Distinguished Secretary Li Xi, Governor Ma Xingrui, Secretary Wang Weizhong, leaders, guests, ladies and gentlemen,
Good morning!
Today, we are here to witness the listings of the first group of enterprises under the reform of the ChiNext Board and the Pilot Registration-based IPO System. First, on behalf of the China Securities Regulatory Commission, I would like to express my sincere congratulations! Also, I would like to extend heartfelt thanks to relevant departments of the CPC Central Committee, the National People’s Congress and the State Council, relevant judicial organs, Guangdong Provincial Party Committee and Government, Shenzhen Municipal Party Committee and Government, as well as friends from all walks of life who have been caring about, supporting and participating in the reform of the ChiNext Board for a long time.
The important speech by Vice Premier Liu just now fully explained the significance of the reform of the ChiNext Board, and raised expectations for the further development of the ChiNext Board and Shenzhen Stock Exchange. He analyzed the sound development trend of China’s economy and the profound structural changes taking place in the capital market, and put forward clear requirements for the capital market to implement the policy on ensuring stability on the six fronts and security in the six areas to better serve, drive and lead the development of the real economy. The CSRC will earnestly study and implement relevant policies, put more emphasis on and give better play to market forces, improve the quality of listed companies, and promote high-quality economic development. Also, we will further deepen the reform of the capital market, seek more long-term performance-oriented institutional investors, and stay true to the important concept of value investment. Furthermore, we will further promote full disclosure of information, comprehensively purify the market, build a creditable and law-abiding capital market, and make more efforts to create positive development expectations to lead the market curve.
Under the care of the CPC Central Committee and the State Council, China’s capital market reform has been speeded up in an all-round way since last year. The reform of the ChiNext Board and pilot Registration-based IPO system, as a major initiative to promote the reform of registration system and improve the fundamental system of the capital market by driving stocks with increments after the STAR Market, and is of great significance to supporting the development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Shenzhen demonstration pilot zone for socialism with Chinese characteristics, as well as better serving the high-quality development of the real economy. We hope that SZSE could stick to the positioning of the ChiNext Board, focus on characteristic and coordinated development, and play its role and make greater achievements in deepening the supply-side structural reform of the financial sector and promoting the high-level circulation of technology, capital and real economy. It is necessary to adhere to the principle of putting innovation first, and continuously improve the support and services for innovation and venture enterprises. What’s more, SZSE shall exercise strict control over access and exit, leaving the best in the market. Also, it is important to make ensuring stability a top priority and forestall risks to ensure the smooth implementation of various measures for the reform and opening-up.
At present, China’s capital market is blessed with an important period of strategic opportunity for our development. While deepening the implementation of the decisions and arrangements of the CPC Central Committee, we will, under the unified guidance and coordination of the Financial Stability and Development Committee under the State Council, and oriented to be market-oriented, law-based and internationalized, fully implement the requirements of “system building, non-intervention and zero tolerance”, and steadily push forward the reform, development and stability of the capital market. “System building” is an important basis for regulating the market order and improving governance efficiency, “non-intervention” is an important way to keep proper market functioning, stabilize market expectations and enhance market vitality, and “zero tolerance” acts as a significant guarantee to strengthen the effect of supervision and purify the market. These three measures, which are the basis and premise of each other, are organically integrated. However, “non-intervention” does not mean indulgence. Instead, we shall respect the rule of law, act in accordance with rules and regulations, and attach importance to expectation management, as this is not in conflict with routine supervision. Only by maintaining “zero tolerance” can we create a good development environment and favorable conditions for reducing regulation and enhancing vitality. Moreover, only by emphasizing the core of “system building” and creating a more mature and formed basic system of the capital market can we better distinguish between routine supervision and market intervention and truly achieve “zero tolerance”. We believe that this is the inherent logic and inevitable requirement for us to achieve high-quality development of the capital market.
Distinguished guests, and dear friends! To build a high-quality innovative capital center is the common task of all parties concerned in the capital market. The CSRC will work with SZSE to speed up the deepening of reform, continuously explore innovation and development, and promote the building of a high-quality capital market and a world-class exchange. We also believe that with our joint efforts, the ChiNext Board will surely gain greater vitality and make greater achievements from a new starting point. Let us wish the ChiNext Board a stable and long-term growth and a brighter future!
Thank you all!
