With the strong support of Hubei Provincial Party Committee and Hubei Provincial People’s Government, Shenzhen Stock Exchange (SZSE) held the “2020 Hubei Capital Market Service Week” from December 7 to 11, together with Hubei Provincial Local Financial Supervision Administration, China Securities Regulatory Commission (the CSRC) Hubei Bureau and Xiangyang Municipal People’s Government. The activity is a specific move of SZSE to implement the decisions and arrangements of the Party Central Committee and the State Council on supporting the economic and social development of Hubei Province and to bring in financial resources to help Hubei recover from the pandemic. It also is a practice of various parties to put into practice the Opinions of the State Council for Further Improving the Quality of Listed Companies in a bid to drive the high-level economic development of Hubei Province by improving the quality and efficiency of listed companies. Deputy Secretary of the Party Committee and President & CEO of SZSE Sha Yan and over 700 representatives from government agencies, enterprises and financial institutions attended the activity.
Supporting the economic and social development of Hubei is an important decision and arrangement of the Central Party Committee and the State Council, and also a significant political responsibility firmly held by SZSE. Right after the outbreak of the COVID-19, SZSE issued special schemes to assist Hubei Province in its containment of the pandemic and economic and social development, mobilized staff of the whole exchange to implement the schemes, opened green channels for financing approving, reduced or waived charges for relevant market players, and helped listed companies forestall and defuse risks, accelerating the recovery of Hubei’s economy with multiple measures. The Service Week was to implement relevant requirements proposed at the 2020 Hubei Capital Conference for High Quality Development. To facilitate the high-quality economic development of Hubei Province, a package of measures were taken, including holding symposium on improving quality of listed companies, conducting training on M&A and reorganization, law-based corporate governance and other themes, convening investment and financing meetings, and encouraging companies listed on SZSE to invest in Hubei, providing targeted services for recovery of Hubei enterprises.
Next, SZSE will closely follow the arrangements of the CSRC to continue deepening the strategic cooperation with Hubei Province, play its role as a hub in the capital market, and actively support the three-year action plan for Hubei’s recovery from the pandemic. Specifically, first, SZSE will give support to the law-based development of listed companies in Hubei and to the transformation, upgrading and development of enterprises by taking advantage of refinancing, M&A, reorganization and other tools, promoting high-quality development of Hubei-based listed companies. Second, SZSE will move forward the critical pass for fostering excellent enterprises, improve quality of listed companies from the root, and help them better drive the regional industrial development. Third, SZSE will step up efforts in supporting fixed-income product market so that Hubei can leverage municipal bonds, credit debts, ABS, and publicly-offered REITs to raise funds for important infrastructure projects and forestall and control financial risk in a practical way, and expand financing channels and decrease asset-liability ratio for state-owned and private enterprises. Fourth, SZSE will play to the full its role as a service platform. With the V-Next platform, it will enhance investment and financing information services to medium, small and micro enterprises. As “Home of SMEs” and “Home of Financial Offices”, it will endeavor to strengthen communication among financial professionals and promote the smooth running of regional capital market.
