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SONG Li Ping, the General Manager of Shenzhen Stock Exchange (SZSE) said on the Lujiazui Forum the other day that SZSE has been prepared for the Growth Enterprise Market including training on investors and listed companies, for technological platform as well as transaction rules. The listing rules for growth enterprise market is one of the important rules of SZSE and is currently subject to approval of CSRC after SZSE’s coordination. SONG Li Ping said that SZSE are about to collection involved securities dealers and fund managers together to have session on the risk of the growth market, and the timetable for the launching is not known. She also pointed the capital market should pave the way for technological innovation, “three upgradings” of industrial setup and structures.
Such elements as growing labor cost, restrictions on environmental protection, soaring prices of resources, staggering global economy, appreciation of RMB and increasing trade friction made it obvious that the “three upgradings” is essential to expand larger space for medium and small enterprises in China.
Emphasis should be placed on upgrading of technological innovation which is to take the way of proprietary innovation to improve technology and cultivate the capability of core technology, upgrading industrial setup which is to find new development in emerging industrial such as new energy, new, material and new services, and upgrading of industrial structure which is to optimize industrial structure with industrial integration as the main course. Capital market should be in conformity with the demand while improving services for medium and small businesses and collect financial resources to ensure the successful accomplishment of the above-mentioned upgrading.
SONG Li Ping thought that the following five-year period especially this year is a significant stage for the capital market to achieve leap-forward development.
The problem we are facing now is how to take full advantages of the capital market to provide these enterprises with services at such a complicated domestic environment.
SONG Li Ping noted that the present market still has weakness in terms of ability to understand risk, fixing price and resistance to market risk.
Medium-small Investors are the main force in the capital market with features of short holding periods, frequent transfers and high cost. The capital market still needs researches in many aspects, and a series of coordination to the listing reform to meet to need of medium and small businesses in the capital market.
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