Yao Gang Explains Nine Hot Spots In Stock Market

We should speed up the establishment of over-the-counter market with unified supervision, continue to promote listed companies to improve investor return mechanism, vigorously promote the development of corporate credit bond market, gradually form a market-oriented and diversified delisting standard system, actively and steadily push forward the construction of crude oil futures market, and are studying to reduce the threshold of H-share listing.

　　 Yao Gang explains the nine hot spots of stock market and guides long-term capital to participate in the pricing of new shares.

For the construction of OTC market, Yao Gang said that in the framework of the existing capital market, the direct financing needs of most enterprises can not be effectively met. The operation practice of stock transfer system of securities companies is summarized, and the over-the-counter market, which is based on over-the-counter transactions and serves the development of small and medium-sized enterprises throughout the country, is accelerated. This is also in line with the needs of China's economic development at this stage. The establishment of the OTC market is a complex systematic project involving many aspects. The China Securities Regulatory Commission (CSRC) is making an in-depth demonstration of the issues related to market construction, and has made efforts to improve relevant programmes and strive to go out as soon as possible after fulfilling the relevant approval procedures.

On the construction of the bond market, Yao Gang said that we should vigorously promote the development of the credit bond market and raise the proportion of direct financing. The State Council has agreed that the people's Bank of China, the NDRC and the SFC will establish inter ministerial coordination mechanisms for corporate credit bonds to promote the infrastructure construction of the bond market. At present, we should focus on promoting the unification of the basic systems such as market access conditions, information disclosure standards, credit rating requirements, investor suitability system and investor protection. We will further promote the interconnection and exchange between the exchange bond market and the inter-bank bond market, so that bonds issuing enterprises can freely choose the market and investors can freely choose their investment varieties.

At the same time, we should weaken the administrative examination and approval. Commercial credit It is convenient for enterprises to issue bonds and establish investor protection mechanism. At present, the SFC is conducting a demand survey on issuers, investors and intermediaries, studying the scheme of issuing SME bonds by SMEs, hoping to make some attempts to crack down on the financing difficulties of SMEs.

Regarding the reform of the IPO system, Yao Gang pointed out that the central task of the reform is to make the price of new shares truly reflect the value of the company and realize the coordinated and healthy development of the one or two level market. To this end, we should reasonably define the division of responsibilities and responsibilities between the regulatory authorities and the exchanges and other intermediaries, and reform the issuing and auditing system with the focus of full, complete and accurate information disclosure, and gradually shift the focus of the review from the profitability of listed companies to the equal protection of investors' legitimate rights and interests.

We should continue to weaken unnecessary administrative intervention, strengthen capital constraints, market constraints and integrity constraints of new price formation mechanism, so as to promote issuers, intermediaries and investors to return to their duties and make the pricing of new shares closely related to the fundamentals of issuers. At the same time, we will continue to strengthen investor education and risk disclosure, repeatedly remind investors not to blindly "stir up new ones", gradually establish an investor suitability system, guide the market to rationally understand the investment value of new shares, and promote more institutional investors to enter the IPO market, and guide long-term funds to participate in the pricing and subscription of new shares on the basis of balance of risks and profits.

To promote the reform of the dividend system of listed companies, Yao Gang said that the next step is that the regulatory authorities will continue to encourage and guide listed companies to establish a continuous, clear and transparent cash dividend policy and decision-making mechanism under the premise of fully respecting the independent operation decisions of listed companies, and increase the supervision and control of dividends that are not paid according to their commitments, and do not fulfill their obligations in the long run.

For the delisting system, Yao Gang said it is The purifier of the capital market, The implementation of a strict delisting system helps to enhance enterprise's sense of hardship and improve enterprise management. It helps to guide investors to invest rationally and value, form healthy investment culture and atmosphere, and protect investors' interests from the source. He disclosed that, on the basis of promoting the pilot scheme of the gem delisting system, the SFC will study and improve the main board delisting system, and gradually form a market-oriented and diversified delisting standard system, and take measures to make the companies that trigger the delisting conditions really withdraw from the market and give play to the function of the market to win the fittest.

In developing the futures market, Yao Gang said that the SFC is working hard to study and demonstrate the overall plan for the construction of the crude oil futures market, strengthen communication and coordination with the relevant ministries and departments, and actively and steadily push forward the construction of the crude oil futures market. In addition, in order to coordinate the strategic layout of the bond market, the contract design, rules formulation and technical system preparation of the Treasury bond futures have been basically completed. In addition, it will further promote the listing of new products such as silver, coking coal and rapeseed, and increase the research and development of new trading tools such as options.

In developing and developing institutional investors, Yao Gang said that fostering and developing institutional investors and cultivating diversified investors is a very urgent task and conducive to sustained and healthy development of the capital market. While strengthening the services to the small and medium-sized investors, the SFC will take active measures to encourage and guide institutional investors such as securities investment funds, social security funds, pension funds, enterprise annuities, insurance funds and QFII to play a greater role in the capital market.

On the protection of investors, Yao Gang said that on the one hand, the SFC will maintain a high pressure situation and closely cooperate with other law enforcement departments, and resolutely crack down on illegal activities such as manipulating the market, insider trading, false disclosure, interest transmission, illegal consultation and illegal transactions, which will infringe upon the interests of investors, and maintain normal market order and "three principles". On the other hand, we will gradually establish an investor suitability system suitable for China's capital market situation, set up different entry standards for different products and different markets, strengthen risk disclosure for all kinds of investment products, guide investors to choose products that match their own situations and advocate rational investment philosophy.

In promoting the opening up of the capital market, China Securities Regulatory Commission With the combination of "bringing in" and "going out", we will continue to deepen and expand the opening up of the capital market. He disclosed that at present, the threshold of H-share listing is being studied to create conditions for direct financing of SMEs to overseas capital markets.

He also said that the SFC continued to encourage domestic securities companies, fund companies and Futures Company to set up branches overseas to carry out overseas business. At the same time, we are working with relevant departments to further increase the quota of QFII and RQFII, and attract more long-term offshore funds to invest in China's capital market. While expanding the pilot scale of RQFII, we strive to make breakthroughs in the types of management institutions, investment scope and investment ratio. He disclosed that the SFC is actively preparing to launch the Hong Kong stock index ETF product in the mainland and cooperate with the Hongkong Securities Regulatory Commission to launch the RMB share price index A ETF product in Hongkong.