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Reforms to give market forces more IPO clout

2020-1-14 14:20

 

China will accelerate capital market reforms this year, giving priority to expanding the market-based initial public offering system, improving the quality of listed companies and increasing market openness to draw more long-term institutional capital from home and abroad, analysts said.

The country's top securities regulator, the China Securities Regulatory Commission, will hold its annual work conference later this month to set the agenda for the reforms and will lay out the regulator's key tasks and main objectives.

Investors have followed previous meetings closely to look for policy clues that could affect their strategies in China.

A top priority of the regulator's reform agenda this year is gradually expanding the pilot registration-based IPO system to a wider marketplace, after the country's top legislature adopted the revised Securities Law establishing the system's legal basis and abolished administrative approvals for new share sales, analysts said.

The IPO reforms will be expanded first to ChiNext, the startup board of the Shenzhen Stock Exchange. The regulator had successfully experimented with a registration-based IPO system at Shanghai's technology-focused STAR Market in June.

The market-based IPO reforms, which are endorsed by the country's top leadership, represent a fundamental shift in approach that has been in the making for several years. It is designed to let market forces play a major role in new share issuance, remove administrative intervention and improve market efficiency.

"Marketization has been the core philosophy of China's economic reform, as well as the reform of the securities market," said Chen Jiahe, chief investment officer of Beijing investment firm Novem Arcae Technologies. "With the registration system, the market itself and investors will become the primary decision-makers when it comes to IPO issuance. This will make the IPO mechanism, as well as the whole securities market, more efficient than before."

The revised Securities Law, which takes effect on March 1, will help facilitate the smooth market-based reform of China's capital market, analysts said, as the revised law significantly raises the cost companies will face if they engage in fraudulent activities, such as financial fraud or insider trading. The law also stepped up requirements on information disclosure and boosted the legal protection of investors' rights and interests.

Investor sentiment was boosted by expectations of favorable reforms. The Shanghai Composite Index was up 0.75 percent, closing at 3115.57 points on Monday. The startup board in Shenzhen rose 1.62 percent to 1935.07 points, its highest level in 33 months.

The regulator's reform agenda this year is expected to follow the 12 priorities announced by CSRC Chairman Yi Huiman in September, which include improving the quality of listed companies, enforcing stricter delisting rules, stepping up regulation on mergers and acquisitions, improving refinancing rules and further opening the capital market to foreign investors.

Li Daxiao, chief economist at Yingda Securities, said investors will see stricter regulation of listed companies and a rise in the number of delistings.

"China's capital reform efforts are market-oriented, rules-based and more compatible with international standards. As the Chinese stock market grows rapidly, the acceleration of the reforms will help boost the market's global profile and enable it to better serve the economy," Li said.

Xue Yi, a professor of finance at the University of International Business and Economics, said the reforms will help build a fair, transparent and dynamic market in the long run, which will boost its attractiveness to foreign investors and maintain a stable market environment.

 

分析人士表示,中国今年将加快资本市场改革,优先扩大以市场为基础的首次公开发行(ipo)体系,提高上市公司质量,提高市场开放程度,以吸引更多来自国内外的长期机构资本。


中国最高证券监管机构——中国证券监督管理委员会(csrc)将于本月晚些时候召开年度工作会议,制定改革议程,并将列出监管机构的主要任务和主要目标。


投资者密切关注此前的会议,寻找可能影响他们在华策略的政策线索。


分析人士表示,今年证监会改革议程的首要任务,是逐步将以注册为基础的IPO试点制度扩大到更广泛的市场。此前,中国最高立法机关通过了为该制度奠定法律基础的修订后的证券法,并取消了新股发行的行政审批。


IPO改革将首先扩大到深圳证券交易所(Shenzhen Stock Exchange)的创业板(ChiNext)。今年6月,证监会在上海以科技为重点的明星市场成功试行了以注册为基础的IPO制度。


以市场为基础的IPO改革得到了中国最高领导层的支持,这标志着多年来一直在酝酿的方式发生了根本性转变。它的目的是让市场力量在新股发行中发挥主要作用,消除行政干预,提高市场效率。


“市场化一直是中国经济改革和证券市场改革的核心理念,”北京投资公司Novem Arcae Technologies的首席投资官陈家和说。“在注册制度下,市场本身和投资者将成为IPO发行的主要决策者。”这将使IPO机制以及整个证券市场比以前更有效率。”


分析人士表示,将于3月1日生效的新证券法将有助于推动中国资本市场的市场化改革,因为新证券法大大提高了企业从事金融欺诈或内幕交易等欺诈活动的成本。该法还提高了信息披露的要求,加强了对投资者权益的法律保护。


对改革有利的预期提振了投资者情绪。上证综合指数上涨0.75%,周一收于3115.57点。深圳创业板块上涨1.62%,至1935.07点,创33个月新高。


监管机构预计今年的改革议程遵循证监会主席宣布的12个重点易会满9月,包括提高上市公司的质量,实施更严格的退市规则,加强监管并购,提高再融资规则和对外国投资者进一步开放资本市场。


英大证券(Yingda Securities)首席经济学家李大霄表示,投资者将看到上市公司受到更严格的监管,退市数量将上升。


“中国的资本改革以市场为导向,以规则为基础,更符合国际标准。随着中国股市的快速增长,加快改革将有助于提升市场的全球形象,使其更好地为经济服务,”李说。


对外经济贸易大学金融学教授薛毅表示,从长远来看,这些改革将有助于建立一个公平、透明和充满活力的市场,这将提高市场对外国投资者的吸引力,并保持一个稳定的市场环境。

原作者: LI XIANG and ZHOU LANXU 来自: china daily