tripletriplebonuspoker| A new ecology of the capital market with moderate relaxation is being born

An Ning

A new ecology of capital market with a certain degree of relaxation is being born.

On April 22, the State Council conducted its seventh special study with the theme of "further deepening the reform of the capital market and promoting the stable and healthy development of the capital market". Premier Li Qiang pointed out that we should speed up the improvement of the basic institutional system of the capital market, improve the key systems such as issuance, trading and delisting, and promote a virtuous circle of investment and financing and a dynamic balance between listing and delisting.

The specific contents such as "improving the key systems for issuance, trading, and delisting" put forward in this special study are highly consistent with the contents of the "opinions on strengthening Supervision and preventing risks to promote the High-quality Development of the Capital Market" (hereinafter referred to as "the New Nine articles") issued by the State Council a few days ago. This reflectsTripletriplebonuspokerIt not only shows the consistency of policy-making, but also reflects that the senior level of the State Council attaches great importance to the reform and development of the capital market.

Promoting the dynamic balance of listing and delisting of the capital market is not only a prerequisite for the market to accept the new and develop healthily, but also an important guarantee to give full play to the function of optimal allocation of capital market resources, improve the quality of listed companies and protect the legitimate rights and interests of medium and small investors.

The author believes that to promote the dynamic balance of listing and delisting of the capital market, the key point is to strengthen the reform of "import customs" and "export customs", which are the two most important factors in building a new market ecology.

In terms of "entrance clearance", we should tighten and compact the responsibilities of all parties in the whole chain of issuance supervision, improve the quality of listed companies from the source, and continuously inject high-quality running water into the capital market.

In recent years, the CSRC has taken continuous measures to strictly control the "entrance". On March 15 this year, the CSRC issued four policy documents, including the opinions on strict access to issue and listing to improve the quality of listed companies from the source (for trial implementation) (hereinafter referred to as "opinions"). Based on the whole chain of IPO, the "opinion" puts forward eight policies and measures to strengthen the control of the "entrance gate" of the capital market and the relationship between balance and quality, which basically covers all the relevant subjects and links of the enterprise listing.

"the IPO listing of enterprises must not be for the purpose of 'circling money', let alone fake or fraudulent listing. Therefore, the examination and registration of all links should be in accordance with the law, strict and strict, urge issuers to disclose true, accurate and complete information, and try their best to keep counterfeiters out of the capital market. " On March 6, at the economic press conference of the second session of the 14th National people's Congress, Wu Qing, chairman of the Securities Regulatory Commission, stressed the regulatory attitude of the CSRC towards the issuance and listing of enterprises.

The new "National Nine articles" also highlights the strict access to issuance and listing as an important task, which will help to improve the quality of A-share listed companies from the source and improve the efficiency and quality of the capital market to serve the real economy.

In terms of "export customs", we will continue to deepen the reform of the delisting system and improve relevant supporting mechanisms and measures. Accurately realize "should retreat as much as possible", enhance the metabolic capacity of the capital market, and achieve the pattern of orderly advance and retreat and timely clearance.

The new "National Nine articles" proposes to further strictly enforce delisting standards, smooth multiple delisting channels, reduce the value of "shell" resources, and strengthen delisting supervision.

On April 12, the CSRC issued the opinions on the strict implementation of the delisting system, focusing on improving the overall quality of stock listed companies, strengthening the clearance of "zombie empty shells" and "black sheep" through strict delisting standards, and strengthening investor protection for delisted companies.

A rolling stone gathers no moss. There are both in and out of the capital market, and keeping a dynamic balance between listing and delisting is the inherent logic of the high-quality development of the market. A good control of "import" and "export" is an important guarantee for the stability of the capital market.