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Protecting investors’ legitimate rights and interests has been rooted in SZSE’s gene. In 1996, SZSE launched the investor service hotline. In 2001, SZSE set up the investor education group and formulated the medium- and long-term plan for investor education. Since 2002, SZSE has held the March 15 investor protection themed activity for 20 years straight, spreading the idea of investor education and protection in the capital market. In 2008, SZSE established the Investor Education Centre to promote investor services toward professional, functional and routine development. In 2016 and 2017, SZSE’s Investor Interaction and Experience Center and investor education website were named national-level investor education bases respectively, making SZSE the first in the industry that owns both a national-level brick-and-mortar investor education base and an internet investor education base. In recent years, SZSE has kept putting forth new ideas, continuously deepened investor education and service, and organized and held a series of productive investor education campaigns.
In July 2022, SZSE launched the investor education campaign themed with “Making Vigorous Endeavors to Promote Investor Education in the New Era” in order to set the stage for the successful holding of the 20th CPC National Congress, implement relevant plans and requirements of CSRC, publicize the achievements in the reform and development of the capital market, promote the characteristic products and innovative services of the SZSE market, and continue to advocate the culture of rational, value and long-term investment. By far, the campaign has been held in 11 cities in such provinces as Guizhou, Guangdong, Shandong, Hunan, Shaanxi, Zhejiang and Jiangxi. During the campaign, investors are organized to visit listed companies, securities traders’ business departments, investor education bases, fund companies, etc. Meanwhile, investor education salons and investor education classes are held in the combined form of on-site lecturing and online live streaming, with the sessions held totaling 39 and the participating audiences amounting to 150,000 in quantity. Featuring characteristic themes, diverse forms and rich content, the campaign has enjoyed great popularity among investors.
The pilot project of the registration-based IPO system is a major fundamental institutional reform in more than 30 years’ development of the China capital market. It has laid a solid foundation for the capital market to better serve high-quality economic development. August 2022 marked the second anniversary of the implementation of the ChiNext reform and the pilot project of the registration-based IPO system. Centering on the registration-based IPO system reform, the themed investor education campaign expounded on the concept of the registration-based IPO system with “information disclosure at its core” and explained in detail the achievements in the registration-based IPO system reform on the ChiNext Board, the business rules relating to the registration-based IPO system and investor education policies. The campaign was warmly received on the spot. SZSE’s business lecturers actively interacted with investors on hot topics like the registration-based IPO system reform, information disclosure business, prospectus reading and new delisting rules. These have helped investors understand the announcements released by the issuers and listed companies under the registration-based IPO system, guided investors to apply the rational investment philosophy, and improved investment literacy, fostering a rational investor team for the high-quality operation of the registration-based IPO system on the ChiNext.
A rich product system is the source of vitality for the capital market. In 2022, SZSE’s index product system, bond product system, fund product system and derivatives system have been further enriched through the issuance of the new rules on convertible bonds, the addition of government-subsidized rental housing and new products from the clean energy industry into publicly offered infrastructure REITs, and the launch of new product types such as digital economy ETFs, ChiNext series index ETFs, ESG themed ETFs and ETF options. The themed investor education campaign focused on the policies, detailed rules, product features and investment methods of the new products of the SZSE market such as publicly offered REITs, ETFs and ETF options. Lecturers interpreted in depth the new rules, fully warned investors of product investment risk, and increased investors’ knowledge of the products. During the campaign, SZSE seriously listened to investors’ opinions and suggestions on the new businesses, new rules and new products of the SZSE market, learned investor demand, and responded to investors’ concerns. The campaign enhanced investors’ sense of gain and laid a solid investor foundation for the development of relevant products such as publicly offered REITs.
It is SZSE’s vision build itself into a world-class exchange featured by a quality innovation capital center. We focus on leveraging the functions of the capital market, guiding capital to flow into innovative areas, increasing the proportion of direct financing, facilitating high-standard circulation of technology, capital and industries, and constantly improving our capability to serve the real economy, which is reflected in every aspect of our organization, regulation and services to the market, A highlight of the themed investor education campaign is to focus on emerging industries and carry forward the new development philosophy. First, SZSE carefully planned the Listed Companies’ Open House Program for Investors and organized investors, industry analysts and financial media to visit 19 SZSE-listed companies in key areas such as advanced manufacturing, digital economy and green and low carbon development. The program allowed investors to have face-to-face communication with the senior management of the listed companies and industry experts and have in-depth discussions on the listed companies’ development prospects and their industries’ development trends. It also helped investors gain an objective understanding that emerging industries such as digital economy have become the new engines of high-quality economic development. Second, SZSE made full use of the Investor Education Classroom to help investors to better understand the positive significance of the capital market in encouraging entrepreneurship and guiding innovation and its important role in facilitating sound circulation of technology, capital and industries and to realize that the ChiNext Board has become a main hub of high-tech companies and strategic emerging industries such as next-generation IT, biomedicine, new materials and high-end equipment. Nearly ninety percent of the companies listed on the ChiNext Board are high-tech companies. Nearly eighty percent have independent R&D capability, and nearly sixty percent are from strategic emerging industries. SZSE guided investors to focus on the new drivers of China’s innovation-oriented development and correctly understand the investment pulse of the new era. Third, SZSE continued to enrich the form of the campaign and held the investor education salon called Dialogue on New Growth Drivers. Senior management of listed companies, chief analysts of industries and investors were invited to have an in-depth discussion on the current development statuses and trends of emerging industries such as clean energy, NEV, new materials and intelligent transport. Companies held face-to-face “roadshows” for investors and analysts shared industry analysis frameworks and investment logical reasoning. The salon, in a lively form, helped investors improve industry analysis ability and professionalism and shared investment opportunities in emerging industries.
During the themed investor education campaign in Shandong in August, SZSE, together with CSRC Qingdao Office, member companies and banking institutions including China Construction Bank Shandong Branch, rolled out the Investor Education Lectures and Fund Companies’ Open House Program for Investors to foster the idea of scientific wealth management and a rational and mature investment culture. It’s the first time that SZSE cooperated with banking institutions to extend the target groups of investor education services from stock and fund investors to those conducting wealth management through banking channels. Investors participated via China Construction Bank, Bank of Communications, China Merchants Bank, and others were involved.
In the era of wealth management, investment has become more popular and wealth management more professional. During the campaign, industry experts and SZSE’s backbone business personnel actively interacted with investors, analyzed the trends of the wealth management of residents, explained popular wealth management knowledge such as allocation of family assets, common misunderstandings of fund investment, investment skills and investment strategies, thoroughly introduced the development status of the SZSE fund market and the characteristics of its featured fund products, and answered investors’ questions. The content of the campaign was rich and practical and explained in a simple and easy-to-understand way. The campaign was thought highly by investors on the site and effectively improved residents’ investment and wealth management abilities.
In the 2022 Investor Education Campaign, SZSE broke the settled pattern and no longer organized the activities by ourselves. Instead, we embraced an open mechanism by allowing member companies to play their role as the main force. We encouraged them to plan and hold their own activities based on the theme of the campaign, and to work with the exchange to carry out influential and representative themed events. The investor education activities held by listed companies were highly flexible and easy to implement. In cooperation with local CSRC offices, and the listed companies and securities industries under their respective jurisdiction, SZSE coordinated and sent our lecturers to fully support member companies’ investor education campaigns. The investor education campaign produced remarkable results. Since the beginning of 2022, we have organized and mobilized members to actively participate in the publicity of SZSE-listed innovative products such as funds and options. They conducted investor protection activities, posted and forwarded products more than 63,000 times and reached over 100 million investors, which effectively promoted the investor education campaign.
Investor services are always on the road. SZSE will continue to follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, study and implement in depth the guiding principles of the 20th CPC National Congress, and always adhere to the people-centric development philosophy. Under the unified leadership of CSRC, we will have a profound understanding of the political and people-centric nature of the exchange’s work and take it as our founding mission to protect investors’ legitimate rights and interests. We will keep innovating investor education, improve our services, and work with market participants to conduct massive investor education and actively cultivate a team of sophisticated and rational investors, so as to better serve the high-quality economic development.
