Hold the registration system reform "Niu Nose" to draw a new blueprint for the development of the capital market

29aug

Our reporter Zhu Baochen Xing Meng Meng Ke grinded a sword for ten years, and he must be sharp. It has been nearly ten years since the 2013 Plenary Session of the 18th Central Committee of the Communist Party of China has proposed to promote the reform of stock issuance. In the past ten years, the registration system has begun from the pilot registration system of the science and technology board to the implementation of the "stock+incremental" reform to the GEM, and then opened the market to the Beijing Stock Exchange and simultaneously piloted the registration system. To better play the role of the capital market hub, promote high -level cycles of capital, technology and the real economy, and accelerate the formation of new kinetic energy to promote high -quality development. "Promote the reform of the registration system for stock issuance solidly. Next, the" embroidery 'kung fu, make the reality and make a detailed implementation of the various preparations for the stock issuance registration system. " New requirements are put forward, which also means that the pace of the implementation of the stock issuance system in the entire market is getting closer. At the moment when the capital market has become increasingly promoting the transformation and upgrading of the real economy and the hub of scientific and technological innovation, the reform of the registration system has opened a new chapter in the reform and development of the capital market. Based on the actual evolutionary "optimal solution", one stone stirred thousands of waves. The approval system, approval system, registration system ... The three changes of the stock issuance system of my country's capital market are all about to move, follow the trend, and take advantage of the trend. "Change" is due to "potential", and "potential" is the actual situation of our development. The development and evolution of each system is compatible with the development of the capital market at that time. In the early days of the establishment of my country's capital market, with the formal establishment of the national unified management of the stock issuance review mechanism, the approval system came into being. The administrative agency was recommended by the administrative organs, and then the securities regulatory agency was approved by the application materials. This adapts to the actual situation of the initial system of the capital market and irregular operations. With the establishment of the socialist market economy system, the approval system is increasingly uncomfortable to the development of my country's national economic development and the needs of capital markets. In 2001, the emergence of the approval system has taken a big step towards marketization. In the change, the recommendation of the listed company's recommendation from the administrative organs to an intermediary agency with qualifications, which is the development of the market economy to a certain level. Gui Haoming, the chief market expert of Shen Wanhongyuan, told a reporter from the Securities Daily, "With the continuous deepening of the capital market reform and the continuous development of the market, the insufficient approval system with strong administrative management colors will be exposed, and it will gradually not adapt to the economy. Transformation and upgrading and high -quality development need. "Fenghao is the time of sailing. In the past ten years, it is the decade of the approval system to transition to the registration system, and it is also the fastest development in the history of my country's capital market. At present, my country's stock issuance approval system is parallel to the registration system, which has steadily transitioned to the entire market registration system. The Shanghai -Shenzhen Main Board implements the approval system, and the science and technology board, the GEM, and the Peking Exchange have successively piloted the registration system. "As the capital market has gradually matured, the stock issuance review system is also changing, which is in line with the laws of market development." Huang Yuncheng, chairman of the Academic Consultant Committee of the China Listed Companies Association, told reporters of the Securities Daily that the registration system is generally adopted by mature markets. The system is also a highly market -oriented system. The registration system reform is the core content of the capital market reform. It is of great significance to enhance the function of the capital market hub and create a standard, transparent, open, dynamic, and tough capital market. "With the steady advancement of the registration system, the requirements and importance of information disclosure have continued to increase, and the degree of marketization continues to increase, which is conducive to further drawing on international market practice, and gradually constructing the capital market system that follows international market conventions and Chinese characteristics In order to form and maintain a good market ecology. "Wu Dawei, head of the Ministry of Field Securities and Capital Marketing Department, told the Securities Daily reporter. The concept of "repaying the market and the right to investors" has always run through the reform of my country's registration system. The basic characteristics of the registration system are based on information disclosure. By requiring the stock issuer to real, accurate, and complete the company's information, the investors make their own judgment and investment decisions on the stock value. Essence In Gui Haoming's view, the positive significance of the registration system is reflected in three aspects: First of all, the decisive role of the market in the allocation of resource allocation and the degree of marketization have been given full play. The relationship with the market has improved the quality of listed companies and protects the legitimate rights and interests of investors. Finally, it has greatly improved the efficiency of stock issuance. The listing conditions are more tolerant. The market is more tolerant to choose high -quality enterprises, promote the survival of the influence, and optimize the market ecology. Persist in steadily and seeking advancement first to try the results and keep the results. The reform of the registration system is a major reform of the capital market's "led and moving throughout the body", and we must adhere to the progress and step by step. Wu Dawei said that as the market's awareness of the reform of the registration system gradually became clear and the degree of recognition continued to improve, the main body of the market gradually adapted, laying a solid foundation for the comprehensive promotion of the reform of the registration system. From the Third Plenary Session of the Eighteenth Central Committee of the Party in November 2013, the "Promoting Reform of Stock issuance and Registration System" was written into the "Decision of the Central Committee of the Communist Party of China on Several major issues of comprehensive deepening reforms". The board also piloted the registration system, and then the first batch of enterprises of the science and technology board was officially listed on July 22, 2019, and the registration system pilot was officially launched. The "Test Field" of the Science and Technology Board carried out a series of institutional innovations in the aspects of distribution, listing, trading, delisting, re -financing, mergers and acquisitions, and reorganization, forming an experience that can be replicated and promoted, and provided a useful reference for the reform of the stock market and other stock markets. Essence

On August 24, 2020, the GEM reform and pilot registration system officially landed. This is the exploration practice of incremental reform of the capital market to drive the stock reform, and accumulate experience in implementing the registration system for the entire market. On November 15, 2021, the Beijing Stock Exchange opened the market to simultaneously pilot the registration system to further enhance the inclusiveness and inclusiveness of the system, and took a key step in creating a main position of service innovative SMEs. The pilot system for the first trial system has accumulated a wealth of reference experience, and it has also brought positive changes to the market. On the one hand, injecting new vitality into the market and giving full play to direct financing functions. According to Wind data, as of August 12, 2022, a total of 903 companies were listed under the registration system, publicly issued 1007.6 billion yuan in raised funds, with a total market value of 8.90 trillion yuan. From the perspective of the sub -sector, 448 Science and Technology Board Company raised 661.6 billion yuan, 350 GEM companies raised 324.3 billion yuan, and 105 Bei Stock Exchange companies raised 21.6 billion yuan. On the other hand, the industrial agglomeration effect is prominent and leads the development of innovative economy. 853 of the above 903 companies are strategic emerging industry companies, accounting for 94%; 224 are "specialized new" enterprises, accounting for 25%. In the strategic emerging industries, the number of companies in three major areas of new generation information technology industry, high -end equipment manufacturing industry, and biological industry are the top. "After the Shenzhen Stock Exchange launched the reform of the GEM registration system, the efficiency of the company's listing was greatly improved, and the Chinese -collecting vehicle 'Hui A' ushered in major strategic opportunities." In May 2020, CICC launched the second listing back to GEM, becoming the first batch of companies submitted to the listing application under the GEM registration system, and officially landed on the GEM on July 8 the following year. For venture capital agencies, "withdrawal difficulty" has always been a problem facing its development. "The implementation of the registration system has opened up the exit channel, shorten the investment period, improves the efficiency of the use of investment funds, and is conducive to carrying out the next round of funds to raise funds and promote the virtuous cycle of capital." Joint CEO Li Hao told the "Securities Daily" reporter that at the same time, this also forced venture capital companies to continuously improve service levels, broaden resources channels, and help industrial upgrading. Huang Yuncheng believes that in general, the reform of the registration system has achieved remarkable results, market transactions are active, and the scale of transactions has increased steadily. The "zero tolerance" law enforcement promotion capital market is strong and stable, and move forward. In the process of solidly promoting the reform of the registration system, the regulatory authorities have always adhered to the general tone of "steady progress" and accelerated the establishment of a more mature basic system system. Li Qiosuo, managing director and strategy analyst of CICC Research Department, told the Securities Daily reporter that the reform of my country's capital market registration system is solidly promoted. New level. The current policy law enforcement is strongly implemented, the cost of violations of the capital market has increased significantly, the legitimate rights and interests of investors have been maintained, and the solid rule of law system escort registered registered registered system is steady. According to a reporter from the Securities Daily, as of August 10 this year, the Securities and Futures Commission and the local Securities Regulatory Bureau have issued 157 administrative penalties decision, with a total penalty of 843 million yuan. From the perspective of applicable laws, 87 new securities laws are applied, accounting for 55.41%. "Strict supervision is a good thing for those who invest in us, which means that the accuracy obtained when investigating listed companies is more accurate, and the judgment of listed companies will be more accurate." Changli Asset Management Co., Ltd. chairman and chief chief of chief. Investment officer Bao Xiaohui said. Li Hao believes that the registration system has improved the information disclosure system and improved the cost of illegal costs. Through strict systems, it plays a deterrent effect on information opaque, fraudulent fraud, etc. The poor investment projects will naturally be eliminated. The registration system reform is based on information disclosure, and the diligence of intermediary agencies is related to the steady advancement of the reform of the registration system. Since last year, the regulatory authorities have repeatedly emphasized the responsibility of suppressing intermediary agencies, and the relevant regulatory rules have been improved one after another. The authenticity, accuracy, and integrity of information disclosure have been further guaranteed. Improve the delisting mechanism is an important guarantee for improving the quality of listed companies, improving the efficiency of capital market governance, optimizing the market ecology, and protecting the legitimate rights and interests of investors. It is also the key to the stable implementation of a comprehensive registration system. On December 31, 2020, the Shanghai and Shenzhen Exchange released a new delisting regulation, which was called "the most stricter for delisting in history" by the industry. Today, the A -share market is basically formed, and the number of forced delisting companies this year has reached a record high. According to the statistics of the Securities Daily, as of August 12, 46 listed companies have been retired during the year, which is twice the number of years in 2021. Among them, 42 were forced to delist, accounting for 91%. "Under the registration system, the survival of the fittest market will be more obvious. The marketization issuance, pricing and elimination mechanism will increase corporate differentiation, promote the survival of the survival, improve the quality of listed companies, and reshape the capital market ecology." Family Li Zhan told the Securities Daily reporter. In this context, it is particularly important to protect investors' legitimate rights and interests. In recent years, the three -dimensional investor protection system is accelerating. "The handling of a large number of large cases and the practice of special representative litigation system, etc., indicates that the institutional mechanism that strictly crack down on securities illegal activities in accordance with the law has been operating in an orderly manner. Development. "Deng Haiqing, chief economist of AVIC Fund.

The enhancement of tolerance and adaptability continuously reflects the advancement of reformers, but the innovators are strong, but the innovators wins. From the perspective of the registration system, the inclusiveness and adaptability of the market are continuously enhanced. Taking the science and technology board as an example, as the "test field" of reform, the advanced nature has been reflected. For example, the issuance and listing conditions have shifted from "earning money" to "developable". Comprehensive consideration of factors such as market value, income, net profit, research and development investment, cash flow and other factors. Special equity structure enterprises and red -chip companies are listed. Statistics show that as of the end of June this year, 38 unsuccessful enterprises, 7 special equity structure enterprises, and 5 red chip companies have been listed on the science and technology board. "The conditions for listing under the registration system are more diverse, which enhances the tolerance of the capital market, relaxes corporate access, and helps the proportion of direct financing increased." Li Qiosuo said that from the perspective of financial support for the real economy, it is possible Quality development, promotion of China's industrial upgrading and economic structure adjustment, and better serving the national development strategy are of positive significance. At the same time, the liquidity level of the science and technology board market is basic adaptation such as the positioning of the liquidity of the science and technology board, the positioning of investors, and the appropriateness of investors, and the trading system arrangement. The market valuation has shown high -quality and high -quality price and faucet premium characteristics, which has promoted the profound changes in the market structure and ecology. Industrial agglomeration and brand effects have gradually emerged. In the field of hard technology on the forefront of technology, a number of innovative enterprises involving various industrial chain links and multi -application scenarios have been brought together. Data show that as of the end of June 2022, the number of companies in the field of science and technology board integration circuit reached 61, accounting for half of the listed company of A -share integrated circuits. The upstream and downstream enterprises such as photovoltaic, power batteries, and industrial robots have also landed on the science and technology boards. A number of key technologies have reached the in -depth integration of innovation chain, industrial chain, talent chain, policy chain, and capital chain through the capital market. The same is true of the GEM, serving high -tech enterprises, strategic emerging industry enterprises and growth and entrepreneurship enterprises, showing the characteristics of "excellent innovation and high growth". Statistics show that the number of high -tech enterprises accounted for nearly 90 %, and the number of strategic emerging industries accounted for over 60 %, and the market value accounted for over 70 %. The Shenzhen Stock Exchange said recently that since the reform of the GEM reform and pilot registration system, more than 300 new listed companies have been added. On the market, the market participation parties have a significant sense of gain, and the overall effect of reform is good, and new kinetic energy is injected into the high -quality development of the economy. The registration system is the "cattle nose" project that comprehensively deepen the capital market reform. It is a key measure to develop direct financing, especially equity financing, and a major reform of the element market -oriented system. On July 29, 2022, the China Securities Regulatory Commission convened the 2022 system of the system of regulatory work conferences and the normalized long -term mobilization deployment meeting of the normalized and long -term mobilization of inspections and rectifications, and proposed a solid reform of the stock issuance registration system. The "embroidery" kung fu, do the preparations for the implementation of the stock issuance registration system. Deng Haiqing believes that continuing to enhance the inclusiveness and adaptability of the capital market will provide more high -tech start -up enterprises and "specialized new" enterprises with more listing opportunities, and the capital market structure adjustment and China's industrial structure adjustment are promoted. Comprehensively implementing stock issuance registration system, the capital market will play a greater role in the high -quality development of China's economy. Comprehensively promoting the reform of the registration system to consolidate the capital market to serve the real economy development cornerstone as a basic system reform as my country's capital market. The reform of the registration system has been placed under the "spotlight". From the science and technology board and the GEM to the Bei Stock Exchange, after pilot exploration, the reform system with information disclosure as the core has achieved the results, and the service functions of the real economy, especially scientific and technological innovation, have been significantly improved. One, improve quality. The essence of the registration system is to give the right to the market, and the market selects and eliminates the company. This requires the return of all parties to the market, and implement the concept of information disclosure as the core. This helps to enhance the company's awareness of independent innovation, stimulate the vitality of innovation and entrepreneurship, and allow the market to discover more outstanding enterprises. Listed companies are the cornerstone of the capital market and the pillar power of the Chinese economy. It can be expected that with the solid advancement of the registration system, the attractiveness of the capital market to high -quality enterprises is getting greater and greater. At the same time, some companies that no longer meet the requirements of listing are eliminated. , Bring high -quality development in the capital market, and support the development of the real economy. Second, increase efficiency. The most intuitive manifestation is that under the registration system, the degree of marketization, review of registration, and expected can be greatly improved. On the one hand, the market is more inclusive. The diversified listing standard allows enterprises that meet the corresponding requirements such as unprofitable and special equity structures, and meet the needs of different types of enterprises through capital market financing. This is the best interpretation of the capital market's strong support for the transformation and upgrading of the real economy and technological innovation. On the other hand, the efficiency of listing review and registration is improved. The issuance review of new shares under the registration system has realized the disclosure of the review standards, the open review process, the publicity opinion of the audit, and the publication supervision of the audit, and there are specific time limit for review. The total time of review and the China Securities Regulatory Commission has not exceeded three months. This has given companies expecting to go public, adding confidence and motivation.

In addition, "small amount of rapid re -financing" has made enterprises feel the high efficiency of market -based equity financing under the registration system.One of the most typical examples is that among GEM companies currently implemented by small amount of rapid re -financing, from acceptance to registration to take effect, it only takes 6 working days as soon as possible.The reform of the registration system has opened a new chapter in the reform and development of the capital market. Today, the focus of the next step is clear.With the continuous deepening of reform, it will further stimulate the efficiency of the capital market to help the economic transformation and upgrading, and empower the high -quality development of the economy.Recommended reading

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