日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Finance

Regulator to fast-track reform of registration-based IPO system

By Yu Xiaoming | chinadaily.com.cn | Updated: 2017-07-25 14:59
Share
Share - WeChat

Investors sit in front of an electronic stock board at a securities brokerage in Shanghai, June 9, 2017. [Photo/VCG]

China's securities regulator is set to speed up the reform of registration-based IPO system, enhancing the proportion of direct financing, China Business News reported.

The China Securities Regulatory Commission (CSRC) will speed up the establishment of basic systems, in a bid to guard against financial risks during the second half this year, Li Huiyong, chief macroeconomic analyst of SWS Securities, told the newspaper.

At the recently held National Financial Work Conference, President Xi Jinping urged the financial sector to better serve the real economy. Serving the real economy is the duty and purpose of the financial sector and the fundamental way to guard against financial risks, Xi said.

Developing direct financing will be prioritized while indirect financing structure should be optimized by accelerating strategic transformation of State-owned major banks and developing small and medium-sized banks and private financial institutions, according to the conference.

Li said emphasis on direct financing in the financial conference indicates that it's an urgent task to satisfy financing needs, adding that the reform of share issuance system will speed up in the second half of the year.

Direct financing, including issuing shares or bonds, links borrowers and investors directly. Developing direct financing could help more enterprises obtain funds to develop business, research and innovation, meanwhile reduce financing cost, Li said.

Compared with indirect financing, which means borrowing money from a financial intermediary, such as a bank or insurer, the proportion of direct financing is still low in China.

According to statistics from the newspaper, the amount of direct financing reached 1.3 trillion yuan in the first six months, including 116.65 billion yuan IPO financing and 62.7 billion yuan financing from China's National Equities Exchange and Quotation, also known as the "new third board", China's new exchange for non-listed small and medium-sized companies.

One of the biggest concerns in direct financing is the stock market, while the two challenges of the stock market are listing and delisting, the newspaper said.

In December 2015, the country's top legislature authorized the State Council to roll out the new IPO mechanism before completing the amendment of the Securities Law.

Under the current approval-based IPO system, companies must endure a stringent application process to receive approval from the regulator. In contrast, under a registration-based system, which is widely adopted in developed economies, companies and investors decide the scale, valuation and timing of new share offerings.

Reform measures to introduce a registration-based IPO system have yet to be released, however, according to regulatory moves in the first six months, market conditions of putting in place a registration-based IPO system is improving, the newspaper added.

Li said that in order to enhance the allocation efficiency of the capital market, the regulator should offer more convenient way for listed companies, as well as strict rules for delisting.

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
CLOSE
 
主站蜘蛛池模板: 婷婷国产成人精品视频 | 99热新| 欧美一级片在线播放 | 四虎永久免费网站入口2020 | 一区二区三区亚洲 | 精品一区二区三区自拍图片区 | 亚洲美女黄色 | 久草观看视频 | 99午夜高清在线视频在观看 | 国产综合视频 | 亚洲国产成人精品女人久久久 | xxx视频| 先锋资源中文字幕 | 中日欧洲精品视频在线 | 亚洲国产精品综合久久 | 亚洲AV久久久久久久无码 | 久久99精品久久久久久噜噜 | 欧美日韩三级在线观看 | 免费成人在线网站 | 丁香六月婷婷激情 | 国产精品亲子伦av一区二区三区 | 中国一级免费视频 | 亚洲欧美一区二区三区国产精品 | 9久热这里只有精品视频在线观看 | 6080伦理久久亚洲精品 | 欧美视频二区 | 天天搞夜夜爽 | 欧美日韩一区在线观看 | 欧美 日韩 综合 | 亚洲精品乱码久久久久久 | 伊人精品国产 | 国产这里只有精品 | 天天碰天天 | 日本无码成人片在线观看波多 | 欧美va在线观看 | 三级视频在线播放 | 欧美激情 亚洲 | 欧美日韩精品一区二区三区在线观看 | 黄色 在线播放 | 91久久久久久久久 | 成人午夜免费福利 |