Dong zhongyun, chief economist of AVIC securities, said in an interview with the Securities Daily that the orientation of the science and technology innovation board is to face the worlds scientific and technological frontier, the main economic battlefield and the major needs of the country. It mainly serves scientific and technological innovative enterprises that meet the national strategy, break through key core technologies and have high market recognition. At present, a large number of enterprises listed on the science and technology innovation board are distributed in the high-tech industries such as pharmaceutical biology, electronics, computer, mechanical equipment and so on. 185 listed enterprises have raised more than 270 billion yuan in the initial public offering, which strongly supports the development of science and technology innovation enterprises in China. At the same time, due to the more flexible and diverse listing standards, some enterprises that have no access to the domestic A-share market according to the previous listing standards, such as loss making enterprises, red chip enterprises, and enterprises with special voting rights, have also been able to achieve listing financing, reflecting the greater openness and inclusiveness of the science and technology innovation board.
Since the implementation of the registration system on the science and technology innovation board, the number of listed enterprises has been increasing, and the share prices have been rising and falling. This has played a good role in the price discovery function of the capital market, reflecting that the reform of the registration system has achieved remarkable results in the market operation mechanism with information disclosure as the main factor. In the future, the science and Technology Innovation Board will form a benign exit mechanism, and some listed enterprises that no longer have the competitiveness of scientific and technological innovation may withdraw from the market independently u3002u201d Liu Xiangdong, Vice Minister of Economic Research Department of China International Economic Exchange Center, added in an interview with Securities Daily.
In order to better implement the orientation and mission of the science and technology innovation board and effectively serve the development of Chinas science and technology innovation industry, Dong zhongyun suggested that the science and technology innovation board should continue to make efforts in three aspects in the future: first, we should continue to improve the registration system reform with information disclosure as the core, further refine information disclosure requirements and strengthen supervision; second, we should continue to promote the reform of the securities trading system and further activate the market Third, at present, the threshold for investors to open an account on the science and technology innovation board is 500000 yuan, which is much higher than the 100000 yuan threshold of the gem. In the future, while continuously strengthening the education and protection of investors, the scientific and technological innovation board can consider lowering the investment threshold. While improving the market liquidity, more investors can participate in the science and technology innovation board market and share the dividend of Chinas science and technology development.
In addition to consolidating the existing registration system structure of one core, two links and three market-oriented arrangements , we should further deepen the reform of the market exit mechanism and information disclosure mechanism, so as to make the capital market really live and play a role in improving financing efficiency and reducing financing costs. Liu Xiangdong said so.