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With the SME board coming into being in 2004, the new era of cultivating the SME growth began. More importantly, since then, China’s securities market embarked on the path to the deep development and the idea of multi-layer capital market was put into practice, which gathered experiences and strength for the launch of ChiNext board.
Thanks to the past five years, the ChiNext board was born in 2009 with the wonderful significance. And the birth of the ChiNext board arising from Chinese wisdom, is not only a historical coincidence but also the historic corollary, embodying the adapted wisdom of the market builders to set up the multi-layer capital market. At this aspect, we can regard the launch of the SME board as the herald of the era of multi-layer capital market.
Liu Hongru, the former chairman of the CSRC, said that the capital market mainly served the transformation and structural reform of stated-owned enterprises twenty years ago, and nowadays, the market shall serve the transform of economic development patterns and support the adjustment to the economic structure and development of technology innovation enterprises. In other words, this is the historic change and during the transformation, it is very important to put much effort to develop the multi-layer diversified capital market system.
In the past six years after the launch of the SME board, the SZSE firmly focused on the theme “Stringent Regulation and Deepened Innovation”. The SME board is the fundamental nurturing economy for the capital market and an example of cultivating grass-root business opening.
“After the launch of the SME board, the SZSE has made the deep research and practices in terms of issue conditions, listing standard, shares circulation, trading mode, company regulation, market supervision, delisting system in light of the needs of SMEs and market development; at the same time, the SZSE continues to push forward the system and products innovation, strengthen the regulation in the hope of gathering the practical experiences for building up the ChiNext board”, Zhou Ming, the deputy general manager of the SZSE said.
The history has proved that after a few years, China already has had the absolute confidence in bringing out the ChiNext board amid the aftermath of the global financial crisis.
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