China News Service, Beijing, September 3 (Reporter Xia Bin) The China Securities Regulatory Commission revealed at a press conference in Beijing on the 3rd that the Beijing Stock Exchange will adhere to a more flexible trading system at the select level, implement continuous bidding transactions, and list new stocks. There is no price limit on the first day, and the price limit is 30% from the next day to increase market flexibility.
Adhere to the appropriate investor suitability management system, promote the balance of trading power, and prevent market speculation.
The relevant person in charge of the China Securities Regulatory Commission stated that the Beijing Stock Exchange will shift the basic systems of the selection layer as a whole, and explore the establishment of an issuance and listing system and an information disclosure system suitable for the characteristics of innovative small and medium-sized enterprises.
For example, in terms of financing access, the Beijing Stock Exchange will improve the financing mechanism of public issuance and directional issuance, enrich market financing tools, and provide multiple pricing methods such as direct pricing, inquiry, and bidding to further meet the diversified needs of SMEs.
In terms of continuous supervision, the Beijing Stock Exchange will strictly abide by the legal framework for the supervision of listed companies. On the one hand, various requirements are in line with the basic provisions of the Securities Law and the Company Law on listed companies to consolidate the responsibilities of all parties.
On the other hand, continue the selection layer to fit the actual market characteristics of SMEs, strengthen corporate autonomy and market constraints, and form differentiated institutional arrangements in corporate governance, information disclosure, equity incentives, share reductions, etc., to balance corporate financing needs And standard costs.
In addition, the Beijing Stock Exchange will maintain the market ecology of “in and out” and “in and out”, build a diversified delisting index system, improve the regular delisting and immediate delisting system, and respect the business characteristics of small and medium-sized enterprises. On this basis, the market clearing function will be strengthened; the multi-level capital market organic connection will be strengthened, and the growth path of the enterprise will be enriched.
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