9月2日晚间，中国国家主席习近平在2021年全球服务贸易峰会上宣布深化新三板改革，设立北京证券交易所（“北交所”）。这是时隔三十余年，在深圳、上海交易所后，中国内地资本市场迎来的又一个全国性证券交易所。

中国证监会在周四晚间的新闻稿中对北交所设立情况进行了进一步解释，将“深化新三板改革，以现有的新三板精选层为基础组建北京证券交易所，总体平移精选层各项基础制度，坚持北京证券交易所上市公司由创新层公司产生，同步试点证券发行注册制”。

早在今年3月，媒体便报道中国正在寻求设立第三家证券交易所，最终选址北京，国枫律师事务所主任张利国律师坦言“还是有点意外，因为北京设立交易所的想法已经有了很多年，但都没有落地”。但“北京的基础条件最合适，现在采取的也是以新三板精选层为基础的模式，从这个角度想，也不意外”，他说。

“新三板的股转系统原本就在北京，这是一个很强的基础。”国浩律师事务所执行合伙人刘维律师指出，“设立北京交易所不需要再进行太大的基础设施建设，完善原有股转系统设施和制度后就可以用于北交所运营。”

差异化定位

证监会在新闻稿中谈及新交易所未来定位时说：北交所将坚持服务创新型中小企业的市场定位；与沪深交易所、区域性股权市场坚持错位发展与互联互通。

证监会表示，要构建一套契合创新型中小企业特点的涵盖发行上市、交易、退市、持续监管、投资者适当性管理等基础制度安排；北交所未来的市场运行、投资者结构、主要基础制度安排等都有着显著的中小企业特色。

“设立北交所是为了建立多层次的资本市场，特别是解决中小企业融资难问题，这也是近几年金融机构都在重点解决的问题。”张利国律师说。

在上市规则层面，两位律师都预计北交所规则应该和现有的新三板精选层差异不大，同时将采纳注册制。“如果有变化，可能会降低投资者的准入门槛，同时强化投资者管理，进一步优化精选层的基础制度。”刘维律师指出，“相对于上深交所主板、创业板、科创版，北交所的上市门槛可能会更低一些。”

北交所所采纳的注册制也可能稍有变化，“在现有基础上总结创业板、科创板注册制的经验，包括最近监管机构一直在紧锣密鼓完善注册制部分法律文件规定，例如招股说明书等，完善后的规则可能会引到北交所的发行和上市规则里”，张利国律师说。

中小创型企业未来将是北交所关注重点，两位律师预测，其行业和地域包容性应该较强，“应该不会像科创板一样有那么明确的板块属性”，张利国律师说。“它对全国的中小创企业都会有吸引力，不受地域限制，更多取决于企业和板块自身的定位。”刘维律师说。

是机会，也有压力

北交所的消息刚刚公布，现在对相关业务进行预测或许为时尚早，但两位律师都指出，北交所的设立对于全国范围内的资本市场律师都是利好消息，会带来业务机会的增长。

“上市业务有一些基本的共同点，特别是企业上市辅导工作。”刘维律师指出，“对于一些规模较小，上交易所主板或创业板有一定难度的企业，未来也许能够考虑到北交所上市。”

不过张利国律师指出，新交易所为中介机构带来机会的同时，律师压力也不免增加。“如何在注册制下做到勤勉尽责、归位尽责，律师的压力还是蛮大的。”他说，“包括已经在新三板挂牌的公司，如果我们来做这个业务，会像新公司IPO一样进行全面的尽职调查，甚至压力比从头做IPO还大。”

 

With country’s third stock exchange in Beijing, China seeks to cater to SMEs

On Sept. 2, China's President Xi Jinping said the country would set up a stock exchange in the nation’s capital, Beijing, to serve small and medium-sized enterprises (SMEs).

In a video address at the opening of the China International Fair for Trade in Services, Xi said China would continue to support the innovation-driven development of SMEs.

This would be done "by deepening the reform of the New Third Board and setting up the Beijing stock exchange as the primary platform serving innovation-oriented SMEs," he added.

In a follow-up statement, China's securities regulator, the China Securities Regulatory Commission (CSRC), said that the new exchange will be based on the current "select tier" of Beijing's New Third Board, an existing equity exchange for small and mid-sized firms created in 2006, and would adopt registration-based system.

It was later reported by local media that the Beijing Stock Exchange Co.,Ltd. had been registered during the weekend and would be led by Xu Ming, a former deputy general manager of the Shanghai Stock Exchange.

Reuters had reported on plans for a third exchange back in March, and Zhang Liguo, director of Beijing-based Grandway Law Offices and a capital markets veteran, says he was initially “a bit surprised of the choice of Beijing” because the capital had been trying to set up its own bourse for years. However, on second thoughts, “Beijing has the best infrastructure and system and is indeed the natural choice,” he says.

“The equity trading system of the New Third Board [in Shanghai] provides a strong foundation,” adds Liu Wei, executive partner of Grandall Law Firm based in Shanghai. “It can be updated and used directly for the Beijing exchange involving few extra endeavors.”

FINDING ITS OWN NICHE

CSRC envisions the Beijing exchange as a key platform facilitating the future fundraising of innovation-driven SMEs, and it will set itself apart from the Shanghai and Shenzhen bourses through its operations, types of investors and systems, all of which “reflect the characters of the SMEs”.

“The new exchange is set to build a multi-layer capital markets and solve the fundraising difficulties of the SMEs for year,” says Zhang.

Both Zhang and Liu expect the listing rules to be more or less the same as the existing New Third Board rules. “The entry threshold of investors may be further lowered but the investors will be under strict control,” says Liu.

However, the registration-based IPO system might be different. “The regulators have been updating certain requirements of the registration system in full swing and the new requirements might be used for the Beijing exchange,” estimates Zhang.

Additionally, the exchange will probably be opened to a broad range of companies that span regions and industries. “It would not focus on just some certain industries like Shanghai’s STAR market,” says Zhang. And “SMEs from all around China will be attracted to be listed here,” says Liu.

 

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