China Securities Regulatory Commission: Relying on the Beijing Equity Exchange Center to establish a private equity transfer platform
Broaden exit channels for private equity and venture capital
Yesterday, at the 2020 Financial Street Forum annual meeting, the spokesperson of the China Securities Regulatory Commission Gao Li introduced the progress and policy measures of the capital market to support the construction of Beijing's "two districts".
Gao Li said that the China Securities Regulatory Commission held several meetings to study and formulate policy arrangements to support the construction of Beijing's "dual districts", and specified more than 10 specific measures in 5 areas to actively promote the capital market to better serve the high-quality development of the capital's economy.
Gao Li said that the "China (Beijing) Pilot Free Trade Zone Overall Plan" clearly proposes to explore reform measures such as the development of green bond and equity investment and financing businesses, and the establishment of the Beijing Intellectual Property Trading Center. The China Securities Regulatory Commission actively cooperates with the promotion of related work. The exchange has been renamed and relocated to Tongzhou Sub-center; China Technology Property Exchange has added the brand of Beijing Intellectual Property Exchange Center, and is exploring cooperation with the Shanghai and Shenzhen Stock Exchanges to develop intellectual property securitization business.
The China Securities Regulatory Commission earnestly implemented the relevant deployment requirements of the State Council on deepening the new round of Beijing’s new round of service industry expansion and opening up comprehensive pilots, and supported Beijing to establish a private equity transfer platform based on the Beijing Equity Exchange Center under the current framework of private equity fund laws and regulations to expand private equity and entrepreneurship Investment exit channels.
The relevant plan is being studied and demonstrated.
Gao Li said that in the next step, the China Securities Regulatory Commission will continue to actively participate in and support Beijing’s development, accelerate the implementation of capital market-related work, and promote the radiation effect and institutional agglomeration effect of Beijing’s capital market. It will serve Beijing’s “four centers” and Actively contribute to the construction of the "dual zone".
She put forward four key tasks.
The first is to further deepen the reform of the New Third Board, optimize the review mechanism for public offerings, introduce a refinancing system at the select level, study the launch of convertible bonds, and further smooth the channels for long-term funds such as public funds to enter the market to promote better market functions.
The second is to support Beijing's high-quality securities and fund institutions to actively carry out business, product, service, organizational and technological innovation, and strive to build a world-class investment bank and wealth management institution.
The third is to support Beijing's financial technology innovation.
Promptly issue relevant documents, and take the lead in launching a pilot project of financial technology innovation supervision in the capital market in Beijing.
Continue to promote the application of blockchain technology in Beijing and other regional equity market registration and settlement fields.
The fourth is to optimize the financial legal environment, support Beijing to actively carry out the trial of securities representative litigation, improve securities and futures dispute resolution, litigation docking, arbitration and other mechanisms, and help Beijing build a demonstration zone for a legal and honest capital market.
data
At the end of September, the total market value of listed companies in Beijing accounted for 20.5% of the total market value of A shares
In her speech, Gao Li pointed out that Beijing is one of the main gathering places for the capital market service industry, with obvious location advantages, early development of various industry institutions, rich business formats, and complete categories.
Since the beginning of this year, the China Securities Regulatory Commission has approved 6 securities and fund management institutions registered in Beijing, including 2 fund management companies, 3 foreign-owned securities companies, and 1 fund sales institution.
As of the end of September this year, there were 377 listed companies in Beijing with a total market value of 14.78 trillion yuan, accounting for 20.5% of the total market value of A shares, and 1099 companies listed on the New OTC Market.
From January to September, the total direct financing of enterprises in Beijing was 824.4 billion yuan, a year-on-year increase of 5.7%.
There are 70 corporate securities and fund futures operating institutions; 4,343 private equity fund managers, with assets under management of 3.47 trillion yuan; 22 accounting firms engaged in securities services, all of which rank among the top in the country.
Text/Reporter Cheng Jie