Shenzhen: The success or failure of the German gem is worth studying for reference

May 23, the Shenzhen Stock Exchange General manager Liping in Frankfurt and the German stock Exchange signed a memorandum of cooperation, the two sides plan in product development, trading platform, information exchange and other aspects of a series of cooperation. Coincides with Shenzhen preparations to start the "gem", liping special attention to the German exchange of the corresponding plate development experience and lessons, the reporter specifically to her interview.

Liping introduced, in 2000 the global IT industry peak period, the German exchange has also set up a "new market", specializing in the initial start-up of the IT enterprise listing. But as the dotcom bubble burst and many IT companies lost value, the sector was forced to close. Then in 2005, the Institute reopened a "open market" plate, which has developed well and has grown rapidly in recent years.

She says the lessons of Germany's successes and failures are particularly valuable to Shenzhen. As for the failure of the "new market" of the exchange, she concludes that in addition to the global dotcom bust, there are also intrinsic reasons, such as too narrow industry coverage, unclear regulatory functions and positioning. In view of the mechanism of the successful operation of the "open market" in Germany in recent years, she believes that the experience of the five areas should be used for reference in the "gem" market.

First of all, the gem market industry coverage should not be too narrow. Germany's "open market" to learn from the "New Market" lesson, listed companies not only include IT companies, but also include traditional industries and new energy, materials, biotechnology enterprises, and out of Germany, and vigorously attract China, Russia, Eastern Europe, the Middle East and other emerging economies in the listing companies. At present, there are 7 of the 11 companies listed in the German stock market.

Second, actively develop investment in new products, expand the industry, corporate coverage, and continuously expand product coverage. In addition to the spot trading of start-up stock, the company also introduces many new products, such as futures trading, Industry index, regional index, enterprise Combination index and so on. This not only effectively improve the gem market volume, but also to stabilize the entire plate played an important role.

Third, play the role of intermediary agencies in the gem market. Through the form of "partner", the company is closely related to dozens of institutions, such as securities companies, investment banks, advisory bodies and accounting law institutions, and plays an auxiliary role of intermediary agencies.

Finally, establish the channel between the gem market and the motherboard market. Companies currently traded on the "open market" of the company will be able to board boards such as standard market or premium market after complying with the requirements. This will provide a future growth opportunity for companies trading in the open market, and more conducive to attracting good SMEs to the "open market".

Five, strengthen the construction of professional talent team. "Through field exchanges, I am impressed by the strong professional staff of the exchange," she said. No good idea can be achieved without a professional team. In the emerging plate we will also strengthen their own research and development staff, independent in-depth research.

On the "timetable" issue of China's gem market, Liping reiterated that in the State Council and the SFC's work arrangements, will be "set up the gem" as an important work this year, but the specific time to start, has not yet received formal notice. The current Shenzhen aspect, starts the gem the work and so on all has already prepared.

She finally told reporters that it started late in the UK, the United States and other countries of the exchange, but in the past decade has been a rapid development, especially in derivatives trading, electronic transactions from behind, forming a spot market, futures market, clearing and clearing, information services as one of the world's leading trading market. The development of the German Exchange Institute provides a useful reference for the development of China's securities market, especially the Shenzhen stock Exchange.