Xiao Gang: Restart IPO To Prepare For Registration Reform

The SFC published the annual report of China Securities Regulatory Commission in July 1st (2013). In the speech of the annual report, Xiao Gang, chairman of the SFC, said that the issue of IPO was a major concern of the market. In June 2013, the SFC issued the China Securities Regulatory Commission's opinions on further promoting the reform of the IPO system (Draft), but coincided with the "money shortage" in the capital market, and the capital market fluctuated sharply. The Shanghai Composite Index fell to more than 1800 points once, and the resumption of work had to be postponed. Subsequently, the stock market stabilized and picked up, and the market was generally improving. In November, the SFC issued the opinions on further promoting the reform of the IPO system. After 13 months' suspension, it launched the IPO, restores the capital market's basic functions, and maintains the smooth operation of the market. It also prepares and pauses for establishing a sound IPO system with information disclosure as the center and promoting the reform of the stock issue registration system.

He said that 2013 is a significant year in the development of China's capital market. After the founding of the new central government, the position of the SFC is clearly put forward. It requires the SFC to fulfill the duty of maintaining an open, fair and just market order, safeguarding the legitimate rights and interests of investors, especially small and medium-sized investors, and promoting the healthy development of the capital market. Over the past year, the SFC has been foothold in the "two maintenance and promotion" to serve the overall economic and social development, actively and steadily push forward the reform and development of the capital market, and earnestly strengthened and improved market supervision.

　　 Xiao Gang It is said that in June 2013, the State Council decided to extend the pilot scale of the share transfer system of small and medium-sized enterprises to the whole country. Substantial progress has been made in the construction of China's multi-level equity market. In December, the State Council issued a special decision on issues related to the share transfer system of small and medium-sized enterprises in China, and made clear that the new three boards are located in service innovation, entrepreneurial and growth oriented small and medium enterprises, providing them with public transfer and equity financing. Bond financing Mergers and acquisitions and other services.

At the same time, the State Council issued the "guiding opinions on the pilot of preferred stock". For the first time, the new equity class of preferred stock was introduced in China outside the common stock, which is conducive to deepening the shareholding system reform, providing flexible direct financing tools for issuers, further enriching securities varieties, and providing diversified investment products for investors.

2013 is also China. futures market The "bumper harvest year" of construction. In 1995, 18 years after the "3. 27" Treasury bond futures event, in September 2013, the Treasury bond futures resumed on the China Financial Futures Exchange. This is another important breakthrough in the development of the financial derivatives market after the stock index futures. It provides a basic tool for managing the interest rate volatility risk and will also effectively promote the marketization reform of China's interest rate. This year, 4 strategic resource varieties such as steam coal and iron ore, and 4 suitable varieties of eggs and plywood were successfully listed, which further enriched the commodity futures variety system. By the end of 2013, there were 40 futures varieties in China, and the volume of transactions continued to rank among the highest in the world.

Xiao Gang said that in the face of the increasingly challenging market illegal means and the relatively tight resources of law enforcement, we started from the reality of China, actively applied the rule of law thinking, formulated the "China Securities Regulatory Commission's opinions on Further Strengthening the inspection and law enforcement work", shifted the focus of supervision to the law enforcement of inspection, and explored a new way to establish and improve the "active" legislative guarantee mechanism, "efficient" administrative enforcement mechanism, "restrictive" separation mechanism of examination and separation, and "close" government departments synergy mechanism. With a zero tolerance attitude and resolute and forceful measures, we have paid the price for the black sheep who broke the market order. Wanfu Sheng Ke (300268), new land, tin can technology and other fraudulent issuance cases, Everbright Securities (601788) insider information case and other social typical cases that have been strongly reflected should be investigated and dealt with. The illegal activities in the market have been effectively deterred, and the market order has been effectively maintained.

He pointed out that, as we all know, China has the largest and most active individual investor group in the world, with 90 million stocks, bonds and futures investors, and about 60000000 public offering fund investors, of whom 99% are small and medium investors whose investment amount is less than 500 thousand yuan. The protection of small investors is the idea of protecting the capital market and protecting all investors. In 2013, we set up an appropriate system of financial futures investors to guide listed companies to improve the cash dividend system, broaden the channels for investors' services, and improve the mechanism of diversified dispute resolution. In the case of the fraudulent issue of the Wanfu branch, we creatively set up a case of compensation for investors by illegal liability subjects, which has been fully affirmed by all parties in the market. At the end of 2013, the general office of the State Council issued the "opinions on Further Strengthening the protection of the legitimate rights and interests of small investors in the capital market". It focused on the basic rights such as the right of return, the right to know, the right to participate in supervision and the right to recourse of small and medium investors, and constructed an investor protection policy system that accords with the reality of China, which has become an important milestone in the development of China's capital market.

Xiao Gang said that in 2013, we persisted in promoting reform through opening up and steadily promoting two-way opening of the capital market. We will further increase the total quota of qualified foreign institutional investors (QFII) to US $150 billion, the total quota of RMB qualified foreign institutional investors (RQFII) to 400 billion yuan, and expand the RQ-FII pilot to Taiwan, Singapore, London and other places in China. We should actively promote the reform of the licensing system for overseas listing of domestic enterprises, so as to facilitate the "going out" of domestic enterprises. The establishment of an international energy trading center in China (Shanghai) free trade pilot area has opened a prelude to the listing of international crude oil futures.