Source: Securities Times
In order to steadily promote the implementation of various policies and measures of the "Eight Measures on Deepening the Reform of the Science and Technology Innovation Board and Serving the Development of Scientific and Technological Innovation and the Development of New Quality Productive Forces" (hereinafter referred to as the "Eight Measures of the Science and Technology Innovation Board"), on July 1, the Shanghai Stock Exchange held a symposium on the "Eight Measures of the Science and Technology Innovation Board" to have in-depth exchanges with representatives of a number of securities companies and fully listen to their opinions and suggestions.
At the symposium, the representatives of the participating securities firms focused on the hot issues of current market concern and the promotion of the implementation of the "Eight Articles of the Science and Technology Innovation Board" for in-depth discussions, and suggested that the specific system details or implementation roadmap should be accelerated to be clarified. At the same time, it is hoped to further enrich the industry types of the Science and Technology Innovation Board, and promote the listing of representative enterprises in cutting-edge scientific and technological innovation fields such as low-altitude economy, robotics, and large aircraft.
The relevant person in charge of the Shanghai Stock Exchange said that the Shanghai Stock Exchange will carefully study and demonstrate the opinions and suggestions of the participating brokers, respect the laws of scientific and technological innovation, and implement the "Eight Articles of the Science and Technology Innovation Board" with more practical and detailed measures and more representative cases, so as to stimulate the endogenous power of enterprises as the main body of innovation, and better serve scientific and technological innovation and new quality productivity.
The next stage of the construction of the Science and Technology Innovation Board has a clear task
"The launch of the 'Eight Articles of the Science and Technology Innovation Board' indicates that the reform of the Science and Technology Innovation Board will start again." A relevant person from a brokerage firm said at the symposium, "With the continuous consolidation of the institutional foundation for the high-quality development of the science and technology innovation market, the accuracy, inclusiveness and adaptability of the capital market to serve scientific and technological innovation will be greatly improved." ”
In the view of the representatives of the participating brokers, the "Eight Articles of the Science and Technology Innovation Board" clarified the goals and tasks of the construction of the Science and Technology Innovation Board in the next stage, which is of great significance to further play the role of the "experimental field" for the reform of the Science and Technology Innovation Board, better serve the self-reliance and self-improvement of science and technology, and promote the development of new quality productivity.
The "Eight Articles of the Science and Technology Innovation Board" focus on the main line of strengthening supervision, preventing risks, and promoting high-quality development, and proposes a package of reform measures. Among them, in terms of the entry side, we will strengthen the positioning of the "hard technology" of the Science and Technology Innovation Board, improve the accurate identification mechanism of science and technology enterprises, and support the listing of high-quality unprofitable science and technology enterprises with key core technologies, great market potential, and outstanding science and technology innovation attributes; On the issuance side, we will improve the issuance and underwriting system, and propose measures such as reducing the proportion of high-price exclusions, increasing market value placement requirements, and strictly restricting the qualifications of institutions with frequent high-quotations, which will more effectively restrain offline investors from rationally quoting. On the continuous supervision side, focusing on serving new quality productivity, many bright reform measures have been proposed in refinancing, mergers and acquisitions, equity incentives, etc., and have responded positively to the pain points and blocking problems faced by science and technology enterprises in the high-quality development of science and technology enterprises.
"At present, the industry distribution of companies on the Science and Technology Innovation Board is highly concentrated in the field of 'hard technology', and with the release of the 'Eight Articles of the Science and Technology Innovation Board', it is expected to further accelerate the agglomeration of market resources to new productivity-related fields in the future." A brokerage source said.
In terms of mergers and acquisitions, the participating brokerages said that the "Eight Articles of the Science and Technology Innovation Board" encourage the integration of mergers and acquisitions in the upstream and downstream of the industrial chain, and support the focus on better and stronger main businesses to carry out mergers and acquisitions, which is not only conducive to listed companies to focus on the main business, but also helps some companies with weakened market competitiveness to clear in a timely manner through mergers and acquisitions, "Encourage convertible bonds, installment payments and other payment tools, which will help enhance the flexibility of the merger and acquisition system; At the same time, the inclusiveness of the valuation of M&A and restructuring should be appropriately improved, which further demonstrates the inclusiveness of the system."
It is recommended to promote the implementation of various systems
Representatives of securities companies attending the meeting also conducted in-depth discussions on topics such as promoting the implementation of the "Eight Articles of the Science and Technology Innovation Board", and suggested accelerating the implementation of the various systems of the "Eight Articles of the Science and Technology Innovation Board", focusing on improving the quality and efficiency of the development of new productivity services in the capital market, and cultivating a number of globally competitive scientific and technological innovation enterprises.
First, we should maintain patience, strengthen self-confidence, and more accurately grasp the law of scientific and technological innovation and the development situation of the mainland's scientific and technological undertakings. With the continuous improvement of the transformation and industrialization level of scientific and technological achievements in the mainland, the global industrial chain and supply chain will be reshaped, and the production and operation space of mainland science and technology enterprises in the world will be further opened, and the profitability is expected to be significantly enhanced in the future.
The second is to strengthen policy guidance, strictly implement the system, strictly control the entrance, adhere to the "hard technology" positioning of the science and technology innovation board, increase the inclusiveness of "hard technology", and truly guide market resources to gather high-quality "hard technology" enterprises.
The third is to accelerate the implementation of a number of demonstration cases, truly implement a series of reform measures such as financing, mergers and acquisitions, and equity incentives, clarify market expectations, and boost market confidence.
Fourth, the refinement of some system details, such as increasing the market value requirements for offline investors to hold stocks on the STAR Market, optimizing the market maker mechanism, including the transfer of SSE STAR Market ETFs on the Fund Connect platform, and the launch of futures and options on the STAR 50 Index are all systems that the market is very concerned about, which have a positive effect on attracting more long-term funds to enter the market.
Fifth, further enrich the types of industries on the STAR Market to prevent the cyclical and structural impacts caused by excessive industry concentration. Support and encourage upstream and downstream enterprises in the industrial chain incubated by high-quality leading companies to be listed on the Science and Technology Innovation Board, and promote the listing of representative enterprises in cutting-edge scientific and technological innovation fields such as low-altitude economy, robotics, and large aircraft.
Sixth, we will enrich diversified wealth management tools, and accelerate the launch of multi-asset ETFs from the perspective of residents' asset allocation, so as to meet the diversified financial needs of investors in one stop.
Guide market players to transform into practical actions
The relevant person in charge of the Shanghai Stock Exchange said that the Shanghai Stock Exchange will focus on the implementation of the Central Financial Work Conference and the new "National Nine Articles", accelerate the transformation of concepts, firmly grasp the policy of "strengthening supervision, preventing risks, and promoting high-quality development", carefully study and demonstrate the opinions and suggestions of the participating brokers, respect the laws of scientific and technological innovation, and implement the "Eight Articles of the Science and Technology Innovation Board" with more practical and detailed measures and more representative cases, so as to stimulate the endogenous power of enterprises as the main body of innovation, and better serve scientific and technological innovation and new quality productivity.
"The high-quality development of the capital market requires the joint efforts of all parties in the market. Securities companies are witnesses, participants and promoters of the reform and development of the Science and Technology Innovation Board, and should give full play to the functions of direct financing 'service providers', capital market 'gatekeepers' and social wealth 'managers', form a joint force to promote reform and development, and jointly promote the steady and long-term development of the Science and Technology Innovation Board. The above-mentioned person in charge of the Shanghai Stock Exchange said.
The Shanghai Stock Exchange requires securities companies to actively face the new situations and new problems faced in the reform, accurately grasp the long-term positive development trend of the capital market, firmly establish the concept of rational investment, value investment and long-term investment, be good at counter-cyclical layout, and strengthen professional capacity building. At the same time, we should give full play to the role of a channel for collecting opinions and suggestions at both ends of investment and financing, actively listen to and feedback to the exchange the voices of listed companies and investors, and timely resolve doubts and doubts on key hot issues of market concern, so as to jointly create a good public opinion environment in the capital market.
It is understood that in the future, the Shanghai Stock Exchange will continue to carry out a series of activities such as symposiums, on-site visits, and special training, strengthen communication and exchanges with all parties in the market, increase the promotion of the concept, specific policies and typical cases of the "Eight Articles of the Science and Technology Innovation Board", clarify the expectations of market entities, and guide market entities to translate the requirements of the "Eight Articles of the Science and Technology Innovation Board" into practical actions.
Editor-in-charge: Chen Lixiang
Proofreading: Tang Haocheng