Over the past 200 days, every move and every progress of the Science and Technology Innovation Board has attracted the attention of all parties. The reason why the Science and Technology Innovation Board has such a "star effect" is largely due to its inherent reform "temperament". The establishment of the Science and Technology Innovation Board and the pilot registration system is an important breakthrough to comprehensively deepen the reform of the capital market, which mainly undertakes two important missions.
Building a bridge between financial capital and sci-tech innovation elements through the sci-tech innovation board is undoubtedly one of the best ways to reflect financial support for the real economy and high-quality development
The Science and Technology Innovation Board is of great significance for us to improve the basic system construction of the capital market, deepen financial reform and opening up, and promote scientific and technological innovation
As far as all parties in the market are concerned, they need to maintain both enthusiasm and calm, jointly deal with possible problems, and jointly follow the internal laws of the capital market
Recently, the Science and Technology Innovation Board of Shanghai Stock Exchange officially opened. Since then, the CSRC has agreed to register the initial public offering of shares of the first two enterprises on the science and technology innovation board according to legal procedures. The successive appearance of these landmark time points indicates that after more than seven months of intense "construction", the science and technology innovation board, a new thing in the capital market, has come to a close.
Over the past 200 days, every move and every progress of the Science and Technology Innovation Board has attracted the attention of all parties. The reason why the Science and Technology Innovation Board has such a "star effect" is largely due to its inherent reform "temperament". The establishment of the Science and Technology Innovation Board and the pilot registration system is an important breakthrough to comprehensively deepen the reform of the capital market, which mainly undertakes two important missions.
One is to support the development and growth of sci-tech innovation enterprises with development potential and high market recognition. Why should the Science and Technology Innovation Board undertake such a mission? From the macroeconomic background, China's economy has shifted from a stage of rapid growth to a stage of high-quality development. The urgent requirements at this stage are to accelerate the transformation of new and old driving forces, deepen structural adjustment, enhance the role of scientific and technological innovation in economic development, and enhance the leading role of entrepreneurs in innovation. The financial industry should increase its support for high-quality economic development, which is to enhance its adaptability to the requirements of high-quality development, and promote high-quality economic development through the rational and efficient allocation of financial resources.
From this point of view, the essence of the Science and Technology Innovation Board is to promote the structural reform of the financial supply side, promote the deep integration of technology and capital, and lead the transformation of economic development to innovation driven. Through reform, we will strengthen the inclusiveness of the capital market for science and technology innovation enterprises, allow unprofitable enterprises, enterprises with the same share but different rights, and red chip enterprises to go public, further unblock the circulation mechanism of science and technology, capital, and the real economy, and accelerate the transformation of scientific and technological achievements into real productivity. Serving the development of the real economy is the natural mission of the capital market, but at different stages of development, the specific connotation of this mission is also changing. At present, building a bridge between financial capital and sci-tech innovation elements through the sci-tech innovation board is undoubtedly one of the best ways to reflect financial support for the real economy and high-quality development.
Second, give play to the role of reform pilot fields. When the overall system design of the Science and Technology Innovation Board was announced, many people were surprised by the strength and depth of the reform. Proceeding from China's national conditions and development stages, learn from the experience of mature markets, carry out the first trial of system reform in terms of listing, recommendation and underwriting, market-oriented pricing, trading, delisting, etc., and summarize and evaluate in time to form replicable and promotable experience. This shows that the science and technology innovation board is not an isolated move, but a child of the company that focuses on the overall development of the capital market. The Science and Technology Innovation Board is not simply adding a "board". Its core lies in institutional innovation and reform. It is of great significance for us to improve the basic system construction of the capital market, deepen financial reform and opening up, and promote scientific and technological innovation.
Of course, the establishment of the Science and Technology Innovation Board and the pilot registration system is a new exploration, which may encounter various difficulties and challenges. In this regard, we should be fully prepared. The fundamental response is to improve the legal system, increase the cost of illegal activities and strengthen supervision and law enforcement, earnestly establish a supervision concept centered on information disclosure, comprehensively establish a strict information disclosure system, improve the market incentive and restraint mechanism, compact the responsibilities of intermediaries, and give investors a real, transparent and compliant listed company. At the same time, we will actively promote the increase of judicial supply, significantly increase the cost of violation of laws and regulations, crack down on false disclosure, fraudulent issuance and other chaos, and purify the market ecology.
As far as all parties in the market are concerned, they need to maintain both enthusiasm and calm, jointly deal with possible problems, jointly follow the internal laws of the capital market, and work together to build and develop the science and technology innovation board.