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Original title: Giving full play to the role of “nurturing the seedlings” 84 new OTC companies listed on A shares during the year
Our reporter Liu Qi
Listed companies are the cornerstone of the capital market. Improving the quality of listed companies is an inherent requirement to promote the healthy development of the capital market and an important part of accelerating the improvement of the socialist market economic system in the new era. A few days ago, the Council of State issued the “Opinions to continue improving the quality of listed companies” (hereinafter, the “Opinions”), which propose 17 key measures in six aspects.
In terms of promoting better and stronger listed companies, the “Opinions” propose to support the listing of high quality companies, with an emphasis on optimizing listing and issuance standards and enhancing inclusion.
“From the current point of view, the listing standards under the science and technology innovation board registration system and ChiNext registration system are already in line with the international market, and there may be room for further optimization in the following three aspects “. He Nanye, Special Investigator of the Suning Institute of Finance In an interview with the “Securities Daily” reporter, it was stated that the first is to further open the channel for unprofitable companies to go public, so that more unprofitable technology companies in the short term they can enter the capital market as soon as possible with high growth and high profitability in the future. The second is to further optimize the path for special companies to go public, to the extent possible, to allow companies with the same shares with different rights and complex red chip structures to enter the capital market more. convenient. The third is to further expand the scope of the categories listed, such as allowing more blockchain companies and fintech companies to enter the A-share market and continuously increasing tolerance for publicly traded companies.
In the view of Pan Helin, executive dean and professor at the Institute of Digital Economy at Zhongnan University of Economics and Law, China has made useful attempts to list standards such as scale thresholds and profit thresholds. The next step should be to consider the Industry, Types and other differences. For example, we can learn from the concept of the Scientific and Technological Innovation Board to provide more inclusive listing support for companies with innovative potential or breakthrough potential in some key technological fields, and encourage companies in these industries to go public. . Additionally, some companies that are experimenting with mixed ownership reforms should be encouraged to go public first to improve capital market inclusion.
In addition, the “Opinions” also proposed that the national SME share transfer system, regional securities markets and property rights trading markets should play a positive role in promoting the listing of companies.
According to statistics from Oriental Fortune Choice, a Securities Daily reporter shows that as of October 11, 2020, 84 companies have successfully delisted from the New OTC listing and are trading in A shares this year.
Pan Helin told the “Securities Daily” reporter that the national SME stock transfer system and the regional stock market are important components of the diversified structure of China’s capital market. Demand, so that each period and every type of company finds the appropriate financing channels. At the same time, playing the role of these markets can not only meet the financing needs of companies, but can also become an important “repository” in the A-share market. With the help of the capital market, companies with growth potential and good growth prospects they will be able to enter the A-share market as soon as possible. .
“So far, the three markets mentioned in the” Opinions “have cultivated a large number of prominent listed companies for the A-share market, and have played a very good role in” nurturing the seedlings, “said Pan Helin.
He Nanye believes that, on the one hand, the aforementioned markets will allow companies to find different listing channels, fund through diversified methods, meet the financing needs of companies at all stages, and effectively alleviate financing problems. difficult and expensive for businesses. . On the other hand, through early and medium-term systematic cultivation, companies can enter the channel of compliance development and rapid development in advance, and ultimately send more high-quality companies to the A-share market.
“In addition to the national SME share transfer system, the other two markets have not fully released their role in business cultivation.” He Nanye said that further improvements are needed in terms of institutional mechanisms and policy support in the future. Create a multi-level capital market with Chinese characteristics.
