The top said on September 2nd，Will continue to support the innovative development of small and medium-sized enterprises，Deepening the reform of the New Third Board，Establishment of Beijing Stock Exchange，Create service innovative SME main positions。

Beijing Stock Exchange (hereinafter referred to as "Beijing Stock Exchange")，It will become the third largest National Stock Exchange，NEEQ has achieved an upgrade beyond many changes in the past，66 companies in its select tier，may become the first batch of listed companies in the Shanghai Stock Exchange，And the other 1250 innovative companies、5983 basic layer companies，Become a deferred listing reserve force。

The New OTC Market has been suffering for a long time, but it feels like it is soaring all at once.

And once regarded the New Third Board as opening the door to the capital market，Small and medium-sized travel companies that raise funds for themselves，Removed from "Father"，Towards the delisting trend，Looking quite discouraged，There are internal reasons behind it，More external reasons。

Now，The “emergence” of the North Exchange，Will it bring new opportunities to small and medium-sized travel companies？Will they usher in the spring of capital？

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About the New Third Board，Going back to August 22, 2012，The China Securities Regulatory Commission unified the establishment of the National Equities Exchange and Quotations Co., Ltd.；September 7 of the same year，The first batch of 8 companies listed collectively。

Not long after January 16, 2013，National Equities Exchange and Quotations Officially Launched；December 31 of the same year，NEEQ expansion to nationwide。

An important platform for the capital market to serve small and medium-sized enterprises and the private economy，New OTC Market is coming。

SME Financing，One more door opened，Swarming in，Embrace the New Third Board:

August 14, 2014，The number of new third board listed companies reaches 1,000；December 19, 2016，10,000 listed companies；2017，Another increase to 11630，reached the top。

But the glory will soon pass，The number of companies listed on the New OTC Market began to decline in 2018，Decreasing every year。Public data display，As of September 3 this year，There are still 7299 listed companies，Compared to 2017 peak，Reduced by 37.2%。

Listing、Delisted，Businesses come and go，Both are faster。188bet online sports betting Low liquidity、Low trading volume，Financing is difficult，Making it difficult for companies to have nostalgia。But the company itself cannot do it，It also makes it impossible to stay。

There is public data for reference，The overall transaction amount of the entire New OTC Market in 2020 is 1294.6.4 billion yuan，And A shares in the 163 trading days since 2021，A total of 79 trading days with a single-day turnover exceeding 1 trillion yuan。

The difference is huge.

Tourism companies have also experienced considerable ups and downs on the New OTC Market in recent years。

Incomplete statistics on benefits，2016，73 tourism companies listed on the New OTC Market，0 companies delisted；2017，53 listed companies and 11 delisted；13 new (planned) travel companies to be listed on the New Third Board in 2018，(Planned) to delist at least 19 companies，Entering the era of “negative growth”；2019，The number of companies (planned) to be delisted or apply for delisting is at least 27，Involving scenic spots、Hotel、Online travel、Travel agency、Real performance、Culture and Creativity、IP operations and other segments。

Although there are still newly listed New Third Board in recent years，But it has obviously declined，It is estimated that there are less than 80 travel companies still on the New Third Board。

Company’s long-term strategic development planning needs、Planned IPO、Reduce company operating costs, etc.，It is the main saying that travel companies choose to delist。

For example, the Qiao Family Courtyard that was delisted in 2018，Listed for less than half a year，The reason for running away is: 1、Financing requirements difficult to meet；2、The right to use the "Qiao Family Courtyard" trademark has failed，Increased uncertainty in business development，Extension of tourism peripheral business is limited，The advantages of the New OTC Market are difficult to use，And listing brings financial and information disclosure costs, etc.。

Other side，Many NEEQ travel companies are unable to disclose annual reports or semi-annual reports on time，Passive delisting。And this also reflects behind it，Revenue of many travel companies、Profit pressure is not small，Poor operation，Limited growth space，Don’t say you can’t survive on the New Third Board，Switch to other capital trading platforms，Can’t get in anymore。Vicious cycle，But my ability and qualifications are not good，Quite helpless，Vicious cycle。

This result of survival of the fittest is not fundamental。Over the past few years，From the past, flocking to each other，High hopes，To "nowhere"，Disheartened，The core lies in，Many travel companies had hoped to take advantage of the New Third Board，Cross-linking with the capital market，Open the door to capital，188bet app Financing or listing，The long-cherished wish to strengthen yourself，Basically failed。

This is a typical microcosm.

If nothing changes, the New OTC Market will become even more deserted.

May 27, 2016，National Equities Exchange and Quotations Corporation releases the list of companies listed on the innovation level for the first time，Implement hierarchical management of listed companies，Divided into basic layer and innovation layer。

April 21, 2018，NEEQ and Hong Kong Stock Exchange signed a memorandum of cooperation，Open the "New OTC Market + H Shares" mode，Provide convenience for companies listed on the New OTC Market to apply for stock issuance and listing on the Hong Kong Stock Exchange。But，The threshold for the new model is still considered high，There are not many NEEQ companies that are truly qualified，It has not brought any substantial relief to the “delisting and delisting trend”。

October 25, 2019，The China Securities Regulatory Commission announced the launch of comprehensively deepening the reform of the New Third Board，Proposed to establish a selected layer、Establish transfer listing mechanism。

June 3, 2020，Clear transfer mechanism，China Securities Regulatory Commission issued guidance on transfer and listing。Listed continuously on the selected level for more than one year，Companies that meet the conditions for listing in the transfer sector，You can apply for transfer to the Science and Technology Innovation Board or GEM for listing。

July 27, 2020，The selected layer is officially established，The first batch of 32 companies listed。

July 23, 2021，Shanghai Stock Exchange、Shenzhen Stock Exchange releases supporting business rules for listing of selected layer transfer boards，Further clarify the practical path for the transfer of listing into the implementation stage。

Screenshot source/WeChat public account: Taosheng Macro

Since then，Base layer、Innovation layer、Selected layer，The formation of the "new three-tier" system of the New OTC Market，Can be roughly regarded as，The screening standards are more stringent than each level，The threshold increases layer by layer。

How did you consider it?

In fact, it is to select the best companies in the New OTC Market，Attract investors to trade。The vernacular is，Tell investors，I helped you choose the best company，Come and invest，These companies will be better able to achieve financing。

In this way，NEEQ’s much-criticized lack of liquidity、Problems such as inactive transactions，Partially resolved。

But there are still too few selected companies.

Latest public data display，At present, there are 7299 companies listed on the New Third Board，5983 of them are in the basic layer、1250 companies in the innovation layer，There are only 66 hotels in the selected tier。But September 2nd，The turnover of these 66 companies 188bet sports betting app download reached 8.3.8 billion yuan，Accounts for 74% of the entire New OTC Market turnover.42%，Trading volume 5101.860,000 shares，Accounts for 40% of the entire NEEQ trading volume。

There are too few transactions for companies at the basic and innovative levels.

One detail is，In 66 selected companies，There is no tourism company。

Sending financing hopes to the New Third Board，Most companies including tourism companies，It’s still hard to hope。

Then，New North Exchange，Will it bring opportunities to change the destiny of tourism companies？

The Beijing Stock Exchange is here, where is the capital spring for small and medium-sized travel companies?

Based on the current information，Bei Stock Exchange is an upgraded version of the "New Third Board"，With the latter’s existing base layer、The innovation layer and the selection layer are closely related。

For example，Refer to the existing interpretation of the China Securities Regulatory Commission，Beijing Exchange will be established based on the existing NEEQ selected layer，means that the North Exchange will be a component of the New Third Board，It will be the base layer、Innovative layer to form a market level of the New Third Board。

Among them，The above 66 companies，will likely become the first batch of listed companies on the Beijing Stock Exchange。At the same time，New listed companies on the Beijing Stock Exchange in the future will be generated from the innovation layer companies of the New Third Board，This is of great benefit to existing and future innovative companies。Postponed，Basic layer companies also have benefits。

New gate，Really being opened。also means，From the basic layer -innovation layer -Shanghai Stock Exchange，It will be a process of “upgrading and killing monsters”。

The core service targets of Beijing Exchange are still small and medium-sized enterprises，In particular, "specialized, special and innovative" small and medium-sized enterprises are more popular，Including "Innovative Small and Small Technology Enterprises"。

So，For most people, they prefer tradition、For small and medium-sized travel companies that do not have outstanding development imagination，Beijing Exchange provides a new financing dawn，But it must become a reality，Still not easy。

Zheng Jiawei, chief executive of East Asia Qianhai Macro Fixed Income, expressed his views on Zhihui，Because the North Exchange insists on serving the market positioning of innovative small and medium-sized enterprises，Therefore, the impact on small and medium-sized tourism companies needs to be treated differently。For some innovative small and medium-sized travel companies，The establishment of the North Exchange can effectively help it enter the capital market to obtain financing，To develop faster。For small and medium-sized travel companies with no characteristics，Maybe the establishment of the Beijing Stock Exchange 188bet app will have a relatively small impact on it。

Among them，Have technological elements and innovation capabilities，Travel companies with potential in the integration of culture and tourism technology，There will be better financing opportunities。

Look at both sides of everything.

Zheng Jiawei thinks，There are two core problems in the operation of the New OTC Market so far: First, the overall liquidity of the capital market is poor，Making it difficult for listed companies to set prices、Financing is difficult；Secondly, the quality of listed companies on the asset side is uneven。The establishment of the Beijing Stock Exchange will help innovative and high-quality small and medium-sized tourism companies quickly open up direct financing channels，Stand out in the market；For companies with poor quality, the audit mechanism may be strengthened，Avoid the phenomenon of "fish and dragons mixed" in the market。

There was an opinion earlier，One of the reasons for the "delisting wave" of the New Third Board or the slowdown in capacity expansion is the tightening of market supervision，New Third Board from paying attention to quantity to attention to quality transformation，But the corresponding supporting measures are seriously lagging behind，Resulting in the downturn of the New OTC Market financing market，Business valuation is low，The financing function is not in place，It dampens the enthusiasm of companies that have been listed and those that are interested in listing。

corresponds to Beijing Exchange，Tighter supervision、Paying attention to quality is still a major trend，But the corresponding supporting measures may be more complete。

This would mean，Those operating poorly、A travel company with more traditional products and models，There is still a high probability of continued delisting。

Zheng Jiawei’s judgment is，The number of small and medium-sized travel companies listed on the New OTC Market may decrease in the future，But the quality will improve，Because after the establishment of Beijing Exchange，The liquidity of listed companies will be enhanced，Solved the pricing difficulty of New OTC Enterprises、The problem of difficult financing，In the future, the pricing of companies listed on the Beijing Stock Exchange will be more in line with the value of the company itself。

He also mentioned，Tourism companies listed on the New OTC Market are mainly concentrated in the Beijing-Tianjin-Hebei and Yangtze River Delta regions，Beijing accounts for about 14%。The establishment of the North Exchange will undoubtedly bring more exposure to these companies，At the same time, it provides these enterprises with more convenient financing channels and trading venues。

He said，In the past, there were relatively few NEEQ travel companies at the innovation level，So most of the financing methods are limited to stock financing，In recent years, many listed companies have been forced to delist because they could not 188bet app download raise money。From a financing perspective，The establishment of Beijing Stock Exchange from the financing level，Reflects the goal of deepening the reform of the New Third Board，Promotes the vitality of the financing platform。For tourism companies that have been listed on the New Third Board，Financing difficulties will be relatively alleviated。At the same time because of the establishment of the Beijing Exchange，The New Third Board Market will also get further specifications，This will also help listed companies further strengthen their own standardized management、Finance and operation to win more financing，to improve the market liquidity of the new third board travel company。

To improve liquidity，Investor enthusiasm and volume，Also a key。so far，New Third Board investors have higher threshold，Also frequently discussed，Lower transaction threshold，There are also quite loud voices。For example, the current "1 million + 24 months" (assets 1 million，Selected layer investment threshold for 2 years of trading experience，High for many investors，restricted transaction activity and increased liquidity。

How to effectively increase the number of participants in the trading market，This is a problem that Beijing Exchange cannot get around。

Next，Will the North Exchange lower the threshold for investors?，is one of the trends worthy of attention。

Another trend is whether the North Exchange may implement a registration system?

If so，Some opinions，The delisting and listing of more companies, including small and medium-sized tourism companies, will be more convenient，It will also promote the current capital market reform，Promote small and medium-sized enterprises to go public。

What new opportunities will the Beijing Stock Exchange bring to small and medium-sized travel companies?