Xinhua news agency, Beijing, November (5): what is the purpose of the capital market to usher in a major reform?
Xinhua News Agency reporter Liu Yulong and Xu Sheng
Ke Chuang board has become the focus of the 5 capital market. Market participants believe that the establishment of scientific board creation and pilot registration system in Shanghai Stock Exchange is an important reform measure to strengthen the market function. Gradual incremental reform will gradually stimulate market vitality and eventually promote the long-term healthy development of capital market.
Short board to supplement capital market and serve technological innovation
The head of the Securities Regulatory Commission said on May 5 that the establishment of science and technology innovation board in the Shanghai Stock Exchange is an important reform measure to implement the strategy of innovation-driven and science and technology powerful country, promote high-quality development, support the construction of Shanghai International Financial Center and Science and Technology Innovation Center, and improve the basic system of capital market, stimulate market vitality and protect the legitimate rights and interests of investors. Important arrangements.
The person in charge said that the purpose of KSB is to complement the shortcomings of the capital market in serving scientific and technological innovation. It is an incremental reform of the capital market. It will make more appropriate differentiation arrangements in terms of profitability, ownership structure and so on, so as to enhance the inclusiveness and adaptability of innovative enterprises.
Over the years, many innovative enterprises have been constrained by the requirements of profit and ownership structure, thus losing the support of domestic capital market or financing in overseas markets in the critical period.
From the point of view of the head of the SFC, the relevant content will make a breakthrough in Kechuang board, and will certainly bring greater capital market support to innovative enterprises.
Step by step pilot registration system to stimulate market vitality
It is worth noting that the science and Technology Board will take the lead in the pilot registration system. This means that Kechuang board will become a test field for the implementation of registration system in the future, but the pilot registration system does not mean lowering the threshold, let alone a large number of enterprises listed centrally.
The head of the Securities Regulatory Commission said that in December 2015, the Standing Committee of the National People's Congress (NPC) had authorized the implementation of the stock issuance registration system, and there was sufficient legal basis for the pilot registration system of scientific innovation board.
"There are strict standards and procedures for the pilot registration system. In all aspects of acceptance, auditing, registration, issuance and trading, more attention will be paid to the authenticity and comprehensiveness of information disclosure, to the quality of listed companies, to the stimulation of market vitality, and to the protection of investors'rights and interests." The person in charge said.
As a basic system of capital market, registration system reform is a general direction. The pilot registration system of science and technology creation board facilitates the listing of high-tech enterprises and helps to give full play to the function of capital market to better support the development of science and technology enterprises. Wang Hua capital founder Qi Kezhan said.
Yang Delong, the former chief economist of Haihai Open Source Fund, believes that in recent years, the comprehensive and strict supervision of capital market in accordance with the law and the corresponding system construction have created corresponding conditions for the pilot registration system. Moreover, the pilot system has corresponding threshold, information disclosure will be more stringent, and the pilot scale will not be too large. I believe that the regulatory authorities have pushed it forward. The market will fully consider the affordability of the market.
Introducing investors' appropriateness to better protect investors' rights and interests
How can investors share the benefits of technological innovation and reduce risks as much as possible? There will be corresponding arrangements for the Ke Chuang Chuang board.
The head of the Securities and Exchange Regulatory Commission said that it would guide the Shanghai Stock Exchange to strengthen the appropriate management of science and technology innovation board investors in terms of assets, investment experience and risk tolerance, and guide investors to participate rationally.
This means that KSB will set a certain threshold for investors to protect small and medium-sized investors. So if we do not meet the requirements, can we not participate in the investment? In this regard, the head of the SFC made it clear: "Small and medium-sized investors are encouraged to participate in venture capital investment through public funds, and share the development results of innovative enterprises."
That is to say, any investor can have the opportunity to invest in the Innovation Board of science and technology. The qualified investors can invest directly by themselves, and the unqualified investors can buy public funds and other ways.
The Shanghai Stock Exchange also indicated that through new systems such as issuance, trading, delisting, investor appropriateness, capital restraint of securities companies and supporting measures such as introducing medium and long-term funds, incremental pilot projects should be conducted step by step, and new funds should be synchronized with the progress of the pilot projects, so as to strive to achieve a balance of investment and financing and a balance of the primary and secondary markets in the Sci-Tech Board. The interests of the new and old shareholders of the company are balanced and the good expectations of the existing market are promoted. (finish)
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