Nine-year implementation of the investor suitability management system for the ninth anniversary of GEM: the strict implementation of the system requires the continuous optimization of the investor st

Nine-year implementation of the investor suitability management system for the ninth anniversary of GEM: the strict implementation of the system requires the continuous optimization of the investor structure. In 2009, in order to fully protect the legitimate rights and interests of investors and guide investors to conduct rational transactions, the GEM investor suitability management system was implemented. This is an active exploration and the first institutional arrangement made by the domestic capital market in terms of investor suitability management in the on-site market with reference to mature market experience.

Over the past nine years, Shenzhen Stock Exchange has continuously improved the construction of the rules system, enriched the appropriate management methods, urged its members to earnestly implement the investor's appropriate management requirements, and strictly conducted risk disclosure and investor education, which provided an important guarantee for the healthy development of the GEM market.

For the first time, the exchange market introduced appropriate management to natural person investors.

In 2009, Growth Enterprise Market introduced appropriate management to natural person investors for the first time in the field of on-site market, paying full attention to investors' trading experience and highlighting risk disclosure.

The investor suitability management system of GEM requires individual investors' trading experience and cooling-off period. According to whether individual investors have two years of trading experience, a cooling-off period of two days or five days is set respectively to prevent investors from blindly following the trend and investing impulsively.

At the same time, GEM emphasizes risk disclosure. First, investors are required to sign a risk disclosure book on the spot, and members will prompt the risks in person to educate investors. Second, investors are required to copy the relevant statements of voluntary risk taking and confirm voluntary market risk taking. Third, investors with less than two years' trading experience who are persuaded to open the trading authority of the Growth Enterprise Market should make a special statement to voluntarily bear market risks.

Ensure strict implementation of institutional rules

The key to implementing the appropriate management system for GEM investors lies in its implementation. Over the past nine years, Shenzhen Stock Exchange has continuously strengthened daily supervision and inspection to ensure strict implementation of the GEM investor suitability management system.

Shenzhen Stock Exchange attaches great importance to the proper management of GEM by member units. Through the development and establishment of the monitoring system, we can grasp the implementation of the appropriateness management system of GEM and continuously supervise the member units that have failed to implement it.

The appropriateness management system has achieved positive results.

Since the establishment and operation of GEM, the number of listed companies and investors has been increasing, and the market scale has steadily expanded, which has become an indispensable part of multi-level capital markets. As the first pilot of the investor appropriateness management system in the on-market market, with the strict implementation and joint efforts of all parties in the market, the GEM appropriateness management system and other related mechanism arrangements have achieved positive results. The concept of "providing the right products for the right investors" has been deeply popularized, the investor structure of GEM has been optimized, the overall risk awareness of investors has been enhanced, and the management ability of member customers has been further improved.

The data shows that it is more rational for individual investors to participate in GEM transactions. Only 30% of Shenzhen A-share personal accounts chose to open GEM trading rights, and about 80% of them participated in the subscription of new shares or the secondary market. By the end of September, 20 18, there were 47,806,600 personal accounts connected to GEM, accounting for 29.96% of the personal accounts of Shenzhen159,542,500. Among the individual accounts that have opened the trading authority of the Growth Enterprise Market, 38,472,400 households participated in the subscription of new shares on the Growth Enterprise Market or the secondary market, accounting for 80.48% of the GEM accounts and 24. 1 1% of the Shenzhen A-share personal accounts, among which 32,905,800 investors participated in the subscription of the secondary market, accounting for 68.83% of the GEM accounts.

Individual investors in GEM are relatively rich in investment experience, and the average trading experience of accounts is higher than that of individual accounts in Shenzhen A-share market. By the end of September, 20 18, the average transaction life of GEM accounts was 8.54 years, and more than 80% of GEM accounts had two years of trading experience.

The asset scale structure of individual investors in GEM is better than that of Shenzhen A shares. By the end of September, 2065438+2008, the average asset size of GEM accounts was about 570,000 yuan, which was close to 2.6 times that of Shenzhen A shares. The proportion of small and medium-sized retail investors in the Growth Enterprise Market is lower than that of Shenzhen A-shares, and the number of GEM investor accounts below 65,438+10,000 accounts accounts for about 60%, which is lower than the proportion of Shenzhen A-shares exceeding 80%.

In the next step, Shenzhen Stock Exchange will further improve the investor suitability management system of GEM, actively explore various ways to more fully reveal the risks of investors, strengthen the management responsibility of members to customers, effectively protect the legitimate rights and interests of investors, and maintain the long-term healthy and stable development of the stock market.