Will the merger of the SME board of the Shenzhen Stock Exchange affect investment?
Our reporter Wen Jicong
On February 5, the China Securities Regulatory Commission officially approved the Shenzhen Stock Exchange to merge the main board and the small and medium-sized board.
Will the merger affect investor transactions?
As an important part of my country's multi-level capital market system, the main board of the Shenzhen Stock Exchange and the SME board have played an active role in expanding direct financing, serving the real economy, and supporting the development of SMEs.
As of the end of January, there were a total of 1,468 listed companies on the Shenzhen Stock Exchange's main board and small and medium-sized boards, accounting for 35% of the total number of A-share listed companies, with a total market value of 23.39 trillion yuan, accounting for 29% of the entire market.
At the same time, the development of the Shenzhen Stock Exchange's main board and small and medium-sized boards has also exposed some problems, such as the homogeneity of the board and the long-term solidification of the main board structure.
Therefore, merging the main board of the Shenzhen Stock Exchange with the small and medium-sized board is a problem-oriented reform move, which is conducive to optimizing the structure of the Shenzhen Stock Exchange, forming a development pattern that focuses on the main board and the GEM and complements each other, and better meets the financing of enterprises at different stages of development Demand to enhance the service functions of the Shenzhen Stock Exchange.
Peng Wensheng, chief economist of CICC, said that this move is conducive to further advance the reform of the capital market stock. The merger of the Shenzhen Stock Exchange main board and the small and medium-sized board can form a broader and deeper plate, and it also has its own focus and meets different requirements from the GEM. Development financing needs of enterprises at the stage.
It is reported that the overall arrangement for merging the main board of the Shenzhen Stock Exchange with the small and medium-sized board is "two unified, four unchanged."
"Two unifications" refers to the unification of the business rules of the main board and the small and medium-sized boards, and the unified operation and supervision mode.
"Four unchanged" means that the conditions for issuance and listing after the merger of the sectors remain unchanged, the investor threshold remains unchanged, the trading mechanism remains unchanged, and the securities code and abbreviation remain unchanged.
The China Securities Regulatory Commission will guide the Shenzhen Stock Exchange to integrate the main board and the small and medium-sized board system rules, do a good job of supervisory connection, make adaptive adjustments to issuance and listing, market products, index names, etc., and do a good job in technical system transformation and testing to ensure a smooth landing.
In May 2004, the Shenzhen Stock Exchange established a small and medium board on the main board of the Shenzhen Stock Exchange. As an important step to promote the GEM, it created conditions for the smooth launch of the GEM, accumulated experience, and opened up new channels for small and medium-sized enterprises and private enterprises to enter the capital market.
After years of development, listed companies on the small and medium-sized board have continued to grow and develop, and they have become similar to the main board in terms of market value, performance, and transaction characteristics.
After the merger is completed, the Shenzhen Stock Exchange Main Board is positioned to support the development of relatively mature corporate financing, excellence and strength, and the threshold for issuance and listing remains unchanged; the Growth Enterprise Market mainly serves growth-oriented innovative and entrepreneurial enterprises, highlighting the "three innovations" and "four innovations."
The Shenzhen Stock Exchange's market structure dominated by the main board and the ChiNext will provide financing services for different types of enterprises at different stages of development, and further enhance the capital market's ability to serve the real economy.
Regarding the impact of the merger on investment that investors are concerned about, the reporter learned that this merger only changes the securities category of the original small and medium-sized board company, and the securities code and securities abbreviation remain unchanged, and will not affect investors' trading methods and trading habits.
The main board, small and medium-sized board trading mechanisms and investor thresholds are the same, there is no difference in the overall investor group, and the merger does not involve changes in trading mechanisms and investor thresholds, and will not have a substantial impact on investors' trading behavior.
Chen Li, chief economist of Chuancai Securities, believes that there is a certain gap between the average market value of small and medium-sized Shenzhen stock exchanges and main board companies, but the gap has been narrowing year by year. In recent years, with the deepening reform of the capital market, the capital market has increasingly supported physical companies As they grow larger, some small and medium-sized board companies have grown into companies with larger market capitalizations. It is no longer possible to simply distinguish between small and medium-sized boards and main boards. Therefore, the merger of small and medium-sized boards and main boards is also a general trend.
"The positioning of the sector is gradually clear, and the construction of a multi-level capital market is speeding up. The purpose of this sector merger is to separate the technological attributes of the ChiNext and the Sci-tech Innovation Board, and to enhance the inclusiveness of the Shenzhen Main Board, and to broaden the coverage of the domestic capital market. In the process of market construction, it is a further embodiment of the policy of strengthening the financing function and revitalizing the market stock." Chen Li said.