The first major event in the capital market will be implemented in 2021.
On February 5, with the approval of the State Council, China Securities Regulatory Commission officially approved the Shenzhen Stock Exchange to merge the main board and the small and medium-sized board, and another important measure to comprehensively deepen the reform of the capital market was implemented.
On February 5, Shenzhen Stock Exchange also launched the preparatory work related to the merger of main board and medium and small board. The Shenzhen Stock Exchange said that merging the main board and the small and medium-sized board, creating the Shenzhen market pattern with the main board and the growth enterprise market as the main body, and building a simple and clear capital market system of Shenzhen stock market are of great significance for promoting the market-oriented allocation of capital elements, improving the ability of capital market to serve the national strategy and the real economy, and building a high-quality innovative capital center and a world-class exchange.
According to the statistics of Shenzhen Stock Exchange, as of February 5, there were 459 enterprises listed on the main board market of Shenzhen Stock Exchange, with a total market value of 9.69 trillion yuan. The SME board market carries 1001 listed companies with a total market value of 13.74 trillion. In the future, nearly 1500 listed companies with a total market value of 23.4 trillion will be affected by the new deal.
PI Liuyi, deputy director of the market supervision department of the CSRC, said that in the future, the overall arrangement of merging the main board and the small and medium-sized board of the Shenzhen Stock Exchange will adhere to "two unifications and four unchanged". "Two unifications" refers to unifying the business rules of the main board and the small and medium-sized board, and unifying the operation and supervision mode of the main board and the small and medium-sized board; "four invariable" refers to that the conditions for issuing and listing, the threshold for investors, the trading mechanism, and the securities code and abbreviation remain unchanged after the merger.
"The merger of Shenzhen main board and small and medium-sized board can simplify supervision, restart the issuance of main board, actively serve the new normal economy, and continue to deepen financial supply side reform." Tian Lihui, Dean of the Financial Development Research Institute of Nankai University, said that the merger of the two boards can make the Shenzhen Stock Exchange's various plates connect orderly, make the listed companies more righteous, and let investors form different risk perceptions of the approval system main board and the registration system gem, so as to reduce the burden of securities supervision and reduce the weight, so as to achieve precise supervision.
On February 5, Shenzhen Stock Exchange also launched the preparatory work related to the merger of main board and medium and small board. -Visual China
Two unities, four unchangeable
At the beginning of 2000, the main board of Shenzhen Stock Exchange suspended the issuance of new shares. In May 2004, in order to broaden direct financing channels for small and medium-sized enterprises and promote the construction of gem step by step, Shenzhen Stock Exchange set up small and medium-sized board in the main board.
Looking back on the regulatory trend in recent years, Shenzhen stock market and the small and medium-sized board merger has actually appeared.
As early as early as 2020, in order to fully implement the system convergence and regulatory adaptation of the new securities law, the Shenzhen Stock Exchange issued the revised "guidelines for the standardized operation of listed companies", in which the original main board and the small and medium-sized board are "combined into one", and the new rules are applicable to both the main board and the small and medium-sized board listed companies. On the other hand, the revision of the guidelines for the standardized operation of the gem remained different and was promoted together with the registration system reform.
Since then, in June 2020, the Shenzhen Stock Exchange issued and integrated the revised business handling guidelines for listed companies. After a new round of delisting system reform at the end of 2020, the differences between the main board and the small and medium-sized board in the stock listing rules have been eliminated.
"In recent years, the revision of the rules has made the main board of Shenzhen stock market basically consistent with the small and medium-sized board market environment, and there are no significant differences in listing conditions, trading rules and regulatory methods." There are senior investment banks in Beijing said.
As an important part of China's multi-level capital market system, the main board and small and medium-sized board of Shenzhen Stock Exchange have played an active role in expanding direct financing, serving the real economy and supporting the development of small and medium-sized enterprises.
However, PI Liuyi also pointed out that there are some problems in the development of the main board and the small and medium-sized board of the Shenzhen Stock Exchange, such as the homogeneity of the plate and the long-term solidification of the main board structure. Therefore, the merger of the main board and the small and medium-sized board of the Shenzhen stock exchange is a reform move that adheres to the problem orientation, which is conducive to optimizing the structure of the Shenzhen stock exchange plate, forming a development pattern in which the main board and the growth enterprise board have their own emphasis on complementing each other, so as to better meet the different development The financing needs of enterprises in the exhibition stage will enhance the service function of Shenzhen Stock Exchange.
"Shenzhen small and medium-sized board was set up to attract medium-sized companies to go to the Shenzhen stock exchange for listing, but at present, it is very vague to determine the boundary based on the size of shares to be issued. There are also some problems to be solved in the main board market of Shenzhen Stock Exchange, and more new companies need to be accepted for listing." Chen Li, chief economist of Sichuan Financial Securities Co., Ltd., said that integrating the SME board and Shenzhen main board into one board can attract more technology companies to list, promote the expansion of direct financing scale, and make capital better serve the real economy.
According to the CSRC, the merger of the main board and the small and medium-sized board will adhere to the overall idea of "two unifications, four unchanged", that is, unified business rules and unified operation supervision mode. At the same time, the listing conditions, investor threshold, trading mechanism and securities code and abbreviation remain unchanged.
According to the relevant person in charge of Shenzhen Stock Exchange, the merger only makes adaptive adjustments to some business rules, market products, technical systems and listing arrangements, such as the unification of the definition of high delivery business guidelines on high delivery business, which has little impact on listed companies and has little impact on market operation and investor trading.
It is also introduced that the merger has no impact on fixed income products, futures option products and Shenzhen Hong Kong stock connect business, and the relevant indexes involving small and medium-sized boards need to be adjusted adaptively. And the relevant adjustment arrangement will not make substantial changes to the index preparation method, and will not lead to the adjustment of the investment target of the relevant index fund products. In terms of issuance audit, the enterprises under examination do not need to re declare materials, and this merger will not have a substantial impact on the issuance and listing of enterprises.
"The adjustment of business rules related to the merger has been ready, the transformation of internal technical system has been basically completed, the regulatory mode, index and product adjustment, IPO and listing have been clearly arranged, and the evaluation and communication of external technical system transformation have been initially started." Shenzhen Stock Exchange related responsible person disclosed that.
Further strengthening the function of serving small and medium-sized enterprises
In the view of market participants, the cancellation of the SME Board will not lead to the weakening of capital market services for SMEs.
PI Liuyi pointed out that after the merger of the main board of Shenzhen Stock Exchange and the small and medium-sized board, a market pattern with the main board gem as the main body will be formed, so as to provide better services for small and medium-sized enterprises at different stages of development. The Shenzhen Stock Exchange will further optimize and improve its services, and increase efforts to support small and medium-sized enterprises to become better and stronger. To sum up, the service function of capital market to small and medium-sized enterprises will be continuously enhanced.
In addition, in his view, a series of major reforms in recent years, including the reform of the registration system of the gem, the establishment of the new third board selection layer and transfer board system, the development of regional equity market, and the establishment of the wind direction of venture capital funds "investing in early investment and small investment in science and technology", have further enhanced the function of China's capital market in serving small and medium-sized enterprises.
Tian Lihui pointed out that the merger of the two boards has no significant impact on the stock enterprises, but it helps to correct the names of some enterprises listed on the SME board. Shenzhen main board has not accepted new issuance application for a long time. Some large enterprises, such as CGN, are listed in Shenzhen through the SME board. Some enterprises have made considerable progress after listing on the SME board and have grown into large enterprises, such as Hikvision.
Therefore, in Tian Lihui's view, the merger of the two boards can allow large and medium-sized enterprises to be listed on the merger board, and small-scale innovative enterprises can be registered and listed on the gem. We should clarify the listing levels, straighten out the relationship between sectors, simplify supervision, protect investors, and jointly deepen the reform of the capital market.
Dong Dengxin, director of the Institute of Finance and securities of Wuhan University of science and technology, also said that the main board of Shenzhen Stock Exchange has not been officially restarted since 2000, while the small and medium-sized board has played an important role in admitting small and medium-sized enterprises. At present, the Shenzhen Stock Exchange merges the old main board and the small and medium-sized board from the perspective of resource integration. The new main board after the merger is more market inclusive, which can not only accept the IPO of large enterprises, but also cover and accept the IPO of small and medium-sized enterprises.
"After the substantial improvement of market inclusiveness, the inclusiveness of small and medium-sized enterprises has not declined at all. It should be said that the scope of coverage may be further expanded and more flexible than in the past." Dong Dengxin said.