The chairman of China Securities Regulatory Commission "first show" focused on the board of science and technology, the first list list has not been released – Chinanews


The chairman of China Securities Regulatory Commission "first show" focused on the board –


Comments are coming to an end. The first list of listings has not been released.

On February 27, the day before the two sessions, a press conference held by the State Council was crowded. Media reporters arrived an hour or two in advance just to await the meeting of the chairman of the China Securities Regulatory Commission, which was newly set up to work.

This is the "first show" after Yi Huiman took over the SFC as soon as he took office on the full moon. Yihui said he was still a "new recruit" on the capital market. "I felt what I was sitting in the crater" after only a month after I took office. "

At the press conference of almost an hour and a half, the media focus theme was inseparable from the three words of the "Kechuang Board." What is the status of the request for comments? When do the relevant institutional rules fall? The first batch of companies that boarded the science and technology council was created … At the press conference, Yi Huiman and the relevant person in charge of the CSRC and the Shanghai Stock Exchange answered the questions one by one.

The Science and Technology Council is unlikely to have a large number of centralized statements

When I first spoke about the science and technology council for the first time, Yi Huiman emphasized that the science and technology council is not simply a "council" increase, and that its "institutional innovation lies in reform."

From the news of the establishment of the pilot board registration system of science and technology to today, although it has only been more than three months, the science and technology board gradually took shape. The draft of the relevant rules and regulations of the science and technology council was released on the eve of the Spring Festival, and the request for opinions came to an end.

Judging by the content of the commentary sketch, the relevant departments have made many institutional innovations in the issues of issuance, listing, disclosure, trading and closing of capital.

Among them, the six rules of the Shanghai Stock Exchange ended their request on the 20th. According to Huang Hongyuan, chairman of the Shanghai Stock Exchange, in the last 20 days, the Shanghai Stock Exchange website opened a column to collect opinions and questionnaires for individual investors.

The almost 40,000 questionnaires collected show that all stated the scope and the systemicity of the rules, and the opinions presented focus mainly on several aspects: it is expected that the standards of revision are improved and properly disclosed and that the registration of the Securities and Exchange Commission Furniture. Efficient connection to the foreign exchange audit, if it is appropriate to be concerned about the limit of investors, the conditions for entry of non-listed companies and the balance of trading mechanisms, how to attract more medium and long-term funds Participate in this market and further increase the cost of fraudulent listings.

In addition, the Shanghai Stock Exchange has selected four cities in Beijing, Shanghai, Shenzhen and Chengdu to organize professional organizations to hold symposiums including representatives of science and technology companies, fund companies, investment insurance and professional secondary investment investment institutions , as well as PE, VC and other levels. Professional investment institutions in the market, as well as individual investors, lawyers, accountants and other institutions, listen to the views of all parties.

Huang Hongyuan said that the Shanghai Stock Exchange is currently organizing professionals to review and evaluate these views. "The relevant system rules will be reviewed under the general guidance of the CSRC, and then the implementation of the approval process will be announced soon."

Kechuang Board does not currently have the first list

For some time, the board's "first list" has been published from time to time on the Internet. In this regard, Huang Hongyuan made it clear that there is no "first batch of lists". "The Shanghai Stock Exchange really did a lot of work. Through the securities firms, the local government financial and regulatory departments learned about the reserves of science and technology companies."

From the geographical distribution of these companies, there are a large number of technology companies in Beijing, Wuhan, Chengdu, Xi'an and other regions, from the point of view of distribution industry, there are relatively many companies in the fields of the new generation information technology, biomedicine, high-end manufacturing and new materials.

"The general characteristics of these companies are that R & D investment is relatively large and their growth is relatively good." After some declines, SSE believes that, in accordance with Kechuang Board of Directors' disposition of these companies, the number of backup companies of the Kechuang board is still more appropriate.

However, companies are fast and slow to prepare for the implementation of the board. "One of our basic judgments is that there may not be a large number of centralized statements."

Li Chao, vice president of the China Securities Regulatory Commission, also said that the establishment of the science and technology council and the registration system of pilots is an incremental capital market reform, and does not mean that a large number of companies can be listed more clearly. "The board of Kechuang has strictly matching standards and procedures, not to say that anyone who wants to go public can go public." Li Chao believes that since intermediary agencies, issuers, investors and other market parties and authorities regulators are responsible for their responsibilities, I believe that Science and Technology will not be flooded in the framework.

For the first time aboard a science and technology council, Huang Hongyuan said that it is not easy to estimate at the time. "As there are more factors and links involved, the exchange will begin the acceptance work after the next rule is announced."

Whether the science and technology council can be implemented smoothly depends on the efforts of all parties

The establishment of the board of science and technology for the first time introduced the standard listing of market value.For science and technology companies, "high valuation" is a common problem of some technology companies in recent years.

Some people are worried if these innovative board companies will have a high rating or break. Li Chao said that the assessment of innovative companies is a difficult problem for all countries in the world. "Is it high or low?" Other capital markets also experienced an increase in listings or a drop in the issue price. " ""

According to Li Chao, the evaluation of the company is not evaluated by the CSRC and the Shanghai Stock Exchange, so the "market" should speak up. From the draft content of the institutional rules relevant to the pre-launch of the pilot registration system of science and technology, listed companies of the science and technology council have a number of institutional arrangements for consultation and road show buyers and sellers in the issuing process, "hoping to promote the market through the restriction mechanism. The assessment of science and technology companies is more reasonable. "

For the companies that will be listed in the future, Li Chao hopes that everyone can be more rational. "Companies that are ready to go public are experiencing rapid technological advances, and some are still not profitable." These uncertainties are greater than those of traditional industries. ""

Therefore, the corresponding institutional innovation of the Science and Technology Council also requires a period of execution and a trial period. Li Chao believes that it is not excluded that the initial pricing of individual companies may not fully meet the expectations of all market participants, nor does it rule out some stock prices having some fluctuations or even large fluctuations. Li Chao hopes that everyone will give more tolerance and tolerance to the problems that can arise in all aspects.

Yi Huiman has high hopes for the future of science and technology. The pilot registration system of science and technology is an innovation, but also a testing ground, to accumulate experience for the reform of other sectors. If all parties involved can raise the level, there will be a rebirth in the capital market.

In his view, whether the newly added section of the science and technology council can be implemented smoothly is not only due to due diligence from regulatory authorities and exchanges, but also to the joint efforts of market participants.

For example, the issuer should disclose information, followed by sponsors and investment institutions. Yi Huiman pointed out that the biggest feature of the science and technology council is that it is different from other existing boards in terms of price and underwriting, in particular, pricing power and sales capacity are the central competitiveness of an investment bank. In this regard, the CSRC is really concerned that existing domestic investment banking institutions have insufficient stockpiles of experience: "We need brokers and investment banks to be fully prepared."

The public request for institutional rules relevant to the pilot registration system of the science and technology board has reached its final stage. Li Chao said that for the science and technology council, the next step of the CSRC will be officially released according to the views of all parts of society as soon as possible.

In addition, there are some supporting rules and guidelines that need to be formulated. Then there is the preparation of the technical system, which includes the technical preparations of the Shanghai Stock Exchange, the registration and settlement company and the securities firms. "It is now progressing in an orderly and intensive way."

Li Chao said that in addition to the corresponding analysis of the companies requesting the listing, there will be a number of relatively complicated work, such as follow-up consultation, pricing and placement. The CSRC will guide and supervise relevant institutions and parties to make the board. It is able to land smoothly as expected.

"There are some implementation rules or guidelines that do not need to be publicly requested at the exchange level." "We also pay close attention to the industry for comments." We will then distribute them in batches according to the "emergency first" method, Huang said Hongyuan.

China Youth Daily, China Youth Online Reporter Ningdi Source: China Youth Daily

February 28, 2019 01 issue


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