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Original title: Representatives and members of the two sessions spoke about the ChiNext reform: innovation, tolerance and stability
Reporting Group of the two sessions Jiang Nan
Regarding the registry reform process that concerns all parties in the market, on the morning of March 5, Prime Minister Li Keqiang delivered a “Government Work Report” at the fourth session of the XIII National People’s Congress in the Great Hall of the People. , saying: “Steady progress on the reform of the registry system.” As a pilot for the reform of the capital market registration system, the GEM reform and the pilot registration system have been officially implemented for more than half a year. The representatives and members of the two sessions of the companies listed on the GEM have their personal feelings that they have the most powerful effect on the effectiveness of the GEM reform.
He served a group of innovative and entrepreneurial companies.
“The growth company market reform and pilot registration system are in line with the general trend of maturity in the capital market,” said Zhu Jianmin, a member of the National Committee of the Chinese People’s Political Consultative Conference and chairman of the Oak shares. reporter for the Securities Daily.
“In the context of the comprehensive reform of the capital market, the reform of the Growth Companies Market and the pilot registration system are the most important stages, which mark the development of direct financing in my country, improving the efficiency and level functional capital market, and support for the real economy to accelerate. ” National People’s Congress Said Dai Yaping, the representative, party secretary and president of Tus Design Group, in an interview with journalists.
This is also the consensus of the interviewed GEM companies, who generally agree with the GEM reform and pilot registry reform to improve market inclusion and serve a group of innovative and entrepreneurial companies.
“The ChiNext reform and the pilot registration system are more inclusive for technological and innovative companies, which is reflected in the list of indicators such as ‘estimated market value, income and net profit'”. Representative of the National People’s Congress, Deputy The general manager of National Ceramic Materials, Liu Qi, said in an interview with reporters.
Under the strong leadership of the China Securities Regulatory Commission, the Shenzhen Stock Exchange adhered to the “open-minded, transparent, honest and strict” working approach, focusing on the implementation objectives of “insensitivity” in operation and “intentional” in effects. It took 119 days to fully promote the GEM reform and carry out pilot projects. Registration system, and strive to create quality reform projects. The refurbished ChiNext has broader coverage and greater inclusion. It has adapted to the general trend of development which is based more on innovation, creation and creativity. It mainly serves innovative and entrepreneurial growth-oriented companies and supports traditional industries and new technologies, new industries, and new formats. Deep integration of new models.
According to the data, at the end of February 2021, a total of 546 initial applications from companies have been accepted under the GEM registration system, which are widely distributed in 55 industries, of which 5 have discovered losses at the end of 2019. Many companies have selected market capitalization indicators as listing criteria, and inclusion and coverage have improved significantly. The 86 publicly traded companies have diversified industries, including high-tech and strategic emerging industry companies, as well as industry leaders deeply integrating traditional industries with “three innovations” and “four new ones.” The average net profit in the last three years (2017 -2019) The compound growth rate is 39%, the average R&D intensity is 4.3%, and the growth and innovation characteristics are outstanding.
It drove a number of key institutional innovations
As a public limited company under the GEM reform and pilot registration system, National Ceramic Materials has fully benefited from this round of reforms. The company’s deputy general manager, Si Liuqi, told reporters: “Last year, the company managed to achieve high efficiency and high quality in a relatively short period of time. The refinancing project was completed and 836 million yuan was successfully raised. This financing will help the company’s business quality and commercial scale, and will further promote the company’s high-speed, high-quality development. “
Zhu Jianmin believes that the IPO, refinancing, mergers and acquisitions and reorganization will simultaneously implement the registry system and coordinate incremental and value reforms, which will bring more imagination to the market function and the release of vitality.
“In the exclusion system, a transition period is established for the exclusion of public limited companies in the ChiNext, and the requirements for investors in shares in terms of suitability for investors remain basically unchanged, in order to maximize stability. of listed companies and investor expectations. “Dai Yaping was interviewed by reporters. He said.
As the representatives and members of the two sessions of the ChiNext companies interviewed said, the ChiNext reform, which simultaneously advances incremental and stock market reforms, has led to a number of key institutional innovations involving issuance, listing, disclosure of information. , trading and delisting Basic Systems Series.
“This reform also raises higher requirements for the healthy and high-quality development of the company. The company will further improve the quality of information disclosure, actively and timely disclose relevant company information to ensure sustainable and stable development. of the company, “added Si Liuqi. .
Meanwhile, the Shenzhen Stock Exchange took full advantage of the reform experience of the Sci-tech Innovation Board and, based on the characteristics and operating conditions of the ChiNext market, did a good job conscientiously in formulating and reviewing rules. commercial issues such as the issuance and review of quotes, subscription of issues, continuous supervision, negotiation and investor suitability. Coordinate the old and new rules, and establish a set of compliance rules, internal control and oversight system simultaneously, to lay the groundwork to accelerate the establishment of a more mature and stereotyped system of record, and to make full use of the technical means to guarantee standardized, transparent and efficient audits. For example, the trading system for the review of emissions and quotations was launched, and the application “Shenzhen Securities Services” was launched to achieve predictable results, review progress and review results, improve the communication mechanism with market entities and reveal the distinctive features of the reform of the GEM registration system.
So far, the GEM reform and pilot registration system has been in operation for more than 6 months. The main rules of the system have withstood the test of the market, the issuance and listing of new shares have been normalized, the market has been running smoothly, the reforms of all parties has gained a sense of reform, and the effectiveness of the stock market reform has begun to appear.
