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新的股票交易平台将引领资本市场改革

A new equity trading platform will pioneer capital market reform
新的股票交易平台将引领资本市场改革
578字
2019-06-10 19:57
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火星译客

Regulations for China's science and technology innovation board at the Shanghai bourse took effect on Friday, signaling that the groundbreaking initiative may be launched as early as this month, analysts said.

分析师表示,上海证券交易所科创板的法规已于周五生效,这项突破性的举措最早可能在本月启动。

The new equity trading platform will pioneer capital market reform, they said, as shown by market rule breakthroughs based on mature overseas markets and notable inclusiveness for tech companies.

他们表示,正如基于成熟的海外市场取得的市场规则突破和对科技公司的显著包容性所显示的,新的股票交易平台将引领资本市场改革。

The China Securities Regulatory Commission and the Shanghai Stock Exchange released detailed rules for the new board on their respective websites on Friday night. The regulations took effect immediately, signifying that tech companies can start to submit listing applications.

中国证券监督管理委员会和上海证券交易所已于周五晚在各自的网站上公布新板法规细节。该法规立即生效。这表明科技公司可以开始提交上市申请。

The regulations said the new board will experiment with the registration-based initial public offering system, in which eligible enterprises go public by filing required documents. Other trading platforms on China's A-share market use an approval system, whereby regulators decide whether a company can be listed or not.

该法规规定科创板将试点首次公开募股注册制,合格企业通过提交所需文件上市。 中国A股市场的其他交易平台采用审批制度,由监管机构决定是否可以上市。

Companies intending to go public on the new board should aim for the leading edge of global science and technology, and serve China's major needs and prime economic development directions, according to the regulations.

该法规规定,有意在科创板上市的公司应瞄准全球科技前沿,面向中国重大需求,且符合中国经济发展的主要方向。

The board's registration system features IPO standards tailored for such companies, such as allowing unprofitable companies to be listed if they satisfy one of the five sets of financial indicators.

科创板的注册制为这些公司量身定制首次公开募股标准,例如,不盈利的公司满足五套财务指标中的一套,则被允许上市。

Dual-class share structures-a common governance structure used by tech companies to ensure founders' control over a company despite large-scale equity financing-is also allowed on the new board, the regulations said.

该法规规定,双重股权结构(科技公司用来确保创始人对大型股权融资进行控制的共同治理结构 )也允许在科创板上使用。

Dong Dengxin, director of the Finance and Securities Institute at the Wuhan University of Science and Technology, said acceptance of unprofitable companies and the dual-class share structures are both "unprecedented" in the A-share market's history.

武汉科技大学金融证券研究所所长董登新表示,接受不盈利的公司和双重股权结构在A股市场的历史上都是“前所未有的”。

Aside from support for tech companies, Dong said the new board also makes breakthroughs in expanding the market's role.

董登新说,除了对科技公司的支持外,科创板也会在扩大市场方面取得突破。

"Along with the registration system that delegates to the market instead of regulators identification of good companies, the new board's eased daily price fluctuation limits and tightened information disclosure rules will also improve asset-pricing efficiency."

“随着代表市场的注册制取代监管机构对优秀公司的鉴定,科创板放宽了每日价格波动限制,加强了信息披露监管,也将提高资产定价效率。”

The daily price fluctuation limit is set at 20 percent, beyond the 10 percent of other submarkets. Disclosure requirements for industry information and operating risks were also strengthened on the new board, according to the top securities regulator.

科创板每日股价波动限制设定为20%,超过其他子市场的10%。 据最高证券监管机构称,科创板也加强了对行业信息和经营风险的披露要求。

"China's speed in pushing forward the new board has beaten market expectations," Dong said. "The first group of listed firms may start trading in late March at the earliest."

“中国推行科创板的速度已经超过市场预期。”董登新说: “第一批上市公司可能最早在3月下旬开始交易。”

President Xi Jinping said in Shanghai in November that China would launch the science and technology innovation board at the Shanghai Stock Exchange, and the new board would adopt the registration-based system.

习近平主席于2018年11月在上海表示,中国将在上海证券交易所设立科创板,并在该板块内实行注册制。

"The new board has made fundamental innovations in market rules a prelude to reforms of the whole capital market, while containing related risks by starting within a small scope," according to a note from Xu Biao, chief strategy analyst with TF Securities, based Wuhan, Hubei province.

总部位于湖北省武汉市的天风证券首席策略分析师徐彪指出:“科创板已将市场规则的基础创新作为整个资本市场改革的前奏,同时在小范围内开始控制相关风险。”

Wang Jianjun, general manager of the Shenzhen Stock Exchange, the other major mainland bourse, said on Saturday that the bourse is "fully prepared" to implement capital market reforms, prioritizing the registration system after Shanghai's moves bear fruit.

深圳证券交易所(另一中国大陆主要证券交易所)总经理王建军周六表示,深圳交易所已做好“充分准备”,实施资本市场改革,上海试点取得成果后将优先考虑注册制度。

Xue Yi, an associate professor of finance at the University of International Business and Economics in Beijing, said design of the new board has combined the advanced experiences of overseas markets with China's needs. Further reforms could more efficiently boost innovation.

位于北京的对外经济贸易大学金融学副教授薛熠表示,科创板的设计结合了海外市场的先进经验和中国的需求, 深化改革可以更有效地促进创新。

"China could develop the new board's primary market into a national platform, facilitating private equity funds' investment in tech companies, before they go public on the board," Xue said.

“中国可以将科创板的初级市场发展为国家平台,促进私募股权基金对科技公司上市前的投资。”薛熠说。

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