With the total over RMB260 billion fund raised at the Shanghai Stock Exchange (SSE) this year next only to that in 2007 in its 19-year-old history, the SSE, next year, will boost the development of blue-chip stock market to provide a more standard and varied platform for listing and operation of large and medium sized enterprises, said SSE Governor Geng Liang at the 8th China Corporate Governance Forum yesterday.
According to Geng, so far, the total market capitalization of the stocks on the SSE has reached RMB18.3 trillion, up 88% from last year, with the turnover of RMB33.4 trillion, up 85% year on year. Of the global capital markets, the SSE is ranked 5th, 3rd and 6th in terms of stock market capitalization, turnover and total amount of raised fund, respectively. Judging by the market scale, the SSE has become one of the most important international capital markets.
Looking into 2010, Geng expressed that the SSE would further boost the development of blue-chip stock market by propelling listed companies to improve their corporate governance level and perfect their rules and systems of corporate governance, strengthening the supervision over listed companies' governance through various ways and supporting quality enterprises to get listed on the SSE. Statistics show that since 2006, a total of 47 large enterprises have been listed on the SSE, with a market capitalization of over RMB8.8 trillion, accounting for 48% of that of the SSE. Their total profit in the first three quarters of the year exceeded RMB470 billion, or 68% of the total of all 870 companies listed on the SSE, with their trading volume accounting for about 20% of the total of the SSE.
Geng pointed out that from the perspective of China's industrial distribution, lots of large quality enterprises still have not finished their system reform for listing. The SSE will continue to strengthen the communication and cooperation with governments of all levels, relevant authorities, regulators and enterprises to promote the leading enterprises in key industries including finance, energy, military industry, culture, railway, power grid and nuclear power to go listed on the SSE and propel the restructuring and merger of listed companies.
In addition, Geng added that the SSE also attached great importance to the construction of international board market with a view to attracting world-class enterprises to go listed on the SSE to contribute to the building of Shanghai into an international financial hub.
