Yi Will Be Able To Send The Company To Create A Policy Of "Gift Package" To Open Up In A New Perspective.

On the morning of June 18th, the twelfth Lujiazui Forum opened in Shanghai. The theme is "Shanghai international financial center 2020: new starting point, new mission and new vision". The Lujiazui forum, which has a history of more than a decade, has now become an important time point for China's financial regulatory authorities to release regulatory signals to the market and clear market expectations.

This year is no exception. As chairman of the Commission, the chairman of the SFC will be able to make a keynote speech at the Lujiazui forum to clarify the direction for the development of the capital market in the second half and even the next stage.

Rich institutional supply

On the Lujiazui forum, the science and technology board must be a theme that can not be jumped off. At last year's Lujiazui forum, the science and technology board was officially opened. This year, Yi will be full, bringing the big package of the experiment of the Chuang Chuang plate system.

Yi said that the capital market should shoulder the mission of promoting innovation and transformation. The new crown pneumonia epidemic situation will boost the rapid development of new industries and new technologies. We should give full play to the advantages of the capital market in promoting the formation of innovative capital, vigorously promote the virtuous circle of technology, industry and finance, and help the global industrial chain supply chain to achieve re connection, optimization and consolidation. We will continue to promote the construction of the science and technology board.

Specifically, the SFC's grand package for the construction of the science and technology board system includes: speeding up the introduction of the innovative system of introducing the stock into the Shanghai stock market, introducing the market maker system, and studying the transfer of old shares such as IPO. It is urgent to introduce the management method for the refinancing of the science and technology board, and launch a small quick financing system to support more "hard technology" enterprises to make use of the capital market to grow and expand. Publish the index of science creation board and launch related products and tools.

"The SFC has made many institutional arrangements this time, many of which are not previously available in the capital market, such as the transfer of IPO shares and the market maker system, which are the first time in the A share market." Beijing area a large brokerage investment bank department believes.

Obviously, from the perspective of freshness and scarcity, the introduction of market maker system and research to allow the transfer of IPO old shares is the two most innovative system in the market.

The market maker system has reserved the policy space when the framework of the science and technology publishing system has been released. The special provisions of the Shanghai stock exchange's science and technology board stock transaction put forward that at present, the stock trading of the science and technology board is a competitive transaction. When the conditions are ripe, the market maker mechanism is introduced, and the market maker can provide bilateral quotation services for the science and technology board stock.

"Before that, the most common transaction mode in overseas markets was implemented in new three boards. The market maker system is based on the two-way quotation of securities dealers, which is conducive to improving the liquidity of stocks and helping to form a relatively reasonable transaction price. Although the practice of China's new three boards has seen a great gap with the original expectations, the effect of the market maker system is still lagging behind the new three board market reform, and the supply of the system is not matching. The trial of the market maker system on the Chuang Chuang board is not only in line with the international practice, but also in the exploration of the pricing and trading mode of the science and technology board. Gui Haoming, chief marketing expert of Shen Wan Research Institute, thinks that

Compared with the market maker system, the transfer of IPO shares is a system trial which has not been done before in the capital market, and the world exchanges including the Hong Kong Stock Exchange and the NYSE have planned to build a Pre-IPO share transfer market.

Shao Yu, chief economist of Orient Securities, said, "allowing research to allow the transfer of the IPO old stock of Ke Chuang plate" also has the effect of increasing market liquidity. He said that under such a system, early shareholders could withdraw more conveniently and new shareholders could enter, so the original early investment could be released and circulated.

Pan Xiangdong, chief economist of new era securities, pointed out that allowing the transfer of old shares can encourage investors to invest in science and technology enterprises before IPO, so as to obtain premium dividends of the original shares. The transfer of old shares can not only increase the number of circulating stocks, but also curb the phenomenon of excessive capital raising and help the marketization of stock pricing.

New perspective of opening up

Under the background that the State Council has set the pace to speed up the opening of the financial market, opening up the capital market has become the top priority.

Today, the opening of the capital market has made some achievements, such as the further expansion of the industry, the relaxation of the policy of limiting the ratio of foreign capital shares in the securities and futures industry, and the implementation of the policy. 3 Foreign-funded securities companies have been approved, and many foreign institutions are actively applying for or communicating with them.

In addition, global investors' enthusiasm and confidence in China's capital market is increasing. Shanghai and Shenzhen Hong Kong through mechanism has been continuously optimized. The international well-known index has been continuously improved, and A shares have been included in the proportion. The total amount of QFII and RQFII has been greatly increased, and the allocation of A shares by overseas institutional investors has been increasing continuously. There is also a substantial step forward in opening up futures varieties, and the international influence of many product prices has been rising.

Yi will provide a new perspective on opening up to the market in the keynote speech of the Lujiazui forum.

Yi will fully propose that at present, the global financial market has formed a 24 hour "all-weather" continuous operation network, which is highly interlinked among different regions, regions, stocks, bonds, foreign exchange and commodity markets, and provides strong support for global economic and trade. Meanwhile, the characteristics of cross market, cross industry and cross domain infection of financial risks are becoming increasingly prominent. Obvious. In a special period, there is no single economy and which financial market can be alone and there is no zero sum game. Facing crisis and risk challenge, only strengthening cooperation and keeping watch and helping each other is the only way out.

That is to say, the opening of this stage can not just stay overseas institutions and investors to enter the domestic market, and go out is still an important direction, while regulators' participation in international financial governance is a new perspective and attempt.

Therefore, Yi will also propose that the new starting point needs new horizons. The SFC will continue to strengthen its extensive cooperation with overseas financial regulatory bodies and international financial organizations, actively participate in international financial governance, and jointly establish law enforcement alliances to crack down on cross border securities crimes and jointly solve the path of strengthening audit supervision cooperation of global listed companies, and jointly safeguard national investment. The legitimate rights and interests of investors.

"The introduction of funds and institutions overseas is also an open sign, and it is an important open sign that it can participate in international financial governance. Even this one can better illustrate that China's capital market is in line with the international capital market." Beijing investment bankers said.

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