Zhongxin Finance, September 25th telegram: Zhang Yunfeng, general manager of Shanghai Stock Exchange Center: "joint efforts" of on-site and off-site capital markets to meet the "diversity" of enterprises

  Author Gao Zhimiao Fan Zhonghua

  In the hall of Shanghai Equity Custody and Exchange Center (hereinafter referred to as Shanghai Equity Exchange Center), there are multiple display cabinets with "Golden Bull", "Horse" and "Ruyi" in them... These ornaments with beautiful meanings are reserved for many small and medium-sized enterprises when they are listed. imprint below.

  In 2012, the Shanghai Stock Exchange Center officially started operation. The share transfer system for unlisted joint-stock companies was launched. The first batch of 19 companies were successfully listed. Ten years later, the Shanghai Stock Exchange Center has served 10,947 companies so far, helping them achieve financing. The total amount was 280.1 billion yuan (RMB, the same below), equity financing exceeded 180.7 billion yuan, and bond financing reached 99.4 billion yuan.

  "The regional equity market is an important part of China's multi-level capital market and an important channel for serving small, medium and micro enterprises." Zhang Yunfeng, general manager of Shanghai Equity Custody and Trading Center, said in an exclusive interview with a reporter from Zhongxin Finance and Economics.

  From participating in the construction of China's first over-the-counter market in 2001 to joining the preparations for the Shanghai Stock Exchange Center in 2011, Zhang Yunfeng is still active in the financial frontline as the first "veteran" who participated in the construction of China's over-the-counter market.

  He summed up the development of Shanghai Stock Exchange Center for more than ten years with three "harvests".

That is, it took the lead in determining the institutional system of the first over-the-counter market in China; opened up a new set of trading systems based on the Internet and cloud computing; took the lead in implementing the model of banks and funds participating in intermediary business.

Photo courtesy of Shanghai Stock Exchange Center for the Listing Ceremony of Science and Technology Innovation Enterprises of Shanghai Stock Exchange Center

  As an equity trading venue that has been profitable for a long time since its establishment, Zhang Yunfeng introduced that the Shanghai Stock Exchange Center has formed a market structure of "one city, five boards and five platforms", namely the "share transfer system for unlisted joint stock companies" E board, small and medium-sized enterprises Equity quotation system Q board, science and technology innovation board N board, science and technology innovation board Q board, green Q board, convertible bond issuance trading platform, debt-to-equity swap asset trading platform, equity custody system, private equity investment and venture capital fund share quotation The system allows SMEs to obtain more opportunities for financing.

  Institutional innovation is the dazzling "business card" of Shanghai Stock Exchange Center.

In the context of Shanghai accelerating the construction of a technology innovation center with global influence, the Shanghai Stock Exchange Center has set up a "Technology Innovation Board" to provide comprehensive financial services for small and medium-sized technology innovation enterprises.

In 2018, the "Science and Technology Innovation Board" was identified by the State Council as a typical case of comprehensive innovation and reform, and was promoted in 8 full-scale innovation and reform pilot areas across the country; in 2019, the "Science and Technology Innovation Board" was the only financial innovation case in the country. .

  “The biggest contribution of the Sci-tech Innovation Board of the Shanghai Stock Exchange is to conduct pilot tests for a large number of basic concepts of the Sci-tech Innovation Board of the Shanghai Stock Exchange, such as high profits plus cash demand, operating income plus R&D investment, and operating income plus net cash. flow, market value plus self-hematopoiesis, market value plus stage results." Zhang Yunfeng said.

  In addition to the concept foundation, the Shanghai Stock Exchange Center is also continuously "transfusion" for the Shanghai Stock Exchange's Science and Technology Innovation Board.

Zhang Yunfeng said, "We have been promoting the transfer mechanism with the Shanghai Stock Exchange, and we look forward to facilitating the IPO by adding the big data portraits provided by the Shanghai Stock Exchange, the recommendations submitted by the Shanghai Stock Exchange, and third-party credit investigation on the basis of the traditional IPO mechanism. It is a feasible way to realize the organic connection between the two 'Science and Technology Innovation Boards' without changing the current institutional system."

  Zhang Yunfeng said that the function of the capital market is to allocate and re-allocate resources.

Resource allocation is to gather social capital, hand it over to the real economy, and let the real economy create social wealth; through the transaction of derivative products, people with funds can get assets, and people who need money can get cash.

"The capital market must gather resources. The more resources are gathered, the more active the market will be, and it will be easier to gather resources to provide financing services for more companies."

  In his view, in the past 10 years, the construction of China's multi-level capital market has been gradually improved, including the first layer of the main board, the second layer of the Science and Technology Innovation Board, the Growth Enterprise Market, the third layer of the OTC market, and the OTC and OTC capital markets." "Heli" can better meet the needs of enterprises to diversify, and he believes that a fourth layer of crowdfunding should also be added.

  "Currently, the establishment of enterprises is carried out by means of initiation and establishment, and there are basically no companies established by means of fundraising. Equity crowdfunding is an effective way to realize the establishment of enterprises through fundraising. Fundraising needs to follow the principles of small amount, openness, and publicity. With the equity crowdfunding platform, the capital market includes all corporate ecology." Zhang Yunfeng said.

  It is understood that on the 24th, at the Shanghai Asset Management Association Industry Service Forum, Shanghai Stock Exchange Center and Shanghai Science and Technology Fund signed a memorandum of cooperation on jointly launching the establishment of the Shanghai S Fund Alliance, and the Shanghai S Fund Alliance was officially unveiled.

The establishment of the S Fund Alliance gathers resources, wisdom and strength from the perspective of the market and industry, and accelerates the construction of a benign and sound private equity fund share transfer ecosystem.

Photo courtesy of Shanghai Stock Exchange Center Shanghai Stock Exchange Center

  When talking about the ecological construction of the asset management industry, Zhang Yunfeng said, "Any industry must gather together to warm up, so as to solve various problems, the newly established asset management association plays such a role. The association is also a platform for communication, asset management institutions. We must help each other by 'beating the drums and passing the flowers', and we need organizations like the Association to bring everyone together."

  The "14th Five-Year Plan for the Construction of Shanghai International Financial Center" proposes that the Shanghai Stock Exchange Center should play its role as a component of the multi-level capital market, and further strengthen the incubation and cultivation of scientific and technological enterprises.

Zhang Yunfeng said that the Shanghai Stock Exchange Center, which has a clearer positioning, will continue to intensively cultivate the technology innovation board, cooperate with banks and other financial institutions to research and support products exclusive to science and technology enterprises, and use technologies such as big data and blockchain for continuous innovation.

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