Shanghai Stock Exchange releases science and technology board stocks as market trading business rules to enhance the liquidity of science and technology board stocks to enhance market toughness

16Jul

Our reporter Wu Xiaolu Guo Jichuan on July 15th, the Shanghai Stock Exchange issued and implemented 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 No. -Science and Technology Board Stocks "", make more specific and detailed transactions and regulatory arrangements for the science and technology board trading business. Shao Yu, the chief economist of Oriental Securities, said in an interview with the Securities Daily that the market has fully expected and affirmed the marketing mechanism of the science and technology board. The threshold for science and technology boards is high. After introducing market merchants, it can improve the price efficiency and increase the liquidity of the market. "In addition to the introduction of a market business mechanism, in addition to providing a more balanced effective pricing for science and technology board companies, it also helps the large fluctuation of smooth stock prices, which is of meaning to stable markets and individual stock prices." Wuhan University of Science and Technology Financial Securities Financial Securities Director Dong Dengxin told the Securities Daily reporter. The launch of the science and technology board's market business mechanism is an important measure to continuously improve the capital market basic system and further play the role of the "test field" of the science and technology board reform. The "Implementation Opinions on the Establishment of Science and Technology Board and Pilot Registration System on the Shanghai Stock Exchange" proposes that on the basis of bidding transactions, when the conditions are mature, the city business mechanism is introduced. Since the opening of the science and technology board, the registered registration system has been steadily piloted, and the reform of basic systems such as distribution, listing, information disclosure, transactions, and delisting has been promoted, and various system arrangements have undergone market inspection. At present, the opening of the science and technology board opening 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. According to the "Regulations on the Pilot of the City Trading Business" issued by the China Securities Regulatory Commission in May 2022 (hereinafter referred to as the "Regulations on the City"), the Shanghai Stock Exchange formulated the "Implementation Rules" and supporting business guidelines and publicly solicited to the market to solicit with the market. Opinion. After careful research and full survey, the Shanghai Stock Exchange's reasonable and fertile opinions and suggestions on market feedback were absorbed and adopted. The main contents of the revised "Implementation Rules" include: First, clarify the application and termination of the city service. Science and Technology Board Stock Application Application adopts a filing system, and securities companies that have obtained listed securities as a market trading business can provide a market service for specific science and technology board stocks. The second is to clarify the rights and obligations of municipal businessmen. Municipal merchants should meet the relevant requirements of the Shanghai Stock Exchange on the Shanghai Stock Exchange. The Shanghai Stock Exchange regularly evaluates the city merchants and gives measures such as actively performing obligations to provide appropriate reduction in transaction costs. The third is to clarify the supervision and management of city merchants. Municipal merchants should improve risk management and internal control systems, establish risk prevention and business isolation mechanisms, and ensure that compliance and orderly development of the city trading business. "Since the market business mechanism has been practiced in the New Third Board market for many years, it has an experience foundation in the pilot of the science and technology board, and it can be more standardized and effective during the implementation process." Daily reporter said in an interview that the introduction of the business mechanism for the introduction of the science and technology board, on the one hand, has higher requirements for the qualifications of the market business, and the system is clearer and detailed on the other An institutional attempt. The Shanghai Stock Exchange stated that in the next step, under the guidance of the China Securities Regulatory Commission, it will actively promote the science and technology board to do the related work of the market business mechanism, fully ensure the smooth and orderly implementation of the pilot, and continue to promote the high -quality development of the science and technology board market.

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Photo ｜ Bag Picture Network Station Cool Hero Production | Zhou Wenrui

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