Yihuiman: establish a normal delisting mechanism to promote the entry of long-term funds into the market

category:Finance
 Yihuiman: establish a normal delisting mechanism to promote the entry of long-term funds into the market


First, we will comprehensively implement the stock issuance registration system and expand the direct financing access. We should timely summarize the experience of the pilot registration system of the science and technology innovation board and the growth enterprise market, and steadily implement the registration system with information disclosure as the core in the whole market. At the same time, we will comprehensively promote the reform of basic systems such as issuance, listing and continuous supervision of transactions, urge all parties to return to their positions and fulfill their responsibilities, so as to make the market pricing mechanism more effective, truly give the right of choice to the market, and support more high-quality enterprises to finance and develop in the capital market.

Second, improve the multi-level capital market system with Chinese characteristics and enhance the inclusiveness of direct financing. We should scientifically grasp the positioning of capital markets at all levels, improve the differentiated institutional arrangements, smooth the transfer mechanism, and form a market system with dislocation development, complementary functions and organic links. We should do a good job in the scientific and technological innovation board and continue to promote key institutional innovation; highlight the characteristics of the gem to better serve the development of growth oriented innovative and entrepreneurial enterprises; promote the reform of the main board (small and medium-sized board); deepen the reform of the new third board to improve the ability to serve small and medium-sized enterprises; steadily carry out regional equity market system and business innovation pilot, standardize the development of the OTC market; actively and steadily develop the financial derivatives market We should improve the risk management mechanism.

Third, to promote the quality of listed companies and consolidate the cornerstone of direct financing development. We will continue to optimize the mechanism arrangements for refinancing, merger and reorganization, and equity incentive, and support listed companies to accelerate their transformation and upgrading and become better and stronger; we will further improve the delisting system, smooth multiple exit channels, establish a normalized delisting mechanism, and strengthen the survival of the fittest; we will promote the reform of listed companies, improve corporate governance, improve the transparency of information disclosure, and give better play to innovation leaders and industrial leaders The demonstration role of Bing will lead more enterprises to achieve high-quality development through direct financing.

Fourth, further promote the innovative development of the bond market and enrich direct financing tools. We should improve the registration system for bond issuance, deepen the interconnection of the infrastructure between the exchange and the inter-bank bond market, further support banks to participate in the bond market of the exchange, intensify the innovation of asset securitization products, expand the pilot scope of public real estate investment trust funds in the field of infrastructure, and form demonstration effect as soon as possible; expand the coverage of intellectual property securitization and promote scientific and technological achievements Accelerate the transformation.

Fifth, accelerate the development of private equity funds and highlight the strategic role of innovative capital. We should actively broaden the source of funds, smooth the links of raising, investment, management and withdrawal, encourage private equity funds to invest in small, early, and technology investment; introduce Interim Regulations on the management of private equity funds to guide them to continuously improve their professional operation level and compliance management awareness; accelerate the construction of a mechanism for handling private equity risks with inter ministerial cooperation and central local cooperation, and effectively solve the problem of false private placement, quasi private placement, and illegal private investment Raise outstanding problems, promote the healthy development of industry standards. Sixth, we should vigorously promote the entry of long-term funds into the market, and make full use of direct financing. We should speed up the construction of a market environment in which long-term funds are willing to come and stay, strengthen the strength of professional asset management institutions, vigorously develop equity fund products, and continuously promote the active allocation of various medium and long-term funds in the capital market; we should increase policy preference and guidance, steadily increase long-term performance-oriented institutional investors, return to the important concept of value investment, and encourage excellent foreign capital certificates Securities fund institutions come to China to develop their business and promote healthy competition in the industry. Source: Securities Times editor in charge: Yang Bin_ NF4368

Fifth, accelerate the development of private equity funds and highlight the strategic role of innovative capital. We should actively broaden the source of funds, smooth the links of raising, investment, management and withdrawal, encourage private equity funds to invest in small, early, and technology investment; introduce Interim Regulations on the management of private equity funds to guide them to continuously improve their professional operation level and compliance management awareness; accelerate the construction of a mechanism for handling private equity risks with inter ministerial cooperation and central local cooperation, and effectively solve the problem of false private placement, quasi private placement, and illegal private investment Raise outstanding problems, promote the healthy development of industry standards.