When Alibaba went public in the United States, people in the domestic market sighed that another “Golden Phoenix” flew away.In order not to let the domestic “Golden Phoenix” fly away and attract more excellent companies to list in the domestic capital market, the regulators and exchanges are also accelerating the system design.
At the just concluded 2014cctv summit of China’s listed companies, representatives from the senior management of Shanghai and Shenzhen stock exchanges attended and delivered speeches respectively.The reporter of the two financial daily shows unprecedented attention to the strategy of the first emerging industry exchange.
王宏表示，战略性新兴产业公司在企业业绩、研发投入和盈利质量等方面均领先于整个行业，业绩突出。It is obvious that strategic emerging industry companies play an important role in Shenzhen Stock Exchange, and there is an urgent need to solve historical problems such as loss making enterprises going public.
However, the Shanghai Stock Exchange still hopes to set up a new strategic emerging industry board in Shanghai, which may be “connected to the main board and next to the gem” in the future.According to Gui Minjie, the chairman of the Shanghai Stock Exchange, the board will be positioned as a relatively mature enterprise with a slightly larger scale, which has passed the growth stage, which is different from the gem which focuses on small-scale enterprises in the entrepreneurial stage.
Differentiated institutional arrangements
In order to attract more strategic emerging enterprises to the gem, Shenzhen Stock Exchange will have more actions.In her speech at the summit, Wang Hong said that the Shenzhen stock exchange is carrying out various institutional designs and revealing more details.
First of all, in terms of supporting the listing of loss making enterprises, Wang Hong said that Shenzhen stock exchange is studying to further reduce the financial access threshold of gem and support the listing of unprofitable Internet and technological innovation enterprises.Specifically, while reducing the financial threshold, it will also introduce supporting rules to control the risks of such emerging enterprises by establishing the qualified investor system, differential trading mechanism, enhanced information disclosure and risk disclosure.
In addition, Shenzhen Stock Exchange will promote the deregulation of IPO related constraints, including promoting and supporting the employee incentive behavior of GEM companies before IPO; clarifying the legal effect of the bet agreement, promoting the judicial interpretation of the bet agreement by the judiciary, and promoting the deregulation of the IPO bet agreement in the IPO pre-trial stage; studying the legal problems existing in the process of dismantling the vie structure and red chip structure To simplify the audit supervision and disclosure requirements of the structure in IPO audit.
It is also one of the plans of Shenzhen Stock Exchange to promote differentiated M & a institutional arrangement.Shenzhen Stock Exchange will further explore the market-oriented reform of M & A and try out “small amount and fast” M & A for stock exchange, so as to make PE valuation and pricing more feasible.