Two Way Expansion Of Capital Scale

The annual "two sessions" have already begun.

Direct financing

According to the prediction of key work arrangements in the Shanghai Securities Journal, the number of initial public companies will not exceed the level of the past two years in the next 5 years.

More experts predict that by the end of 2015, the total number of Listed Companies in Shanghai's main board, Shenzhen medium and small board and gem will increase by 70%.

In recent years, direct financing in the capital market has developed rapidly, but in general, indirect bank financing still dominates.

To give full play to the function of the capital market in serving the development of the national economy, it is necessary to raise the proportion of direct financing and reduce the excessive dependence on indirect financing by the economic development.

To this end, market-oriented reform of the IPO system will continue to advance.

People pointed out that regulators are expected to promote the marketization reform of small and medium board IPO, build a further price stabilization mechanism, promote flexible selection of the time window for IPO, and simplify the SME Investment fund-raising process.

Refinancing system reform will also become an important part of the reform of the distribution system.

It is reported that regulators intend to improve the refinancing market constraints and study the classified supervision of refinancing.

Relevant departments will also continue to streamline the existing refinancing audit procedures, and conduct a pilot scheme for registration of suitable securities.

In addition, it is intended to explore the flexibility to make decisions on the issue of securities through legislation giving appropriate authority to the board of directors of listed companies.

Diversified investors entering the market

Over the past 5 years, the regulatory authorities are committed to promoting diversified institutional investors to enter the market and broaden the long-term capital market access. The structure of investors in the A share market has improved significantly.

Authoritative data show that by the end of 2010, the market share of all institutional investors accounted for 70.9% of the market value, double the end of 2005.

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The possible measures include encouraging and even forcing the dividend policy of listed companies, and further improving the relationship between dividends and refinancing qualifications of listed companies, effectively increasing the dividend intensity of listed companies, relaxing the access conditions of fund companies in an orderly way, further relaxing the scope of fund investment, establishing an evaluation system based on medium and long-term investment objectives, promoting product innovation and organizational innovation in the fund industry, further opening up the investment proportion of insurance funds, and encouraging pensions and venture capital to actively enter the market.

Upgrading of multi-level market system

The regulatory authorities will also promote the construction and improvement of the multi-level capital market system and vigorously develop the main board market.

According to public data, as of February 25th, there were 1376, 552 and 183 A share listed companies in the main board, medium and small board and gem respectively, with 79 listed company in total, with a total market value of about 1 billion 284 million yuan.

It is foreseeable that in the next 5 years, China's main board market will still maintain a relatively fast pace of development. The simultaneous listing of large and medium enterprises, the overall listing of enterprises, and the merger and reorganization of listed companies will all be supported by policies.

The industry is expected to meet the requirements of H-share companies to small and medium-sized board, gem issue A shares, quality red chip companies return to gem, etc., is also expected to solve the problem.

Since 2010, the construction of the OTC market based on the agent share pfer system has entered a "fast lane". The formulation of relevant implementation plans, rules and guidelines has also been preliminarily completed.

The financing function of OTC market is expected to play a significant role.

The scope of the pilot system will be further expanded, and market makers, qualified individual investors and other systems will be introduced synchronously. The regulatory authorities will also explore the pfer mechanism of the quality agency to the SME board and gem market.

Part of the organizers expect that the agency's listed companies will be pferred to small and medium sized boards and gem, and it is expected that the green quick pfer mechanism can be implemented by simplifying the approval process, approval level and information disclosure.

In addition, the SME bond issue will be gradually solved in the next 5 years, and high credit class bonds are also expected to be listed on the stock market.

The annual "two sessions" have already begun.

It is reported that the "12th Five-Year" key work plan for the development of the securities market is under study and formulation. In the next 5 years, China's stock market is expected to achieve the "two-way expansion" of the size of the issue and the scale of capital, and the multi-level capital market system, including motherboards, small and medium sized boards, gem and OTC markets, will be more perfect.

Direct financing

According to the prediction of key work arrangements in the Shanghai Securities Journal, the number of initial public companies will not exceed the level of the past two years in the next 5 years.

More experts predict that by the end of 2015, the total number of Listed Companies in Shanghai's main board, Shenzhen medium and small board and gem will increase by 70%.

In recent years, direct financing in the capital market has developed rapidly, but in general, indirect bank financing still dominates.

To give full play to the function of the capital market in serving the development of the national economy, it is necessary to raise the proportion of direct financing and reduce the excessive dependence on indirect financing by the economic development.

To this end, market-oriented reform of the IPO system will continue to advance.

People pointed out that regulators are expected to promote the marketization reform of small and medium board IPO, build a further price stabilization mechanism, promote flexible selection of the time window for IPO, and simplify the SME Investment fund-raising process.

Refinancing system reform will also become an important part of the reform of the distribution system.

It is reported that

Diversified investors entering the market

Over the past 5 years, the regulatory authorities are committed to promoting diversified institutional investors to enter the market and broaden the long-term capital market access. The structure of investors in the A share market has improved significantly.

Authoritative data show that by the end of 2010, the market share of all institutional investors accounted for 70.9% of the market value, double the end of 2005.

During the "12th Five-Year" period, the regulatory authorities will continue to develop institutional investors, actively guide institutional capital and long-term capital to enter the market, so as to achieve the "two-way expansion" of the size of the market and the scale of funds.

The possible measures include encouraging and even forcing the dividend policy of listed companies, and further improving the relationship between dividends and refinancing qualifications of listed companies, effectively increasing the dividend intensity of listed companies, relaxing the access conditions of fund companies in an orderly way, further relaxing the scope of fund investment, establishing an evaluation system based on medium and long-term investment objectives, promoting product innovation and organizational innovation in the fund industry, further opening up the investment proportion of insurance funds, and encouraging pensions and venture capital to actively enter the market.

Upgrading of multi-level market system

The regulatory authorities will also promote the construction and improvement of the multi-level capital market system, vigorously develop the main board market, the growth enterprise market and the OTC market, and accelerate the development of small and medium-sized boards.

According to public data, as of February 25th, there were 1376, 552 and 183 A share listed companies in the main board, medium and small board and gem respectively, with 79 listed company in total, with a total market value of about 1 billion 284 million yuan.

It is foreseeable that in the next 5 years, China's main board market will still maintain a relatively fast pace of development. The simultaneous listing of large and medium enterprises, the overall listing of enterprises, and the merger and reorganization of listed companies will all be supported by policies.

The industry is expected to meet the requirements of H-share companies to small and medium-sized board, gem issue A shares, quality red chip companies return to gem, etc., is also expected to solve the problem.

Since 2010, the construction of the OTC market based on the agent share pfer system has entered a "fast lane". The formulation of relevant implementation plans, rules and guidelines has also been preliminarily completed.

The financing function of OTC market is expected to play a significant role.

The scope of the pilot system will be further expanded, and market makers, qualified individual investors and other systems will be introduced synchronously. The regulatory authorities will also explore the pfer mechanism of the quality agency to the SME board and gem market.

Part of the organizers expect that the agency's listed companies will be pferred to small and medium sized boards and gem, and it is expected that the green quick pfer mechanism can be implemented by simplifying the approval process, approval level and information disclosure.

In addition, the SME bond issue will be gradually solved in the next 5 years, and high credit class bonds are also expected to be listed on the stock market.