2021.09.03
■ President Xi announced yesterday that China will set up a stock exchange in Beijing for innovative SMEs, which is part of the New Third Board (NEEQ) reforms.
■ This is in line with our previous discussion that supporting SMEs will be one of the key policies of the Chinese government in the medium term.
■ Based on the current situation, about 66 companies are eligible for listing on the new exchange in Beijing.
■ This is expected to be positive for Chinese brokers and negative for the other exchanges, especially overseas ones.
■ This analysis is based on industry and macro figures and may differ from the views of individual analysts, in some cases.
