Science and technology board, registration system is coming to take a key step in A-share reform

The first China International Import Expo (hereinafter referred to as the Expo) opened in Shanghai on the morning of November 5. President Xi Jinping attended the opening ceremony and delivered a keynote speech. Xi Jinping announced that he has set up a science and technology board and a pilot registration system on the Shanghai Stock Exchange. On the afternoon of the same day, the China Securities Regulatory Commission and the Shanghai Stock Exchange made statements on this.

The above news caused a positive response in the A-share market on the day. From the perspective of the disk, brokerage stocks frequently changed, the brokerage industry index closed red, and the venture capital concept stocks began to rise and fall in the morning.

Most market players are not unfamiliar with the registration system. Some capital market research experts told the "Daily Economic News" reporter that in the past five years, A-share information disclosure, IPO audit methods and other aspects have undergone major changes, and a more complete institutional preparation for the formal pilot registration system. The pilot of the registration system marks a key step in the institutional reform of the A-share market, and the biggest beneficiary of its landing will be the vast number of innovative enterprises.

At the same time, brokers have also expressed their views on the promotion of relevant policies. Some brokerages pointed out that this system design reflects the idea of ​​“incremental reform”. By trying to establish a new market segment, it can promote innovation and isolate risks.

The CSRC issued a timely statement

On the afternoon of November 5, the China Securities Regulatory Commission issued the "Reporter of the Securities and Futures Commission on the establishment of the Shanghai Stock Exchange and the pilot registration system" on the official website. The person in charge of the China Securities Regulatory Commission said: "The establishment of the Science and Technology Board on the Shanghai Stock Exchange is a major reform measure to implement the strategy of innovation-driven and technologically strong countries, promote high-quality development, support the construction of Shanghai International Financial Center and Science and Technology Innovation Center, and improve the basic system of capital market and stimulate Market vitality and important arrangements to protect the legitimate rights and interests of investors. Kechuang Board aims to fill the shortcomings of capital market service technology innovation, is the incremental reform of the capital market, and will make better in terms of profitability and shareholding structure. Differentiating arrangements to enhance the inclusiveness and adaptability of innovative companies."

Regarding the promotion of the registration system, the person in charge of the CSRC pointed out: "In December 2015, the Standing Committee of the National People's Congress had authorized the implementation of the stock issuance registration system, and there was a sufficient legal basis for the pilot registration system of the science and technology board. In the past few years, the law has been comprehensively Strict supervision of the capital market and the corresponding system construction have created corresponding conditions for the registration system pilot. At the same time, the registration system has strict standards and procedures, and will pay more attention to information disclosure in all aspects of acceptance, review, registration, issuance and transaction. Real and comprehensive, pay more attention to the quality of listed companies, pay more attention to stimulating market vitality, and pay more attention to the protection of investor rights and interests."

The person in charge also said: "The CSRC will guide the SSE on the characteristics of innovative enterprises, strengthen the appropriate management of science and technology investors in terms of assets, investment experience, risk tolerance, etc., and guide investors to participate rationally. Encourage small and medium investors to pass Public funds and other means to participate in the science and technology investment, sharing the achievements of innovative enterprise development."

In addition, the Shanghai Stock Exchange also made a statement. The Shanghai Stock Exchange said that under the guidance of the China Securities Regulatory Commission, it will actively study and formulate a pilot program for the science and technology board and the registration system, solicit opinions from the market and implement the approval procedures. Kechuang Board is a new section that is independent of the existing main board market and is piloted in the registration system.

The Shanghai Stock Exchange also pointed out: "The establishment of the science and technology board and the pilot registration system is a major capital market reform measure to enhance the capacity of service technology innovation enterprises, enhance market inclusiveness and strengthen market functions. Through issuance, trading, delisting, investor appropriateness New systems such as capital constraints of securities companies and the introduction of supporting measures such as medium and long-term funds, incremental pilots, gradual progress, matching new funds with pilot progress, striving to achieve investment and financing balance, first- and second-tier market balance, and company's The interests of new and old shareholders are balanced and promote the formation of good expectations in the existing market."

Market participants pay attention to the rules

During the interview, the reporter found that market participants are generally concerned about how the registration system will be promoted, landed and related.

Dong Dengxin, director of the Institute of Financial Securities of Wuhan University of Science and Technology, pointed out: "The pilot of the registration system marks the most crucial step in the institutional reform of the A-share market. It is a key step in the process of marketization, rule of law and internationalization of A-shares. The breakthrough of this step is very important." He said that the biggest beneficiary of the registration system will be the vast number of innovative enterprises.

The general manager of an insurance company research institute told reporters that it is expected that the registration system in the domestic market will not copy the registration system of the western market. "The domestic development registration system is conducive to the expansion of equity financing, but considering the characteristics of more retail investors in the Chinese market, China's registration system must still be reviewed, and the necessary audits cannot be abandoned. Audits should reduce subjective judgments, and focus on the authenticity of information disclosure. It is necessary to eliminate the listing of companies that clearly do not meet the standards but pretend to meet the standards."

On the afternoon of November 5, Guojin Securities interpreted “the establishment of the science and technology board and the pilot registration system on the Shanghai Stock Exchange”. Guo Li Securities strategist Li Lifeng said that the science and technology board should be different from the existing "new four board" in the OTC market. The position of the science and technology board should be higher, which may be similar to the strategic emerging board proposed by the regulatory layer in 2015. It may even be an upgraded version of the strategic emerging board.

Regarding the difference between the science and technology board and the GEM, Li Lifeng said that “the science and technology board may focus on innovative enterprises that have already crossed the stage of entrepreneurship and have a certain scale. The GEM is more inclined to start-up companies with smaller scales. The subsequent relevant rules are needed to confirm the positioning of the board."

Regarding the relationship between the registration system pilot and the establishment of the science and technology board, Li Lifeng believes that as early as 2015, there is a view that if there is resistance to the full implementation of the registration system, it can be piloted in one or two markets, and the registration system is expected First of all, in the newly established science and technology board pilot, this is an "incremental reform."

Tianfeng Securities also issued a point of view that China's capital market stocks are large, and it is easy to take the lead in the original section. This system design reflects the idea of ​​“incremental reform”. By trying to establish a new market segment, it can promote innovation and isolate risks. If the pilot is successful, it will fundamentally solve some long-standing ills in China's capital market.

In terms of the brokerage industry, GF Securities issued a view that the promotion of the science and technology board and the registration system is conducive to the increase in the income of brokerage investment banking business. In the past 10 years, the contribution of investment banking business to the total revenue of securities companies has continued to rise. The main contribution is the listing of small and medium-sized private enterprises. Before the opening of the GEM in 2009, the investment banking business accounted for about 5% to 6% of the total revenue of securities companies, while in 2017 this proportion accounted for about 15%. In addition, the capitalization of investment banks, namely investment banks + private equity funds, is an important growth point for future brokerage profits. Whether it is a science and technology board or a loose merger and acquisition policy, it is beneficial to brokerage investment banks and their capitalization business.

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