年内资本市场直接融资规模超8.2万亿元 监管多措并举支持企业抗疫

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notification with 23 policy measures to support regions and industries severely affected by the pandemic, aiming to facilitate direct financing and alleviate the operational difficulties faced by enterprises [1][2]. Group 1: Direct Financing Support - The notification emphasizes the importance of expanding direct financing as a means to help affected regions and industries recover, with A-share market financing and refinancing amounting to 640.26 billion yuan, a year-on-year increase of 13.64% [2]. - The total direct financing scale in the capital market has exceeded 820 billion yuan this year, reflecting a year-on-year growth of approximately 12% [2]. - Specific measures include streamlined approval processes for IPOs and refinancing, allowing for expedited reviews and approvals for companies meeting certain criteria despite pandemic-related performance declines [2][3]. Group 2: Regulatory Flexibility - The CSRC has allowed local regulatory bodies to conduct non-on-site IPO guidance and verification, demonstrating regulatory flexibility during the pandemic [4][5]. - Measures include extending the validity period for financial documents and approval letters, as well as providing additional time for companies to respond to inquiries and feedback [2][3]. Group 3: Support for Financial Institutions - New securities and fund institutions can conduct inspections via online video, and there is support for companies to obtain business licenses quickly once they meet operational conditions [6]. - Regulatory support is provided to securities firms in calculating risk control indicators and establishing private fund subsidiaries, aimed at enhancing their participation in alleviating liquidity risks for private enterprises [6]. Group 4: Enhancing Intermediary Services - The notification encourages securities firms to actively engage in financing intermediary roles, particularly for regions and industries severely impacted by the pandemic [7]. - It emphasizes the need for intermediaries, such as securities firms and accounting firms, to take on greater responsibility in facilitating direct financing for affected enterprises [7]. - Public funds are encouraged to invest in pandemic-related enterprises, and securities firms are urged to establish private asset management products to meet financing needs [7].