High-quality development to boost capital market

    By SHI JING in Shanghai | China Daily Global | Updated: 2023-07-12 07:22
    Share
    Share - WeChat
    Beijing Financial Street is the city's first large-scale financial area. Lu Jinfu / For China Daily

    Shorter process

    But under the registration-based IPO mechanism, the listing revision is completed at exchanges. The entire IPO process is significantly shorter, and the resources of shell companies are no longer a factor. As a result, shell companies with poor business performances, higher operating risks and unregulated internal controls will disappear from A-share market, which will improve its quality, he added.

    Another major advance is the normalized delisting mechanism, which took effect at the start of 2021.

    As of the middle of last month, at least 43 A-share companies had received delisting notices, exceeding the 42 for all of last year and the single-digit figures of earlier years.

    Li Zhan, chief economist at China Merchants Fund, said that under the new delisting mechanism, capital market resources are used more efficiently and effectively, as capital once taken up by less competitive companies is now directed to those with true growth potential.

    There is also less irrational investment, most of which used to go to less competitive companies, he said. This helps to instill the idea of long-term investment and value investment in the A-share market.

    "The delisting mechanism lays the ground for the overall implementation of the registration-based IPO mechanism. These two institutional arrangements are vitally important to improving the quality of A-share companies," Li said.

    Zheng Yu, a professional at the International School of Law and Finance at East China University of Political Science and Law, said the registration-based IPO mechanism and the new delisting mechanism are reforms at the entry and exit points of the capital market. Judgments and expectations of price changes in the capital market will change, and it will play a more important role in allocating market resources, he added.

    Companies have taken note of the improved environment in the A-share market. Chipmaking giant Huahong Group, which went public in Hong Kong in 2014, saw its listing registration on the STAR Market gain final CSRC approval early last month. Its IPO, aimed at raising 18 billion yuan ($2.5 billion), is expected to be the largest such offering in the A-share market this year.

    China Mobile Communications Group, which floated on the Hong Kong bourse in 1997, was listed on the A-share market at the start of last year.

    Orient Securities' chief economist Shao Yu said the capital market aims to provide long-term capital to companies in order to support the real economy effectively.

    He added that the development of emerging industries, driven by technological advances, has become the engine for high-quality economic growth, which will continue to be the case for many years.

    Shao said technologically advanced companies usually require large amounts of preliminary investment, and their investment cycle is longer than that for traditional companies. This equates to higher risks, making it more difficult for technologically advanced businesses to obtain financing from traditional institutions such as banks.

    Sharing risks and benefits is a basic feature of the capital market. With its different layers, including venture capital, private equity, primary market and secondary market, Shao said companies in the capital market will acquire financing at different stages of their development to support the market's technological upgrading.

    Gui Haoming, chief market expert at Shenwan Hongyuan Securities, said: "We can see that the Chinese capital market has built these different layers. While being different, the STAR Market, ChiNext (also known as the Growth Enterprise Market) and the Beijing Stock Exchange are also connected, enabling market resources to be fully used under such a structure.

    "Competitive companies will gain more resources from the market. China's industrial restructuring and upgrading will thus be facilitated, which will serve the nation's goal of realizing high-quality economic growth."

    |<< Previous 1 2 3 4 Next   >>|
    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    性色欲网站人妻丰满中文久久不卡 | AV无码一区二区大桥未久| 中文字幕av无码专区第一页| 亚洲欧洲自拍拍偷午夜色无码| 最近中文字幕在线中文视频| 无码囯产精品一区二区免费| 天堂网在线最新版www中文网| 少妇无码AV无码专区线| 炫硕日本一区二区三区综合区在线中文字幕| 无码囯产精品一区二区免费| 国产成人无码区免费内射一片色欲 | 潮喷失禁大喷水aⅴ无码| 国产啪亚洲国产精品无码| 最近2018中文字幕免费视频 | 中文字幕视频免费| 久クク成人精品中文字幕| 精品一区二区无码AV| 久久精品无码专区免费东京热| 中文字幕丰满伦子无码| 中文字幕无码毛片免费看| 中文字幕一区二区精品区| 中文字幕乱码人在线视频1区| 国精品无码A区一区二区| 国产精品多人p群无码| 人妻丝袜中文无码av影音先锋专区| 中文国产成人精品久久亚洲精品AⅤ无码精品 | 精品国产V无码大片在线看| 亚洲va中文字幕无码| 亚洲国产综合精品中文字幕| 久久久久中文字幕| 中文字幕在线观看免费视频| 今天免费中文字幕视频| 精品久久久无码中文字幕天天| 中文字幕亚洲综合久久| 精品久久久久久无码中文野结衣 | 2014AV天堂无码一区 | 小13箩利洗澡无码视频网站| 性无码专区无码片| 粉嫩高中生无码视频在线观看| 99久久精品无码一区二区毛片 | 亚洲AV永久无码精品一区二区国产|