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[Gli esperti del comitato per l’innovazione sci-tech promuovono una serie di innovazioni istituzionali dovrebbero introdurre in futuro sistemi di negoziazione più orientati al mercato]Recently, the chairman of the China Securities Regulatory Commission, Yi Huiman, proposed in a signed article titled “Increase the percentage of direct funding” to adapt to different types and developments. The multilevel capital market system with differentiated financing needs of enterprises at different stages and the strengthening of the inclusiveness of services are the key to increasing the percentage of direct financing. As for the science and technology innovation board, Yi Huiman said that he will effectively manage the technology innovation board and continue to promote key systems innovation. (Daily headlines)
Recently, the chairman of the China Securities Regulatory Commission, Yi Huiman, presented a signed article entitled “Increase the proportion of direct financing”, which is suitable for different types and stages of development.enterpriseDifferentiationThe multi-level system of the capital market for financing needs and strengthening the inclusiveness of services are the key to increasing the percentage of direct financing.Committee for Scientific and Technological Innovation, Yi Huiman said he will effectively manage the science and technology innovation board and continue to promote key systems innovation.
Since the beginning of this year, the sci-tech innovation committee has continued to explore and innovate. From the release of the 50-component index on the SSE Sci-tech Innovation Board, to the introduction of the refinancing system and reduction rules, to the recent inclusion of sci-tech innovation board shares in major indices, the sci-tech innovation has been continuously optimized. As for the next stage of institutional innovation in the Sci-tech Innovation Board, experts interviewed by a Securities Daily reporter agreed that a more market-oriented trading system can be explored.PricesThe equity incentive mechanism and system can also be further optimized.
Within six months
Promote more system innovations
Twelfth on June 18thLujiazuiAt the forum, Yi Huiman once proposed to continue promoting the construction of the sci-tech innovation committee and accelerate the introduction of theShanghai Stock ConnectObjective, introductionMarket maker system, Study and enable the transfer of IPO shares and other innovative systems, intensify the introduction of the refinancing management measures of the Scientific and Technological Innovation Committee, launch a small rapid financing system and support the most “hard technology” companies to use the capital market to develop and grow.Publishes the index of the committee for scientific and technological innovation, research and related launchProductAnd tools.
According to the journalist, in less than six months, in addition to the market maker system, many systems mentioned by Yi Huiman have been implemented or are being studied.
On June 19, the Shanghai Stock Exchange said it would do sothe companyAfter the market closes on July 22, the historical quotation of the 50-component index of the Sci-tech Innovation Board of the Shanghai Stock Exchange will be published, and the real-time quotation will be officially released on July 23. And on November 16 the objective was represented by the 50 indices of the members of the 4 SSE sci-tech innovation committee.ETFbottomAlso listed.
On July 3, the Shanghai Stock Exchange released the “Science Innovation Board listed companiesshareholderImplementation rules for the reduction of shareholdings through survey transfer and assignment to specific institutional investors “, improved with market-based methodsQuota reduction system of the Scientific and Technological Innovation Committee. On the same day, the related rules for the refinancing of the Science and Technology Innovation Board were promulgated.
“The sci-tech innovation committee’s reduction rules apply to pre-IPO shares, which equates to an exploration and promotion of the transfer of IPO shares.” Huatai United Securities has performedCommitteeCommittee member Zhang Lei told Securities Daily reporter that since the Sci-tech Innovation Board entered the withdrawal period, some institutional investors (mainly PEs) who met the conditions for participation have reduced their holdings. For truly valuable companies, there are still Investors are willing to do sopriceFor trading. “Indeed, the reduction in holdings is also a window to test the quality of the shares. Overall, the technology content of the sci-tech innovation board companies is still good.”
On November 27, the Shanghai Stock Exchange and the Chinese Stock Index are limitedCompany announcementHe said that SSE Securities that have been listed for more than one year will be included in the SSE 180,CSI 300The sample space for the equal component index will come into effect on December 14th.
In addition, the Shanghai Stock Exchange also announced the requirements and timetable for the inclusion of the Science and Technology Innovation Council in the Shanghai Stock Connect on the same day. The Science and Technology Innovation Board companies belonging to the constituent shares of the SSE 180, SSE 380 Index or A + H share companies will be transferred as part of Shanghai Stock Connect shares under existing Shanghai-Hong Kong Stock Connect regulations, and their corresponding H shares will beShanghai-Shenzhen-Hong Kong Stock ConnectImport existing regulationsSouth direct tradeStock range.In the next stage, Shanghai, Shenzhen and Hong Kong stock exchanges will actively promote the relevant business technical preparationsworks. The aforementioned science and technology innovation council actions are expected to be included under the Shanghai-Shenzhen-Hong Kong Stock Connect after the completion of market preparations in early 2021.
Tian Lihui, Dean of Nankai University’s Financial Development Research Institute, told a Securities Daily reporter that since this year the Science and Technology Innovation Board has continuously promoted institutional innovation, clarified regulatory boundaries, and further highlighted commercialization in the design of the system for reducing equity investments and refinancing rules. Concept.
It should explore
A more market-oriented trading system
As an “experimental field” of capital market reforms, market participants believe the Sci-tech Innovation Board will continue to promote key system innovations and lead by example in commercialization, rule of law and internationalization.
Dong Dengxin, director of the Institute of Financial Securities at the Wuhan University of Science and Technology, told the Securities Daily reporter that the Scientific and Technological Innovation Council is accelerating its inclusiveness and openness at the moment. As the exclusive marketplace for hard technology companies, the Sci-tech Innovation Board should adapt to the needs of the new economic development. Future institutional innovation should focus on making the trading system more market-oriented. It not only promotes investor risk control and investor rights protection, but can also improve the commercialization, legalization and internationalization of the S&T committee.
Tian Lihui also expressed the same opinion. Zhang Lei believes it is possible to further explore Shanghai Stock Connect, expand the market, innovate derivatives, introduce the market maker system and continue to explore the transfer of IPO shares, so as to increase market liquidity and attract companies challenging technologies to enter the scientific and technological innovation sector. table. In a longer term perspective, when the number of companies reaches a certain scale, the Scientific and Technological Innovation Committee can pilot risk hedging mechanisms (such as short selling mechanisms). “In the next phase, the Sci-tech Innovation Board will not only promote the innovation of the trading system, but also optimize the pricing system and the equity incentive system,” said Zhang Lei.
In terms of the pricing mechanism, Zhang Lei said that the Sci-tech Innovation Board can be adequately optimized, further market oriented and increase the issuer’s pricing power. At present, the issue price is mainly determined by institutional investors and the issuer’s pricing power has not been fully reflected.
In terms of stock incentives, according to Zhang Lei, from a formal point of view, the overall stock incentives for A shares are still relatively single, mainly limited stock and options, and the operation is relatively complicated. “In the future, it can be explored to incorporate equity incentives into the compensation system and combine them with compensation. It will also be of great help in enhancing the company’s innovation capabilities and attracting and retaining talent.”
With a stable high rating
reflectCompetitive differentiationBenefit
“We have to scientifically grasp the capital market at all levelsPositioning, Improve the differentiated institutional arrangements, make the transfer mechanism more fluid and form a market system of out of place development, complementary functions and organic connections. “Yi Huiman said in the above article.
How to grasp the positioning of the sci-tech innovation board and achieve dislocated development. Tian Lihui believes that the Sci-tech Innovation Board should not forget its original intention and insist on becoming a growth platform, funding channel and evaluation venue for “hard technology” companies, and cannot blindly pursue the number of the company and the size of the issue. “The Sci-tech Innovation Board’s assessment of the development success is not about the number of publicly listed companies, but how many Chinese high-tech companies of” dark horses, white horses “and” unicorns “can be bred in the scientific innovation committee and technological “.
Zhang Lei believes that, from the current point of view, the characteristics of the Sci-tech Innovation Board are still very distinct. In the future, the scientific and technological innovation board can reflect the advantages and differences of the board with a relatively stable high rating and attract outstanding companies to go public.
(Source: Securities Daily)
(Responsible publisher: DF522)
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