Distinguished Secretary Ying Yong, Executive Vice Governor Huang Chuping, Secretary Wang Zhonglin, Vice Governor Zhao Haishan, Mayor Zhou Xianwang, Chairman Hu Shuguang, Director Hu Lishan, Chairman Huang Hongyuan, and dear guests,
Good morning! It is a great honor to be here again. Wuhan, a heroic city along the Yangtze River, has overcome the pandemic and gained an invincible spirit after the rebirth. I’d like to extend the highest respect to the heroic people of Wuhan and Hubei on behalf of Shenzhen Stock Exchange (SZSE)!
In the face of profound changes in the environments at home and abroad, and the increase of uncertainties, the Party Central Committee with Comrade Xi Jinping at its core looked far ahead and aimed high, and observed the times and judged the occasion. The Party Central Committee proposed to accelerate the formation of a new development pattern, which takes the domestic market as the mainstay and allows the domestic and foreign markets to boost each other, emphasizing the use of reforms to respond to changes and break new grounds. On April 27, the Central Commission for Comprehensively Deepening Reform approved the master plan for implementing the reform of the ChiNext Board and the pilot project of the registration-based IPO system. With the guidance of the great anti-pandemic spirit, we reacted swiftly to the command and took no rest, proposing the working philosophy of being “open-minded, transparent, and honest with high standards”, setting the goal of achieving practical effect via smooth operation, and strove to create quality reform projects. After 119 days and nights of hard work, the reform of the ChiNext Board and the pilot project of the registration-based IPO system were implemented steadily on August 24. At the listing ceremony of the first group of registration-based IPOs, Vice Premier Liu He raised high expectations for the development of SZSE and the ChiNext Board. He requested us to shape SZSE into a “high-quality innovative capital center and a world-class exchange”. Chairman Yi Huiman required us to assume more responsibilities for deepening the financial supply-side structural reform and other aspects. They set goals and pointed out the direction for the reform and development of SZSE. We earnestly implemented the guiding principles of General Secretary Xi Jinping’s important instructions on the capital market, actively practiced the policies on “systems building, non-intervention, and zero tolerance” proposed by Vice Premier Liu He, and met the requirements to “revere the market, revere the rule of law, hold high professionalism, stay alert to risks, and obtain support from various parties” raised by Chairman Yi Huiman. Since the reform of the ChiNext Board and the pilot project of the registration-based IPO system were implemented a month ago, the market has been stable on the whole, the institutional rules and technical systems have withstood the test, and the results of the reform have initially appeared, laying a foundation for the advancement of the reform of the existing capital market.
In order to do a good job in the reform of the ChiNext Board and to pilot the registration-based IPO system, while upholding stability, we have tried every means to enhance the sense of gain from the reform of the market. We take information disclosure as the core, and strive to achieve “two expectations, three market orientations, and four disclosures”. There are fewer doubts in the market as enterprises have stable expectations for the review progress and results. The issuance and listing conditions, issuance pricing, and the pace of issuance have become more market-oriented. Meanwhile, the review standards, processes, results, and regulatory measures have all been disclosed, and there are no hidden rules or thresholds. We have developed a website and APP to disclose the review information so that the market players can keep track of the review dynamics at any time without having to make inquiries. We have launched a smart review system, making review inquiries more accurate and improving the review efficiency greatly. The review system is open 24 hours a day, and therefore application and feedback can be filed anytime. From project application to issuance and listing, no paper document is required. With remote communication, enterprises and intermediaries can exchange information conveniently. The micro and quick refinancing on the ChiNext Board has become truly fast. An example is Challenge & Young, which spent only eight working days from application to registration. We strive to improve our services to respect and dignify everyone handling business with us. By now, our efforts have been recognized and supported by the market. After the reform, the trading on the ChiNext Board has been more active. We will continue to work hard to undertake the historical mission of building SZSE into a high-quality innovative capital center and a world-class exchange, improve the market infrastructure, consolidate the results of the reform, enable the reformed ChiNext Board to better serve “the innovative, the creative, and the original and conventional industries integrated with new technology, new industry, new business form, and new model”, and better support high-tech enterprises and growth-oriented innovative and entrepreneurial enterprises in Hubei.
The Party Central Committee and the State Council have made a significant decision and plan to support the economic and social development in Hubei, which has become an important political responsibility of SZSE. After the outbreak of COVID-19, we responded without delay and issued special plans in support of the pandemic prevention and economic and social development in Hubei. In order to better play the role of the capital market and support the high-quality economic and social development of Hubei, with the unified plan of the Party Committee of the CSRC, we will further increase support on top of our previous efforts, make the policies more targeted, and enhance the sense of gain of the enterprises in Hubei. First, we particularly arranged green channels for financing to guide all kinds of capital to flow to Hubei. We established green channels for the IPO, refinancing, major asset restructuring, and bond financing for enterprises in Hubei. A working team was especially arranged for handling relevant issues. Rapid acceptance, special review, and rapid review were made possible. We supported the inclusion of infrastructure projects of Hubei first in the pilot project of mutual REITs. Second, we improved the institutional arrangements to reflect regulatory humanity. We intensified fee reduction and exemption, and extended the grace period for listed companies and bond products in Hubei. We guided SZSE-listed companies to support the economic and social development in Hubei and disclosed relevant information. We flexibly dealt with the fluctuations in the performance of listed companies in Hubei, actively helped listed companies in the province to prevent and mitigate risks, and optimized the management and service of the duration of Hubei enterprise bonds. Third, we deepened market cultivation and improved market service effects. We held the “Hubei Service Week” event and launched the series activities with the theme of “SZSE-listed Companies’ Open House Program for Hubei” to promote and invest in Hubei. We will give full play to the function of the SZSE Hubei Base, strengthen the collaboration between SZSE’s V-Next platform and the financial service platform of Hubei, and drive the in-depth connection between Hubei’s industry and the capital market. We will enhance the exchanges of financial talents and cultivate more professionals in the capital market for Hubei.
Distinguished guests, during the period of pandemic prevention and control, the people of Hubei have made great sacrifices and contributions to the national fight against the pandemic with their extraordinary efforts. Today, with a strong sense of gratitude, mission, and responsibility, we gathered here to pay tribute to the people of Wuhan and Hubei, guide all kinds of capital to flow to Hubei, and help with the high-quality economic and social development in the province. We firmly believe that Hubei, which has created a miracle of fighting the pandemic, will surely create another miracle of high-quality economic and social development under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, and the joint support of all parties in the market and all sectors of society! We are all confident in Hubei! Thank you.
