The third anniversary of the science and technology board ｜ Science and Technology Board as the first batch of pilots in the city merchants will be released.

21st Century Business Herald reporter Wang Yuanyuan Shanghai report

The science and technology board's market business system has entered the implementation stage of the sprint.

Recently, media reports said that the first batch of brokers who have obtained the pilot of science and technology board may be nearly 10.

Among them, 4 to 5 securities firms have passed the multi -round technical system evaluation and tests organized by the Shanghai Stock Exchange, and have obtained the acceptance report issued by the exchange to prepare to submit relevant materials for the application for business qualifications to the Securities Regulatory Commission.

"After multiple rounds of special evaluation tests organized by the Shanghai Stock Exchange, the simulation of the city's obligation test, etc., the acceptance report issued by the exchange has now been obtained. Stocks are related to the city's transaction business. "China Merchants Securities said.

In addition, there are 4 to 5 securities firms being conducting technical system improvements and other work, and are expected to pass related tests this week.

Actively prepare

On July 15th, the Shanghai Stock Exchange issued two announcements to promote the progress of the science and technology board stocks, namely the "Implementation Rules for the Implementation of the Shanghai Stock Exchange Science and Technology Innovation Board Stocks" and "Shanghai Stock Exchange Stock Exchange Business Guide No. 8 -Science and Technology Board Stocks ".

In the above documents, the science and technology board stock sponsor agencies with the qualifications of listed securities as a market trading business are encouraged, or the securities company that actually controls the sponsorship agency provides market services to the sponsored science and technology board stocks during the continuous supervision period.

Many securities firms have been actively preparing for the market.

Guangfa Securities stated that in terms of science and technology board business, the company actively tracks business progress, cooperates with exchanges related work, has participated in related meetings on exchanges and feedback relevant suggestions.

In terms of the municipal system, the company has formulated a municipal business -related system to regulate the city's business management system, job responsibilities, business processes, risk management systems, monitoring and reporting mechanisms, risk and emergency treatment. In addition, before the official development of the science and technology board, the company will also formulate the "Science and Technology Innovation Board as a Municipal Business Trading Manual" to make specific operations, decision -making processes, risk management, emergency disposal and other details of the science and technology board business. Regulate.

In addition, the company has set up an independent municipal business team. The team members have related backgrounds such as financial engineering, mathematics, IT and other related work experience.

In terms of the system, the company has completed the preliminary development preparation work of the science and technology board as the “GFQG GFQG GENIE), and will gradually complete the development work according to the business situation of the Shanghai Stock Exchange.

In addition to the first batch of securities firms who have obtained pilot qualifications, the 21st Century Economic Herald reporters learned that other brokers are also promoting relevant preparations. Some securities firms said that the company should not be able to keep up with the first batch of pilots, but it is planning to apply for the second batch of science and technology boards to make a city qualification.

Open the business imagination space

With the gradual advancement of the science and technology board business, the business expansion imagination space brought by securities firms is also more.

"Science and technology board business first helps to expand the company's business scale and increase business income. Unlike the traditional directional investment business, there is a certain strategic capacity limit for the market business. With the quantity, it is difficult to improve the business scale and income. Secondly, do a good job in science and technology boards and market services. Through accurate and stable quotation capabilities to provide liquidity support for investors in the science and technology board market, it is the company's investment transactions, risk control and IT The embodiment of comprehensive capabilities such as technology will help improve the company's market brand effects. Finally, because the exchange guide recommends that the science and technology board listed company gives priority to the counseling of its listed brokers for market services, so the powerful science and technology board will be the market to do the market. Service capabilities will help improve the company's overall competitiveness. "Guangfa Securities said.

Tang Shengqiao, executive director of China Merchants Securities Derivative Investment Department, believes that the introduction of a municipal business mechanism can achieve the "win -win" effect.

As far as the science and technology board listed companies are concerned, brokers can provide them with comprehensive and full -chain intermediary services such as underwriting sponsor to research consulting to trading. At the same time, the listed company of science and technology boards is a scientific and technological innovation enterprise, which requires the market to give a high valuation premium in order to better develop business. The introduction of the business mechanism of the city can fully fully play the direct financing function, more effectively allocate social resources, and attract social capital into key areas such as national scientific and technological innovation.

For ordinary investors, it can solve the problem of investment channels. The securities firms have the advantages of communicating directly with listed companies, and the company's research is relatively clear and thorough. Brokerage company performing the identity of the city can replace ordinary investors to study related companies and give reasonable pricing to reduce the cost of "stepping on the pit" and the cost of investors Solving information asymmetry and other problems, relieve investors' worries about entering and exiting, so as to enjoy the development dividends brought about by scientific and technological innovation.

As far as securities firms are concerned, it can improve the comprehensive financial service capabilities of securities firms and support the development of the real economy higher quality. Tang Shengqiao further analyzed that the science and technology board stock market can provide securities firms with another relatively low -risk capital intermediary business, reduce the investment volatility of its own funds, and maintain performance stability. At the same time, it can also enhance the competitiveness of Chinese securities firms in the international market.

"However, because the science and technology board stocks are still in the pilot stage, the early stage of the 'qualification certificate' cannot bring significant profit changes to the company. The company's income weight will gradually increase. "Tang Shengqiao said. The Oriental Securities Non -Silver Research Team said that the recently announced market rules have enriched the choice of self -operating business in the business of brokers, and promoted the improvement of the liquidity of science and technology boards.

"The launch of this rules has three significant significance. The first is to fill the gaps of the A -shares without the market trading system, so that the market transaction system is further improved. After the runtime is mature The city is conducive to enriching the choice of self -employed business for securities firms, reducing the volatility of self -operated investment performance, and improving the stability and toughness of the overall performance of the brokerage firms; the second is the strict evaluation standards for the city's rules to help improve the business quality and specifications of the brokerage firms At the same time, the head brokers with strong professional and capital capabilities to further strengthen their own advantages, and the Matthew effect is significant; the third is to help further enhance the liquidity of stocks of science and technology boards, stabilize market demand, enhance market toughness, and do at the same time The price discovery function of the city merchants helps promote the price of securities to move closer to actual value and further improve the construction of the sector. "Oriental Securities Non -Silver Research Team said.

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