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Shang Fulin Puts Forward Four Ideas For Promoting Stable And Healthy Development Of Growth Enterprise Market

2011/1/10 16:24:00 61

We should actively explore the delisting system of GEM companies, and study and formulate refinancing measures for listed companies on GEM.

Shang Fulin, chairman of the China Securities Regulatory Commission, said at the fifteenth (2011) China Capital Market Forum on the 8 day that we should fully learn from China's main board market and international experience, study and formulate refinancing measures for listed companies on GEM, establish a financing mechanism to adapt to the characteristics of gem, facilitate and efficient, actively explore the delisting system of GEM companies, and give full play to the market's survival of the fittest.

Shang Fulin said that as of the end of December 2010, a total of 153 companies listed on the gem.

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A total of 116 billion yuan was raised, with a total turnover of 1 trillion and 750 billion yuan, and 17 million 790 thousand investors opened a growth enterprise account, accounting for 33.07% of institutional investors.

Shang Fulin said that at present and in the future, the SFC will continue to strengthen the capital market and the basic system of the GEM market, increase the intensity of reform and innovation, actively explore the regulatory mechanism suitable for the characteristics of the gem, constantly improve the institutional mechanism of the gem to support technological innovation, and work together with the market participants to promote the stable and healthy development of the growth enterprise market.

First, we should strengthen the positioning of the growth enterprise market and support greater efforts to develop independent innovation and strategic emerging industries.

We should focus on supporting the development of industrial enterprises such as energy conservation, environmental protection, information technology, biology, high-end equipment manufacturing, new energy and new materials. We should give full play to the role of the expert advisory committee of gem, further implement the focus orientation of the GEM market, promote the growth of innovative enterprises, accelerate the cultivation and development of strategic emerging industries, and actively play the role of gem in promoting economic structural adjustment and pformation of development mode.

Two, we should improve the rules of the GEM market system, promote the sustainable development of GEM companies, improve the auditing mechanism for issuing the gem, and improve the quality of audit.

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We should steadily expand the scale of the market.

We should make full use of China's main board market and international experience, study and formulate refinancing methods for listed companies on GEM, set up a financing mechanism that is suitable for the gem, convenient and efficient, actively explore the delisting system of GEM companies, and give full play to the market's survival of the fittest.

Three, we should improve the internal restraining mechanism of the market, further promote the responsibility of the intermediary agencies, strengthen the daily supervision of the sponsor institutions, intensify on-site inspections, urge the sponsors, law firms and other intermediary agencies to work diligently, conscientiously fulfill their responsibilities, and constantly improve the level and quality.

It is necessary to promote the role of professional institutions, make prudent and reasonable pricing, and rationally guide market expectations.

Four, we should continue to increase supervision and protect the legitimate rights and interests of investors.

Adhere to strict supervision and promote the authenticity and accuracy of issuers.

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Timely disclosure of information and risks to investors, guidance and supervision of GEM companies to strengthen the governance mechanism, improve the standard operation level, safeguard the legitimate rights and interests of shareholders, always maintain a high pressure on illegal behavior, and maintain the normal order of the growth enterprise market.

The fifteenth (2011) China capital market forum was jointly organized by FSI, China Securities Daily, Qilu Securities Limited and capital market magazine, Renmin University of China.

Former vice chairman of the NPC Standing Committee, Cheng Si Wei, Ji Baocheng, President of Renmin University of China, Huang Da, honorary president of China Finance Association, Zhang Jingan, member of the Party branch of the Ministry of science and technology, Lin Chen, chief editor and chief editor of China Securities Journal, Zhou Ming, vice general manager of Shenzhen stock exchange, attended the forum.