Good afternoon, everyone. I am honoured to be invited by the China Securities Regulatory Commission (CSRC) to participate in this year’s Financial Street Forum.
The registration-based initial public offering (IPO) system reform has been implemented across the board in Mainland China for six months now, and we are pleased to see the continued steady operation of its capital market. Both the efficiency and predictability of IPO approvals and registrations have improved under the framework where the Mainland stock exchanges review IPOs and the CSRC approves registrations, with different focuses but connected with one another. In the first half of 2023, amid the sluggish global IPO market , the A-share market took the lead globally in both the number of new share issuance and the size of funds raised.
The CSRC emphasised repeatedly in public that the registration system does not mean relaxing quality standards. Rather, it is necessary to establish a comprehensive set of regulatory arrangements covering all aspects of the listing process –– before, during and after. I fully agree with this.
The Central Financial Work Conference held in Beijing last week highlighted: the financial sector must provide high-quality services for economic and social development; the pivotal role of the capital market must be given full play; the effectiveness of financial regulation must be vigorously enhanced; and Hong Kong’s position as an international financial centre must be strengthened. These have always been the top priorities of the Securities and Futures Commission (SFC) as well. To maintain the market’s long-term development and to benefit society at large, we have been implementing sound regulation and taking decisive enforcement action to protect investors’ interest and manage financial risks.
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