The Shanghai Stock Exchange releases the implementation rules for the implementation of the city's trading business. Many securities companies have announced their active preparations.

On July 15th, the Shanghai Stock Exchange released the "Implementation Rules for the Implementation of the Shanghai Stock Exchange Science and Technology Innovation Board Stocks of the Stocks of the City" (hereinafter referred to as the "Implementation Rules") and the "Shanghai Stock Exchange Stock Exchange Business Guide No. 8- -The Science and Technology Board Stocks "", make more specific and detailed transactions and regulatory arrangements for the science and technology board trading business. The above two documents are implemented from the date of release.

The Shanghai Stock Exchange pointed out that in the three years since the opening of the science and technology innovation board, the registration system has been steadily piloted, and the reform of basic systems such as issuance, listing, information disclosure, transactions, and delisting has been promoted, and various system arrangements have undergone market inspections. The opening of the science and technology board is about to reach the 3rd anniversary, and the market operation is stable. The current introduction of the market business mechanism will help further enhance the liquidity of the science and technology board stocks, enhance the market toughness of the market, and better promote the construction of the sector.

"Daily Economic News" reporter noticed that many securities firms have recently announced that they will apply for science and technology boards as cities, including CITIC, CITIC, Galaxy, Guoxin, Oriental, Fangzheng, Zhejiang Shang, Guojin, Soochow, Dongwu, and Dongwu , Caitong, Huatai, Zhongtai, etc.

Let's take a look at the main points of the "Implementation Rules".

Point 1: Clarifying the market dealers must not be traded and manipulate the market

Doing the stock business of the city business to carry out science and technology boards should strictly abide by laws and regulations, departmental rules, standardized documents, relevant rules of the institute, and the agreement of the municipal agreement. Waiting for violations of laws and regulations or seek other improper interests, no transaction shall be used to use uninterrupted information.

Key points 2: Clarify the application and termination procedures for the city's service

If a securities company applies to provide a market service for the specific science and technology board stocks, the following filing materials shall be submitted to the Shanghai Stock Exchange: (1) Science and Technology Innovation Board Stocks for the City Trading Business Application Form; Copy documents for the certification documents of the municipal trading business; (3) Science and Technology Innovation Board Stocks as Municipal Special Securities Account Information Report Forms; (4) Other materials prescribed by the Shanghai Stock Exchange.

Those who apply for the termination of the science and technology board shares to do the market transaction business shall notify the Shanghai Stock Exchange at least 15 trading days in advance, and it shall be terminated after confirmation.

Those who apply for a municipal business application to terminate the stock business of a specific science and technology board do the market transaction business. Within one year, we must not apply for the market transaction business for Renyi Kuangbu Stocks.

Key points 3: Clarify the five situations of the Shanghai Stock Exchange to terminate all the stocks of the city's science and technology board shares to do the city trading business

If there is one of the following situations as a market business, the Shanghai Stock Exchange can terminate all its science and technology board stocks as the market trading business and announce to the market:

(1) No longer available for listing securities to do the business qualifications of the city;

(2) The results of the annual comprehensive evaluation of the city merchants are D;

(3) The results of the annual comprehensive evaluation of the city merchants are C and the ranking is at the end of 10%;

(4) Severe violations of laws and regulations occur;

(5) Other circumstances stipulated by the Shanghai Stock Exchange or the agreement agreed in the city agreement.

Key points 4: Clarifying that the city businessmen should use their own funds to carry out market transactions

To carry out the city trading business, it should be used as a municipal special securities account (hereinafter referred to as a special account) and reported to the Shanghai Stock Exchange for the record. Municipal merchants shall not use special accounts to conduct other businesses other than the city trading business. If a special account of municipal business changes, at least 15 trading days in advance should be filed with at least 15 trading days in advance, and it should be implemented after confirmation.

Municipal merchants should use their own funds to carry out the market trading business. As a shareholder held by a special account, referring to the shares held by the self -operated shares, and included in the consolidation of the number of shares of the same listed company's shares in the securities company, the disclosure of changes in equity and short -term transactions should be applied.

The shares of listed companies held by the marketing merchants through special accounts should not exceed 5%of the shares issued by the listed company. Securities companies carry out science and technology board stocks as municipal trading business. They can use their own stocks and borrowed stocks borrowed from China Securities and Financial Co., Ltd. (hereinafter referred to as China Securities Financial Corporation) or other stocks that have the right to discipllerate.

To apply for a municipal business, the shares of the subsidiary who participated in the science and technology board stocks and the subsidiaries who participated in the science and technology board stocks and the subsidiaries should be obtained within the promised holding period. Improper interests.

Point 5: Clarifying the market indicators of science and technology board stocks include four major elements

The market indicators of the science and technology board stock include the following elements: (1) the maximum trading price difference; (2) minimum quotation amount; (3) quotation participation rate; (4) other indicators.

Point 6: Clarify the marketing service evaluation and assessment system

The Shanghai Stock Exchange regularly evaluates the marketing merchants and market services based on the market indicators, the city's performance and regulatory compliance. The service evaluation of the city merchants is divided into 5 grades of AA, A, B, C, D, and published each month, and announced the evaluation results to the corresponding city merchants and stock issuers.

According to the monthly evaluation of the city's service, the merchant's institution will conduct a comprehensive evaluation of the overall market service situation of the city to the market every year, and announce it to the market.

If there is severe fluctuations in the market or other special circumstances, the Shanghai Stock Exchange may decide not to evaluate the market situation of the market in a specific cycle and announce it to the market.

If the city merchants violate the provisions of these rules, relevant rules, or make the city agreement, the Shanghai Stock Exchange can lower its evaluation results.

The Shanghai Stock Exchange pointed out that the introduction of a city business mechanism in the science and technology board is a useful attempt to further play the role of the "test field" of science and technology boards. In the next step, under the guidance of the China Securities Regulatory Commission, we will actively promote the science and technology board to do the related work of the city business mechanism, make every effort to ensure the smooth and orderly implementation of the pilot, and continue to promote the high -quality development of the science and technology board market. Many securities firms have announced that they will apply for science and technology board as a city merchant qualification

It is worth mentioning that "Daily Economic News" reporters noticed that many brokerage companies have announced recently that they will apply for science and technology boards as cities, including CITIC, CITIC, Galaxy, Guoxin, Oriental, Founder, and Zhejiang merchants. , Guojin, Soochow, Caitong, Huatai, Zhongtai, etc.

According to the "Provisions for the Municipal Transaction Business Pilot" issued by the Securities Regulatory Commission on May 13, the brokerage companies that can participate in the first batch of pilots must meet the net capital in the last 12 months. The classification rating is above the two conditions of Class A (inclusive). According to the data of 2021, a total of 26 securities firms currently meet the above two "hard indicators".

However, as usual, the annual classification evaluation results will be announced in mid -to -late July. Now that it is in mid -July, if the first batch of pilots are finally determined after the results of this classification evaluation are released, then whether each broker applied for the pilot will eventually be approved, it remains to be observed.

The science and technology board's market business system has high hopes for both the science and technology board and the securities sector.

Xingye Securities (SH601377, stock price of 6.45 yuan, and a market value of 43.2 billion yuan) has stated that the science and technology board's market business system is expected to improve the liquidity of science and technology boards, enhance price discovery, and improve stability. It will help the long -term development of the science and technology innovation board. "Science and Technology Breakout" one of the important driving forces.

The calculation of Caitong Securities (SH601108, a stock price of 7.2 yuan, and a market value of 33.4 billion yuan) shows that assuming that the market value of the securities firms is between 1%and 4%, the total size of the science and technology board is expected to be from 50 billion yuan to 2100 to 2100 Between 100 million yuan. After the introduction of the introduction of the market business, the transaction volume increased to 55 billion yuan/day, the market price difference was 0.5%, and the proportion of market transactions accounted for 20%. It is expected that the annual income income will be about 10 billion yuan to 13 billion yuan. Yuan; calculated by 90%of the profit margin, the incremental profit brought about was about 9 billion yuan to 11.7 billion yuan.

Daily Economic News

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