2023 is a crucial year for the capital market to comprehensively deepen reform and opening up. The registration-based system has been fully implemented to be deepened and realized, and a series of reforms on the investment, financing and trading sides have been made in concert, the capital market has further strengthened its role as a hub, and its function of serving the real economy has been continuously enhanced.
2023 is also an important year to lay a solid foundation and accelerate the construction of a modern capital market with Chinese characteristics. The "1+N+X" system of the modern capital market policy framework with Chinese characteristics has taken shape, and the capital market is focusing on the formulation and implementation of the action plan to support high-level scientific and technological self-reliance and self-reliance and the construction of a modern industrial system, as well as the reform of the investment side.
The registration system has been fully implemented to be deepened and realized
The reform of the registration system is a systematic change to reconstruct the institutional mechanism and development ecology of the capital market. This year, the reform of the registration system has been "fully implemented" and gradually "deepened and realized".
In February, the China Securities Regulatory Commission (CSRC) announced the official launch of the comprehensive registration system and solicited public opinions on the rules of the system. Subsequently, 165 system rules related to the comprehensive registration-based reform were officially promulgated and implemented, and the institutional arrangements of the registration-based system were basically finalized and extended to the whole market and all kinds of public offerings.
In April, the first batch of 10 companies listed under the registration-based system on the main board of the Shanghai and Shenzhen Stock Exchanges, marking the full implementation of the registration-based reform. Ai Lin, general manager of Hasten Pharmaceutical, one of the first listed companies, has a deep feeling, and he believes that the regulations and guidelines in the listing process are more concise and clear, the communication with auditors is smoother and more convenient, the review and registration progress is more real-time and transparent, and the cooperation with intermediaries is more proactive and efficient, which has improved the predictability of the company's preparations.
The reform of the registration system is by no means a relaxation of supervision, but a comprehensive strengthening of regulatory law enforcement in the whole chain and all links before, during, and after the event. According to the data, in the first 11 months, more than 100 listed companies were taken administrative supervision measures for violations, illegal information disclosure, market manipulation and other behaviors, a year-on-year increase of more than 90%;46 A-share companies were delisted, of which 44 were compulsorily delisted, a record highThe penalties for violations of brokerage business have also been continuously increased, and some brokerages have been directly suspended from business qualifications.
The full implementation of the registration system does not mean that the reform of the registration system has been completed. The Financial Work Conference proposed to "promote the deepening and solidification of the issuance registration system", which clarified the main objectives of the next stage of this important reform. In the view of Jiao Jinhong, the chief lawyer of the China Securities Regulatory Commission, the real completion of the reform of the registration system requires a long-term interactive and repeated game process.
In the next stage, the China Securities Regulatory Commission will unswervingly adhere to the concept of information disclosure as the core, adhere to the basic structure of the registration system, and increase support for key areas such as high-level scientific and technological self-reliance and self-reliance, and the construction of a modern industrial systemIntensify efforts to promote the reform of the investment side, attract more medium and long-term funds into the market, dynamically optimize IPO pricing, refinancing, ** and other institutional arrangements, and promote the dynamic balance of investment and financing.
The "three-end" reform has been promoted in a coordinated manner, and a series of measures have been introduced
The capital market is the "barometer" of the national economy, reflecting expectations and confidence. The Politburo meeting held in July proposed to "activate the capital market and boost investor confidence". This year, especially since the second half of the year, multiple departments have coordinated and cooperated to promote the introduction of many policy measures from the investment side, the transaction side, and the financing side.
On the financing side, "governance" is a key task. Shareholders have made up for the loopholes in the "detour" rules, and the cash dividends and share repurchase systems and mechanisms have been further optimized and ......A series of measures have consolidated the quality of listed companies and boosted investment confidence from the source. At the same time, the regulatory authorities reasonably grasp the rhythm of IPO and refinancing, and improve the counter-cyclical adjustment mechanism of the primary and secondary markets.
Under the effect of a series of measures, dividends, repurchases, and increased holdings - listed companies use "real gold" to enhance investor returns. In the first 11 months, the total dividends of A shares accumulated 21 trillion yuan, a record high, nearly 4 times the total amount of equity refinancing in the same period;A total of more than 1,300 listed companies have disclosed repurchase plans, and the proposed repurchase is not less than 797600 million yuan;328 listed companies disclosed plans for major shareholders, directors, supervisors and senior executives to increase their holdings, and the amount of the proposed increase was not less than 174600 million yuan;
On the investment side, "reform" is the key word. In order to vigorously develop medium and long-term funds, the relevant departments have promoted the adjustment of the risk factor of insurance fund investment, promoted the implementation of long-term assessment of insurance funds, and optimized the mechanism for pension participation in the capital market.
Since July, 136 ** managers in the industry have successively issued announcements to reduce the management fee rate and custody fee rate of their stock of active equity ** products, and the public offering industry has saved a total of about 14 billion yuan per year for investors according to the scale at the end of June this year.
On the trading side, "down" is the main theme. A series of measures such as halving the stamp duty on transactions, reducing transaction handling fees, and reducing company commission rates have really reduced the transaction costs of the capital market.
* The Financial Work Conference once again emphasized "activating the capital market". In the view of Luo Zhiheng, chief economist of Guangdong Kai**, the series of measures introduced by the regulator to "activate the capital market" have a positive impact on the short-term active market, and more measures are long-term and based on the improvement of the system of reform. Compared with strong stimulus, it is more commendable to do the right thing in the long term on the basis of respecting the market, which is also the key to the real health and vitality of China's capital market.
Promote the high-level circulation of science and technology, capital and industry
* The Financial Work Conference proposed to "better play the role of the capital market hub". The capital market has unique and important functions in resource allocation, risk mitigation, policy transmission, and expectation management, which can promote the high-level circulation of science and technology, capital and industry.
This year, the multi-level capital market has become more sound. The Beijing Stock Exchange's "19 Articles of Deep Reform" was released, the "Regulations on the Supervision and Administration of Private Investment" was officially promulgated, the reform of the bond registration system was fully implemented, and the list of two batches of specialized, special and new boards was released ......Direct financing methods based on ** and bonds have become an important channel for the real economy to replenish capital and liquidity and reduce financing costs.
Choice data shows that in the first 11 months, the total financing of stocks and bonds in the capital market was 641 trillion yuan. Among them, the total scale of A-share IPO and refinancing exceeded 900 billion yuan, and the scale of exchange bond financing was 55 trillion yuan.
This year, the support for scientific and technological innovation has been more precise. In the first 11 months, nearly 300 IPO projects raised a total of more than 340 billion yuan. Among them, the high-tech sector represented by high-end manufacturing, information technology, and biomedicine ranks among the top in terms of the number of new shares and the scale of financing.
At the same time, the company's investment in innovation remains high. According to the data released by the China Shanghai Association, the R&D expenditure of listed companies in the first three quarters was 105 trillion yuan, a year-on-year increase of 1079%。R&D expenditures of listed companies on the Science and Technology Innovation Board, ChiNext and Beijing Stock Exchange increased respectively in the first three quarters86% and 1214%, and the R&D intensity was .32%。At the end of the third quarter, the listed company had a total of 26560,000 pieces.
This year, the two-way opening-up continued to advance steadily. The rules of the overseas listing filing management system and the optimization of the trading calendar of Stock Connect have been promulgated and implemented, and foreign-funded institutions such as Standard Chartered** and Morgan Stanley** have been approved to be established.
As the first newly established wholly foreign-owned brokerage, Standard Chartered has recently been granted a business license, and the company plans to officially launch business in the first half of 2024. Chen Mingqiao, Chairman of Standard Chartered**, said that the increasing convenience of foreign-funded institutions to do business in China and the continuous expansion of cross-border market interconnection channels have brought "visible and tangible" opportunities to international financial institutions and investors.
A few days ago, the China Securities Regulatory Commission proposed to promote the implementation of the policy framework for the construction of a modern capital market with Chinese characteristics on the key work in 2024. It is reported that its core measures include the formulation and implementation of the capital market to support high-level scientific and technological self-reliance and self-reliance and the construction of a modern industrial system, and the capital market investment reform action plan.
It can be expected that the modern capital market with Chinese characteristics will better play a pivotal role in serving the real economy and stride forward in the direction of "security, standardization, transparency, openness, vitality and resilience".
Original**: Shanghai **Daily.