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Chairman of the Securities Regulatory Commission in China "First Show" focused on Science and Technology Council, first list of statements not released – Chinanews

Chairman of the China Securities Regulatory Commission "First Show" focused on the Board of Directors –


Comments are coming to an end. The first list of listings was not released.

On February 27, on the eve of two sessions, the press conference of the State Council was wrapped. Media reporters arrived an hour or two to wait for a meeting with the chairman of the Securities Regulatory Commission in China, which was just new.

This is the "first show" after Yi Huiman took over the SFC just as he took office at the full moon. Yihui said he is still a "new recruiter" on the capital market. "I felt what I was sitting in the" crater "just a month after I got into office."

At the press conference for almost one and a half hours, the media focus was inseparable from the three words "Kechuang Board". What is the state of the request for remarks? When will the relevant institutional rules fall? The first group of companies that joined the Science and Technology Council was set up … At the press conference, Yi Huiman and the person responsible for the CSRC and the Shanghai Stock Exchange replied one after the other.

The Science and Technology Committee is unlikely to have a large number of centralized statements

When I first talked about the Science and Technology Council for the first time, Yi Huiman stressed that the Science and Technology Council is not a simple "plate" increase, and its basic "institutional innovation lies in reform."

From the news of the introduction of a pilot science and technology registration system to date, although it was only over three months, the Scientific and Technological Council gradually formed. The proposal for the relevant rules and regulations of the Science and Technology Council was published on the eve of the Spring Festival and the request for opinion was closed.

In view of the content of the proposal for comments, the relevant departments have carried out a number of institutional innovations in the field of issuing, extracting, disclosing, trading and de-listing.

Among them, the six Shanghai Stock Exchange rules ended their call on May 20th. According to Huang Hongyuan, the Shanghai Stock Exchange chairman has opened a column for gathering opinions and issuing questionnaires to individual investors over the past 20 days.

Of the roughly 40,000 collected questionnaires, we can see that everyone has confirmed the complexity and systematicity of the rules. These opinions focus on several aspects in particular: Expected review standards are expected to be further improved and properly publicized and will concern the registration of the Securities and Futures Commission. Effective links with stock market audits, whether it is appropriate to take care of investor thresholds, entry conditions for unlisted companies with red chips and balance of trade mechanisms, how to attract more medium and long-term funds Participate in this market and further increase the cost of fraudulent registrations .

The Shanghai Exchange has selected four cities in Beijing, Shanghai, Shenzhen and Chengdu to hold expert organizations to hold symposia, including representatives of science and technology companies, funds, insurance investments and professional investment institutions in the secondary market as well as PE, VC and other levels. Professional investment institutions in the market, as well as individual investors, lawyers, accountants and other institutions, listen to the views of all parties.

Huang Hongyuan said the Shanghai Stock Exchange is currently organizing experts to analyze and evaluate these views. "The relevant system rules will be revised under the overall guidelines of the CSRC and the implementation of the approval process will be announced soon."

Kechuang Board currently does not have the first listing of statements

For some time, the "first playlist" of the playlist has been published online from time to time. In this respect, Huang Hongyuan has clearly stated that there is no "first batch of lists". "Indeed, the Shanghai Stock Exchange has done a lot of work, and financial and securities offices of local governments have learned about the reserves of science and technology companies."

There is a large number of technological enterprises in Beijing, Wuhan, Chengdu, Xi'an and other areas, from the point of view of industrial distribution, there are quite a few companies in the field of new generation information technology, biomedicine, top production and new materials.

"The overall characteristics of these businesses are that investment in R & D is relatively large and their growth is fairly good." After a certain decline, the SSE considers that, according to the conditions for placement and access to the Kechuang Board of Directors and the willingness of these companies, the number of backups of the Kechuang board is becoming more appropriate.

However, companies are rapidly and slowly preparing to apply advice. "One of our basic judgments is that there may not be a large amount of centralized statements."

Li Chao, Vice President of the Securities Regulatory Commission in China, also said that the establishment of the Science and Technology Council and the pilot registration system is an incremental capital market reform, and does not mean that a large number of businesses can be cited rather mildly. "The Kechuang Council has strict standards and procedures, not to mention that anyone who wants to go public can go public." Li Chao believes that if the intermediary agencies, publishers, investors and other market parties and regulators are responsible, there will be no floods on the board.

Huang Hongyuan for the first time joined the Science and Technology Council and said that it is currently not easy to predict. "Because there are multiple factors and connections, the exchange begins to accept work after the announcement of another rule."

Whether the Science and Technology Council can be implemented seamlessly depends on the efforts of all parties

The establishment of the Science and Technology Council introduced the marketing standard for the first time. For science and technology companies, "high awards" have been a common problem for some technology companies in recent years.

Some people worry about whether these innovative companies on the record will have a high award or a break. Li Chao said the valuation of innovative businesses is a difficult issue for all countries of the world: "Is it high or low? Other capital markets have also seen an increase in listings or a drop in the issue price." ""

According to Li Chao, the CSRC and Shanghai Stock Exchange valuations are not rated, so the "market" should speak. From the content of the proposal for the relevant institutional rules for the prior release of the STI pilot scheme, the STIs have a number of institutional arrangements for the investigation and roadshow of buyers and sellers in the issuance process and hopes to support the market through a containment mechanism. The award of scientific and technological societies is more reasonable. "

For companies that will be listed in the future, Li Chao hopes everyone can be more rational. "Companies ready for publication are undergoing rapid technological breakthroughs and some of them are not profitable yet." "

The corresponding institutional innovation of the Science and Technology Council thus also requires a period of probation and a probationary period. Li Chao believes that it is not excluded that the initial pricing of individual companies may not fully meet the expectations of all parties on the market, nor does it exclude certain stock prices from fluctuations or even major fluctuations. Li Chao hopes that everyone will give greater tolerance and tolerance to problems that may arise in all respects.

Yi Huiman has great hopes for the future of science and technology. The system of the pilot registration system for science and technology is innovation, but also a test field for gaining experience in reforming other sectors. If all stakeholders can raise the level, there will be a change in the capital market.

In his view, the newly added part of the Science and Technology Council can be smoothly implemented not only through due diligence by regulators and exchanges but also by the concerted efforts of market participants.

For example, an issuer should fully disclose information, followed by sponsors and investment institutions. Yi Huiman stressed that the most important feature of the Science and Technology Council is that it differs from other existing pricing and underwriting charts. Above all, price and sales ability are the main competitive advantages of an investment bank. In this respect, the CSRC is genuinely concerned that existing domestic investment banking institutions lack sufficient experience. "We need brokers and investment banks to be fully prepared."

At the final stage, public demand for the relevant institutional rules for the pilot registration system for the Scientific and Technical Commission has been achieved. Li Chao said that for the Science and Technology Council, the next CSRC step would be officially released in the opinion of all parties in the company as soon as possible.

In addition, there are some supportive guidelines and guidelines to be formulated. Then, a technical system is being prepared, including the technical preparation of the Shanghai Stock Exchange, registration and settlement companies, and securities companies. "He's going in a proper and intense way now."

Li Chao said that, apart from the appropriate review of companies asking for listing, there will be a number of relatively complex work such as follow-up, pricing and placement. CSRC will manage and oversee relevant institutions and parties, can smoothly land as expected.

"There are some supportive implementation rules or guidelines that do not have to be publicly requested at stock levels, so we pay attention to the industry for comments and therefore we break them into" emergency "series," said Huang Hongyuan.

China Youth Daily, China Youth Online Reporter Ningdi Source: China Youth Daily

February 28, 2019 edition

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