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Implementation of "nine new countries", Shanghai 33, promote capital market development

On the occasion of the upcoming 1st anniversary Shanghai Free Trade Zone listing, the Shanghai municipal government issued the "Implementation Opinions on further promoting the healthy development of the capital market" (hereinafter referred to as the "opinion") on the 15 day. It clearly proposed that we should grasp the major strategic opportunities for the construction of the pilot Free Trade Zone, and establish the Shanghai free trade zone as the test field with the highest degree of openness in the national capital market.

The document clearly stated that Shanghai should strive to "build the capital market to the highest degree of openness, the most standardized operation of listed companies and the most sound social credit system".

The "opinion" is divided into 6 parts, including 33 articles. It responds positively to the important capital market reform measures in the new nine countries, including doing well in coordination.

Registration system in the system reform; actively carry out the pilot project of "Shanghai Hong Kong through" business; and cooperate with the reform of the delisting system of listed companies.

The opinion will support the use of Shanghai securities and futures agencies.

Test area platform, issue QDII and RQDII products; support its overseas branches to issue QFII and RQFII products according to regulations, and gradually expand QFII and RQFII to participate in the scope of financial futures products.

The industry believes that this move is expected to increase the supply of A shares, which will be good for the stock market.

In the evening of September 15th, the Agricultural Bank of China and the Bank of China announced separately that the securities and Futures Commission approved and approved the application of preferred shares issued by two banks. The upper limit of the issuing scale of the two banks is 140 billion yuan (calculated according to the issuing scale of the preferred shares in the Bank of China).

Prior to that, the application of no more than 400 million preferred shares issued by the Bank of China has been approved by the SFC.

For the future, whether or not to supplement capital by reducing dividends, the ABC said that the proportion of future dividends will remain stable.

According to the shareholders' return plan, which was considered by the AgBank shareholders' meeting in 2014 to 2016, in the next three years, ABC will implement a positive profit distribution plan to provide shareholders with continuous, stable and reasonable return on Investment: priority should be paid to dividend distribution by means of cash dividends, and the profit allocated annually by cash shall be no less than 10% of the distributable profits realized in the year, and the profit accumulated in cash in the next three years will not be less than 30% of the annual average distributable profit realized in the next three years.

At the same time, ABC will ensure the proportion of cash dividends in the current profit distribution in the future in accordance with the requirements set by the SFC.

Hongkong monetary authority New Deal escort Hong Kong and Shanghai Tong

The Hongkong Monetary Authority said yesterday that it will introduce a number of new measures for offshore RMB liquidity management to escort Shanghai and Hong Kong to be launched.

It includes striving to relax RMB exchange restrictions before the launch of Shanghai and Hong Kong, and provide the bank with an immediate repurchase arrangement of up to 10 billion yuan, and a designated number of banks to provide a level of liquidity for the offshore renminbi market in Hongkong.

The above news was announced by Mr. Chen Lin, President of the Hongkong monetary authority on 2014, at the financial market summit in 15.

At present, Shanghai and Hong Kong's two major exchanges have successfully completed two rounds of Shanghai and Hong Kong through the whole network test, and the relevant technology system is basically ready.

According to the joint announcement, Shanghai and Hong Kong will be officially launched in October.

As Shanghai and Hong Kong through the implementation of closed path management of funds, with the help of Hongkong offshore RMB center to complete two-way RMB swap, Hongkong's offshore RMB liquidity stability is particularly important.