2021年4月23日

The combined size of small and medium-sized boards on the main board of the Shenzhen Stock Exchange will exceed 20 trillion yuan from Monday

The combined size of the main board of the Shenzhen Stock Exchange will exceed 20 trillion yuan

China Securities Regulatory Commission (CSRC) approved the merger of the Shenzhen Stock Exchange’s main board with the SME board today. In the future, Shenzhen will form a market pattern with the main board and the Growth Enterprise Board as the main body. The securities category of the former SME listed companies will be changed to “A-shares on the main board”, and the securities codes and abbreviations will remain unchanged.

Three companies listed on the Shenzhen Stock Exchange today, becoming the first group to list on the new main board of the Shenzhen Stock Exchange.

Optimize the plate structure to meet the financing needs of different enterprises

A person in charge of the China Securities Regulatory Commission (CSRC) said that the merger of the SSE’s main board and the SME board will help optimize the SSE’s plate structure and better meet the financing needs of enterprises at different stages of development.

The overall arrangement of merging the main board of Shenzhen Stock Exchange and the small and medium-sized board is two unified and four unchanged. The two unified means unified business rules and unified operation and supervision mode. Four unchanged refers to the board after the merger of the listing conditions unchanged, investor threshold unchanged, trading mechanism unchanged, securities code and abbreviation unchanged.

Pi Liuyi, Deputy Director of the Market Department of the China Securities Regulatory Commission, said that the main board and small and medium-sized board of the Shenzhen Stock Exchange have exposed some problems in the development. For example, the homogenization of the main board and the long-term solidification of the main board structure, the merger of the Shenzhen Stock Exchange’s main board and the SME board is a problem-oriented reform, which is conducive to the optimization of the board structure of the Shenzhen Stock Exchange and the formation of a development pattern in which the main board and the Growth Enterprise Board have their own emphasis and complement each other. To better meet the financing needs of enterprises in different stages of development, and increase the service function of Shenzhen Stock Exchange.

Tian Lihui, Dean of the Institute of Financial Development at Nankai University: The merger of the two boards will allow large and medium-sized enterprises to be listed on the merged board, while small entrepreneurial and innovative enterprises will be registered and listed on the Growth Enterprise Board. Two board merger can gradually form not to the size of the enterprise on the hero. In this way, we can clarify the listing hierarchy, straighten out the relationship between sectors, simplify regulatory work, protect investors, and deepen the reform of the capital market.

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