Shang Fulin: The first half will launch the Gem sponsor system and the same motherboard

Shang Fulin, chairman of China Securities Regulatory Commission, 16th the first clear plan for nearly a decade of gem listing time.

The idea of the gem, which has been brewing for nearly a decade, is finally expected to become reality in 2008. Shang Fulin, chairman of China Securities Regulatory Commission, said 16th in the national Security and Futures Supervision Conference, will improve the system and supporting rules, in the first half of this year to launch the gem. It is also the first time regulators have made clear the timetable for the launch of the gem.

Industry insiders believe that the launch of the gem, not only will improve the capital market system, but also the emergence of a series of investment opportunities.

"Probably in March or April."

Shang Fulin in emphasizing the development of multi-level market system to make breakthroughs will accelerate the launch of the gem placed in the first place. In addition, he also said to gradually enrich the variety of corporate bonds, promote the orderly entry of High-tech zones with the conditions of the system, explore the unlisted public company stock transfer and OTC market development path.

Meanwhile, Chenhong, deputy general manager of Shenzhen, said in Wuhan 16th, "The sponsors are best to find a reserve project within a month or two." He revealed that the "two high six new" companies with high growth, high-tech and new economy, services, new rural areas, new energy sources, new materials and business models will be favored by the gem.

"The time is probably in March or April." "An investment bank in charge of the discussion in the previous release, the gem of the listed companies are the requirements of the total amount of equity capital of not less than 30 million yuan, nearly 2 years profit is not lower than 10 million yuan, the threshold is much lower than the small and medium-sized plate."

1998, deputy chairman of the NPC Standing Committee Cheng on behalf of the Democratic People's Republic of China in the two sessions of the two countries submitted the "on foreign experience, as soon as possible to develop our venture capital" proposal August 22, 2007, the "Gem issue listing management measures (draft)" Officially obtained the approval of the State Council. At this point, planning for nearly 10 years of long the gem is finally born soon.

Expected Mass listing

"For the rapid expansion of scale, gem listed companies may be ' packaged ' listed." "The owner of a brokerage investment bank said to the morning news reporter that, compared with the" appetite "after the establishment of the new market, the gem Company's equity is significantly smaller, which provides them with the possibility of a package listing. "The first batch will be about 50 to 80 companies." ”

"We're lining up." "The vice chairman of a Beijing media company told the Morning Post yesterday that the industry is very enthusiastic about landing the gem, and many companies have submitted applications a year ago." In recent years, the departments concerned have been very positive, especially in the media industry. It's not because the gem is coming out soon. ”

In fact, it is reported that the current small and medium-sized brokers for the Gem reserve of the listed companies are generally about 20, large brokerages hoarding more than 30 of the listed resources. "There are more than 60 sponsoring agencies, if each reserve 5, there are 300 listed resources." Industry insiders said that the gem of the reserve resources are very rich.

The concept of "venture investment" is praised

It is not to be overlooked that a large number of small and medium-sized companies in the GEM listing will be in the capital market rich countless. "We have been in October 2007, December and late in the deployment of the concept of venture stocks." Shungwen, executive director of Shenzhen Blue Chip Investment Co., said that the launch of the GEM provides a good exit for these venture concept companies, whose holdings are easy to cash in and the IPO returns will be much higher than the profits from profit dividends.

"The concept of venture capital will certainly be a major investment theme in the 2008." "Gu Jindong Securities analyst, said that the gem is imminent, holding the shares of the listed companies will undoubtedly be fried by the market, with high growth of SMEs will therefore attract more market attention." However, venture capital gains may be one-off, and the long-term investment opportunities of such companies are not clear.

In view of this, since October last year, the large and medium-sized board listed companies have risen sharply, the share price of the main concept leading shares (600100) rose 63%, which seems to be the prelude to the upcoming investment opportunities.

In addition, the industry said that the gem, SME board frequent IPO action, but also for securities companies, venture capital, and so provide a huge expansion of business opportunities. 2008 stock market is very likely to form a deep strong Shanghai weak situation, Shenzhen Local securities, funds, venture capital and other companies will be proximity to obtain huge profit margins.

1. Promote stock index futures to be listed smoothly this year

Shang Fulin, chairman of China Securities Regulatory Commission, said 16th that this year will promote the smooth listing and smooth operation of stock index futures, steadily strengthen the commodity futures market, promote the coordinated development of commodity futures and financial futures, and at the same time, improve the coordination mechanism of business supervision and cross market supervision. This will be one of the priorities of the work in the coming period.

Shang Fulin pointed out that after more than 10 years, especially the past five years of construction, China's capital market has achieved an important development breakthrough, including the smooth development of the futures market, the economic function of the steady rise.

At the beginning of the new year, after less than 4 months of preparation, gold futures this paramilitary financial futures can be listed, and at the same time, China's futures market is also ushered in the scale of the structure of profound changes. In the National securities chief strategy analyst Albert Chan, gold futures as can be comparable with stock index futures or close to the listing of futures, has been to participate in stock index futures investors find a good way to training.

Shang Fulin said that at present, China's financial futures exchange basically completed the system design and technical preparation, the timing of the introduction of stock index futures is becoming more mature.

At the same time, the development of financial derivatives will also bring challenges to the current situation of financial supervision and regulation. "We will continue to carry out various preparations for the introduction of stock index futures and improve the coordination mechanism of business supervision and cross market supervision." "To ensure the smooth running of stock index futures, Shang Fulin said this will also be the focus of future work."

In August 2007, CICC signed a cross-market regulatory cooperation agreement with SSE, Shenzhen and other institutions, and an important step in joint supervision of the securities market and futures market. However, the regulator's joint supervision of the bank's underwriting period remains a long task.

Congjiu, general manager of Shanghai Stock Exchange, believes that with the introduction of stock index futures, the pace of mixed operation of the financial industry will be significantly accelerated, from a global perspective, the stock exchange or commodity futures exchanges in the direction of integration has become a trend.

The advance of the pilot work of the financial mixed operation will promote the change of financial supervision to the functional supervision. In order to strengthen the supervision over the risk of trans-market financial products and financial organizations, it is necessary to prevent a regulatory vacuum and to reduce repetitive regulation. Said Zhou Xiaochuan, governor of the People's Bank of China.

"Although the pattern of separation regulation has been going on for quite a long time, functional regulation has taken shape." Yi Gang, deputy governor of the People's Bank of China, said recently. What needs to be done now, he argues, is to strengthen regulatory co-ordination and improve efficiency, thus getting into real-state regulation more quickly.

2. Expansion of the actual share of the stock

"This year will push already listed companies to expand the actual share of the shares in circulation." At the National Securities and Futures Regulatory Conference, Shang Fulin, chairman of the CSRC, put forward nine requests for further expansion of the capital market, in which the promotion of various types of enterprises in a-share listing, the promotion of market-oriented mergers and acquisitions and the expansion of the proportion of circulating shares were placed in the first place.

The first to expand supply

2008 is a key year for the development of capital markets. "Shang Fulin said that the market construction in 2007 years to a new level, the development of capital markets has achieved an important breakthrough: the capital market and the national economy has been increasing the relevance, the operational basis for further consolidation; Supervision is further strengthened.

On this basis, Shang Fulin pointed out that we should insist on strengthening the basic system construction of the market, promote market-oriented reform, expand the breadth and depth of the capital market and improve the supervision level. In the coming period, we should promote the capital market to better serve the overall economic and social development and make greater contribution to the overall construction of a well-off society.

In the next phase of the deployment of nine key tasks, Shang Fulin said, to continue to promote high-quality enterprises in China and high growth of small and medium-sized Enterprises issued listing. Research to promote red chips and other foreign companies listed in the A-share market. Comprehensively promote the market-oriented merger and reorganization. To promote the listed companies to expand the actual share of the circulation. Establish and improve the quality of the listed companies mechanism of protection.

Among the listed companies, the low proportion of circulating shares is mainly focused on the large market value varieties, especially those with H-shares. Although the first 20 stocks accounted for 47.2% of the total market value, but its circulation market value of less than 2 trillion yuan, accounting for the total market value of 25%.

Strengthening the fight against illegal and irregular behavior

Shang Fulin said that to improve the classified supervision of listed companies, promote the securities companies direct investment, QDII, asset securitization and other business norms development, allowing qualified companies to explore the group, professional management, to support the public release of high-quality securities companies listed.

In addition, tamping the market base is still the focus of supervision. Therefore, we should continue to improve the legal system of securities and futures, strengthen the crackdown on illegal acts and improve the efficiency of administrative enforcement. (a) To promote amendments to the Fund Act and the Penal Code, promoting the promulgation of the Regulations on Supervision and administration of listed companies, the regulations on independent directors of listed companies, the regulations on supervision of securities companies and the regulations on risk disposal of securities companies, promoting the implementation of the new law enforcement system of securities inspection, increasing the disclosure of false information, manipulating the market, Insider trading and other cases of the crackdown.

will be strong base for bull market

In the view of Gu Jindong Securities analyst, Shang Fulin's speech to the capital market further development may encounter and need to solve the problem to make the deployment, will ensure the smooth and healthy operation of the market. "In the current turbulent market environment, such a speech is favorable for the market." ”

As a major annual meeting of the Securities and Futures Regulatory Commission, the supervisory working conference is the "tone meeting" of the annual capital market supervision. In the summary of last year's work, Shang Fulin used "strong base" four words to describe the quality of listed companies to improve steadily.

Promote red chips, overseas companies A shares listed

Shang Fulin, chairman of China Securities Regulatory Commission, said 16th that the next period will be to promote the study of red chips companies and other foreign companies listed in the A-share market, as one of the focus of work.

Red chip return or two-quarter start-up

"The return of the red chips will be one of the focus of this year. Insiders point out. The investment banking industry and the industry said that the return of red chips is expected to start in the two quarter of this year, and China Netcom, CNOOC or will become the first list of red chip return.

"The 2007-year fundraising is dominated by the return of H-shares to the A-share market, which is expecting Hong Kong's red chips to drive the next wave of a-share IPO," he said. "Lin Yizhong, China's managing partner at PwC, said.

2007 is a record year for China's capital market IPO, according to PwC statistics, the Shenzhen Two exchanges 125 listed companies to raise nearly 480 billion of the IPO, in 2007, among the 125 IPOs, China Shenhua (601088), China Ocean (601919) and other representatives of the 12 "returnees" H-share of the new funds accounted for the IPO total fund-raising 68%.

Lin Yizhong pointed out that after the red chips officially started a return to a a-share, foreign companies issued a shares no longer have policy barriers.

Foreign companies

In fact, Shang Fulin did not classify foreign companies or foreign companies when it came to promoting a A-share listing for overseas companies. Clearly, the "situation note" allows foreign investment companies to go to a a-share listing is far from all. December 12, 2007, China and the United States jointly issued a joint statement on the third Sino-US Strategic Economic Dialogue (hereinafter referred to as "situation note"), according to the relevant prudential provisions, the Chinese side to allow eligible foreign investment companies including banks to issue renminbi-denominated shares. In this regard, the industry believes that the so-called foreign investment company refers to a foreign company with Chinese business, not all foreign companies.

However, Huru Ban, director of the Shanghai Stock Exchange (hereinafter called "SSE"), told the Morning Post that SSE was planning an international board aimed not only at foreign companies but also with all quality foreign companies.

Huru Ban revealed that in the International board construction, SSE has a new or in the B-share market based on the reconstruction of two sets of plans, is still in the argument. The launch time of the international board may be 1-2 years later, or possibly longer.

4. To support the public listing of quality brokers

After up to three years of comprehensive management of the baptism of securities, and 2.5 of the bath under the bull market, 2008 will become the listing of securities brokerage year and bigger and stronger, industry integration of the big brokerage year. Shang Fulin, chairman of China Securities Regulatory Commission, said in the National Securities and Futures Regulatory conference that it supported the public offering of quality securities companies and allowed companies to explore the group and specialized management.

As early as last August, when the brokerage was completed, the regulator had made it clear that it would encourage quality securities companies to launch public offerings to make them bigger and stronger.

Shang Fulin recently on the development of securities dealers again stressed that 2008 will strengthen the system to support innovation and development, and constantly improve the overall strength and competitiveness of the industry. Urge securities companies to improve the internal restraint mechanism, improve the classification of supervision. To support the public offering of quality securities companies.

Up to now, Haitong Securities (600837), Northeast Securities (000686), National Yuan Securities (000728) and other companies have passed the backdoor way to achieve a successful listing. Among them, Haitong Securities last November also completed the first refinancing after the listing, raised a capital of 26 billion yuan, quickly increased the company's capital. Northeast Securities had also suspended the other yesterday, planning refinancing matters.

As a result, many quality brokerages queued up for listing. It is understood that the current Everbright Securities, Oriental securities, investment securities, Huatai Securities have been reported to the SFC at the end of the IPO application materials, not surprisingly, the first single brokerage IPO will be in the securities companies. Everbright Group in the latest meeting held in 2008 on the announcement, Everbright Securities in March or April this year to complete the public listing work, "for Everbright Bank listing, the restructuring of the group to explore."

In addition, Western Securities, Guotai, Nanjing Securities, Galaxy Securities and other brokerages are actively preparing for listing matters. Undoubtedly, 2008 will usher in the IPO tide.

Shang Fulin yesterday also said that the promotion of securities companies direct investment, QDII, asset securitization and other business norms development. To allow the securities companies with conditions to explore the group, professional management.

A coupon industry responsible person told the Morning Post reporter yesterday, for Shang Fulin on direct investment, asset securitization and other business statement is very interested in, because now these two business has not officially opened the gate. At present, only Citic Securities (600030) to obtain direct investment business qualification, but there is no specific measures, the other asset securitization business of the relevant draft has been discussed for a long time, has not seen the official release. "The president's stance indicates that the focus of this year's business is on both fronts, and that the opening of the business will undoubtedly expand the company's profitability." In addition, Shang Fulin also pointed out that this year will promote the securities companies regulatory regulations, the Securities Companies risk management regulations issued. Industry insiders pointed out that the introduction of these regulations to promote the healthy development of brokerage industry has a landmark significance.

5. Promoting the unified interconnection of bond markets

As an important part of the multi-level capital market, this year the regulatory layer will increase the bond market development. The Chairman of the Securities and Futures Commission, Shang Fulin, made it clear at the national security and future Supervision conference that it will further improve the efficiency of corporate bond audits, gradually enrich the variety of corporate bonds, strengthen the protection of creditors and promote the unified interconnection of the exchange and inter-bank bond markets.

The key to achieving a unified interconnection between the exchange and inter-bank bond markets is to realize the mutual participation of investors on both sides and the listing of the same species in both places, the securities industry said yesterday. The key is to realize that commercial banks can buy and sell bonds on exchanges.

The former vice chairman of the SFC, Tu, said in a visit to the Chinese government network last September that the bond market is actually divided into two relatively fragmented markets, inter-bank and exchange markets. The institutional investors in the exchange bond market mainly include the fund company, the Securities company's valet financing and the Social Security Fund. In addition to the Postal Savings Bank, commercial banks can only buy and sell bonds in the interbank market.

Therefore, he revealed that the departments concerned are speeding up coordination between the two markets, hoping to establish a smoother, barrier-free unicom, the formation of a unified bond market. Financial institutions, as the main body of the corporate bond market, are free to trade in both markets.

However, with the official curtain of corporate bonds and the formal establishment of the Shanghai Stock Exchange fixed income platform, the exchange is realizing the interconnection with the interbank bond market. Currently listed on the fixed income platform, the variety of national debt has been traded in the interbank bond market.

Last September, the Yangtze Power (600900) shares of the first issue of corporate bonds 4 billion yuan successfully issued, and then listed on the Exchange and fixed income platform. Although the second single corporate debt-Huaneng International (600011) was also listed in the Shanghai stock market shortly ago, under the relevant regulations, corporate bonds can also be issued in the interbank bond markets in the future.

However, the coupon industry said yesterday that the two bond trading platforms belonged to different regulators and that institutional investors were different regulators, and that it was difficult to achieve a full unified interconnection.

As for the varieties of corporate bonds, Tu previously said that with the smooth advance of the company's debt pilot, the further development of the market, the company's debt issuance subject will continue to expand the coverage. At present, the issue of corporate debt is limited to listed companies, until the conditions are ripe, foreign institutions can also issue corporate bonds, market size will continue to expand, the degree of marketization will continue to improve.

Extended News

Gem and the Board of the same sponsorship system

"Packaged" listing means that the issuing system of GEM will also be synchronized innovation. "The Securities investment banking business owner said that the gem of the listed companies and the requirements of the existing rules are different, the relevant system will inevitably follow the launch of the gem to adjust." Therefore, under the premise of the SFC's attempt to "continuously reform and perfect the market operation system of distribution, transaction, liquidation, transfer, account management and information disclosure", the gem is likely to be the "experimental plot" of the relevant reform.

He believes that, because of the early establishment of the gem for listed companies, the reform of the distribution system will be the first problem. In the future, the new stock purchase mechanism may imitate the Hong Kong stock exchange to become "by household distribution", listed companies and sponsors are also expected to be allowed to choose the timing of the issue and arrange funding progress.

According to the "financial" network version of the report, the Securities and Futures Commission is the "Provisional measures" (hereinafter referred to as "interim measures"), revised version will be incorporated into the gem. and consider running a separate system in the GEM, release the sponsor signed the number of bills. And the board issued by the profit index used in the gem will also change. The sponsor's supervision period for the gem company will be extended to three years.

What's the gem?

Gem Market is commonly referred to as the second market, that is, the second trading market, where the "second" is relative to the motherboard market.

In foreign countries, the second market is also called alternative stock market, which is aimed at small and medium-sized companies, emerging enterprises, especially High-tech enterprises listed markets. The main function of the second market is for small and medium-sized enterprises, especially for small and medium-sized High-tech Enterprise Services, generally said that its listing standards and the motherboard market is different. The gem is designed to support the listing of SMEs, especially High-tech enterprises, that do not meet the requirements of the motherboard listing.