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吴清:创业板正式启用第三套标准 重启未盈利企业适用科创板第五套标准上市
财联社· 2025-06-18 03:19
今日2025陆家嘴论坛在上海举办,中国证券监督管理委员会主席吴清在开幕式上表示,近期将加快落实 2025年资本市场对外开放一揽子重点举措,包括发布QFII优化方案,进一步优化准入管理投资运作等, 将更多的产品纳入外资交易范围,尽快将QFII可交易期货期权品种总数扩展到100个。 新设科创成长层 资本市场包容性改革迈出重要步伐 吴清宣布,将聚焦提升制度的包容性和适应性,以深化科创板、创业板改革为抓手,着力打造更具 吸引力、竞争力的市场体系和产品服务矩阵。更好发挥科创板"试验田"作用,加力推出进一步深化 改革的"1+6"政策措施,统筹推进投融资综合改革和投资者权益保护,加快构建更有利于支持全面创 新的资本市场生态。 证监会主席吴清6月18日在2025陆家嘴论坛上表示,创业板正式启用第三套标准,支持优质未盈利创 新企业上市。将继续充分发挥科创板示范效应,加力推出进一步深化改革的1+6政策措施,重启未盈 利企业适用科创板第五套标准上市。 中国资本市场学会在沪成立 吴清宣布,中国资本市场学会已正式获批在上海注册成立,这是贯彻落实习近平总书记关于金融工 作重要论述的具体举措,也是我国资本市场发展中的一件大事。将广泛团结和 ...
证监会主席吴清:加快落实2025年资本市场对外开放一揽子重点举措
news flash· 2025-06-18 03:12
Core Viewpoint - The China Securities Regulatory Commission (CSRC) is accelerating the implementation of key measures for capital market opening by 2025, including optimizing the Qualified Foreign Institutional Investor (QFII) scheme and expanding the range of products available for foreign investment [1] Group 1 - The CSRC plans to release an optimized QFII scheme soon, which will enhance the management of foreign investment access and operations [1] - There is an intention to include more products in the scope of foreign investment transactions, indicating a broader market opening [1] - The goal is to expand the total number of tradable futures and options under the QFII scheme to 100 varieties as soon as possible [1]
特稿 | 洪灏:破局与重塑:中国资本市场的时代答卷
Di Yi Cai Jing· 2025-06-18 01:35
Group 1: Current Challenges and Opportunities in China's Capital Market - The rise of anti-globalization sentiments and geopolitical risks presents significant challenges for maintaining strategic openness and enhancing the quality of China's capital market [1][5] - The global economic landscape is undergoing profound changes, with trade protectionism and technological revolutions creating both challenges and unprecedented opportunities for China's capital market [1][5] - A healthy and active capital market is crucial for national competitiveness and is directly linked to the high-quality development of the Chinese economy [1][5] Group 2: Registration System Reform - The registration system reform, initiated in 2019 with the Sci-Tech Innovation Board, has revolutionized China's capital market by shifting from government selection to market selection, significantly improving the efficiency of new stock issuance [2] - The average review period for new stock issuance has been reduced from 18 months to less than 6 months, indicating a substantial increase in issuance efficiency [2] - The reform has also led to a record number of 50 companies delisting in 2023, reflecting a market ecosystem of "entry and exit" [2] Group 3: Trading Mechanisms and Investor Protection - Recent innovations in trading mechanisms, such as the introduction of fixed-price trading on the Sci-Tech Innovation Board and relaxed trading limits on the ChiNext, have enhanced market liquidity and pricing efficiency [3] - However, the proportion of margin trading in China's market is only about 2%, significantly lower than the 10% average in mature markets, indicating a structural shortcoming [3] - Progress has been made in investor protection, including collective litigation and compensation mechanisms, but challenges remain in protecting retail investors effectively [3] Group 4: Long-term Capital and Foreign Investment - The cultivation of patient capital is essential for supporting technological innovation, yet the A-share market exhibits a short-term investment tendency, with an average holding period of less than 6 months for public funds [4] - China's capital market has accelerated its opening to foreign investment, with foreign holdings of A-shares reaching 3.5 trillion yuan by the end of 2023, nearly tripling since 2018 [4] - Despite these advancements, the foreign ownership ratio in China's market is still around 5%, significantly lower than that of the US and Japan, indicating room for improvement [5] Group 5: Systematic Progress in Market Openness - To deepen the opening of the capital market, systematic progress is needed, including aligning accounting standards with international norms and enhancing information disclosure for foreign investors [6] - The introduction of more financial derivatives, such as stock index options and government bond futures, is necessary to provide better risk management tools for foreign investors [6] - The multi-tiered market structure in China, encompassing various boards, needs to be optimized for better connectivity and collaboration among different market segments [6] Group 6: Future Directions for Capital Market Reform - The blueprint for the future of China's capital market reform emphasizes enhancing the quality of listed companies, preventing systemic risks, and supporting national strategies for technological innovation and industrial upgrading [7] - The capital market is entering a critical phase of reform, requiring a strategic focus on innovation and resilience to navigate challenges effectively [7] - The belief is that a reformed capital market will emerge more mature and vibrant, contributing significantly to the modernization of the Chinese economy [7]
深化对外开放合作 上交所组织上市公司赴欧洲推介交流
Group 1 - The Shanghai Stock Exchange (SSE) organized a promotional event in London and Geneva to enhance cross-border capital investment cooperation and showcase the achievements and potential of China's capital market [1] - Twelve leading companies from various sectors, including healthcare, high-end manufacturing, and information technology, participated in the roadshow, demonstrating their governance, innovation, and competitive advantages [2] - The event attracted over 70 international financial institutions, highlighting the opportunities for diversified investment in undervalued traditional industries and emerging sectors in China [2] Group 2 - The introduction of the STAR Market (科创板) has garnered significant attention from international investors, with over 200 foreign institutions conducting more than 500 research visits to A-share companies this year [3] - The SSE presented the STAR Market's initiatives in supporting innovation, facilitating business expansion, and attracting long-term capital, which have bolstered investor confidence in Chinese tech companies [3] - Foreign institutions expressed strong interest in understanding more about high-quality Chinese listed companies, indicating a growing appetite for investment in the Chinese market [4] Group 3 - The SSE has been actively promoting China's capital market reforms and various investment products to European institutions, receiving positive feedback regarding the investment potential of Chinese companies [4] - The SSE has visited 12 countries and regions in 2023 to enhance international investor engagement and communication channels, aiming to position China's capital market as a significant player in global asset allocation [5][6] - The SSE is committed to fostering an open and innovative environment to create shared development opportunities for both domestic and foreign investors [6]
“中东资本”卡塔尔控股成为华夏基金第三大股东,外资不断加仓中国
Sou Hu Cai Jing· 2025-05-22 15:46
智通财经记者 | 杜萌 经过近一年的时间,中东土豪卡塔尔控股公司入股华夏基金终于尘埃落定。 今日傍晚,证监会发布《关于核准华夏基金管理有限公司变更持股5%以上股东的批复》。批复称,核准卡塔尔控股有限责任公司(Qatar Holding LLC)成 为华夏基金持股5%以上股东;对卡塔尔控股有限责任公司依法受让华夏基金2380万元人民币出资(占注册资本比例10%)无异议。 证监会数据显示,2024年5月23日,华夏基金向证监会提交《变更5%以上股权及实际控制人》的申请表。 图:卡塔尔控股公司购买华夏基金10%股份被证监会核准 来源:证监会网站 华夏基金成立于1998年4月,是国内较早成立的公募"老十家"之一,注册资本为2.38亿元。截至今年一季度末,华夏基金所管理的公募资产总规模为1.91万亿 元,仅次于易方达基金。其中,货币基金为6992亿元,股票型基金为6712亿元,均超过易方达基金。 从股权结构来看,华夏基金目前共有3名股东,其中,中信证券出资1.48亿元,持有华夏基金62.2%的股权,是华夏基金控股股东;迈凯希金融公司 (MACKENZIE FINANCIAL CORPORATION)出资6616.4万元 ...
中国证监会副主席李明:加强股票、债券、期货市场开放的相互协同
Qi Huo Ri Bao Wang· 2025-05-19 18:10
李明表示,接下来,中国证监会将着力增强制度的透明度和可预期性,完善与国际投资者的沟通机制, 进一步提高境外上市备案管理质效,优化合格境外投资者等机制安排,支持符合条件的外资机构申请新 业务、设立新产品,不断健全跨境金融服务体系。将着力增强对外开放的系统性,加强股票、债券、期 货市场开放的相互协同,加大期货期权国际化品种供给,丰富资产配置和风险管理等工具。将着力增强 双边和多边跨境监管合作,积极参与国际标准规则制定,进一步加强内地与香港市场合作,巩固香港国 际金融中心地位。 首先,投资中国意味着更高的确定性。这种确定性来自稳健的经济基本面,中国具有完整的产业体系、 齐备的基础设施、超大的市场规模、不断积聚的发展动能、长治久安的社会环境,在世界经济增长放缓 的背景下,中国坚持扩大内需与扩大开放并重,加快构建新发展格局,一直是全球GDP增长的主要贡献 者,今年一季度中国GDP同比增长5.4%,取得"开门红",展现出强大的韧性。 其次,充满活力的上市公司群体是投资中国的价值源泉。近年来,中国证监会牢牢把握上市公司作为资 本市场基石的定位,着力强化产品和服务支持,规范活跃并购重组市场,督促完善治理结构,引导提升 ESG ...
稳市场举措持续加码 资本市场后续改革值得期待
Zheng Quan Shi Bao· 2025-05-08 18:10
证监会主席吴清近日在参加国务院新闻办公室举行的新闻发布会时表示,全力巩固市场回稳向好势头, 突出服务新质生产力发展这个重要着力点,近期将出台深化科创板、创业板改革政策措施,抓紧发布新 修订的上市公司重组管理办法,稳步推出一系列对外开放的务实举措。 中国人民大学中国资本市场研究院联席院长赵锡军认为,这一系列即将出台的改革举措,既回应了资本 市场如何更好服务新质生产力的关键诉求,又前瞻性地布局了资本市场的改革路径,是对"稳定和活跃 资本市场"的落实,能够在强化市场信心的同时,实现资本市场本身功能的拓展,实现资本市场高质量 发展。 在市场运行上体现"稳" 风平浪静好行船。全力维护资本市场平稳运行,是推进资本市场改革和高质量发展的基础。在国务院新 闻办公室举行的新闻发布会上,金融监管部门通过降准等措施加大中长期流动性供给、全力支持中央汇 金公司发挥好类"平准基金"作用、拓宽中长期资金入市渠道等方式,给市场带来真金白银的支持,向投 资者注入实实在在的信心。 这是自去年9月24日以来,金融监管部门形成的聚合力稳定资本市场的默契,中央汇金公司在前增持指 数基金+央行在后提供流动性支持,这一搭配模式在过往多次被验证是应对资本 ...
证监会主席吴清: 有信心实现股市稳定健康发展
Shen Zhen Shang Bao· 2025-05-07 17:39
Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the overall stability and improvement of the capital market in 2023, with plans to enhance market monitoring and risk assessment, and to support the Central Huijin Investment Ltd. in stabilizing the market [1] Group 1: Market Stability and Policy Measures - The CSRC will introduce further reforms for the Sci-Tech Innovation Board and the ChiNext to enhance the inclusiveness and adaptability of regulations regarding market review and investor protection [1] - The CSRC aims to strengthen the role of the capital market as a primary channel for mergers and acquisitions by expediting the release of the "Major Asset Restructuring Management Measures" and related regulatory guidelines [2] Group 2: Encouraging Long-term Investment - The CSRC is focused on promoting the entry of long-term funds into the market, encouraging listed companies to improve governance and performance while increasing the scale and proportion of long-term capital [3] - Since April 7, over 350 listed companies have announced share repurchase and increase plans, reflecting their confidence in their own value and development [3] Group 3: Capital Market Opening - The CSRC is committed to advancing high-level opening of the capital market, implementing practical measures for cross-border regulatory cooperation, and supporting quality Chinese concept stocks to return to domestic and Hong Kong markets [4] - Foreign securities institutions have become significant participants in the A-share market, with foreign holdings through QFII and Stock Connect remaining stable at around 3 trillion yuan [4]
中国证监会主席吴清:全力巩固市场回稳向好势头 大力推动中长期资金入市
Zheng Quan Ri Bao· 2025-05-07 16:27
Group 1 - The core viewpoint of the news is the introduction of measures by the China Securities Regulatory Commission (CSRC) to stabilize the capital market and enhance investor confidence, focusing on supporting new productivity development and increasing long-term capital inflow [1][2][3] Group 2 - The CSRC emphasizes the importance of maintaining a stable and active capital market, with a commitment to implementing policies that reflect both stability and market vitality [2][3] - Key initiatives include the upcoming reforms for the Sci-Tech Innovation Board and the Growth Enterprise Market, aimed at enhancing institutional inclusiveness and adaptability [2] - The CSRC plans to promote the development of technology innovation bonds and improve the issuance process to provide comprehensive financial services for innovative enterprises [2][3] Group 3 - The CSRC aims to increase the inflow of long-term capital by improving corporate governance and performance, while also enhancing investor returns [3] - The "return increase - capital inflow - market stability" cycle is highlighted as a goal for the capital market [3] Group 4 - The CSRC will support high-quality Chinese concept stocks returning to domestic and Hong Kong markets, while also providing regulatory flexibility for companies affected by external tariffs [4][5] - Measures include enhancing communication between listed companies and investors, and supporting mergers and acquisitions to improve corporate resilience and innovation capabilities [4] Group 5 - The CSRC is committed to high-level opening of the capital market, with plans to expand foreign institutional participation and optimize the approval process for foreign investors [5] - The focus will also be on enriching product offerings and enhancing cross-border regulatory cooperation to protect the interests of companies and investors [5] Group 6 - The "Action Plan for Promoting High-Quality Development of Public Funds" emphasizes binding investor interests, stabilizing investment behavior, enhancing investor service capabilities, and promoting the growth of equity funds [6]
央行、证监会联手“放大招”!释放五大关键信号
21世纪经济报道· 2025-05-07 08:52
作 者丨崔文静 编 辑丨姜诗蔷 5月7日,国新办举行新闻发布会,介绍"一揽子金融政策支持稳市场稳预期"有关情况,证监 会主席吴清参会并发言。 这是继2 0 2 4年9月后,吴清再次与中国人民银行行长潘功胜、国家金融监督管理总局局长李云 泽共同参加国新办新闻发布会。彼时发布会召开后,A股迎来一波大涨。 此次发布会上,吴清一席发言,为提振资本市场底气和信心,注入十足力量。 "前行路上有风有雨是常态,不管面临的是轻风细雨还是狂风暴雨,是风高浪急还是惊涛骇 浪,我们都完全有条件、有信心、有能力实现中国股市稳定健康发展。"吴清表示。 平准基金,是资本市场韧性的重要支撑。针对平准基金,中国人民银行行长潘功胜表态,将 坚定支持汇金公司在必要时实施对股票市场指数基金的增持,并向其提供充足的再贷款支 持。这意味着,中央汇金具备充足的"资金后盾",股市平稳提升可期。 资本市场的稳步提升,离不开更多政策的支持。对此,吴清明确将逐步推出四方面政策,包 括发布《推动公募基金高质量发展行动方案》,修订《上市公司重大资产重组管理办法》和 相关监管指引,出台深化科创板、创业板改革政策措施,优化科技创新债券发行注册流程 等。 与此同时,债券市 ...