In 2015, Shenzhen Stock Exchange (SZSE) has resolutely implemented the strategy of Central Committee of the CPC and the State Council. Under the leadership of China Securities Regulatory Commission (CSRC), the SZSE has maintained market stability, promoted reform and innovation, advanced regulatory transformation and served the real economy. By adhering to market-oriented reforms, the SZSE has deepened the basic functions of market organization, supervision and services. All market sections have witnessed steady improvement in quality and their ability to support real economy and serve national development strategies through finance.
As of December 31, the SZSE recorded 1746 of listed companies, 23.61 trillion yuan (USD 3.64 trillion) of market capitalization, 122.50 trillion yuan (USD 18.87 trillion) of total turnover, and the Shenzhen Component Index rose 9.93% in 2015. There are 476 of listed funds, 1457 of listed bonds and 53 of asset-back securities products. In 2015, the SZSE completed the expansion of Shenzhen Component Index, offered Shenzhen and Hong Kong mutual recognition of funds, implemented reforms in corporate bonds market, developed “LeFu fund supermarket”, and launched innovative products such as silver LOF, Nasdaq 100 ETF and Penghua Qianhai REITS.
We hereby express heartfelt thanks to market participants, relevant parties and the public for your long-term attention and support for the development of multi-tiered capital market and Shenzhen Stock Exchange.
2016 marks the beginning year of “13th Five-Year” plan. Reform and development in the multi-tiered capital market face new opportunities. The SZSE will conduct strict internal management, enhance safe operation as well as risk prevention and control, continue to promote regulatory transformation and two-way market opening, lead development through reform and innovation, and cultivate the market long-term growth momentum.
Frist, we will implement the strategic deployment of the CSRC and promote reform and development in the capital market. The SZSE will implement the requirements of registration-based IPO system reform, deepen the reform of the ChiNext Market, launch specialized tiers for the ChiNext Market, pave the way for companies to transfer to the ChiNext Market from NEEQ, restore IPO for the Main Board, improve the SME Board for return of the small and medium-sized “China concept” stocks listed overseas; promote and implement pilot project of entrusted law enforcement; advance and practice the stock and debt separation scheme; actively promote the launch of the Shenzhen 100 ETF options and CSI 300 ETF options.
Second, we will strengthen front-line supervision and supervisory transformation to enhance the self-disciplinary mechanism. The SZSE will actively promote the reform of trading rules, explore differentiated trading mechanisms for stocks with different market capitalization; improve information disclosure supervision of listed companies in response to the diverse natures of different boards; strengthen credit supervision for fixed income products; adhere to strict, balanced and active supervision approach, enhance stock-taking of regulatory subjects, plan and construct operational risk monitoring platform for products and market and construct big-data text mining regulatory information support system.
Third, we will enrich exchange-traded product lines reflecting characteristics of Shenzhen Market and accelerate product innovation and development. The SZSE will vigorously develop bond market, promote issuance of high-yield debt and perpetual debt products, expand exchangeable bonds and other related debt products; promote REITS and other asset-backed securities products to play a greater role in key areas of the real economy; strengthen and expand the key ETF products based on CSI 300, Shenzhen 100, the SME Board index and the ChiNext index, and conduct R&D on the commodity futures ETF and other innovative products.
Fourth, we will accelerate cross-border cooperation, and promote bilateral market opening and connection at an elevated starting level. The SZSE will actively seek to launch "Shenzhen-Hong Kong Stock Connect" program as soon as possible, promote the mutually recognized funds of Hong Kong to list on the SZSE LOF platform and facilitate mutually recognized ETFs to cross-list on the SZSE and Hong Kong Stock Exchange; develop cross-border funds tracking overseas core indices and characteristic indices, develop cross-listing of core indices and information services; construct overseas information service platform, overseas investment service platform, global innovative business community, as well as complement financial reform and development plan of the Free Trade Zone, and construct Qianhai cross-border financial products trading platform.
Fifth, we will expand platforms and channels and actively cultivate the market’s long-term growth momentum. The SZSE will deepen service for investors, enhance fairness and information symmetry , improve value-added information service, facilitate exercise of shareholders’ rights; improve penetration of business cultivation and service, comprehensively deepen counseling and training, information research, sharing and interaction, and docking of investment to financing needs; expand coverage of cultivation and services, construct network-style work platform to integrate services in innovative equity securities, fixed income, mergers and acquisitions, sustainable financing and promotion of integrated value chain of products and business; offer favorable policies to support key areas and weak links of the real economy, serve agricultural industrialization and new urbanization, implement special service plan for the midwestern and northeastern regions of the country and main industries.
Sixth, we will enhance internal management and development and continuously build the core competitiveness of the SZSE. The SZSE will improve strategic management, draft and implement strategic plans for development, orderly promote mid-term and long-term objectives and tasks; comprehensively implement governance requirements, strengthen the role and function of the SZSE Board and the special committees, improve permanent mechanisms of the general assembly, further expand the scope of decision making of the members’ meeting, expand and enhance function and status of the members’ meeting as the highest authority of the exchange, establish sustainable and effective mechanisms of opinion collection and feedback, initiate research on inclusion of overseas institutions as special members, to exert the important role of the members in the governance, reform and development of the exchange; conduct strict internal management and enhance transparency, with a focus on anti-corruption; consolidate human resources and information technology as strategic support, ensure successful launch and stable operation of the new-generation trading system, safeguard the smooth progress of reform and innovation.
We sincerely hope to have the constant care and support of the whole society and we look forward to your active participation and valuable suggestions.
