Chu Xiaoming: Securities Law should leave enough room for the development of scientific innovation board

category:Finance
 Chu Xiaoming: Securities Law should leave enough room for the development of scientific innovation board


Chu Xiaoming, chairman of Shen Wanhongyuan Securities Co., Ltd., said when talking about the new board, that the board should play the role of experimental field and continue to cultivate ecology from top-level design.

Perfecting the legal system is the first step

At present, the third draft of the Securities Law has been published, and there is a special chapter which clearly defines the registration system of the Securities Creation Board. In the revised draft, a special section of Special Provisions for the Registration System of Section Creative Board was added, and the basic system of the conditions, registration procedures, supervision and inspection for the issuance of shares by Section Creative Board was stipulated. Firstly, it was made clear that the public issuance of stocks and depository certificates to be listed on the Section Creative Board shall be registered, and the provisions of this section shall apply to the issuance and registration of Section Creative Board.

Not only that, we should study the American group action system as soon as possible, so as to further protect small and medium-sized investors. He added.

The follow-up investment system of sponsors implemented by KSB ensures the pilot registration system of KSB by encouraging and restraining sponsors, which has precedent in developed markets.

Chu Xiaoming said it was important to build a strong intermediary system.

There are still two shortcomings in the intermediary system in the Mainland, one is lack of capacity, the other is unclear boundaries of responsibilities. He added. Taking Hong Kong stocks as an example, the responsibilities of intermediaries in Hong Kong, China, are very clear. The prospectus is written by lawyers, so that it can be written more rigorously. At the same time, the prospectus also has the verification system and the review system. At the same time, accounting firms have to endorse the credit of accounting statements and law firms have to endorse compliance. This kind of responsibility must be implemented. He also said that the investment banks value discovery, value cultivation, value determination, such as pricing, value maintenance and publicity. Therefore, for investment banks, the introduction of technology innovation board and registration system has posed a challenge to the capacity building of investment banks, which should focus on improving their own capabilities. Source: First Financial Responsibility Editor: Yang Bin_NF4368

He also said that the investment banks value discovery, value cultivation, value determination, such as pricing, value maintenance and publicity. Therefore, for investment banks, the introduction of technology innovation board and registration system has posed a challenge to the capacity building of investment banks, which should focus on improving their own capabilities.