After trading today, the relevant responsible person of the CSRC answered questions from reporters on activating the capital market and boosting investor confidence.
1. About transaction costs: "reduce securities transaction handling fees and simultaneously reduce the commission rate of securities companies".
Interpretation: The handling fees for stock transactions in the A-share market mainly include stamp duty (paid to the finance and taxation department), securities management fee (paid to the securities regulatory agency), securities transaction handling fee (paid to the stock exchange) and brokerage commission (paid to the securities company). The current rates are as follows:
Stamp tax accounts for 1 ‰ of the transaction amount, and the transferee will not pay stamp tax;
The securities management fee accounts for 0.002% of the transaction amount;
The handling fee for securities trading shall be charged in two ways at 0.00487% of the transaction amount;
The maximum transaction commission of a securities firm shall not exceed 3 ‰ of the transaction amount, and the minimum commission shall start from 5 yuan. The commission for a single transaction less than 5 yuan shall be charged at 5 yuan.
After hours, the Shanghai Shenzhen North Stock Exchange will further reduce the handling fees for securities trading from August 28, but this part of the fees is still smaller than the stamp duty. Based on the estimated daily average turnover of 940 billion and 1.1 billion in the Shanghai Shenzhen Stock Exchange and Beijing Stock Exchange in the first half of the year, 21.72 million active funds can be released after the reduction of the handling fees. 2. With regard to the expansion of the two financing facilities: "further expand the scope of the subject matter of financed funds and bonds, reduce the rate of financed funds and bonds, and include ETF in the subject matter of refinancing".
Interpretation: It is a policy practice to expand the capacity of the two financing businesses. Since the launch of the two financing businesses in 2010, there have been seven expansions, the most recent one being the large expansion in October 2022. At present, the two financing projects of Shanghai and Shenzhen 300 and China Securities 500 have basically achieved full coverage, and the number of two financing targets of Shanghai and Shenzhen has reached 2200. The second expansion is mainly small ticket.
3. About trading time: "The next step will be to study how to appropriately extend the trading time of A-share market and exchange bond market to better meet the demand for investment trading".
Interpretation: At present, the daily trading time of A-share market is 4 hours, 5.5 hours for Hong Kong stocks and 6.5 hours for American stocks. A-share really has room for improvement. 4. Regarding refinancing/M&A and restructuring: "study the financing activities of broken or net listed companies and industries, appropriately limit their financing activities, and require them to put forward plans to improve market value", "promote central enterprises to increase the integration of listed companies' M&A and restructuring, and inject high-quality assets into listed companies through M&A and restructuring channels". Interpretation: clearly put forward the construction of China Special Assets Appraisal, and put forward financing restrictions on listed companies that "break the hair or break the net", which will promote the central enterprises that have broken the hair but also have financing needs to do a good job in market value management. 5. About T+0: "The time to implement T+0 transaction is not ripe at this stage".
Interpretation: Don't think about it in the short term. 6. About IPO: "Always adhere to scientific and reasonable normalization of IPO and refinancing, while fully considering the affordability of the secondary market, and strengthening the counter cyclical adjustment of the primary and secondary markets".
Interpretation: On July 25, the China Securities Regulatory Commission's 2023 system mid year work meeting had related statements. From the practical point of view, it is basically to slow down the issuance when the market is depressed and speed up the issuance when the market is in a good mood. 7. About repurchase: "Accelerate the revision of repurchase rules, relax the repurchase conditions of listed companies when their share prices fall sharply, relax the repurchase restrictions of newly listed companies, relax the restrictions on repurchase window period, and improve the convenience of implementing repurchase". Interpretation: There have been signs recently, which is also a way to guide market confidence. 8. About share reduction: "improve the share reduction system, strengthen the supervision of illegal share reduction and" bypass "share reduction, and severely punish illegal share reduction".
Interpretation: This is also a big point. It depends on how to implement it. If this can be done well, it will benefit the market in the medium term as much as reducing stamp duty.
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