影响23万亿深交所主板和中小板合并！ 如何影响A股？ 最新的解释在这里！ _东方财富网

原标题：重爆！ 冲击23万亿，就在今天，深交所主板与中小板合并！ 如何影响A股？ 最新的解释在这里！

概要

[Affect23trillionShenzhenStockExchangemainboardandsmallandmediumboardmerger!HowtoaffectAshares?Thelatestinterpretationishere!】EveryFridaythereisaheavyweightthistimeitisverybig!JustnowtheChinaSecuritiesRegulatoryCommissionannouncedthatthemainboardoftheShenzhenStockExchangewasmergedwiththesmallandmedium-sizedboard!ThefundkingdidalittlebitAsofthecloseofthemarketonthe5ththereweremorethan460listedcompaniesonthemainboardoftheShenzhenStockExchangewithamarketvalueof97trillionand1001listedcompaniesonthesmallandmediumboardwithamarketvalueof137trillion!Therearenearly1500companiesintotal234trillion!(ChinaFundNews)

Every Friday there is a heavyweight, this time it is very big! Just now, the China Securities Regulatory Commission announced that the main board of the Shenzhen Stock Exchange was merged with the small and medium-sized board!fundForget it, as of the close on the 5th, the main board of the Shenzhen Stock ExchangeShareMore than 460 listingsthe company, With a market value of 9.7 trillion, and there are 1,001 listed companies on the small and medium-sized board, with a market value of 13.7 trillion! There are nearly 1500 companies in total, 23.4 trillion!

What impact will the merger of the main board and the small and medium-sized board have on the market? For retail investors, what changes have happened to trading? Let’s take a look.

　　China Securities Regulatory Commission: the idea of ​​merging the small and medium-sized boards on the main board of the Shenzhen Stock ExchangeIt is “two unifications, four unchanged”

Pi Liuyi, Deputy Director of the Market Department of the China Securities Regulatory Commission, stated on February 5 that the merger of the Shenzhen Stock Exchange’s main board and the SME board is an important measure to comprehensively deepen the reform of the capital market. As an important part of my country’s multi-level capital market system, the Shenzhen Stock Exchange’s main board and Small and medium-sized boards are expanding direct financing, serving the real economy, and supportingSMEsPlayed an active role. As of the end of January 2021, there were 1468 listed companies on the main board and small and medium boards of the Shenzhen Stock Exchange, accounting for 35% of the total number of A-share listed companies, with a total market value of 23.39 trillion yuan, accounting for 29% of the entire market. At the same time, the development of the Shenzhen Stock Exchange’s main board and small and medium-sized boards has also exposed some problems, such as the homogeneity of the board and the long-term solidification of the main board structure.Therefore, merging the main board of the Shenzhen Stock Exchange and the small and medium-sized board is a problem-oriented reform move, which is conducive to optimizing the structure of the Shenzhen Stock Exchange, forming a development pattern that focuses on the main board and the GEM and complements each other, and better meets the needs of different stages of development.enterpriseDevelop financing needs and strengthen the financing function of the Shenzhen Stock Exchange.

Pi Liuyi said that the arrangement for merging the main board and the small and medium board of the Shenzhen Stock Exchange is “two unified, four unchanged”, that is, unified business rules, unified operation and supervision mode, and maintains the same issuance and listing conditions and the investor threshold. The trading mechanism remains unchanged, securitiesCodeAnd the short term remains unchanged.

The Securities Regulatory Commission will guide the Shenzhen Stock Exchange to integrate the system and rules of the main board and the small and mediumproduct, Index names, etc., and perform technical system adjustment tests to ensure the smooth implementation of reforms.

　　Interpretation of the four main points

　　1. The merger of the main board of the Shenzhen Stock Exchange with the SME board does not mean that the market-wide registration system will be implemented soon

CurrentlyScience and Technology Innovation BoardThe pilot registration system for the Growth Enterprise Market has achieved good results, but the pilot period has not been long. The relevant system arrangements have not yet been tested by the complete market cycle and closed-loop supervision. Some systems still need to be continuously adapted and optimized. Therefore, the implementation of the registration system for stock issuance in the whole market cannot be too ideal, nor can it be eager for success.

This merger mainly solves the problem of convergence between the Shenzhen main board and the small and medium-sized board, based on clarifying the functional positioning of different sectors, and building a multi-level market system with a simpler structure, more distinctive features, and clearer positioning.

　　2. After the small and medium board is merged into the main board, the function of the capital market to serve small and medium-sized enterprises continues to increase

After the merger of the main board and the small and medium board, the issuance and listing conditions and investor suitability requirements remain unchanged. The Shenzhen Stock Exchange will form a market structure dominated by the Main Board and the Growth Enterprise Market to provide financing services for SMEs at different stages of development.

The Shenzhen Main Board focuses on supporting relatively mature corporate financing development, and the ChiNext mainly serves growth-oriented innovative and entrepreneurial enterprises.The Shenzhen Stock Exchange will also adopt refinancing andM&AReorganizationMeasures such as post-market reforms, enriching product systems, and optimizing and improving services will support SMEs to become better and stronger.

　　3. The Shenzhen market will be restored after the mergerMain board listingFunction, will not lead to market expansion

The idea of ​​merging the main board of the Shenzhen Stock Exchange with the small and medium-sized board is to unify business rules, unify the operation of the regulatory model, maintain the same issuance and listing conditions, the investor threshold, the trading mechanism, and the securities code and abbreviations.

After the merger, the main board still implements the approval system, without lowering the listing threshold, nor adding new listing channels, which will not directly lead to the accelerated expansion of the market in the short term.

　　4. The merger will not affect the valuation of the two sectors

The merger of the two sectors will not change the threshold and trading mechanism for investors.means of transactionAnd trading habits will not have a direct impact. Therefore, without significant changes in fundamentals, there will be no major changes in the liquidity and valuation levels between stocks.

　　The China Securities Regulatory Commission still has these big news!

　　The Securities Regulatory Commission responded to Deloitte’s internal reporting incident: verification has been arranged

In response to Deloitte’s internal reports, Gao Li, a spokesperson for the China Securities Regulatory Commission, said on the same day that she had paid attention to the relevant information, and the local securities regulatory bureaus had also received relevant reports. They had arranged to conduct inspections on the reported matters and required relevant agencies to conduct internal self-examinations. Continue to follow up.

　　The phenomenon of organized market manipulation is prominent

On February 5, the spokesperson of the China Securities Regulatory Commission Gao Li reported the situation of the China Securities Regulatory Commission’s case handling in 2020.

Gao Li said that manipulation techniques are evolving rapidly, and the phenomenon of organized market manipulation is prominent. There were 51 new market manipulation cases filed throughout the year, a year-on-year increase of 11%. The number of cases in which actual controllers cooperate with market institutions to manipulate the company’s stock price has increased, and investigations have been initiated on 10 actual controllers throughout the year. For example, a certain actual controller made illegal gains of nearly 3 billion yuan from market manipulation. Manipulative techniques further present the characteristics of grouping and compounding. Some have colluded with the Chinese capital intermediary to quickly raise the stock price through multiple accounts, lure the market to follow suit, and attempt to conceal trading traces to avoid investigation; some use websites and live broadcast rooms to illegally recommend stocks to act as stock market black mouths to trick investors into illegal high positions Profit of 200 million yuan. In terms of the amount involved, there were 22 market manipulation cases in which the transaction amount exceeded 1 billion yuan, with an average profit of about 200 million yuan, which seriously harmed the interests of investors.

　　The CSRC handled 740 cases throughout the year, and the crackdown continued to increase

On February 5, the spokesperson of the China Securities Regulatory Commission Gao Li reported the situation of the China Securities Regulatory Commission’s case handling in 2020. In 2020, the China Securities Regulatory Commission handled a total of 740 cases, of which 353 new investigations (including 282 case investigations) were initiated, 84 major cases were handled, a year-on-year increase of 34%; 116 case clues were transferred and notified to public security organs throughout the year , Doubled year-on-year, and the crackdown continued to strengthen.

　　China Securities Regulatory Commission: Typical cases that accumulate market risks have increased

On February 5, the spokesperson of the China Securities Regulatory Commission Gao Li reported the situation of the China Securities Regulatory Commission’s case handling in 2020.

Gao Li said that the number of typical cases that accumulate potential market risks has increased, and the sensitivity and stakeholder characteristics of violations of laws and regulations are obvious.One is the whole yearBondThere were 9 market violations of laws and regulations, mainly involving financial fraud, failure to disclose major matters in accordance with regulations, and periodic reports. Some cases were highly concerned by the market. Second, 16 new cases of illegal private equity institutions were filed throughout the year, a year-on-year increase of 33%.Some private equity institutions participate in market manipulation, and some private equity institutions embezzle fund assets to redeemOther fundsInvestors’ principal and interest are even used to repay debts.

　　Securities Regulatory Commission:Mergers and acquisitionsIs a high-risk area of ​​insider trading

On February 5, the spokesperson of the China Securities Regulatory Commission Gao Li reported the situation of the China Securities Regulatory Commission’s case handling in 2020. Gao Li said that insider trading cases still occur frequently, and the proportion of statutory insider information insiders involved in the cases is still relatively high. In 2020, 66 new insider trading cases were filed. Judging from the field of incidents, mergers and acquisitions are still a high-risk area of ​​insider trading.Equity transfer、PerformanceInsider trading cases in information and other fields have also occurred, and cases of using major information from Sci-tech Innovation Board companies to implement insider trading have emerged.

　　China Securities Regulatory Commission: Investigate capital market fraud, fraud and other vicious violations

On February 5, the spokesperson of the China Securities Regulatory Commission Gao Li reported the situation of the China Securities Regulatory Commission’s case handling in 2020. Gao Li said that in the next step, the China Securities Regulatory Commission will resolutely implement the spirit of the Fifth Plenary Session of the 19th Central Committee of the Party and the overall deployment of the “14th Five-Year Plan”, fully implement the “Several Opinions on Strictly Cracking Down on Illegal Securities Activities in accordance with the Law”, and resolutely implement ” “Zero tolerance” work policy, according to law, promptly and rigorously investigate and deal with vicious violations of capital market fraud and fraud, effectively increase the cost of violations, strengthen law enforcement deterrence, and shape a good market ecology.

　　China Securities Regulatory Commission: Issue an implementation order as soon as possibleRepurchaserule

The spokesperson of the China Securities Regulatory Commission Gao Li said on February 5 that the ordering of repurchase by fraudulent issuance of listed stocks is an institutional innovation and a supporting system for the reform of the registration system. It is of great significance to increase the cost of violations and protect the legitimate rights and interests of investors.

Gao Li said that the China Securities Regulatory Commission has drafted a draft of the implementation measures for ordering repurchase. From the perspective of soliciting opinions, all parties generally support the introduction as soon as possible. purchasepriceMarket research has been conducted on other issues, and the current implementation measures are being improved and revised. Follow-up will promptly advance the revision procedures of the rules and issue them for implementation as soon as possible.

　　China Securities Regulatory Commission: Continue to optimize the market entry environment for medium and long-term funds

In response to the recent measures proposed by the two offices to cultivate institutional investors, the spokesperson of the China Securities Regulatory Commission Gao Li said on February 5 that the China Securities Regulatory Commission will carry out investment and financing reforms. The first is to simplify the registration mechanism of funds and provide equity funds.supplyAnd quality; second, continue to optimize the market entry environment for medium and long-term funds, and increase the investment ratio of equity funds.

　　China Securities Regulatory Commission: Requires a shareholding 12 months before the IPOshareholderAll need to be locked for three years

Wu Nianwen, deputy director of the issuance department of the China Securities Regulatory Commission, stated on February 5 that the China Securities Regulatory Commission today issued the “Guidelines for the Application of Regulatory Rules-Disclosure of Information for Shareholders of Companies Applying for Initial Listing” (hereinafter referred to as the “Guidelines”), to deal with illegal holdings, shadow shareholders, and surprise Intensified supervision of IPO chaos such as shareholding and multi-level nesting. Among them, it is clear that new shareholders who have invested in shares within 12 months before submitting the application must be locked for 36 months.

　　More interpretation:

Li Quan, Director and Chief Economist of the Federal Reserve Securities: The merger of the SME board of the Shenzhen Stock Exchange is a milestone

Beijing Xingshi Investment: The merger of the small and medium-sized boards of the Shenzhen main board is paving the way for the full implementation of the registration system

Dong Dengxin, Wuhan University of Science and Technology: The merger of the main board of the Shenzhen Stock Exchange and the small and medium-sized board does not mean that the market-wide registration system will be implemented soon

Everbright Securities Peng Wensheng: The merger of Shenzhen’s main board and small and medium-sized boards can form a broader and deeper plate

(Source: China Fund News)

(Editor in charge: DF075)