The launch of the registration system for the entire market has made the positioning of the various sectors of the multi-level capital market more clear. The main board of the Shanghai and Shenzhen Stock Exchanges will be positioned as a blue-chip market, and the interconnection of various sectors is gradually strengthening.
Analysts believe that the full implementation of the stock issuance registration system is a reform that touches the overall capital market. After the registration system is promoted in the whole market, the multi-level capital market structure with staggered development and mutual complementarity will be more perfect, basically covering enterprises of different industries, different types, and different development stages, and the construction of a multi-level capital market system will take a new step.
The main board has outstanding blue-chip positioning
After more than 30 years of innovation and development, my country's stock exchange market has gradually expanded from a single sector to multiple levels, and a market pattern of dislocation development and complementary functions has basically been formed. In the past four years since the pilot registration system, the capital market has successively implemented the pilot registration system on the Science and Technology Innovation Board, the Growth Enterprise Market and the Beijing Stock Exchange, promoting a package of reforms, and opening up a new situation in the reform and development of the capital market.
This round of reform is promoted to the whole market on the basis of the early pilot. The reform of the main boards of the Shanghai Stock Exchange and the Shenzhen Stock Exchange is the top priority. The scale of investors on the main boards is large and the market value accounts for a high proportion. Calculations show that by December 31, 2022, the total market value of companies listed on the Shanghai and Shenzhen main boards will be 70.25 trillion yuan, accounting for 80.05% of the total market value of A-share companies.
Among them, the positioning of the motherboard is the focus of attention. The person in charge of the relevant department of the China Securities Regulatory Commission stated that after the reform, the main board should highlight the blue-chip characteristics of the broader market, and focus on supporting high-quality companies with mature business models, stable operating performance, large scale, and industry representatives. Correspondingly, set multiple and inclusive listing conditions, and distance yourself from the Science and Technology Innovation Board and the Growth Enterprise Market.
After the reform of the main board, the multi-level capital market system will become clearer, basically covering enterprises of different industries, types and stages of development. The main board mainly serves large enterprises in the mature stage. The science and technology innovation board highlights the characteristics of "hard technology" and plays the role of "experimental field" for capital market innovation. The GEM mainly serves growth-oriented innovative start-ups. CBEX and the National Equities Exchange and Quotations jointly create a position for the owners of innovative small and medium-sized enterprises.
Wang Jiyue, a senior investment banker, said that the positioning of each sector has been clearly divided and relative emphasis. The policy will guide capital to flow to industries that are supported by the state, broaden the selection channels and space for companies to obtain capital platforms, and provide another opportunity for innovative economy listings. Premium pick.
According to the relevant person in charge of the Shanghai Stock Exchange, the Shanghai Stock Exchange will further adhere to the positioning of the Science and Technology Innovation Board, focus on the core goal of the Science and Technology Innovation Board of "supporting and encouraging the listing of 'hard technology' companies", and concentrate on serving "hard technology". During this process, the Shanghai Stock Exchange will further support enterprises that meet the positioning of the Science and Technology Innovation Board to give priority to listing on the Science and Technology Innovation Board.
The spokesperson of the Shenzhen Stock Exchange stated that the Shenzhen Stock Exchange will resolutely position the ChiNext Board, further focus on the national innovation-driven development strategy, and focus on supporting the issuance and listing of high-quality innovative start-up companies. At the same time, support eligible non-profitable companies to list on the GEM; cancel the requirement for red-chip companies and companies with special equity structures to apply for listing on the GEM to meet the requirement of "positive net profit in the most recent year".
The relevant person in charge of the Beijing Stock Exchange pointed out that with the guidance of the Beijing Stock Exchange, it has further clarified that the national stock transfer system focuses on "earlier, smaller, and newer" services, highlights the precise accommodation of corporate innovation, and focuses on the "demonstration of standardized management of small and medium-sized enterprises." "Tian" and the "incubator" function of innovative small and medium-sized enterprises.
There will be closer ties between sectors
After the promotion of the registration system throughout the market, the sector structure of the multi-level capital market will become clearer and its characteristics will become more distinctive. It is expected that various sectors will strengthen their organic relationship through IPO (listing), transfer of listing, spin-off and listing, and mergers and acquisitions.
"This is the first time that the positioning of the main board's listing has been clarified in the public document, and it has also given a clear signal to the market that issuers should choose the listing sector reasonably based on their own sector positioning." Tang Zhehui, audit service partner of Ernst & Young Greater China, said that the entire shopping mall The arrival of the registration system will bring more efficient and convenient local financing opportunities for excellent Chinese enterprises that conform to the national strategy. With the development of the market and the growth of enterprises, it is expected that the subsequent transfer and spin-off listing rules will be further optimized. You can choose the appropriate sector for financing development, and the relationship between various sectors will become closer.
The multi-level market system will optimize the listing threshold for companies in different industries, different development stages, and different development forms, so that more high-quality companies can be recognized by the market, provide investors with more and better targets for wealth management, and improve capital market service entities Efficiency and results of economic development.
While the "entry end" is reforming, the market generally expects that the "export end" will also usher in new changes. The person in charge of the relevant department of the China Securities Regulatory Commission stated that multiple exit channels such as compulsory delisting, voluntary delisting, mergers and acquisitions, bankruptcy reorganization, etc. will be dredged to promote the survival of the fittest among listed companies. Strictly implement delisting guidelines, strengthen delisting supervision, and improve the major delisting risk disposal mechanism.
The full implementation of the stock issuance registration system will speed up the return of investment to the source of performance. Through the continuous improvement of the "advance and retreat" mechanism, the market will form a virtuous ecological cycle of survival of the fittest, and promote stock listed companies to continuously standardize company management and internal control through internal management reform.
At the same time, this reform will bring more high-quality listed companies to my country's capital market. The registration system will give the market the right to choose, and the cycle and process for companies to go public in China will be greatly simplified. Increase financial support for the real economy, continuously improve the quality and efficiency of serving the real economy, and promote economic transformation and upgrading.