China needs to launch gem market to accelerate expansion of overseas exchanges

China's rich listing resources have attracted the attention of many foreign exchanges, and at the 11th session of the Expo, the world's major exchanges have introduced their core competencies, aimed at attracting Chinese companies to list overseas. Analysts believe that as an important safeguard of national financial security measures, the launch of the gem should not be too late, and should be in access and exit and so on to do a complete system design, to protect the http://www.aliyun.com/zixun/aggregation/17308.html " > The smooth launch of the gem market and robust operation.

Overseas exchanges scramble for China's listed resources

At the end of November last year, the Singapore Stock Exchange announced its decision to transform the current second market, the Singapore Stock Exchange Automatic Quote market (SESDAQ), into the Kelly market. At the same time, Chow, chief executive of HKEx, announced that the exchange was looking forward to the new mode of operation of the gem to be implemented this year and that it was awaiting the SFC to adopt a new model.

In addition to rivals on both doorstep, the New York Stock Exchange, a veteran exchange in the United States, has been aggressively promoting its high-growth plate--ARCA this year. Catherine Ginnie, president and chief operating officer of NYSE Euronext group, said ARCA is offering a new listing for high-growth companies.

It is understood that from the beginning of 2006, the competition for the resources of China's high-quality listed companies has become the most important of the exchange business. The world's leading stock exchanges, including New York, Nasdaq, London and Singapore, have all come to China. The company launched the China growth SME listing Financing Club, and claims to be the first trading platform to help Chinese SMEs to list overseas.

So far, major stock exchanges around the world have been seeking innovative enterprises in China through High-tech development zones, venture capital associations, intermediary agencies or consulting firms in various countries.

Imperfect capital market system leads to overseas listing of sci-tech enterprises

As one of the important conditions of the motherboard listing three years of performance problems, state-owned enterprises can be continuously calculated before and after the system reform (in the process of restructuring can be stripped of business, assets, personnel and other factors), while the private enterprises only in the overall restructuring (the original business, assets, personnel and other operating factors into the listed companies as a whole, Without any stripping of the premise can be continuous calculation, otherwise can only be calculated from the restructuring. In this context, many companies choose to list overseas.

Data from the SFC show that by the end of 2006, Hong Kong, the United States, Singapore, three major listings, a total of 401 Chinese enterprises listed listing, the total market value and circulation market value of 954.838 billion U.S. dollars.

Analysts believe that the competition for the resources of China's high-quality listed companies has become the most important part of the exchanges ' business. But the domestic capital market system and the foundation construction imperfect, is causes the science and technology type listed resources to lose the important reason. Because of the high threshold of the domestic capital market and the slow approval rate of the IPO, many innovative enterprises are discouraged, and the lack of the gem makes the venture capital have no smooth exit channel, and these VCs have the biggest driving force and guiding power for the enterprise listing.

Constructing multi-level Capital market

In the face of foreign exchanges, the strong offensive, Shenzhen SME Board of "cake" is the risk of partition. Shenzhen people are worried about this, profitability, fast growth of outstanding enterprises to the overseas listing, will make China's potential listed companies continue to drain resources, so that the scale of capital market growth slow, less attractive, not conducive to building a strong local capital market.

As the world is committed to supporting the creation of entrepreneurial enterprises and support the product of innovation, gem market in the global reach has reached more than 40. These gem markets nurture and hatch a large number of high-tech companies, effectively promoting the combination of technology and capital.

At present, the launch of the gem has become increasingly mature conditions. Analysts believe that in the face of the siege of foreign stock exchanges, the domestic stock exchange should launch the gem as soon as possible, establish a financing system suitable for the development of innovative enterprises, and speed up the construction of a multi-level capital market suitable for China's national conditions, so that all kinds of innovative enterprises can find the financing places corresponding to the characteristics and This will not be in the small and medium-sized enterprises in the competition for listing resources into a passive position.