The Shanghai Stock Exchange (SSE) held the 10th Meeting of the 4th Board of Governors on November 13, and member supervisors were invited to be present as nonvoting delegate. The Meeting deliberated on the proposals including the revision of the "Members Management Rules" and the "Financial Budget Adjustment Scheme" and solicited the opinions and suggestions of member governors and supervisors on setting up sci-tech innovation board and piloting the registration system.
To fully solicit public opinions, the SSE Board of Governors has made clear in advance that it would neither presuppose any ideas on the contents of the meeting nor make formal statement on any suggestion. The participating members engaged in a heated discussion on the orientation of the sci-tech innovation board, the threshold of listing enterprises, the design of trading system and the pilot of the registration system.
It is believed that the sci-tech innovation board should not be regarded as a single board but an independent new market. It should undertake the mission of the reform and innovation of the Chinese capital market and have new regulation logic and independent market orientation and system. The sci-tech innovation board should focus on the national innovation-driven and sci-tech development strategy. At the beginning of its opening, it should pursue quality instead of quantity and members should reserve resources for listing and apply for listing once getting qualified. And there should be a set of measures to intensify the rights and responsibilities of intermediaries to encourage them to be diligent and responsible via new systems like the capital restriction of securities companies.
SSE Chairman Huang Hongyuan said in his concluding remark that all member governors and supervisors are representatives selected from the whole industry. He thanked everyone for their advice and suggestions and hoped that they could offer good ways of setting up the sci-tech innovation board and piloting the registration system according to their specialty. The SSE will earnestly listen to their opinions and suggestions, focus on the formulation and launching of relevant schemes and steadily promote relevant work. And it will solicit public opinions after formulating the schemes and fulfilling relevant reporting procedures.