Yi Huiman: Establish a normalized delisting mechanism to promote long-term funds to enter the market

Yi Huiman said that during the Tenth Five-Year Plan period, to increase the proportion of direct financing, we should focus on building a standardized, transparent, open, dynamic and resilient capital market, strengthen the function of the capital market, unblock direct financing channels, promote the coordinated development of investment and financing, and strive to improve the inclusiveness and coverage of direct financing.

First, fully implement the stock issuance registration system and broaden the entrance of direct financing. Summarize the experience of pilot registration system in science and technology innovation board and Growth Enterprise Market in time, and steadily implement the registration system with information disclosure as the core in the whole market. At the same time, we will comprehensively promote the reform of basic systems such as issuance, listing, and continuous supervision of transactions, urge all parties to return to their responsibilities, make the market pricing mechanism more effective, truly hand over the right to choose to the market, and support more high-quality enterprises to finance and develop in the capital market.

the second is to improve the multi-level capital market system with China characteristics and enhance the inclusiveness of direct financing. Scientifically grasp the positioning of capital markets at all levels, improve the differentiated institutional arrangements, smooth the transfer mechanism, and form a market system with dislocation development, complementary functions and organic links. Effectively run science and technology innovation board and continue to promote key institutional innovation; Highlight the characteristics of GEM to better serve the development of growth-oriented innovative and entrepreneurial enterprises; Promote the reform of the main board (small and medium-sized board); Deepen the reform of the New Third Board and enhance the ability to serve SMEs; Steady development of regional equity market system and business innovation pilot, standardize the development of OTC market; Actively and steadily develop the financial derivatives market and improve the risk management mechanism.

the third is to promote the quality of listed companies and consolidate the cornerstone of direct financing development. Continue to optimize the mechanism arrangements such as refinancing, mergers and acquisitions, and equity incentives, and support listed companies to accelerate transformation and upgrading and become better and stronger; Further improve the delisting system, smooth multiple exit channels, establish a normalized delisting mechanism, and strengthen the survival of the fittest; Promote the reform of listed companies to improve corporate governance, improve the transparency of information disclosure, give full play to the exemplary role of innovation leaders and industry leaders, and lead more enterprises to achieve high-quality development by using direct financing.

fourth, deepen the innovation and development of the bond market and enrich the direct financing tools. Improve the bond issuance and registration system, deepen the interconnection between the exchange and the inter-bank bond market infrastructure, and further support banks to participate in the exchange bond market; Increase the innovation of asset securitization products, expand the pilot scope of public real estate investment trust funds in infrastructure, and form a demonstration effect as soon as possible; Expand the coverage of intellectual property securitization and accelerate the transformation of scientific and technological achievements.

Fifth, accelerate the development of private equity funds and highlight the strategic role of innovative capital. Actively broaden the sources of funds, smooth all aspects such as raising, investing, managing and withdrawing, and encourage private equity funds to invest in small, early and technology; Introduce temporary regulations on the management of private investment funds to guide them to continuously improve their professional operation level and compliance management awareness; Accelerate the construction of a private placement risk disposal mechanism with inter-ministerial linkage and central-local cooperation, effectively solve the outstanding problems of "pseudo-private placement, quasi-private placement and disorderly private placement", and promote the healthy development of industry norms.

Sixth, vigorously promote long-term capital to enter the market, and enrich the source of direct financing. Accelerate the construction of a market environment where long-term funds are "willing to come and stay", strengthen the strength of professional asset management institutions, vigorously develop equity fund products, and continue to promote the active allocation of various medium and long-term funds in the capital market; Increase policy inclination and guidance, steadily increase long-term performance-oriented institutional investors, and return to the important concept of value investment; Encourage outstanding foreign-funded securities fund institutions to come to China for exhibition industry and promote healthy competition in the industry.