The 14th session of sponsor joint conference organized by Shenzhen Stock Exchange(SZSE) was held on June 5, 2014 in Tianjin. With the theme of ‘Serve the Innovative Enterprises, Push Forward the Transformation and Upgrading of Sponsor Business’, the conference probed into the subjects of carrying through the spirit of Several Opinion of the State Council on Further Facilitating Sound Development of Capital Market (hereinafter referred as New National Nine), speeding up the development of multi-layer capital market and transformation and upgrading of sponsor business under the new situation.
The representatives attended the meeting deemed that the New National Nine, which depicted the new blueprint of the reform and development of the capital market in China, pointed out the developmental direction, determined the developmental strategy, was the guideline document for comprehensive deepening of the capital market reform. Sponsors should intensify the awareness of opportunity and responsibility, seize the favorable opportunities, and push forward the transformation and upgrading of sponsor business:
Firstly, sponsors’ ability of serving small-and-medium size and innovative enterprises should be enhanced. It has been put forward in New National Nine that the Main Board and SME Board market should be expanded, while the reform on the ChiNext Market should be accelerated. The implementation of regulations such as Management Measure on IPO and Listing on the ChiNext Board, the Interim Management Measures on Issuance of Securities of Companies Listed on the ChiNext Board, has further reinforced capital market’s support on small-and-medium size and innovative enterprises. Sponsors need to enhance their ability of serving small-and-medium size and innovative enterprises, actively facilitate these enterprises to realize rapid development by virtue of capital market.
Secondly, the business of merger and acquisition should be boosted. It has been raised in New National Nine that market-oriented merger and acquisition should be encouraged, so that the main channel role of capital market can be fully played in the process of merger and acquisition. On the 3rd Plenary Session of 18th CPC Central Committee, it has been put forward that mixed-ownership economy should be developed, so as to create new opportunity for the sponsors to participate actively on reform on SOE mixed-ownership system. Sponsors need to be fully aware of the current macro background of deepening reform and transform of the economic development mode in our country, substantially dig out the social needs, against the backdrop of transformation and upgrading, vigorously participate in the reform on SOE mixed-ownership, exploit the merger and acquisition business, and facilitate the enterprises to become bigger and stronger by means of merger and acquisition.
Thirdly, innovation capacity need to be enhanced, and differentiated, special, and characteristics modern investment banks should be forged. It has been put forward in New National Nine that the innovative development of intermediary institutions should be facilitated. Under the new situation, sponsor institution should break the tradition of relying on IPO business, reinforce the innovative ability, expand the business scope, and innovative business mode, put their hand on diversifying the product line, intensifying the customer orientation, and returning to essence of the capital intermediary, and carry out differentiate, professional, and characteristics development.
The conference was supported by Tianjin Securities Regulatory Bureau and Tianjin Financial Affair Office, sponsored by Bohai Securities, which was chairman on duty currently. Chen Dongzheng, President of the Council of SZSE, Cheng Zongsheng, Deputy General Secretary of Tianjin Municipal Government, and leaders from Issuance Supervision Department and Listed Company Supervision Department of China Securities Regulatory Commission, Tianjin Financial Affair Office, Tianjin Securities Regulatory Bureau attended and addressed the conference. The conference was hosted by Song Liping, General Manager of SZSE. More than 200 representatives from National Ministries and Commissions, municipal governments, sponsor institutions attended the conference.
