Chinanews.com, February 1 (Xie Yiguan, China News Finance reporter) Following the pilot registration system on the Science and Technology Innovation Board, the Growth Enterprise Market and the Beijing Stock Exchange, on February 1, the reform of the full implementation of the stock issuance registration system was officially launched.
According to experts, after the reform of the registration system is implemented on the main board, China's capital market will open a new page.
Data map: Investors check market information on the Science and Technology Innovation Board at a securities business department in Beijing.
Photo by China News Agency reporter Hou Yu
After the reform, the main board should highlight the blue chip characteristics of the large market
According to the China Securities Regulatory Commission, the top priority of this reform is the main boards of the Shanghai Stock Exchange and the Shenzhen Stock Exchange.
After the reform, the main board should highlight the blue-chip characteristics of the large market, and focus on supporting high-quality enterprises with mature business models, stable operating performance, large scale, and representative industries.
Correspondingly, set diversified and inclusive listing conditions, and distance yourself from the Science and Technology Innovation Board and the Growth Enterprise Market.
The China Securities Regulatory Commission stated that 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 growth.
At the same time, this reform draws on the experience of the Science and Technology Innovation Board and the Growth Enterprise Market, and further improves the main board trading system with a more market-oriented and convenient orientation.
The main measures include that there is no price limit for the five trading days before the listing of new shares; optimizing the temporary suspension system during the day; new shares can be included in the target of margin financing and securities lending on the first day of listing, optimizing the refinancing mechanism, and expanding the scope of securities lending and securities sources.
This reform also proceeded from the reality of the main board, and did not make adjustments to the two systems.
First, starting from the sixth trading day of the IPO listing, the daily price limit will remain unchanged at 10%.
The second is to maintain the current investor suitability requirements of the main board unchanged, and there are no restrictions on investors' assets and investment experience.
Data map: China Securities Regulatory Commission.
Photo by China News Agency reporter Zhang Hao
Why is it starting at this time?
The China Securities Regulatory Commission stated that after four years of pilot projects, all parties in the market have generally agreed with the basic structure and system rules of the registration system. The function of the capital market in serving the real economy, especially technological innovation, has been significantly improved. Institutional compliance and integrity awareness is gradually enhanced, the market survival of the fittest mechanism is more perfect, the market structure and ecology are significantly optimized, and the conditions for promotion to the entire market are met.
Gui Haoming, the chief market expert of Shenwan Hongyuan, summed up the launch of the comprehensive registration system reform with "it will happen when it is a matter of course" in an interview with a reporter from Zhongxin Finance: "During the process of piloting the registration system, a lot of experience has been accumulated, and the relevant systems have also been improved. The registration system reform has laid the foundation."
"Especially after entering 2023, the market operation appears to be more stable, and investors have better expectations for the market outlook. Under such circumstances, the launch of the comprehensive registration system reform has a corresponding basis." Gui Haoming said.
According to Dong Dengxin, director of the Finance and Securities Research Institute of Wuhan University of Science and Technology, the launch of the comprehensive registration system reform is not only the completion of the established reform tasks, but also an important driving force for accelerating the transformation and upgrading of China's economy after the adjustment of the epidemic prevention policy. The reform process of internationalization, rule of law, and internationalization is an important guarantee for high-quality services to the real economy.
Data map: Old stockholders in a securities trading hall in Chengdu are discussing stocks.
Photo by China News Agency reporter Liu Zhongjun
What is its significance and impact?
"At present, my country's economic transformation and industrial upgrading are becoming more and more urgent. The full implementation of the stock issuance registration system reform is conducive to improving the inclusiveness and openness of the capital market, and is also conducive to high-growth, high-tech, and outstanding companies with sufficient research and development capabilities or innovation capabilities. Enterprises get more inclusive listing opportunities." Dong Dengxin told the reporter of China New Finance and Economics.
"The full implementation of the registration system reform will to a certain extent lead investors to follow the new development trend led by industrial upgrading and innovation, make our investors more mature, and at the same time make our country's market ecology more optimized." Dong Dengxin said that through a comprehensive The implementation of the registration system can also greatly improve the resource allocation function of China's capital market and the ability to serve the real economy with high quality.
Gui Haoming believes that the comprehensive implementation of the registration system reform will help improve market efficiency, further promote the marketization of pricing, and create a good atmosphere for more companies suitable for listing to issue stocks, and it will also help market investors find suitable bids. Finding suitable investors for enterprises has a direct effect on the improvement of the capital market and further integration with international standards.
"Practice has proved that through the pilot reform of the registration system, the efficiency of the capital market has been improved, the standardization has been enhanced, and the operation has become more market-oriented. Therefore, investors generally welcome it." Gui Haoming said that people also believe that the capital market has completed a comprehensive After the reform of the registration system, China's capital market is operating on a more standardized road. It not only provides a steady stream of funds for economic construction, but also allows investors to share the fruits of enterprise development. As far as the stock market is concerned, it should also be a big positive.
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