Sun Nianrui, Deputy Director Of Supervision Department Of Listed Companies Of China Securities Regulatory Commission: China Securities Regulatory Commission Will Focus On The Implementation Of Improving The Quality Of Listed Companies From Three Key Aspects

"Capital market plays an important role in financial operation. After 30 years of development, China's capital market has grown into the world's second largest market with a total market value of more than 80 trillion yuan, covering 90 industry categories of the national economy. Although the number of companies accounts for only one tenth of the total number of enterprises in China, the profit is equivalent to nearly 50% of that of Enterprises above designated size. " On November 28, sun nianrui, deputy director of the supervision department of listed companies under the China Securities Regulatory Commission, said at the "2020 annual meeting of the International Forum on Southern finance and economics 2020" jointly sponsored by the headquarters of Guangdong, Hong Kong and Macao Bay area of China Central Radio and television and hosted by the 21st century economic report.

Information map.

Sun nianrui pointed out that the group of listed companies has become the "basic plate" of China's real economy, serving the "vanguard" of national strategy, seizing the high-quality development of listed companies, and seizing the "bull nose" of high-quality development of China's real economy.

General Secretary Xi Jinping attaches great importance to improving the quality of listed companies, and has made important instructions and instructions for many times; the Fifth Plenary Session of the 19th CPC Central Committee highlighted the theme of "promoting high quality development" during the "14th five year plan" period; on October 9, the State Council issued the opinions on further improving the quality of listed companies (No. 14 document of the State Council) (hereinafter referred to as the "opinions") to improve the quality of listed companies The overall deployment will be carried out.

Sun nianrui said that the opinions is an important measure to comprehensively deepen the reform of the capital market, help to form a new dual cycle development pattern, and promote high-quality economic development. It has made a systematic and all-round deployment around the "full cycle" of the life of the capital market, and is an action program to promote the high-quality development of Listed Companies in the future. In the next step, in terms of supervision of listed companies, the CSRC will take the initiative to fulfill its responsibilities and focus on the implementation of improving the quality of Listed Companies in three key areas.

Three key directions to improve the quality of listed companies

To improve the quality of listed companies, we should first promote the improvement of corporate governance.

"The foundation of listed companies is to improve the quality of listed companies." Sun nianrui said that in the near future, the CSRC plans to launch a special corporate governance action, adhere to the "two wheel drive" of information disclosure regulation and corporate governance supervision, and use 1-2 years to strengthen the bottom line requirements of corporate governance, improve the relevant rule system of corporate governance, advocate the best practice of corporate governance, and guide listed companies to form a set of behaviors that are in line with China's national conditions and adapt to the reality of listed companies Effective corporate governance constraint mechanism presents investors with a standardized, transparent and real listed company.

Then, we need to control two key points: the entrance barrier introduces "source water" to the market, and the export gate optimizes the quality of stock companies.

The science and technology innovation board and the growth enterprise market have successively implemented the registration system. At present, there are more than 200 listed companies on the science and technology innovation board, and 40 or 50 new companies have been listed on the gem. The issuance efficiency has been significantly improved.

"In terms of import, we should not only respect the basic connotation of the registration system, learn from international best practices, but also reflect Chinese characteristics and characteristics of development stages. We should deeply grasp the requirements of improving the quality of listed companies under the background of registration system, and take marketization and legalization as the criteria to prevent diseases from entering the mouth. At the same time, a diversified and normalized delisting mechanism should be established. After the registration system, the pace of listing will be accelerated, the market exit mechanism will be more smooth, and the supervision of delisting should be strengthened simultaneously. " Sun nianrui said.

But he also pointed out that delisting itself is not the purpose, the key is to solve the problems of stock listed companies and improve the quality of stock listed companies. Therefore, the exit mechanism is not only the delisting of listed companies, but also the withdrawal of non-performing assets: the listed companies with low quality should speed up the delisting, and the assets with low quality should be cleared up quickly. "Three batches": a batch of delisting, a batch of restructuring and a batch of restructuring. The purpose is to solve the stock problem and improve the quality of the company by withdrawing from the market through multiple channels and introducing high-quality assets.

Sun nianrui disclosed that recently, the implementation plan for improving the normalized delisting mechanism has been deliberated and approved by the central deep reform commission. In the next step, rules will be revised at the exchange level according to the provisions of the new securities law, so as to promote the implementation.

In addition, we should solve the outstanding problems: implement the principle of classified disposal and solve the problem of occupation guarantee.

First of all, we should make good use of classified disposal scheme to solve the problem of occupation guarantee.

Sun nianrui pointed out that the No.14 document of the state development has put forward specific requirements for the problems of fund occupation and illegal guarantee, and the formed historical problems should be paid off or resolved within a time limit. "The essence of policy is to give way out and opportunities. The controlling shareholders or relevant responsible persons who have violated the regulations should especially cherish and grasp this policy window period. Before the disclosure of the annual report in 2020, the repayment fund of the repayment fund should be the repayment fund, and the guarantee should be released. Once the window period is over, if the funds are not repaid or the guarantee is released, serious consequences will be faced. If a crime is not committed, it should be investigated and dealt with severely if there is a crime committed within a specified period of time

At the same time, sun nianrui pointed out that "zero tolerance" will be maintained to crack down on violations of laws and regulations, such as financial fraud, so as to form a three-dimensional accountability system and greatly increase the cost of violations of laws and regulations of relevant subjects.

In view of various risks such as equity pledge, bond default, illegal operation, etc., the CSRC has strengthened communication and cooperation with local Party committees and governments, continued to adhere to the principle of "one company, one policy", and refined the risk resolution plan. At present, preliminary results have been achieved. However, some "tough" problems have not been completely solved, and the risks of individual companies are still relatively prominent. "Relevant listed companies should conscientiously implement the requirements of the No. 14 document of the State Council of the people's Republic of China, implement risk prevention and resolve the main responsibility, actively strive for guidance and support from local governments and relevant departments, and strive to solve these outstanding problems." He said.

Improving the quality of listed companies

"How to form a working force in improving the quality of listed companies is the key to the success of this work." Sun nianrui pointed out.

He said that "the early stage of the work has been actively promoted and promoted, and the relevant documents have been actively promoted and promoted. Focusing on the common goal of improving the quality of listed companies, all localities are determined to forge ahead, make all-round efforts, adapt measures to local conditions, and highlight characteristics. "Co construction, CO governance and sharing" has gradually become a common consensus. A good atmosphere for jointly promoting the improvement of the quality of listed companies is accelerating. Guangdong, Zhejiang, Shanghai, Beijing and Qingdao have accelerated the implementation of the opinions in different ways.

He said that the CSRC will further strengthen cooperation with relevant ministries and commissions and local Party committees to create a good policy environment for the high-quality development of listed companies; intermediary agencies should be more responsible, play a good role as a "gatekeeper" and serve the registration system reform with information disclosure as the core; news media should give full play to the role of public opinion supervision and guidance and smooth the information channel The listed companies and related parties should adhere to scientific development, stable operation, reverence and abide by the contract; investors should adhere to value investment and long-term investment, so as to create a good cultural soft environment for improving the quality of listed companies.

"It is hoped that Guangdong, Hong Kong and Macao Bay area, with Guangdong Province as its hinterland, can continue to take the lead in promoting high-quality development and become a" pacesetter "for high-quality development of listed companies and a" new highland "for innovation and development led by science and technology." Sun nianrui finally said.