Xu Yilin, Deputy General Manager Of The Shanghai Stock Exchange: Make Full Use Of The Advantages Of The Chuang Chuang Board Without The Burden Of The Stock To Drive The Capital Market To Deepen Reform In An All-Round Way.

If we want to select the hot words of the capital market in 2019, "science and Innovation Board" is absolutely the reason to be elected the first hot word.

From November 5, 2018, we announced the establishment of the scientific creation board and the pilot registration system. By July 22, 2019, we officially opened the market. In only 259 days, we achieved the first batch of 25 listed companies.

On December 5th, sponsored by the headquarters of the central broadcasting and TV station, the big bay area headquarters of Guangdong and Hongkong Macau and the southern financial and economic media group, and the twenty-first Century international financial forum held in twenty-first Century, Xu Yilin, member and deputy general manager of the Shanghai stock exchange, talked about the recent work of the Chuang Chuang board. He said, "we will make full use of the advantages of the Chuang Chuang board without the burden of the stock", improve the quality of the listed companies, increase the penalties for illegal acts, and timely handle the abnormal violations. We should guide the trees up and strictly enforce the rules, and strictly implement the securities issuance registration system with the core of information disclosure.

As an organizer of the capital market, the Shanghai stock exchange plays an important role in the reform. If we say that the establishment of the science and technology board is a footnote for its continuous market innovation, it is another basic principle that we must adhere to in the process of building the goal of building a world-class exchange.

Xu Yilin, deputy general manager of Shanghai Stock Exchange, Gan Jun

The effectiveness of the innovation mechanism has been recognized by the market.

Data show that as of December 4th, the science and technology board has accepted 181 enterprises, of which 104 have passed the examination, 95 have been submitted to the SFC, 70 have been registered, and 60 have been listed, raising funds 75 billion 700 million yuan.

"At present, the market is running smoothly and the innovation mechanism has been initially brought into play, and the actual effect has been basically recognized by the market." Xu Yilin said.

At the beginning of November, when general secretary Xi Jinping visited Shanghai, he made important instructions on setting up the scientific creation board and the pilot registration system. He asked for a firm grasp of the establishment of the scientific creation board and the positioning of the pilot registration system, supported and encouraged the listing of the hard and technology enterprises, and really implemented the securities issuance registration system with the core of information disclosure, guided the anticipation reasonably, and strengthened the supervision.

This points out the direction for the next phase of the Shanghai Stock Exchange. Xu Yilin said that the Shanghai Stock Exchange will proceed from building the world's scientific and technological power and realizing the economic and quality development of the national strategic overall situation, to deeply understand the establishment of the scientific creation plate and the pilot registration system in the overall deepening of the capital market reform in the positioning and role, and further increase the service and supervision power, attract more and better "hard technology" enterprises listed, to ensure that the reform fever does not drop, the intensity is not reduced, the goal has been successfully achieved, and strive to create the first board to become a mature market.

Specifically, there are three aspects of the work:

First, support and encourage "hard technology" enterprises to go public. We should intensify our efforts to serve technological innovation enterprises with strong technology, strong representativeness, high market recognition, and preparations for launching the listing, and urge them to declare and go public as soon as possible. We should strengthen cooperation with ministries and commissions of Ministry of science and technology, Ministry of industry and information, development and Reform Commission, local governments and market organizations to do well in enterprise cultivation and service. Especially for enterprises that break through the key core technologies and have the potential to participate in global competition, we should increase the supply of the system and support them in listing on the science and innovation board.

Two, we must stick to the position and strengthen supervision. Evaluate, adjust and optimize the audit system, further improve audit rules, standards and work procedures, and continuously improve the quality and efficiency of audit. We should make full use of the advantages of the "Chuang Chuang board" without the burden of stock, improve the quality of listed companies, increase the penalties for illegal acts, timely deal with signs of misconduct, guide trees and strictly regulate them, and really implement the securities issuance registration system with the core of information disclosure.

The three is to maintain reform and make efforts to make up for the short board. Through the on-site supervision, self-regulation and other ways, we must strictly comper the responsibility of intermediaries. Rules such as refinancing, mergers and acquisitions, non-public transfers, long-term capital market, and listing and listing of red chip enterprises are being promoted. We should further optimize the mechanism of inquiry, pricing, rationing and so on, and continue to promote the optimization of the trading mechanism of the science and technology innovation board and speed up the construction of the long-term investor system. We should give full play to the role of "experimental field" in the reform of the science and technology board, and strive to provide an early and reproducible experience for promoting the registration system in the stock market of the capital market.

Promoting two-way market opening

While promoting the work of the science and innovation board, the Shanghai Stock Exchange is also the leader of the market in terms of opening to the outside world. In recent years, it has made steady progress in the field of internationalization, and has vigorously promoted the two-way opening of the market, and has achieved positive results.

On the one hand, we should vigorously promote "interconnection and interoperability". The Shanghai and Hong Kong pass, which was formally opened in 2014, is an important measure for the opening of the mainland's capital market. It is a successful example of the interconnection between exchanges. In June of this year, the first GDR product issued by Huatai Securities was listed on the LSE, marking the official opening of Shanghai Lun Tong West business. The ETF interoperability between China and Japan has also been successfully implemented. It has opened the curtain for deepening the cooperation between China and Japan in the capital market.

On the other hand, the degree of internationalization of A shares has been rising. At present, the world-renowned index companies MSCI Ming Sheng, FTSE Russell and S & P Dow Jones and so on have included A shares, so A shares have been included in the scope of the three major international mainstream indexes.

In November 26th, the third step of the A share expansion in the MSCI index came into effect. The momentum of foreign capital accelerating the flow into the A share market is more obvious. China's stock market has become more and more popular with the attention of global capital. It has become the consensus of market participants. With the acceleration of foreign investment, it will enhance the degree of market organization and have positive significance for the future A shares to mature overseas markets.

The Shanghai Stock Exchange also has many achievements in supporting the capital market construction along the "one belt and one road". It is understood that the Shanghai Stock Exchange has promulgated and implemented the vision and action plan for the "one belt and one road" construction, and has cooperated with the exchanges along the "one belt and one road" from multiple dimensions to create a "one belt and one road" interest and fate community. For example, the joint China Gold Institute and the German Stock Exchange set up the central European Union, jointly invested in the Pakistan exchanges and the Dhaka stock exchange, participated in the Astana international exchange, actively prepared the Abu Dhabi international exchange, and vigorously promoted the issuance of Panda Bonds on the Shanghai Stock Exchange by the enterprises along the border.

Xu Yilin said that the Shanghai Stock Exchange will further expand the degree of two-way opening to the market in accordance with the requirements of the high level of opening up the capital market, continue to do well in interconnection and interconnection, "one way and one road" capital market construction, and serve international investors, so as to continuously enhance the international competitiveness and influence, and make due contributions to supporting the high quality development of China's economy.