Since the announcement made by the Bank of Huangpu River in November last year, in one year, the establishment of science and technology innovation board and the pilot registration system related reforms have been successfully implemented, and the smooth operation of science and technology innovation board has reached 100 days. As a experimental field, what breakthroughs have been made in the reform of science and technology innovation board? How to evaluate the effect of scientific and technological innovation board? How will the future reform experience be extended to the whole market? How to deepen the reform of capital market in an all-round way? How about two-way opening of capital market? Yi Huiman, chairman of the CSRC, accepted an exclusive interview with Xinhua News Agency reporters on relevant topics.
What breakthroughs have been made in the reform of science and technology innovation board in the past year?
The pilot registration system is the biggest institutional breakthrough in the reform of science and technology innovation board and the direction of the reform of the whole capital market. It is in the position of leading the development and moving the whole body in the reform of capital market. Yi Huiman said that since the operation of the science and technology innovation board for more than 100 days, the registration system pilot has been stable and orderly. The reform has firmly grasped the core of information disclosure, promoted the issuers, intermediary agencies and exchanges to return to their duties, reviewed and registered all links openly and transparently, and the actual effect has basically been recognized by the market. At present, it takes less than 4 months on average to complete the registration from the acceptance of enterprise application.
A series of basic system reforms matching the registration system have also withstood the market test. Institutional innovations such as issuance trading, investor suitability management, exit mechanism and continuous supervision are stable and orderly.
Another major breakthrough of the science and technology innovation board is to support a number of enterprises in line with the positioning of science and technology innovation to go public, and the effect of supporting science and technology innovation is beginning to show. Yi Huiman said. Up to now, the Shanghai Stock Exchange has accepted 168 applications for science and Technology Innovation Board of enterprises, 84 have passed the examination, and 60 have been registered by the CSRC. Many science and technology innovation board enterprises are leaders in the subdivision field, and their performance growth rate is significantly higher than that of the whole market. The credit enhancement effect, reputation effect and demonstration effect brought by the listing are beginning to appear. After a period of time, I believe that science and Technology Innovation Board will cultivate a great technology company.
Judging from the situation since the opening of the science and technology innovation board, the reform has achieved initial results, which can be evaluated by the eight words of in line with expectations, basically stable Yi Huiman said.
According to the data of Shanghai Stock Exchange, the first day of the listing of 40 science and Technology Innovation Board companies increased by 150% on average. As of the end of October, the first 25 stocks rose about 90% compared with the issuing price, and the share price tended to be rational. More than 4.4 million investors have opened the trading authority of science and technology innovation board. The average daily trading amount of science and technology innovation board was 14.2 billion yuan, accounting for 3% of the trading volume of Shanghai and Shenzhen stock markets in the same period, with high trading activity.
Recently, the stock price differentiation of some listed companies in science and technology innovation board is an inevitable process for the market to gradually return to rationality, and the more market-oriented resource allocation function must also be played through full game. Yi Huiman said.
We should have confidence, tolerance and patience in the science and technology innovation board. He believes that the reform of science and technology innovation board bears two major missions: one is to promote economic innovation and transformation through the power of capital market, and the other is to use this experimental field to promote the reform of the basic system of capital market. Whether the reform is successful or not can not be simply measured by the short-term performance of individual stocks. We need to observe from a longer time dimension whether we have a good grasp of the positioning of science and technology innovation, whether we can cultivate excellent science and technology innovation enterprises, and whether we have formed an effective system innovation.
How to play the role of experimental field of science and technology innovation board in the future?
To give full play to the role of scientific and technological innovation board as a test field is not to simply copy. We will coordinate the functional positioning of all levels of the market, combine the market reality, and advance reform in a stable and orderly manner on the premise of full evaluation and demonstration and ensuring market stability. Yi Huiman said.
First of all, he said, we should steadily implement the registration system, really give the market the right of choice, and to a greater extent improve the efficiency of resource allocation in the capital market. We will accelerate the reform of the growth enterprise market and pilot the registration system. In combination with the revision of the securities law, we will gradually push forward research.
Yi Huiman introduced that the capital market basic system reform will also introduce the experience of science and technology innovation board.
In the process of issuing and underwriting, we should consolidate the responsibilities of the intermediary institutions, form a mechanism of inquiry, pricing and distribution with institutional investors as the main participants, and realize the market-oriented pricing of new share issuance. In the trading process, we will relax the limit on price and decline, and improve the market stability mechanisms such as temporary suspension of trading and price cage. Optimize the mechanism of margin trading and promote the balance between long and short. In the process of continuous supervision, we should improve the quality and pertinence of information disclosure, and establish a supervision concept with information disclosure as the core. The merger and reorganization shall be examined and approved by the exchange, and the registration system shall be implemented if the issue of shares is involved. In the delisting process, we should innovate the delisting mode, optimize the delisting index and simplify the delisting process.
As for the relationship between incremental reform and stock reform, he said, the future is a common reform of stock and increment. The situation is more complex and requires higher requirements. We should adhere to the bottom line thinking, use increment to drive stock, and consider the actual situation of stock, so as to steadily advance in the overall market under the expected stable environment.
How to deepen the reform of capital market in an all-round way?
For the long-standing institutional problems in the capital market, we should not delay for a long time, nor do we have a headache or a foot ache. To comprehensively deepen the reform of the capital market, we should consider the relationship between the symptoms and the root, the current and the long-term. Yi Huiman said.
In the near future, the CSRC has made clear the reform tasks in 12 aspects. Yi Huiman said that some reform measures with sufficient demonstration and mature conditions have been introduced in succession. At present, action plans to improve the quality of listed companies are being formulated as soon as possible. It is necessary to introduce the Listing Rules of listed companies, promote the revision of securities law, strengthen the legal supply of capital market and investor protection, accelerate the transformation of the functions of CSRC, and further simplify the administration and decentralization.
In his view, capital market reform has its particularity. On the one hand, there are many investors and related interests. On the other hand, as a barometer, capital market is a comprehensive and centralized reflection of all aspects of economic and social operation. This may lead to greater uncertainty in capital market reform than in other areas.
We need to find out the exact nature in the uncertainty, create the reform conditions, find the reform window, and discharge the reform schedule through the top-level design. Yi Huiman said that he will continue to assess the factors affecting the reform, adhere to the principle of seeking progress in stability, doing a good job in coordination, and being able to do it quickly, maintain his determination, and steadily implement the reform measures step by step.
He believes that there are two criteria to test the results of the reform, one is whether it can really improve and stabilize market expectations, and the other is whether it can really bring confidence to the market.
How can the fast track of capital market opening continue to improve the experience?
In recent years, with the gradual liberalization of restrictions on the ratio of foreign shares of securities, funds and futures companies, the level of opening up of Chinas capital market in the fields of products, institutions and services is continuously improving, said Yi Huiman. With the continuous improvement of the connectivity mechanism, the speed of foreign investment in the A-share market has been further accelerated, and the participation has been greatly increased. At the same time, the proportion of a shares included in Mingsheng, standard & Poors Dow Jones, FTSE Russell and other internationally renowned indexes has gradually increased.
Chinas capital market is increasingly rich in channels of going out and bringing in and its influence is constantly improving, which fully demonstrates the confidence of international investors in Chinas capital market reform and long-term healthy development of Chinas economy. Yi Huiman said.
He said that five of the nine opening measures announced at Lujiazui forum in June this year have been implemented, and the remaining four will be basically implemented by the end of the year, including further revision of QFII and rqfii system rules, timely issuance of H-share full circulation work guidelines, expansion of investment channels for foreign institutional investors to enter the bond market of the exchange, and continuous expansion of specific futures varieties, with greater efforts Introduce foreign traders, etc. At the same time, we are speeding up the revision and improvement of supporting regulatory rules, and next year we will lift the restrictions on the ratio of foreign shares of securities, funds and futures companies.
The opening of capital market is not for the purpose of opening up. On the one hand, it is to integrate into the global financial market and, more importantly, to promote reform. Yi Huiman said that while opening up, we must strengthen risk management and control, so that we can open, see clearly and manage well.
Source: editor in charge of Xinhua News Agency: Liu Songgou nbj9949