Yi Huiman: the science and technology innovation board is open for registration! Ten key points

category:Finance
 Yi Huiman: the science and technology innovation board is open for registration! Ten key points


Chairman of CSRC Yi Huiman was interviewed on the reform and development of capital market.

One year after the establishment of the science and technology innovation board, it has been officially opened and operated for 100 days. How to extend it to the whole A-share market, how to comprehensively deepen the reform of the capital market, etc. Yi Huiman, chairman of the CSRC, accepted exclusive interviews with Xinhua news agency, CCTV financial channel, etc.

Yi Huiman said that since the opening of the science and technology innovation board, it has achieved initial results, which are evaluated in eight words of in line with expectations, basically stable; in the 100 day trading, there are up and down stocks, which I think are very normal. Some companies have certain regression and differentiation, which is also the result of the game.

Yihuiman said that 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. In the future, it will be a common reform of stock and increment, which is more complicated and demanding.

Yi Huiman believes that there are two criteria to test the results of the reform. One is whether it can really improve and stabilize market expectations; the other is whether it can really bring confidence to the market.

The top 10 points of the interview content of Yi Huiman by China fund news are as follows:

1. Operation of science and Technology Innovation Board: in line with expectations, basically stable

As for the 100 day performance of the science and technology innovation board, Yi Huiman said that in general, my personal judgment was in line with expectations and basically stable.

Second, I think market investors are still active.

Third, the change of the whole stock price after listing should be more reasonable. So in the 100 day trading, the stock has up and down, I think it is very normal. Some companies have certain regression and differentiation, which is also the result of the game.

Fourth, I think the market order is generally good. We didnt find any major violations in 100 days.

Yi Huiman said that at present, the transparency of the registration system of the science and technology innovation board pilot is improved and the operation is orderly. Next, we should play the role of the science and technology innovation board pilot field and take the lead in promoting it on the gem.

Yi Huiman: this transparency is reflected in the high transparency of one listed company and the second transparency is the CSRC. From approval to registration, it was also a transparent transformation. Now it is open to registration and all respects the market rules.

2. Two breakthroughs in science and Technology Innovation Board: pilot registration system and listing of science and technology innovation enterprises

Over the past 100 days since the operation of the science and technology innovation board, the registration system pilot has been stable and orderly. The reform has firmly grasped the core of information disclosure, promoted the issuers, intermediaries and exchanges to return to their duties, and reviewed and registered all links in an open and transparent manner. 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.

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.

As of the end of October, Shanghai Stock Exchange has accepted 168 applications for listing on science and technology innovation board, of which 40 have been listed. From the perspective of accepting enterprises, the average proportion of R & D investment in 2018 is 11%, and the average proportion of R & D personnel is 31%, which is higher than other existing sectors.

3. Two missions of science and Technology Innovation Board: promoting economic innovation and transformation, and promoting capital market reform

We dont think [science and technology innovation board] is simply to add a board to the capital market, but to accomplish two major missions through this board, said Yi Huiman.

The first mission is to use the power of capital market to promote the innovation driven economy. The second is to use the scientific and technological innovation board as a test field to promote the reform of the basic system of the capital market and give full play to the role of the test field.

It should be said that from the perspective of the landing situation, the response of all parties in the market is good, and the operation of the whole market is relatively stable. A series of institutional innovations have also been tested by the market.

4. The success of reform cannot be measured by the short-term performance of individual stocks

Yi Huiman said that we should have confidence, tolerance and patience in scientific and technological innovation board. 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.

5. Stock price differentiation and return to rationality are full game results

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.

The data shows that the five trading days before IPO are full of games, and there is no sharp rise and fall. On trading days with price limit, more than 90% of the stocks are up or down within 10%. From the perspective of trading order, since the opening of the market, 9 abnormal trading behaviors have been found, and no major trading violations have been found.

6. Accelerate the gem reform and pilot the registration system, not simply copy

To give full play to the role of the science and technology innovation board as a test field is not to simply copy it, said Yi Huiman. 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, we should steadily implement the registration system, truly 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.

As for the relationship between incremental reform and stock reform, Yi Huiman said, in the future, it will be a common reform of stock and increment. The situation is more complicated 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 environment of stable market expectation.

7. The reform of capital market basic system will also introduce the experience of science and Technology Innovation Board

Yi Huiman said that the reform of capital market basic system 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.

8. The CSRC has made clear 12 reforms in the near future

The long-standing institutional problems in the capital market cannot be solved without hesitation, and they cannot be treated with headache or foot pain. To comprehensively deepen the reform of the capital market, we need to consider the relationship between the symptoms and the root, the current and the long-term, said Yi Huiman

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.

Yi Huiman said that 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.

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Yi Huiman believes that there are two criteria to test the results of the reform. One is whether it can really improve and stabilize market expectations; the other is whether it can really bring confidence to the market.

10. Four opening measures will be basically implemented by the end of the year

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.

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: responsible editor of China Fund News: Liu songju nbj9949