November 9, 2023Financial StreetAt multiple parallel forums at the annual meeting of the forum, relevant persons in charge from the China Securities Regulatory Commission and the Beijing Stock Exchange discussed the high-quality development of financial technology by the Beijing Stock Exchange and the exploration of the participation of the Beijing Stock Exchange and small and medium-sized enterprises.One Belt, One Road“Construction and other aspects have made the latest statements.
The relevant person in charge of the China Securities Regulatory Commission pointed out that efforts will be made to build the Beijing Stock Exchange into a professional platform that serves the innovative development of small and medium-sized enterprises, optimize access arrangements, and allow qualified high-quality small and medium-sized enterprises to conduct initial public offerings and be listed on the Beijing Stock Exchange. Currently, the Beijing Stock Exchange IPO Relevant systems are under intensive research and formulation. Steady and orderly advancement of board transfers will clarify the expectations of enterprises and stimulate the market vitality of the Beijing Stock Exchange through smooth transfer mechanisms; at the same time, it is necessary to strengthen targeted supervision, maintain market order, prevent “exaggeration” and “hype concepts”, and effectively protect investments legitimate rights and interests.
The relevant person in charge of the Beijing Exchange pointed out that the Beijing Exchange will create a new ecosystem for high-quality development and strive to introduce a group of high-quality targets recognized by investors; further strengthen the construction of the investment side, actively promote public offerings, private placements and various medium and long-term funds to enter the market; be safe and secure. We will advance the normalized board transfer in an orderly manner and open up the multi-level capital market.
At the same time, the relevant person in charge of the Beijing Exchange said that the high-quality construction of the exchange is inseparable from the innovative empowerment of financial technology, and the exchange also provides assistance for the innovative development of technology companies. The Beijing Stock Exchange will support market innovation with technological innovation, do a solid job in initial public offerings and listings of enterprises on the North Exchange; and continue to optimize key institutional arrangements such as listing and financing of technological innovation enterprises.
In addition, the Beijing Stock Exchange will play its role as a capital market hub and support the participation of more elements.One Belt, One Road“Building and jointly exploring the participation of Beijing Exchange and small and medium-sized enterprises”One Belt, One Road“New ideas, new methods and new paths for construction. Continue to promote cross-border market cooperation and expand the coverage of market services of the Beijing Stock Exchange; and strengthen international exchanges and cooperation, support all types of overseas funds to participate in the market, and encourage foreign investmentBrokerage firmDevelop business in Beijing Stock Exchange.
Build the Beijing Exchange into a professional platform that serves the innovation and development of small and medium-sized enterprises
The Central Financial Work Conference emphasized that more financial resources should be used to promote technological innovation, advanced manufacturing, green development and small, medium and micro enterprises. Sui Qiang, general manager of the Beijing Stock Exchange, pointed out that the Beijing Stock Exchange is a major reform and innovation in China’s capital market. Since its establishment, the Beijing Exchange has closely focused on market positioning, continued to optimize the market investment and financing ecology, and explored the formation of a Chinese model for the capital market to serve small and medium-sized enterprises.
On September 1 this year, the China Securities Regulatory Commission issued “On the High-quality Construction of Beijing”securitiesOpinions of the Exchange” (hereinafter referred to as the “19 Deep Reform Articles”), further clarified the development goals, reform ideas and specific measures of the Beijing Exchange, and gained widespread recognition from all parties in the market.
Most small and medium-sized enterprises are in the early stages of growth, and their financial service needs are often quite different from those of mature enterprises. Shang Qingjun, deputy director of the Public Companies Department and first-level inspector of the China Securities Regulatory Commission, pointed out that efforts should be made to build the Beijing Exchange into a professional platform that serves the innovative development of small and medium-sized enterprises.
The first is to optimize access arrangements, adhere to the progressive market structure, clarify the calculation caliber of “listed for one year”, improve the listing guidance and filing requirements for listed companies, optimize the company’s listing procedures, and on the premise of ensuring the “entry gate” , to further improve listing efficiency and reduce corporate costs. At the same time, qualified high-quality small and medium-sized enterprises are allowed to conduct initial public offerings and be listed on the Beijing Stock Exchange to better meet the diversified needs of enterprises. Currently, the IPO-related systems of the Beijing Stock Exchange are being intensively researched and formulated.
The second is to strengthen the construction of the investment side, and adopt a “multi-pronged approach and multiple measures” on the investment side, comprehensively using methods such as expanding the investor team, optimizing the investor structure, and increasing investor participation to introduce more incremental funds and enhance the market Activity, providing liquidity support to better serve innovative small and medium-sized enterprises.
The third is to improve the trading system, steadily expand the scope of the market-making team, and give some securities firms that have long-term market-making services for small and medium-sized enterprises in the NEEQ market the opportunity to be “shortlisted.” At the same time, we will further enrich the sources of treasury stocks, reduce market-making costs, and improve the market-making system. “Contribution” to active market transactions on the Beijing Stock Exchange.
In addition, Shang Qingjun emphasized the need to effectively smooth the entire chain and life cycle service system for small and medium-sized enterprises. In order to give full play to the nurturing function of the New Third Board, the China Securities Regulatory Commission will further deepen the reform of the New Third Board, continuously increase the supply of innovative systems, strengthen coordination and linkage, give play to the feedback and demonstration and leading role of the Beijing Exchange, and build a system that is coordinated, well-connected, and cost-compatible. Arrangements will be made to consolidate the incubation and cultivation functions of the New Third Board.
Strengthen the connection with the regional equity market, connect the regional equity market through the New OTC Market, and give full play to the “Specialized and Specialized“The radiating and driving role of small and medium-sized enterprises. In the future, the China Securities Regulatory Commission will do a good job in the implementation of the above-mentioned innovative systems, promote the strengthening of cooperation between the New Third Board and regional equity markets in various places, and continue to explore institutional types in information disclosure, enterprise cultivation, daily supervision, etc. Docking to better leverage the synergy of serving the innovation and development of small and medium-sized enterprises.
Promote the board transfer in a steady and orderly manner. Shang Qingjun said that the board transfer system is an important arrangement for improving the multi-level capital market system, which is conducive to better utilizing the market functions of each sector and smoothing the development path of the corporate capital market. At present, there are no obstacles at the institutional level for board transfer. The Beijing Stock Exchange and the Shanghai and Shenzhen Stock Exchanges have further improved the relevant working mechanisms and are steadily advancing implementation. On the one hand, it is necessary to clarify the expectations of enterprises and stimulate market vitality of the Beijing Stock Exchange through smooth transfer mechanisms. On the other hand, it is necessary to strengthen targeted supervision, maintain market order, prevent “exaggeration” and “hype concepts”, and effectively protect the legitimate rights and interests of investors.
Create a new ecosystem for high-quality development of Beijing Exchange
Zhou Guihua, chairman of the Beijing Stock Exchange, pointed out that the Beijing Stock Exchange will, in accordance with the requirements of vigorously improving the quality of listed companies, implement the concept of quality first and quality priority into all links of the issuance review and continuous supervision of the entire chain.strengthen theSpecialized and SpecializedEnterprises, new technologies, new tracks and other fields have the support to focus on introducing a number of high-quality targets that are innovative, have strong growth potential and are recognized by investors. Optimize the issuance and listing system arrangements and accelerate the launch of the initial public offering and listing system on the Beijing Stock Exchange.
Strengthen information disclosure, shareholding reduction,dividend, related transactions, management of raised funds and other matters. Guide listed companies to focus on their main business and innovative development, and support listed companies through refinancing,mergers and acquisitionsReorganizationand other capital market tools to become better and stronger. Strictly crack down on financial fraud, false disclosures, capital misappropriation, insider trading, market manipulation and other illegal activities.
At the same time, we will strengthen the coordination of investment and financing.Zhou Guihua introduced that at present, the reform measures of “deep reform of 19 articles” on expanding the investor team, improving the trading mechanism and other aspects are being steadily advanced, and Beijing and other places have successively established special projects for investment in the Beijing Stock Exchange.fund, increase investment. In the future, the Beijing Stock Exchange will further strengthen the construction of the investment side, actively promote the entry of public offerings, private placements and various medium and long-term funds into the market, promote the establishment of special funds in more places to participate in market construction, continuously expand the investor group, optimize the investor structure, and enrich market funds. Sources, accelerate the expansion of market makers of Beijing Exchange, and better exert its functions of improving valuation, pricing, and liquidity.
It is worth mentioning that on October 20, the North Exchange launched a credit bond product, which is another landmark event in the construction of the North Exchange’s bond market since the smooth launch of government bonds last year.In the future, the Beijing Exchange will further enrich the Beijing Exchange index system and study and compile the Beijing ExchangeSpecialized and Specializedindex, guidefund companyIncrease the supply of fund products on the Beijing Stock Exchange and accelerate the formation of a market pattern for the coordinated development of “full products” such as stocks, bonds, and funds.
Join hands with high-quality development of financial technology
The high-quality construction of exchanges is inseparable from the innovative empowerment of financial technology. At the same time, exchanges also provide assistance for the innovative development of technology companies. Sui Qiang, general manager of the Beijing Stock Exchange, pointed out that financial technology innovation comprehensively empowers issuance transactions, business review, continuous supervision, risk prevention and control, etc., providing new momentum for the high-quality development of the Beijing Stock Exchange; at the same time, as an important financial infrastructure, the Beijing Stock Exchange The exchange promotes the digital transformation of the industry through its own digital construction and supports technological innovation enterprises to become bigger and stronger.
The Central Financial Work Conference emphasized that it is necessary to accelerate the construction of a financial power, comprehensively strengthen financial supervision, optimize financial services, prevent and resolve risks, all of which are inseparable from the support of financial technology innovation. Sui Qiang pointed out that the Beijing Stock Exchange is currently at a critical stage of high-quality development and urgently needs financial technology to provide key driving force.
Sui Qiang said that the Beijing Exchange will aim to build a digital smart exchange, accurately grasp the new trends in technological development, coordinate and promote the close integration of business and technology, the coordinated development of security and innovation, and the construction of a system of supervision and services to achieve the goal of building a digital smart exchange. Innovation stimulates market vitality, improves regulatory efficiency, and assists enterprise development.
The first is to support market innovation with technological innovation. The Beijing Stock Exchange will implement the requirements of the “19 In-depth Reforms” issued by the Securities Regulatory Commission, do a solid job in the initial public offering of enterprises and list on the Beijing Stock Exchange, and activate key reform measures such as independent code segments and credit bond issuance and transactions of the Beijing Stock Exchange. Technical support is provided to ensure the smooth implementation of relevant reform measures.Actively carry out public issuanceConvertible bonds,ETFand public offering of REITs and other preliminary technical preparations.
The second is to better coordinate development and security.In accordance with the requirements of the Central Financial Work Conference on “comprehensively strengthening financial supervision and effectively preventing and defusing financial risks”, the Beijing Exchange will strengthen the construction of information technology infrastructure and further optimize thedata centerLayout, speed up the seconddata centerconstruction, upgrade the technical support platform, strengthen production safety, and effectively maintain the safe and stable operation of the market.On the other hand, the Beijing Exchange will vigorously promote technological supervision and comprehensively applyBig Data,cloud computingand other technical means, upgrade the risk control platform of the Beijing Stock Exchange, improve the technological and intelligent level of front-line supervision, strengthen institutional supervision, behavioral supervision, functional supervision, penetrating supervision, and continuous supervision, and achieve early identification and early detection of risks. Early warning, early exposure, and early treatment.
The third is to assist the development of scientific and technological enterprises.In the next step, the Beijing Exchange will promote the registration system to be deeper and more solid, accelerate the implementation of various reform measures, strengthen precise services to technological innovation enterprises, and supportdigital economyFor the high-quality development of enterprises, Beijing Exchange actively plays its role as a test field for capital market reform and innovation, continuously optimizes key institutional arrangements such as the listing and financing of scientific and technological innovation enterprises, and consolidates and improves the market ecology that supports the innovation of small and medium-sized scientific and technological enterprises.
Explore new ways for Beijing Exchange and small and medium-sized enterprises to participate in the “Belt and Road” construction
As a new force in the national economy, small and medium-sized enterprises contribute more than 70% of my country’s technological innovation and account for more than half of the total trade with countries co-building the “Belt and Road”. “The establishment of the Beijing Exchange provides a new platform to support the development and growth of small and medium-sized enterprises, and provides a new path for building a new development pattern for capital market services and promoting high-quality economic development.” Li Yongchun, deputy general manager of the Beijing Exchange, pointed out.
Li Yongchun specifically pointed out that the depth and breadth of participation in the “Belt and Road” construction by companies listed on the Beijing Stock Exchange and the New Third Board is constantly increasing. In the first half of 2023 alone, the amount of trade between 135 listed companies and more than 1,000 listed companies participating in the “Belt and Road” has reached 130 billion yuan.
The Central Financial Conference held not long ago emphasized the need to strengthen high-quality financial services, expand high-level financial opening up, activate the capital market, and serve the “Going Global” and “One Belt and One Road” initiatives. Li Yongchun pointed out that the countries participating in the “Belt and Road” initiative are mainly developing countries. Small and medium-sized enterprises are large in size, have many business types, and have great development potential, and have broad growth prospects and cooperation space.
Li Yongchun said that in the next step, Beijing Exchange will solidly promote high-quality construction of the market, rationally guide various types of funds to promote technological innovation, green development and the growth of small and medium-sized enterprises, and promote win-win cooperation in the “Belt and Road” capital market.
The Beijing Stock Exchange will enhance its service capabilities for high-quality enterprises and effectively improve the structure of listed companies. Attract a group of enterprises with sufficient innovation capabilities and strong development momentum to enter the Beijing Stock Exchange market. Efforts should be made to improve the quality of listed companies, improve regulatory effectiveness, strengthen corporate governance, guide and support listed companies to firmly pursue the path of innovative development, so that global investors have expectations, can trust, and are willing to invest.
Vigorously strengthen the construction of the investment side and promote balanced development of the market. Continue to promote individual investors, as well as public and private equity funds,social securityFunds and other institutional funds enter the market to optimize the investor structure; expand the team of market makers to better play the role of market makers in improving transaction valuations and increasing market activity; improve the dividend distribution of listed companies,repurchaseand other market return mechanisms to promote a virtuous cycle at both ends of investment and financing to better meet the wealth management needs of investors.
At the same time, efforts will be made to enrich the product system and create a good market ecology. Launch secondary bond market transactions as soon as possible, steadily expand indexed investment, study and compile new special indexes, promote the compilation of more cross-market indexes, guide fund companies to increase the supply of index fund products, and gradually build and improve stocks, bonds, funds, and indices. “full category” system. At the same time, we insist on promoting the implementation of the concept of inclusive finance in the capital market, providing more care and help to growing innovative small and medium-sized enterprises, and better guiding financial factors to gather in small and medium-sized enterprises and scientific and technological enterprises.
In addition, international exchanges and cooperation will be strengthened to promote mutual benefit and win-win results. Promoting high-level institutional openness is an important part of high-quality construction of the Beijing Exchange. The Beijing Exchange will give full play to the advantages of newly established markets and reform experimental fields, explore market opening and international cooperation methods that reflect the characteristics of the Beijing Exchange, and continue to promote cross-border Market cooperation to expand the coverage of Beijing Exchange’s market services. Support all types of overseas funds to participate in the market, encourage foreign securities firms to operate in the Beijing Stock Exchange, and carry out regular international promotion and roadshow exchange activities to help foreign investors better understand the market and enterprises of the Beijing Stock Exchange, and provide opportunities for global investors to participate in Chinese capital Market, share innovation and development dividends and provide quality services.
Li Yongchun said that the Beijing Exchange will play its role as a capital market hub and support more factor resources to participate in the “Belt and Road” construction. We are willing to work with all walks of life to explore new ideas, new methods and new paths for Beijing Exchange and small and medium-sized enterprises to participate in the construction of the “Belt and Road”.
(Source of article: Brokerage China)
Source of article: Brokerage China
Original title: The heads of China Securities Regulatory Commission and Beijing Stock Exchange speak out again! Promote the board transfer in a steady and orderly manner and encourage investment by foreign securities firms…
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