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

New bourse in the market for innovation

By SHI JING in Shanghai and ZHOU LANXU in Beijing | China Daily | Updated: 2021-11-22 07:34
Share
Share - WeChat
Market prices are displayed at the new bourse. [Photo/Agencies]

Major indicator

According to analysts Shenwan Hongyuan, in addition to attracting more capital, the participation of mutual funds indicates additional in-depth and extensive research, which will help interest more quality companies in floating on the BSE.

The quick action taken by mutual funds targeting the BSE also reflects institutionalization of the A-share market, which is a major indicator of its increasing maturity, Shenwan Hongyuan added.

A record set last year is evidence of the A-share market's continued institutionalization. A total of 1,432 funds were established in 2020, raising an unprecedented 3.2 trillion yuan combined. More than 1.19 billion effective mutual fund accounts had been opened by June, while equity funds have released a total of 3.3 trillion yuan in dividends to investors.

Yi, from the CSRC, said these statistics show individual investors' increasing trust in mutual funds, adding that such funds are playing an increasingly bigger role in the A-share market.

Janice Hu, China CEO at global financial services provider Credit Suisse, said the institutionalization of the Chinese capital market is an irreversible trend, with institutional investors now accounting for 20 percent of the daily trading volume on the A-share market, a figure that could not have been imagined 15 years ago.

According to industry experts, the participation of mutual funds at the BSE is just a small part of the maturing Chinese capital market at the rear of the financial industrial chain. The wider presence of venture capital and private equity players at the front end of the chain will result in the BSE's maturity helping to build a multilevel Chinese capital market.

Shenwan Hongyuan said exemption from income tax in BSE trading will facilitate such players' investment in NEEQ companies and help their invested companies go public on the Beijing exchange. The quality of the bourse will thus improve, a trend that will become increasingly apparent in the second half of next year.

Li Zhenhua, a partner with private equity fund management platform Cloudview Capital, said the BSE's launch is hugely important for venture capital and private equity players in the primary market, investors in the secondary market and those providing refinancing.

A successful exit is usually difficult for primary market investors, Li said. With the launch of the BSE, companies at an early stage of development, or which are on a small scale, are allowed to enter the secondary market. The exit channel for primary market investors is thus expanded and their capital can be used more efficiently. As a result, they will be more willing to invest, reducing the financing difficulties for startups. In this way, a multilevel capital market will be effectively built.

"Setting up different levels or layers is an intrinsic requirement for capital market development and perfection. A well-arranged multilevel capital market can ensure the efficiency of resources allocation. Most mature markets in the world have realized this goal over time," Li added.

Central regulators have been determined to set up a multilevel capital market in China, with this goal written into the new Securities Law, which took effect on March 1 last year.

Such an attempt was made in May 2016, with the introduction of the innovation tier to the NEEQ. Statistics show that since then, the number of institutional investors has risen by 50 percent, with stocks' liquidity improving by 20 percent and companies' valuations rising by up to 30 percent.

Li said companies trading on the innovation tier with increased profitability have gained more investment from private equity players and venture capitalists.

High hopes have been voiced for the BSE rising to become a Chinese version of the Nasdaq. But Wu Xiaoqiu, head of the China Capital Market Research Institute at Renmin University of China, said the Nasdaq is the result of a complete industrial chain. The "richness" of business models at the front end of the financial industrial chain has made it possible for the Nasdaq to flourish, Wu said.

"We should pay high attention to the development of angel funds, venture capitalism, private equity and buyout funds-the diversified financial businesses at the front end of the capital market. A lack of diversity in this respect will lead to huge difficulties in nurturing a market like the Nasdaq," he added.

|<< Previous 1 2 3   
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
主站蜘蛛池模板: 美女在线视频一区二区 | 九九色网站| 欧美一级在线播放 | 成人欧美一级毛片免费观看 | 国产精品1区| 一区二区三区四区视频 | 欧美 亚洲 一区 | 日本视频高清免费观看xxx | 国产高清视频a在线大全 | 亚洲天堂视频在线免费观看 | 不卡一区 | 色婷婷综合久久久久中文一区二区 | 天天插视频| 国精品日韩欧美一区二区三区 | 日本特黄的免费大片视频 | 偷拍自拍视频网 | 国产男女爽爽爽免费视频 | 91亚洲国产成人久久精品网站 | 国产色婷婷精品综合在线观看 | 国产精品久久国产精品 | 一级黄片毛片免费看 | 亚洲在线一区 | 在线色网站 | 欧美午夜免费观看福利片 | 国产无圣光高清一区二区 | 国产不卡在线观看视频 | 国产精品色综合 | 久久久久无码国产精品一区 | 日韩精品一区二区三区不卡 | 免费观看www| 羞羞视频网站在线观看 | 中文字幕 在线观看 | 精品精品| 奇米影视在线 | 国产福利专区精品视频 | 夜夜骑狠狠干 | 仇爱电视剧泰剧在线观看免费播放 | www,久久久 | 日韩欧美国产精品 | 精品国产不卡一区二区三区 | 天天摸日日碰天天看免费 |