On May 15, the CSRC held the activity themed “May 15 National Investor Protection Publicity Day” of 2020. Under the unified arrangement of the CSRC, SZSE recently organized a series of activities to “join hands to action with investors in mind”, focusing on the study and implementation of the new Securities Law, and the in-depth interpretation of the reform of the ChiNext Board and the pilot project of the registration-based IPO system. We also carried out publicity activities on the theme of honest operation of listed companies, in a bid to further promote the rational investment, forge consensus among all market players, and create a favorable atmosphere for the reform and development of the capital market.
Intensive Awareness Campaign concerning the new Securities Law and Creating a Favorable Atmosphere for Learning and Applying the Law.
After the promulgation of the new Securities Law, all market players are enthusiastic about learning it. SZSE, taking into consideration the requirements for both pandemic prevention and control and the popularization and promotion of the laws, pooled together professional forces in the market, innovated the forms of investor education services, and promoted relevant knowledge on the new Securities Law among investors in detail.
First, we organized the online lectures on the new Securities Law on investor education, invited professional lecturers to explain in detail the key points of the amendments, and interpreted the relevant provisions on investor protection in combination with actual cases. So far, we have held 9 lectures, attracting over 1 million investors and wide attention from the market. Second, we interpreted the new Securities Law in an easy-to-understand and lively way, focusing on issues related to investors’ rights and interests such as securities trading, information disclosure and investor protection rules, and also on market focuses. Besides, we also produced and published a series of cartoons and selected Q&As on the key points of the new Securities Law, to help investors understand the new changes after the revision.
Taking Solid Steps to Promote Investor Education Service in the Reform of the ChiNext Board, and Laying a Solid Investor Foundation for the Smooth Reform
To implement the plans and decisions of the CPC Central Committee and the State Council on the reform of the ChiNext Board and the pilot project of the registration-based IPO system, and to lay a solid investor foundation for the smooth progress of the reform, SZSE actively carried out policy publicity and interpretation and made concrete and meticulous efforts in investor education services in the reform of the ChiNext Board.
First, we immediately launched a series of illustration with pictures and investor Q&As according to the relevant supporting rules of the reform, to help investors quickly understand the main points of the rules and respond to investors' concerns in a timely manner. At present, we have published 10 “Reform in Pictures” and the first investor education Q&As. Second, we held online training for members and mobilized them to play a leading role in investor education. Third, we launched the investor education campaign themed "Focusing on the Registration-based IPO System of the ChiNext board and Practicing Rational Value Investment", and invited well-known experts and representatives from market institutions and financial media to open online forums. In addition, we also continued to release the special investor education products on the ChiNext Board, in cooperation with People's Daily Online, Xinhuanet and other media, to help investors understand exactly the key points of the reform, institutional arrangements and working mechanisms.
Shaping the Concept of Rational Value Investment, and Promoting Integrity and Respect for Laws among Listed Companies
SZSE will continue to carry out the investor education campaign to encourage listed companies to conduct businesses honestly and in good faith, and implement the specific project on investor protection launched by the CSRC to “promote integrity and good faith among and respectfulness for listed companies”. We will advance the formation of a corporate culture in listed companies that features compliance, integrity, openness, transparency, innovation and gumption, and actively maintain a healthy and favorable market.
First, interpreting the rules. We will introduce the penalties for fraudulent issuance and false information disclosure provided for by the new Securities Law, interpret guidelines on industry information disclosure of the listed companies, and actively spread the regulatory ideas. Second, continuously launching investor education products. We will introduce the basic methods of financial analysis and industry research of listed companies, and analyze the typical ways of financial fraud of listed companies and prevention strategies, to help investors enhance their risk awareness and promote the honest operation among listed companies. Third, relying on investor education activities such as "Listed Companies' Open House Program for Investors", we will help listed companies improve the quality of investor relationship management and enhance mutual trust and communication between listed companies and investors.
Investors are the roots of market development. Respecting, revering and protecting investors are the concrete reflection of the people-centered development concept in the capital market. Under the unified leadership of the CSRC, SZSE will thoroughly study and implement the new Securities Law and highlight the concept of “mega investor protection”. Besides, we will improve conduct and steadily promote all the preparatory work on the reform of the ChiNext Board and the pilot project of the registration-based IPO system. We will also crack down on violations such as financial frauds and fraudulent issuance, take effective measures to protect investors in all work of capital market reform, development and stabilization, and give better play to the pivotal role of the capital market, to make substantive efforts in the high-quality development of the capital market.