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Editor-in-Chief of Arts/New waves (Bkopleader)

The Colloquium is to compensate for the short-term financing of science and technology innovation enterprises, while at the same time regrouping with existing panels for coordination. Our multi-tier capital markets are characterized by a “pyramid” structure consisting of intra-site exchanges, new three panels, regional out-of-the-counter markets, bonded markets. The creation board is the first “registered plus intra-currency” block to compensate for short-term financing in the creative enterprise, which overlaps with entrepreneurship boards and new panels. The strengthening of a clear division of labour between panels to meet the demand for investment financing from different enterprises and investors requires greater coherence and coordination.

Introduction

On 5 November, the Under-Secretary-General for Close Protection indicated that a boarding and pilot registration system would be established at the Shanghai Stock Exchange to support the Shanghai International Finance Centre and the Centre for Science and Technology Innovation in order to continuously improve the capital market infrastructure system. The roll-out of the CCS and registration pilots will complement the financing of our growing science and technology innovation enterprises, which is expected to become the Chinese version of Nasdak. However, opportunities and challenges coexist and building processes need to focus on the building of the rule of law base, market positioning and investor protection mechanisms.

Summary

The CPF is a prototype of the Strategic Emerging and Science and Technology Innovation for 2015, with a focus on the institutional design of the Reference Strategy Emergings. The national in-country market, accompanied by a pilot registration system, is an investment function that serves the financing functions of science and technology enterprises, as well as the sharing of dividends in the growth of science and technology enterprises.

From international experience, the United States has built on improved rule-of-law legislation, well-positioned market systems, strict law enforcement, and registered capital markets have developed considerably. Hong Kong has a “double archive” system of registration, but the investor protection mechanism is inadequate and the Sen is not functioning.

The concrete impact of the CPF included: 1) increasing the share of direct financing to meet emerging economic development needs. 2) Short-term outflows, valuing the hub and introducing good competition over the long term. 3) High-quality publicly available resources, shell resources. (iv) Facilitating the sharing of technological and innovative enterprise development dividends among domestic investors. (5) Good private fundraising and voucher agencies.

The full introduction of the registration system and the creation of the Chinese version of Nassauke will require the strengthening of three systems: the building of the rule of law and the fight against securities fraud. In comparison with the criminal, administrative and civil defences of securities fraud carried out by the United States Board of Auditors (SEC), Chinese securities law enforcement is “executive, light civil”, less rigorously punished, less shaken and inadequate compensatory functions. Chinese investors are vulnerable and civil compensation mechanisms are inadequate. The second is the improvement of investor protection systems, with reasonable thresholds for investor access. The third is to explore the establishment of a re-boarding system to achieve staggered competition and virtuous development.

Risk reminders: changes in the market environment, weak policy incentives and expectations

Contents

Establishment and registration system

1.1 Inventories: or renewal of strategic emerging board design

1.2 Registration: reintroduction

2 International experience: registration in the United States and Hong Kong

2.1 United States: clear market positioning, adequate legal regulation, investor protection and long-term development of registration

2.2 Hong Kong: inadequate investor protection, dichotomization

3 Cocton impact: long-term economic transition

4 Combination of the work of the boards and existing panels requires an integrated and coordinated approach.

5 The pilot roll-out of three major systems needs attention

5.1 Building on the rule of law to combat securities fraud

5.2 Improving investor protection systems and setting a reasonable threshold for investor access

5.3 Recommend the integration of existing panels to achieve conversions and the effective allocation of market resources

Contents

Establishment and registration system

On 5 November 2018, at the China International Import Fair, the Secretary-General of the Institute indicated that a pilot registration system would be put in place. The Board and the Institute subsequently indicated that the requirements for the establishment of boards and pilot registration systems would be quickly implemented to provide a sound capital market environment for the growth of innovative enterprises, as well as to provide more highly investment-valued market companies for capital markets. This round of capital market reform is highly specific and robust and will reshape market rules at the top-level design level.

1.1 Inventories: or renewal of strategic emerging board design

The boards are prototyped by strategic and innovative panels. The “Strategic and Emerging” and “Scientific and Technological Innovations” will be introduced simultaneously in the Shanghai in 2015. The strategic brands are located on a slightly larger, long-term, relatively well-developed, strategic and emerging industrial enterprises, design multiple sets of marketable standards, dilute profit requirements and carry a moderate probability of return, but are not on track because of conditionalities. Science and technology innovation boards are located in regional equity markets that provide financing services for fast-moving long-term science and technology innovation enterprises, consisting of enterprises with the characteristics of “new technologies, new industries, new industries, new models”, and are thus referred to as “new four panels”. There is now a rolling out of the regional equity market in Beijing and Shanghai.

This reform introduces the “construction” and may refer to the institutional design of the emerging strategy. Formerly introduced as an out-of-the-counter market, there is a fundamental difference from the in-house structure proposed at this time. The Board’s positioning of the CPF as a shortboard to complement technological and technological innovations in capital market services will result in better differential arrangements in terms of profitability, equity structure, and increase inclusiveness and adaptability for innovative enterprises. This policy has been conceived as a national on-the-ground market, with a pilot registration system and an investment function that serves the financing functions of science and technology enterprises, as well as the sharing of dividends in the growth of science and technology enterprises, which will make it possible to refer to the institutional design of the emerging strategic architecture.

1.2 Registration: reintroduction

The registration system is a system of securities distribution that is generally applicable in mature capital markets, but it has a plunged in my country. Launched for the first time in 2013, actively preparing for 2015,

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