opening of the Beijing Stock Exchange, the entry threshold for individual investors is 500,000 yuan of daily average securities assets in the 20 trading days before the opening of trading rights, and they have more than 2 years of securities investment experience. Investors who have opened the trading permission of the selected layer before the opening of the Beijing Stock Exchange will have their trading permissions automatically transferred to the Beijing Stock Exchange.

At the same time, the National Equities Exchange and Quotations Company revised the "Administrative Measures for the Suitability of Investors in the National Equities Exchange and Quotations System", and adjusted the capital threshold for innovative investors from 1.5 million yuan to 1 million yuan.

Regarding the time to participate in the stock trading of the Beijing Stock Exchange, the Beijing Stock Exchange announced that from now on, qualified investors can apply to the securities company they entrust to make an appointment to open the trading authority of the Beijing Stock Exchange.

It is worth noting that after the implementation of the new third board reform launched in 2019, the investment access thresholds for the selection layer, innovation layer and basic layer are 1 million yuan, 1.5 million yuan, and 2 million yuan respectively. After the release of the rules and before the opening of the Beijing Stock Exchange, investors still need to meet the standard of 1 million yuan in securities assets to participate in the trading of selected tier stocks.

Or drive investors to double the growth

The lowering of the "entry threshold" may bring about a substantial increase in investors on the New Third Board. Essence Securities pointed out that in terms of the number of investor accounts, the number of individual investor accounts on the New Third Board by the end of 2020 was 1.658 million. The access threshold of the North Exchange is the same as that of the Shanghai Stock Exchange's Science and Technology Innovation Board. As of the end of 2020, the number of individual investors on the New Third Board is 1.658 million. According to the investor position structure data of the Shanghai Stock Exchange at the end of 2020, investors with a market value of more than 500,000 accounts. There are 3.32 million accounts, and considering the market value of the Shenzhen Stock Exchange and investors' other financial assets in banks, the number of investment accounts that meet this standard will be even more.

In fact, as of July 2021, the cumulative number of accounts opened on the Science and Technology Innovation Board with the same threshold of 500,000 has reached 7.89 million. Therefore, considering the new positioning and attractiveness of the Beijing Stock Exchange, it is expected that there will be more investors in the Beijing Stock Exchange than 3.32 million, and the number of Beijing Stock Exchange is expected to be between 3.32 million and 7.89 million. , compared with the current growth of several times, it is expected that the number of accounts opened in the innovation layer will also increase significantly. The number of investor households is superimposed on the increase in the market size, and the liquidity of the selection layer is expected to usher in a great improvement.

Kaiyuan Securities also believes that after the threshold is lowered, the number of individual investors on the Beijing Stock Exchange will more than double. At the same time, with the emergence of investment opportunities in the Beijing Stock Exchange, the activity of existing investors will be further enhanced. The entry of new investors, combined with the increase in the activity of existing investors, will greatly enhance the liquidity and pricing power of the Beijing Stock Exchange and the overall New Third Board.

It is worth noting that the Beijing Stock Exchange is positioned to serve small and medium-sized enterprises. The current list of specialized and new "little giants" mainly selects high-quality small and medium-sized enterprises. If the liquidity of the Beijing Stock Exchange and the innovation layer continues to increase, this department will Branch or become a potential backup force.

According to preliminary statistics, among the 4,922 companies listed in the three batches of specialized, special and new "little giants", 369 companies are currently listed on the New Third Board, and 292 companies are listed in Shanghai and Shenzhen. The proportion of listed companies is relatively low. There is still a lot of room for growth in the future of the Beijing Stock Exchange market, and corresponding financing capabilities and market liquidity need to be matched.

来源：财联社（上海，编辑 张扬）讯

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