As a key work of China's capital market this year, the establishment of a science and technology board and a pilot registration system at the Shanghai Stock Exchange has attracted public attention. The "Securities Daily" reporter noted that in recent days, the regulatory authorities have continually voiced this issue.
On January 12, Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said at the 23rd (2019) China Capital Market Forum that the CSRC is guiding and coordinating with the Shanghai Stock Exchange, fully listening to market opinions and opinions of various ministries. On the basis of work day and night, complete this very important and glorious task as soon as possible.
The previous day, on January 11, the vice chairman of the China Securities Regulatory Commission, Qi Qingmin, said at the China Private Equity Industry Summit Forum that the Shanghai Science and Technology Board pilot project should be promoted as soon as possible. On the same day, Liu Shaotong, deputy general manager of the Shanghai Stock Exchange, said at the "Holding Capital Market Innovation Service Yangtze River Delta Integration" Forum and the Second Fund Summit of Suzhou Financial Town, the Shanghai Stock Exchange is studying and demonstrating the work of Science and Technology Board. Support the development of science and technology enterprises.
He also said that the establishment of the science and technology board and the pilot registration system will promote innovation, accelerate the conversion of kinetic energy, and promote the high-quality development of the economy. At the same time, this work is also a major pioneering and innovative capital market, which will further improve China's multi-level capital market system.
At the same time, other departments have also expressed their views and supported the pilot project of the science and technology board. On January 12, Chen Hongwan, director of the Financial and Financial Department of the National Development and Reform Commission, said that the National Development and Reform Commission will actively cooperate with relevant departments to do a good job in the system design and preliminary research work of the science and technology board, and actively launch the specific implementation measures of the science and technology board.
Zhao Hong, party secretary and dean of the Shanghai Financial Court, said in a recent investigation at the Shanghai Stock Exchange that he will strengthen research on the legal and policy issues related to the science and technology and the registration system, fully integrate and fully promote the role of the financial trial function of the specialized courts. Respond to the judicial needs in the process of establishing a scientific registration of the science and technology board.
So, which companies will provide services and support for the establishment of the science and technology board and the pilot registration system? Liu Shaotong said that the establishment of the science and technology board and the pilot registration system is a big support for the existing high-growth science and technology enterprises. Kechuang Board will have great support for Shanghai and the Yangtze River Delta region, because many science and technology enterprises and scientific and technological resources are concentrated in this field.
“We have been waiting for a series of details such as the listing criteria of the board,†an investment banker from Shanghai told the “Securities Daily†reporter that “the estimated demand will not be low, but we are very optimistic about the board.†of."
The above-mentioned investment bankers said that everyone is now looking at the reserve companies at hand, and when the details come out, they will report the enterprises that meet the requirements and go through the process.
Hu Xiaohui, chief investment adviser of the Federal Reserve Securities, said in an interview with the Securities Daily yesterday that in 2019, the strategic position of the capital market in the economy became more prominent. Our current high leverage ratio is still a problem, and the core of the solution is to expand equity financing. Judging from the earnings data of IPOs that have been disclosed, the average annual profit in the most recent fiscal year is generally higher than 70 million yuan, which undoubtedly blocks the listing financing path of many high-tech growth companies.
Hu Xiaohui expects that the second quarter of 2019 will be officially launched, and it is expected that the first batch of enterprises will reach 20 to 30, and gradually normalize.
According to the reporter's understanding, the reform of the science and technology board was promoted as soon as possible as the No. 1 project of the Shanghai Stock Exchange in 2019. Under the guidance of the CSRC, the Shanghai Stock Exchange formulated the work of “high standards, rapid advancement, steady start, strong functions, risk control, and gradual improvementâ€. Ideas. At present, we are accelerating the formulation of business rules and supporting systems, completing the development of technical systems, doing a good job in cultivating listed resources, and striving to build a market full of vitality and vitality, making it the first choice for science and technology enterprises. Adhere to the market orientation, focus on information disclosure, and promote the construction of relevant rules in accordance with the concept of “market leadership, responsibility in place, disclosure-based, clear expectations, and strong supervisionâ€, and promote the registration system to form a typical sample that can be copied and promoted.
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