On the new third board of China Securities Regulatory Commission

category:Finance
 On the new third board of China Securities Regulatory Commission


At present, the overall implementation effect is good, the market operation is relatively stable, the basic system of the new third board has been improved, the level of marketization has been improved, and the financing and trading functions have been further effectively played. We believe that the reform has achieved the expected results. He mentioned.

However, Zhou Guihua also believes that starting from the characteristics of the new third board, we can not simply benchmark the new third board with the Shanghai and Shenzhen exchanges.

Recently, the regulatory authorities have repeatedly stated that the detailed rules for the transfer of the new third board to the board are being formulated.

The China Securities Regulatory Commission has issued guidelines for listing on the stock exchange. At present, the Shanghai and Shenzhen stock exchanges and stock to equity companies are working hard to formulate specific implementation rules. Zhou Guihua said.

We will accelerate the implementation of the transfer system and actively promote the registration system reform of the new third board. He mentioned.

Xie Geng also said that the comprehensive and deep reform of the new third board focused on four concerns: first, to improve market liquidity; second, to strengthen the financing function; third, to optimize the market ecology; fourth, to build a multi-level market interconnection mechanism.

He further said that the implementation effect of the new third board reform is reflected in five aspects

Second, the financing methods are more abundant, and the financing needs of different types of enterprises can be better met.

Citing data, Zhou Guihua said that since the reform was launched last year, a total of 187 companies have implemented self-made issuance, and each enterprise has saved nearly 200000 yuan in intermediary expenses, which is a good support for small and medium-sized enterprises.

Third, the trading mechanism is more diversified and the market efficiency is further improved. On the one hand, through the introduction of continuous bidding and the relaxation of price limit, the pricing and transaction efficiency of the whole market has been further improved; fourth, through the establishment of a short board system, multi-level market interconnection has been promoted; fifth, the market ecology has been improved, and the market vitality and brand efficiency have been improved.

Compared with the Shanghai Stock Exchange, there are still some suggestions for further improvement compared with the Shanghai Stock Exchange in the next step. He said.

Starting from the characteristics of the new third board market, on the one hand, the original intention and mission of the new third board is to serve small and medium-sized enterprises, and the business model of small and medium-sized enterprises is very uncertain. On the other hand, the new third board is a market dominated by qualified investors. By the end of September, the number of qualified investors was 1.63 million, which was less than 170 million in Shanghai and Shenzhen stock exchanges. The trading of new third board investors was low-frequency and rational.