Yan Qingmin: improve the registration system of stock issuance and enhance the rigidity of delisting

category:Finance
 Yan Qingmin: improve the registration system of stock issuance and enhance the rigidity of delisting


We should improve the registration system of stock issuance with information disclosure as the core, and constantly improve the adaptability of the registration system. Promote information disclosure to be more concise, clear and easy to understand.

We should improve the mechanism of regular delisting. For the black sheep of serious financial fraud and the empty shell zombies who lose the ability of sustainable operation, we should strengthen the rigidity of delisting, and never allow prolonged delay.

Yan Qingmin also disclosed at the meeting that recently, the CSRC will launch a two-year corporate governance special action, requiring the company to conduct comprehensive self-examination and strict rectification against regulatory requirements, so as to achieve the overall improvement of governance level.

Enhancing the advanced nature of industry and clearing backward production capacity

Yan Qingmin said that since this year, there are more than 340 new listed companies on the Shanghai and Shenzhen stock exchanges, including nearly 180 on the science and technology innovation board and the reformed gem, which have effectively served the real economy and technological innovation. At the same time, more long-term funds have been allocated to a shares. Compared with the beginning of last year, the scale of equity funds has increased by 69%, and the shareholding ratio of professional institutional investors has continued to increase, and the market structure and ecology have accumulated Change from pole to good.

At present, the number of Listed Companies in China has reached 4100, and the total profit is equivalent to about 50% of the enterprises above the designated size. Yan Qingmin said that to improve the quality of Chinas listed companies as a whole, we must closely follow the guidance of national industrial policies, transform from factor driven to innovation driven, and promote the high-level circulation of science and technology, capital and the real economy.

On the one hand, we should expand the increments, implement the registration system steadily in the whole market, and guide the high-quality enterprises with core technology, innovation and industry leading to the capital market, and improve the advanced nature of the listed companies from the source. On the other hand, we should optimize the stock and support listed companies to eliminate inefficient supply and eliminate backward production capacity.

Promoting the effectiveness of corporate governance and building a century old store

Yan Qingmin stressed that in order to promote the formation of effective checks and balances of corporate governance, efforts should be made on the three highlights. The first is to highlight the regulation, and provide guidance and follow for the listed companies to improve their governance through clear, clear and strictly implemented rules. The second is to highlight the classified promotion. For the state-owned holding listed companies, the focus is on transforming mechanism; for private listed companies, the focus is on strengthening internal control. The third is to highlight the practice of governance. In the near future, the CSRC will launch a two-year corporate governance special action, requiring the company to conduct comprehensive self-examination and strict rectification in accordance with regulatory requirements, so as to achieve the overall improvement of governance level.

Improve the normal delisting mechanism and enhance the delisting rigidity

Yan Qingmin said that to improve the quality of listed companies, enterprises themselves bear the main responsibility. At the same time, capital market regulation should also be combined with the changes in the macroeconomic situation at home and abroad to enhance adaptability, constantly improve the basic system of stock issuance, merger and reorganization, delisting, etc., create a more market-oriented and legal environment, and support listed companies to become better and stronger.

First of all, we should improve the stock issuance registration system with information disclosure as the core, and effectively control the entrance gate. In recent years, China Securities Regulatory Commission (CSRC) has made great progress in promoting the pilot reform of registration system by grasping the three principles of respecting the basic connotation of registration system, learning from international best practices, reflecting Chinese characteristics and development stage.

However, we are soberly aware that the current registration system reform is only a good beginning, and some systems need to be constantly run in and optimized. In the next comprehensive implementation of the registration system, we should firmly adhere to the information disclosure as the core, and constantly improve the adaptability of the registration system. Yan Qingmin said that it is necessary to further improve the system of information disclosure rules, ensure the authenticity, accuracy and integrity of information disclosure, promote information disclosure to be more concise, clear and easy to understand, and improve the quality of information disclosure.

Secondly, we should improve the market-oriented mechanism of M & A and give better play to the role of the main channel. From the perspective of overseas mature markets, M & a supervision focuses on fair game rules, supports market players to fully play games, compacts the responsibilities of intermediary agencies, and investigates and punishes illegal behaviors according to law. Yan Qingmin believes that in order to further improve the adaptability of Chinas M & a system under the dual cycle pattern, we should take the implementation of the registration system for merger and reorganization as the starting point, further improve the market mechanism, enrich the market tools, strengthen the supervision during and after the event, and support the listed companies to strengthen the scale effect and synergy effect through M & A and improve the operation efficiency.

Finally, we should improve the normal delisting mechanism to realize the retreat and retreat steadily. Yan Qingmin said that there are two important reasons for the smooth delisting of US stocks: first, there are multiple exit channels, with compulsory delisting accounting for only 5% of the market exit, and 95% through privatization and restructuring; second, the judicial relief mechanism such as group litigation is relatively sound, which can effectively protect the legitimate rights and interests of investors. He believes that to improve the adaptability of Chinas delisting mechanism, it is also necessary to broaden diversified exit channels through restructuring, restructuring and delisting. At the same time, for the black sheep of serious financial fraud and the empty shell zombies who lose the ability of sustainable operation, we should strengthen the rigidity of delisting, and never allow prolonged delay. At the same time, it is necessary to implement the new securities law, promote the representative litigation system of insurance institutions to land through typical cases as soon as possible, so as to realize the dual objectives of market clearing and investor protection. Editor: Zhu Yin source: Shanghai Securities News Author: Wang Hong editor in charge: Zhong Qiming_ NF5619

Finally, we should improve the normal delisting mechanism to realize the retreat and retreat steadily. Yan Qingmin said that there are two important reasons for the smooth delisting of US stocks: first, there are multiple exit channels, with compulsory delisting accounting for only 5% of the market exit, and 95% through privatization and restructuring; second, the judicial relief mechanism such as group litigation is relatively sound, which can effectively protect the legitimate rights and interests of investors.

He believes that to improve the adaptability of Chinas delisting mechanism, it is also necessary to broaden diversified exit channels through restructuring, restructuring and delisting. At the same time, for the black sheep of serious financial fraud and the empty shell zombies who lose the ability of sustainable operation, we should strengthen the rigidity of delisting, and never allow prolonged delay. At the same time, it is necessary to implement the new securities law, promote the representative litigation system of insurance institutions to land through typical cases as soon as possible, so as to realize the dual objectives of market clearing and investor protection.

Editor: Zhu Yin