recently, the state council issued the "several opinions on strengthening supervision to prevent risks and promote high-quality development of the capital market", which has 9 parts. this is following the two "national nine" in 2004 and 2014, and after 10 years, the state council once again issued a capital market guidance document, and the nine major points deserve attention.
point one: the high-quality development of the capital market must adhere to the "five must"
how to deeply grasp the main connotation of high-quality development of the capital market and achieve stable and healthy development of the capital market? the opinions put forward "five must" :
-- we must uphold and strengthen the party's leadership...
- we must always practice the concept of finance for the people...
-- we must comprehensively strengthen supervision and effectively prevent and defuse risks...
-- we must always adhere to the principle of market rule of law...
-- we must firmly grasp the theme of high-quality development...
"five must", reflecting the goal orientation, is not only the inherent requirements of the high-quality development of the capital market, but also the practice path of stable and healthy development of the capital market.
in addition, the opinion also clarified the development goals of china's capital market "in the next 5 years", "to 2035" and "to the middle of this century", and set a clear road map.
point two: the iterative upgrading of the issuance and listing system
ipo has always been concerned by all parties. according to the new situation of the reform and development of the capital market, the opinions should further improve the issuance and listing system, strengthen the responsibility of the whole chain of issuance and listing, and increase the supervision of issuance underwriting, so as to strictly control the issuance and listing access.
in terms of further improving the issuance and listing system, the opinions clearly improve the listing standards of the main board and gem, improve the evaluation standards of the science and innovation board's science and innovation attributes, expand the coverage of on-site inspection, and strictly check the refinancing audit. it is foreseeable that the issuance and listing system will be further iterated and upgraded and become more refined.
the opinions have released the policy signals of further consolidating the issuer's first responsibility and the intermediary's "gatekeeper" responsibility, strictly investigating illegal issues such as fraudulent issuance, and regulating market chaos such as overraising at high prices and holding prices together, which will be conducive to forming more effective market constraints in the issuance and listing process.
point three: formulate market value management guidelines for listed companies
reduction of holdings, cash dividends, investment value of listed companies, information disclosure and corporate governance... the guideline focuses on measures for the continuous supervision of listed companies.
for the counterfeiting behavior that is deeply hated by all parties in the market, the opinions stressed the construction of a comprehensive punishment and prevention system for the capital market to prevent counterfeiting and combat counterfeiting, and seriously cracked down on illegal behaviors in key areas such as financial fraud and the occupation of funds. for the reduction of holdings, the opinions clearly introduced the management measures for listed companies to reduce holdings, classified policies for different types of shareholders, and resolutely prevented all kinds of detour to reduce holdings. for the dividend, the opinion is clear to increase the incentive of dividend high-quality companies, and take multiple measures to promote the increase of dividend rate.
how to promote the investment value of listed companies? market value management is the focus of attention. the opinions put forward new policy measures and proposed to formulate market value management guidelines for listed companies. the market value management of listed companies is included in the internal and external evaluation system. at the same time, we will strictly crack down on market manipulation, insider trading and other illegal activities in the name of market value management.
point four: improve the investor compensation relief mechanism in the process of delisting
delisting supervision is not only related to the capital market "export", but also related to the vital interests of relevant investors. opinions on the delisting policy measures, continue to work hard in the smooth "export", but also pay more attention to the legitimate rights and interests of relevant investors.
in the smooth "exit", the opinions are further strict mandatory delisting standards, further smooth multiple delisting channels, and further reduce the value of "shell" resources. among them, the establishment and improvement of the differentiated delisting standard system of different sectors and the scientific setting of the scope of application of major illegal delisting deserve attention.
at the same time, the opinions clearly improve the investor compensation and relief mechanism in the delisting process, and the controlling shareholders, actual controllers, directors, and executives who are responsible for major illegal delisting should compensate investors for losses in accordance with the law.
point five: improve the securities fund industry salary management system
to strengthen the supervision of securities fund institutions, it is necessary to promote the industry to return to its source, do better and become stronger. clear opinions, strengthen the management of industry institutional shareholders and business access; promote industry institutions to strengthen investment banking capacity and wealth management capacity building; support head institutions to enhance their core competitiveness through mergers, acquisitions, reorganization, organizational innovation and other means.
in addition, the opinions are also clear, improve the compensation management system of the securities fund industry that is compatible with business performance, business nature, contribution level, compliance risk control, and social culture.
point six: strengthen strategic force reserves and stability mechanisms
"strengthening trading supervision and enhancing the internal stability of the capital market" is one of the focuses of attention after the introduction of this opinion, and the relevant policy measures reveal a lot of information. for example, the new formulation of "strengthening strategic force reserve and stability mechanism construction" is remarkable. for another example, "explore the futures regulatory system and business model that adapt to china's development stage" and "do a good job of cross-market, cross-industry and cross-border risk monitoring and response" mean that in promoting the smooth operation of the market, supervision will be further strengthened.
for the trading supervision concerned by the market, the opinions have released a clear policy signal: the introduction of procedural trading regulations, strengthen the supervision of high-frequency quantitative trading; to formulate rules for the operation of private equity funds; improve measures to cope with extreme situations; we will seriously investigate and punish illegal acts such as market manipulation and malicious short selling...
it is particularly noteworthy that the opinions have also brought new breakthroughs in the expected management mechanism, making it clear that the impact of major economic or non-economic policies on the capital market will be included in the macro policy orientation consistency assessment framework, and a coordination mechanism for major policy information release will be established.
point seven: optimize the insurance fund equity investment policy environment
the sustained growth of long-term investment power is inseparable from vigorously promoting medium - and long-term capital into the market. the opinions put forward many practical measures for promoting medium - and long-term funds to enter the market.
in terms of establishing a market ecology for cultivating long-term investment, the opinions propose to improve the basic system for long-term investment and build a policy system supporting "long-term investment with long-term money". we will vigorously develop equity-related public offering funds and significantly increase the proportion of equity-related funds.
the opinions clarify the policy environment for optimizing the equity investment of insurance funds, implement and improve the performance evaluation methods of state-owned insurance companies, and better encourage long-term equity investment. we will improve the supervision system for investment in insurance funds and equity, and optimize information disclosure requirements for listed insurance companies. we will improve investment policies for the national social security fund and the basic pension insurance fund. encourage bank financing and trust funds to actively participate in the capital market.
point eight: we will promote the development of new quality productive forces
in the opinions, the policy measures on "further comprehensively deepening reform and opening up, better serving high-quality development" are proposed to enhance the competitiveness of the capital market system, enhance the inclusiveness of new industries and new forms of business and new technologies, better serve the implementation of national strategies such as scientific and technological innovation, green development, state-owned assets and state-owned enterprise reform, and the development and growth of small and medium-sized enterprises and private enterprises, and promote the development of new quality productivity. this marks the next step of the registration system reform to go deep and solid focus.
in addition, relevant policies and measures also emphasize increasing support for equity and debt financing of enterprises that meet the guidance of national industrial policies and break through key core technologies; promoting high-quality development of the bond and real estate investment trust (reits) markets; expand the financing channels for overseas listing of enterprises, and improve the quality and efficiency of overseas listing filing management.
point nine: capital market rule of law construction is expected to speed up
in recent years, the high-quality development of the capital market cannot be separated from the deepening consensus of all parties. in this opinion, a special article is set up to "promote the formation of joint forces to promote the high-quality development of the capital market." among them, the construction of the rule of law and the strengthening of the joint crackdown on securities and futures crimes have a lot of ink.
in the construction of the rule of law, a series of laws and regulations expected by the market will gradually land. the opinions were clear, and we promoted the revision of the law on securities investment funds. we will issue regulations on the supervision and administration of listed companies, revise the regulations on the supervision and administration of securities companies, accelerate the formulation of regulations on the administration of corporate bonds, and study the formulation of regulations on the administration of real estate investment trusts. the opinions also clearly promote the introduction of judicial interpretation of the crime of breach of trust and damage to the interests of listed companies, and judicial interpretation of civil compensation such as insider trading and market manipulation.
in addition, in the formation of capital market synergy, all parties have been concerned about how to improve the fiscal and tax system conducive to the formation of innovative capital and active market. the opinions gave a response in the relevant measures of "deepening the coordination and linkage between central and local governments and ministries" : implementing and improving the tax policies of listed companies' equity incentives, medium and long-term funds, private equity venture capital funds, real estate investment trusts and other tax policies.
source: chinese government website