Huang Hongyuan: The first batch of listed companies are expected to be traded in two months

 Huang Hongyuan: The first batch of listed companies are expected to be traded in two months

At the same time, the official English name of the Shanghai Stock Exchanges innovative board was announced: SSESTARMARKET. According to the Shanghai Stock Exchange, the English name STAR is actually the abbreviation of Sci-Tech? Innov Ation? BoaRd, which selects one letter in each word.

The Shanghai Stock Exchange said that the word STAR itself means star, star, starring. The abbreviation implies that the future science innovation board is like a rising star.

From November 5, 2018 to June 13, 2019, the name of Kechuanban appeared for the first time. It took 220 days to create a Kechuanban speed.

The first six meeting enterprises

Average 70 days from acceptance to approval

Since March 18, 122 enterprises have been accepted. These enterprises mainly concentrate on the new generation of information technology, high-end manufacturing, biomedicine and other six fields. Huang Hongyuan, Director of Shanghai Stock Exchange, introduced.

He introduced that the first and second meetings of the Listing Committee were held on June 5 and 11, respectively, and the applications of six enterprises were approved. From acceptance to approval, these enterprises spend an average of about 70 days, and the fastest is about 60 days. Next, there will be six audit meetings. After the audit, these enterprises will register with the SFC, and then enter the road show and issuance stage.

It is expected that in the next two months, we will see the first batch of companies listed on the GEM. Huang Hongyuan said.

At the same time, he introduced that in the process of promoting this work, we should focus on two aspects of reform: the first is the reform of registration system. In the process of registration system auditing, we should take information disclosure as the center, adhere to the transparency of auditing standards, procedures, inquiries, replies and results, and make sure that the auditing process is predictable. Second, the standard of delisting system is very strict, the implementation is very strict, and the efficiency will be very high.

Chu Xiaoming, chairman of Shen Wanhongyuan Securities, said that the Securities Creative Board is a test field, and it is necessary to cultivate ecology from top-level design and improve the legal system. It is suggested that the Securities Law should leave enough space for the development of Securities Creative Board. Our front-line workers do feel that ecology needs to be nurtured. First of all, at the level of legal system, we should continue to improve the legal system and solve the problems of the superordinate law.

At the same time, he said that KSB involves many links, such as listing, trading, issuing, etc. It is not easy for the Shanghai Stock Exchange to formulate a set of trading rules and systems in such a short period of time, but it still needs to be constantly improved. After all, this system is quite different from the previous implementation system, and needs to be further improved in the implementation process.

Wang Jiang, professor of Mizuho Finance Group, Sloan School of Management, MIT, and chairman of the Academic Committee of Shanghai Advanced Finance College, Shanghai Jiaotong University, said that Chinas economic transformation is changing to a new development model led by science creation. The key to Kechuang is not Kechuang itself, but finance.

Speaking of Kechuang, you will ask some basic questions. First, what exactly did it create? Second, who will create it? Third, where does the money come from? Fourth, how to create it. Wang Jiang said that the question of how to create is answered by the people who create science, and the first three questions are answered by finance. What needs to be created is an objective mechanism to evaluate different innovative projects and enterprises objectively.

As for who will create it, we hope that the whole financial support system will provide a more effective incentive mechanism to attract and encourage scientific researchers and enterprises to actively participate in science and technology innovation activities.

At the same time, he said that Kochuang needs not only investment, but also market mechanism. It should have a market-oriented pricing mechanism to objectively assess the risks and value of various scientific and technological innovation activities, projects and enterprises, and provide effective incentives for scientific and technological innovation boards, including providing investors with space to share the achievements of scientific and technological innovation.

Be cautious about the creation of investment department

Meeting Challenges and Opportunities

Shen Liantao, former chairman of the Hong Kong Securities and Futures Commission, has taught investors a lesson. He said that every investor, especially retail investors, needs to be cautious when investing in Sci-Tech to meet challenges and opportunities.

For retail investors, Shen Liantao reminds us that we need to invest cautiously and strengthen relevant learning. Capital market will move towards a high-risk and uncertain stage. Investors, especially retail investors, need to pay tuition fees.

At the same time, he said, regulators need to be clear about the rules of the game, and technology entrepreneurs need to be clear about their responsibilities. Chinas market will gradually mature. Investors should gradually feel the stones across the river and gradually understand the science and technology ecology.

Talking about how to ensure that investors correctly understand the possible risks of scientific innovation board, Huang Hongyuan said that from the perspective of information disclosure, it is the core of the registration system reform to ensure that the information needed for investorsinvestment decisions can be fully disclosed.

Take the declaring enterprises in the process of auditing as an example, publicly listing standards, auditing standards, auditing procedures and application for agreements according to the rules, Huang Hongyuan said. Once accepted, prospectus and opinions of intermediaries will be made public to the market. At the same time, the audit process will pay attention to the adequacy of information disclosure required by market participants for investment, and auditors will ask the company to constantly supplement materials. Questions and answers will be fully disclosed to the community in a timely manner.

It is worth noting that Huang Hongyuan also disclosed a news that in the process of registration of the pilot project of scientific innovation board, the judicial department will strengthen the investigation of legal liability for information fraud, and enhance the efficiency of the litigation mechanism. If the issuers information disclosure is untrue and inadequate, it should bear heavy responsibility, which is the basis and premise of the operation of the whole system.

At the same time, he said that the Shanghai Stock Exchange continued to improve the structure of investors. For example, appropriate entry thresholds for individual investors have been established. For general retail investors, guide them to buy funds and scale products managed by professional institutions to participate in the market.

Volatility is inevitable in the market. From the perspective of regulators, exchanges and investors, we have to face this fact. Shen Liantao said that volatility will bring vitality to the market. How do we deal with volatility is also an essential part of the market.

We want to accept that the registration system of science and technology innovation board is a pilot reform. When entering a new field, everyone should be very clear about the fluctuations and risks. Shen Liantao said.

Source: Liable Editor of Securities Daily: Yang Qian_NF4425