.jpg)
On the afternoon of December 4, the Shanghai Stock Exchange (SSE) organizes representatives of over 10 listed companies, including China Unicom, China Shipping Container Lines Co., Ltd., Shanghai Construction Group Co., Ltd., Shanghai Belling Co., Ltd., Shanghai Oriental Pearl (Group) Co., Ltd., Shanghai Shentong Metro Co., Ltd., Shanghai Lonyer Fuels Co., Ltd., Shanghai Kaichuang Marine International Co., Ltd., Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd., Shanghai Shibei Hi-tech Co., Ltd., Shanghai Haibo Co., Ltd., Shanghai Zhixin Electric Co., Ltd., and Shanghai Friendship Group Incorporated Company, and holds a symposium on studying the requirements put forward at the 3rd Plenary Session of the 18th CPC Central Committee (the 3rd Plenary Session for short). The representatives exchange their views after studying the requirements of the 3rd Plenary Session and, according to circumstances of their companies and relevant industries, carry out an in-depth discussion on such issues as how to implement the requirements of the 3rd Plenary Session, how to promote industrial transformation, and how to strengthen the capital market’s services for the real economy.
The representatives say that the 3rd Plenary Session has made a deployment to fuel the all-round reform, strengthened decisive roles of markets in allocation of resources, and given a clear direction for the reform and opening-up as well as the steady development of the capital market, which has created unprecedented opportunities for further development of China’s capital market and listed companies. First, the 3rd Plenary Session has further sorted out the relation between the government and the market. The government will, through its self-reform, simplify relevant examination and approval procedures and give more authorities to the market and the society, so enterprises, including listed companies, will get a more liberalized operation environment. Second, the economic reform is the focus of the all-round reform. Listed companies in different industries and with different ownership systems will benefit from the economic reform, and they can seize this opportunity to enhance their market competitiveness through industrial transformation and upgrading as well as system and mechanism innovation. Third, the 3rd Plenary Session has made clear the important position and role of the capital market in developing the socialist market economy. As a result, the capital market’s function of effectively serving the real economy will be better displayed, and financing environment for listed companies will be optimized as well.
The representatives acknowledge the efforts of the SSE in serving and regulating listed companies and hold that the SSE’s innovative measures such as the “Direct Channel” have conformed to the requirement of streamlining administration and decentralizing authorities and helped to make each party of the market fulfill their functions. In face of a new round of development and reform, the representatives put forward their expectations and suggestions to the SSE. First, they hope that the SSE will strengthen trainings on information disclosure and direct financing of listed companies; second, they suggest that the SSE make efforts on innovating financing products and tools so as to provide convenience for listed companies to expand their financing channels; third, they suggest that the SSE learn from experience of mature markets to innovate regulation mechanism and explore industry regulation in light of industry factors. Besides, some representatives, according to conditions of their own companies, present their opinions and suggestions in terms of the B-share reform, the cash dividend distribution, the delisting mechanism, and the financing environment of listed real estate enterprises.
Xu Ming, Vice President of the SSE, makes a conclusion on the requirements of the 3rd Plenary Session. He stresses that one distinctive aspect of the 3rd Plenary Session is that it has made clear decisive roles of markets in allocation of resources and encouraged innovation and reform, and it has specified the relation between the government and the market. He hopes that listed companies can fully comprehend the requirements of the 3rd Plenary Session, and they can recognize that creativity is productivity and competitiveness. And they will further boost innovation by making use of the financial reform. He also encourages listed companies to take market-oriented measures and cement innovation in terms of capital operation, corporate governance, and risk control. He adds that the SSE will, according to the capital market and its own work, earnestly implement the requirements of the 3rd Plenary Session, do well in serving listed companies, provide suggestions for reasonable concerns of listed companies, and facilitate realization of their reinforced rationalization through merger, acquisition, and reorganization as well as other means. Meanwhile, the SSE will, in accordance with the idea of streamlining administration and decentralizing authorities, loosening control, and cementing regulation, change regulation ideas and innovate regulation methods and enhance pertinence and effectiveness of regulation on information disclosure, so as to safeguard legitimate rights and interests of investors, especially small and medium-sized investors.
