The local "two sessions" were held one after another. Through local government work reports, the "small goals" for this year's capital market are also clearly defined.
"Securities Daily" reporter combed and found that the work to be carried out in the capital market in various places includes accelerating the cultivation of a group of "hard technology" companies to go public on the science and technology innovation board, striving to double the number of newly listed companies over the previous year, promoting the reform of the new third board, and launching the new third board. Pilot transfers, etc.
In this regard, industry insiders interviewed by a reporter from the Securities Daily stated that the capital market can play an important role in supporting technological innovation and industrial restructuring. At the same time, my country's capital market will be the main channel for corporate financing in the future. Therefore, both the central and local governments attach great importance to the use of capital markets to facilitate economic development.
Promote corporate listing
Judging from the work reports of local governments, promoting the listing of companies is a focus. For example, Shanghai has proposed to speed up the cultivation of a group of "hard technology" companies to go public on the Science and Technology Innovation Board; Hubei Province has proposed to strive to double the number of newly listed companies over the previous year.
With the listing of Jushi Chemical on January 25, the number of listed companies on the Science and Technology Innovation Board reached 221. From the perspective of the company's region, Shanghai has performed well. According to the data in the work report of the Shanghai Municipal Government, Shanghai’s “three major tasks and one large platform” will achieve new breakthroughs in 2020. There are 215 companies listed on the Science and Technology Innovation Board, and Shanghai’s listed companies rank first in the country in terms of financing and total market value.
The reason is that an important factor is the benefit of the "Pujiang Light" operation. In July 2019, the General Office of the Shanghai Municipal People's Government issued the "Implementation Opinions on Giving Full Play to the Role of the Capital Market to Promote the High-Quality Development of Science and Innovation Enterprises in the City", which put forward 18 specific measures. One of the development goals is to cultivate a group of representative scientific and technological innovation enterprises. We will implement the "Ten Thousand, Thousand and Hundred" Projects of Shanghai Science and Technology Innovation Enterprises, cultivate tens of thousands of high-tech enterprises, support thousands of listed companies, build hundreds of leading enterprises in science and technology, and continuously deliver high-quality listing resources for the Science and Technology Innovation Board.
According to Zuo Jianming, the general manager of an asset in Shanghai, the technology innovation board has landed, and Shanghai has taken the lead in enjoying the system dividend. He further explained that on the one hand, Shanghai has nurtured and supported a group of technology-based enterprises that meet the standards; on the other hand, it has benefited from the excellent financial service atmosphere. Therefore, whether it is in terms of the speed of policy response or the specific implementation of the project, Shanghai, as the frontier of reform and opening up, will take the lead this time.
He also said that the manifestation of technological innovation is not only to encourage technology companies to go public, but a complete system engineering. For example, the establishment of national-level laboratories to accelerate the construction of scientific and technological infrastructure; the establishment of a world-class scientist forum to enable more cutting-edge technologies to be heard in Shanghai; respect for knowledge and build the Shanghai Intellectual Property Protection Center to allow enterprises to dare to invest in the field of science and technology .
"The IPO on the Science and Technology Innovation Board is the final result, and the previous bits and pieces are the real'hard power' of a city." Zuo Jianming told a reporter from the Securities Daily.
The Hubei Provincial Government's work report stated that it will strive to double the number of newly listed companies over the previous year. According to reporter's query, in 2020, Hubei will add 9 domestic listed companies, and the total number of A-share listed companies will reach 114.
Some analysts believe that the refinement of the listing objectives and tasks to one year reflects the huge local expectations for accelerating development with the help of the capital market.
Hu Xiaohui, general manager of the Wenzhou business department of a securities, said in an interview with a reporter from the Securities Daily that expanding direct financing has become the consensus of the whole society. In the future, my country’s capital market will be the main channel for corporate financing, and local governments will attach great importance to it. The province will refine the work plan to promote the listing of enterprises to every year, not the only one, and it will not be the last."
He further stated that the current institutional construction of my country's capital market has become more and more perfect. With the steady progress of the registration system reform, the number of listed companies and the scale of financing are expected to continue to expand this year. At the same time, in the context of strong supervision, various flickering reorganizations will be difficult to attract capital attention.
"Therefore, it is inevitable to promote the listing of high-quality companies, and it is inevitable for companies to focus more on operations after listing, and it is inevitable that listed companies will bring more economic growth momentum to the local area." Hu Xiaohui said.
Promote the construction of the new third board market
In the multi-level capital market, the New Third Board is at the hub link between the previous and the next. According to the statistics of national equity transfer companies, since 2013, 194 NEEQ listed companies have entered the Shanghai and Shenzhen markets through IPOs and went public, and more than 500 companies have transferred from various regional equity markets to the NEEQ.
The "Securities Daily" reporter noticed that the NEEQ reform was mentioned in many government work reports. Beijing proposed to promote the reform of the New Third Board; Guangdong Province stated that it would carry out a pilot project to transfer to the New Third Board. The industry believes that the new third board market is expected to achieve more mature operation and development during the "14th Five-Year Plan" period.
The transfer of listing system is one of the key points of the new round of comprehensive and deepening reforms on the NEEQ. Companies that have been listed on the Selected Layer of the New Third Board for one year, meet the positioning of the Science and Technology Innovation Board and the Growth Enterprise Market, and meet the requirements of the exchange for listing, can directly apply to the exchange for transfer listing. At present, the Shanghai and Shenzhen Stock Exchange has formally solicited opinions on the relevant measures for the transfer of listing, and this reform measure has entered the stage of practical implementation.
Zhang Keliang, general manager of a securities stock transfer business department, told a reporter from the Securities Daily that the important role of the financial system in national economic development is self-evident. In addition to solving the financing problems of high-quality enterprises, the capital market can also play an important role in supporting technological innovation and industrial restructuring. Therefore, both the central and local governments attach great importance to the use of capital markets.
He further stated that the NEEQ was born in Zhongguancun, Beijing, which has played a huge role in promoting the development of high-tech enterprises in Zhongguancun. In the future, we will continue to promote the construction of the NEEQ market, rely on the NEEQ market to cultivate high-tech enterprises, and increase employment and tax revenue for Beijing. It is of great significance. Guangdong Province is the seat of the Shenzhen Stock Exchange. It is also the best choice to make good use of the advantage of the Shenzhen Stock Exchange to attract innovative companies, pool financial resources, and accept NEEQ transfer companies.
As an important platform for the capital market to serve innovative and entrepreneurial growth SMEs, the New Third Board has continued to promote reform and innovation since its official operation in 2013, and has played an important role in regulating business operations and boosting the development of SMEs.
According to the data released by the National Equity Exchange Corporation, as of the end of 2020, there are 8,187 listed companies on the New Third Board, serving 90% of small and medium-sized enterprises in the capital market including Shanghai and Shenzhen, effectively broadening the coverage of the capital market to serve the real economy; listed companies Accumulated tens of thousands of financings, with a total of about 530 billion yuan, and more than 1,500 companies obtained financing at the loss stage, which eased the financing difficulties of small and medium-sized enterprises; implemented 1,633 mergers and acquisitions, involving a transaction amount of 218.872 billion yuan, effectively promoting the integration of corporate resources And transformation and upgrading.
So, in what areas can the New Third Board continue to promote reforms in the future? Zhang Keliang believes that it is necessary to continue to improve all aspects of the system, not only pay attention to the function of corporate equity financing, but also pay attention to investor protection, and explore a unique path to serve small and medium-sized enterprises at different stages and levels.

Article information source-China Net