Recently, the Chinese Academy of Sciences (CAS) and the Shanghai Stock Exchange (SSE) signed the Strategic Cooperation Agreement between CAS and SSE at Chinese Academy of Sciences Holdings Co., Ltd. (CAS Holdings). The strategic cooperation is a specific move to implement the national strategy of innovation-driven development and the effective integration of the scientific and technological industry policies and the capital market. Attending the signing ceremony were Wu Qing, SSE Party Chief and Chairman, Zhang Dongke, Vice Chairman of the SSE, Deng Maicun, Party Group Member and Secretary General of the CAS, and Wu Lebin, Chairman of CAS Holdings.
According to the agreement, the two sides will, based on the principle of "complementary advantages and win-win cooperation", adhere to the orientation toward the market and laws, promote the effective integration of the scientific and technological industry policies and the capital market, and strengthen the exchange and sharing of information. Both sides will jointly support the enterprises in the CAS system in developing more channels for direct financing, reduce financing costs for the enterprises and create sound development environment for the enterprises with the aim of building China into a scientific and technological power. The two sides will carry out all-round, in-depth and long-term cooperation in supporting the major enterprises’ capital operations such as restructuring and listing, merging and reorganization and issuance of corporate bonds, and the technological innovation in finance, and establish a stable cooperation mechanism. The major enterprises mentioned above include the technological innovation-oriented enterprises playing an industrial demonstrating and leading role and featuring high growth in the CAS system.
Deng said at the signing ceremony that in recent years the CAS has attached great importance to the development in the capital market, vigorously cultivated the potential resources for listing, steadily expanded the enterprises’ listing and financing on the stock market, and energetically guided qualified enterprises in issuing all kinds of corporate bonds. As an important organizer on China’s securities market, the SSE has incomparable specialized advantages in the capital market operation. The cooperation is conducive to integrating the CAS’s advantages in innovative resources and personnel resources with the SSE’s comprehensive superiority in technology, personnel, regulation, information and other areas on the capital market, so as to jointly advance the development of strategic emerging industries.
Wu said in his speech that the SSE and the CAS have long kept in close contact and maintained good cooperation and exchanges, and in the critical period for deepening the implementation of the innovation-driven development strategy, it is of great importance for the SSE and the CAS to sign the strategic agreement. The SSE will carry out effective cooperation with the CAS, shoulder its own responsibility for serving the general situation of China’s reform and development, and make more targeted and pragmatic efforts in supporting the supply-side structural reform, boosting the transformation and upgrading of the real economy and other fields.
The CAS is China's highest academic institution for natural sciences, highest advisory body for science and technology and comprehensive research and development center for natural sciences and high technologies. At present the CAS holds shares in more than 50 enterprises and regulates more than 660 enterprises, including 25 enterprises listed at home and abroad and 15 enterprises listed on National Equities Exchange and Quotations (NEEQ). The enterprises under the CAS are mainly engaged in strategic emerging industries such as the new generation of information technology, high-end equipment manufacturing, environmental protection and new materials, and investment and modern services. All the enterprises under the CAS have a total asset of RMB482.3 billion and a net asset of RMB125.6 billion, with the sales revenue at about RMB385 billion in 2016; the enterprises have invested a total of more than RMB110 billion in funds, and formed the distinct “CAS Sector” on the capital market. CAS Holdings exercises the rights of investor on behalf of the CAS for the commercial state-owned assets of the wholly-owned, controlling and stake-taking enterprises directly invested by the CAS, and takes the corresponding responsibilities for preserving and increasing value.
As an important infrastructure of China’s capital market and a main board and blue chip stock market, the SSE has formed a system covering stocks, derivatives, bonds, funds and other products and developed into a comprehensive exchange integrating the futures and spot markets. At present, the SSE is the most important comprehensive exchange with the highest openness in China’s mainland, as well as one of the emerging securities markets in the center of focus worldwide. Currently, the SSE is making efforts in building itself into a world-class exchange strongly supporting China’s reform and development and effectively allocating resources at home and abroad.
