Xi Guohua, member of the National Committee of the Chinese People’s Political Consultative Conference, vice chairman and general manager of CITIC Group
During the two sessions, Xi Guohua, member of the National Committee of the Chinese People’s Political Consultative Conference and vice chairman and general manager of CITIC Group, said that running the Beijing Stock Exchange is an important task for the reform and development of the current capital market. The company’s legal status and other four aspects will further enhance the ability of Beijing Stock Exchange to serve innovative small and medium-sized enterprises.
Xi Guohua said that CITIC Group will fully participate in the construction of the Beijing Stock Exchange, fulfill its responsibilities as a central financial enterprise, and work together with all sectors of society to jointly build the Beijing Stock Exchange into a main front for serving innovative small and medium-sized enterprises, and make the capital market become the development of science and technology enterprises. booster.
During the online issuance and purchase of new shares, the companies to be listed on the Beijing Stock Exchange require investors to pre-pay the subscription funds in full before subscription. Xi Guohua believes that the amount of funds frozen in the issuance and subscription of the Beijing Stock Exchange is large and the time is long, and the efficiency of investors’ use of funds is low. Especially during the centralized issuance of multiple stocks, it will have an impact on investors’ participation in the issuance and subscription, which is not conducive to investors’ participation in the issuance and subscription of new shares. In this regard, Xi Guohua suggested to optimize the subscription mode, and adjust the subscription mode of the online issuance and subscription of new shares of the Beijing Stock Exchange from full prepayment subscription to credit subscription, so as to improve the efficiency of investors’ capital use.
“Companies listed on the Beijing Stock Exchange have the characteristics of new industry, early stage, and small market value.” Xi Guohua said that from the experience of major exchanges in the world, small-cap companies have relatively poor trading liquidity, and need to innovate the trading system in a targeted manner. . At the same time, the current transaction cost of the North Exchange is relatively high, which affects the enthusiasm of various investors to a certain extent. The stock code of the Beijing Stock Exchange still uses the original code of the company listed on the New Third Board, which is not convenient for investors to identify, but also affects the market’s perception of the identity of the listed company. In this regard, Xi Guohua suggested that the Beijing Stock Exchange should launch a market-making trading system to form a hybrid system in which auction trading and market-making trading coexist. By reducing taxes and fees, attract all kinds of investors to participate in market transactions and gradually optimize the main structure of investors. Set up an independent stock code system of the Beijing Stock Exchange to improve the identification of listed company stocks.
Xi Guohua said that currently listed companies on the Beijing Stock Exchange are mainly small-cap companies, and the number of listed companies is relatively small, which does not completely match the needs of public funds, insurance companies and other institutional investors who tend to allocate large-cap companies in their investment portfolios. Therefore, he suggested to speed up the launch of CBEX index funds, encourage fund managers to issue featured fund products, and allocate a certain percentage of index funds or CBEX stocks in the newly issued featured fund products. A green channel for the approval and filing of various asset management products invested in the Beijing Stock Exchange was opened to promote the expansion of product scale.
Xi Guohua mentioned that the legal status of public companies should be clarified, and the legal application of the Beijing Stock Exchange and the New Third Board should be resolved. Specifically, introduce the concept of public companies into the company law, clarify the legal status of public companies and non-public companies, and highlight the differences between the two, so as to create a good legal environment for the construction and development of the Beijing Stock Exchange and the New Third Board.Return to Sohu, see more
Editor:
Statement: The opinions of this article only represent the author himself, Sohu is an information publishing platform, and Sohu only provides information storage space services.