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Promote Open And Transparent Regulation And Jointly Build A Good Market Ecology - Shenzhen Stock Exchange Holds The “Media Visiting SZSE” Exchange Meeting On Regulation Of Listed Companies

Date 03/01/2020

SZSE recently held a “Media Visiting SZSE” Exchange Meeting on Regulation of Listed Companies. Relevant heads and reporter representatives from nine media including CCTV and the Xinhua News Agency participated in the exchange. It’s a specific measure of SZSE to implement CSRC’s work requirements of the “four awes (stand in awe of the market, rule of law, professionalism and risks) and one joint force (The capital market’s development needs all the efforts made by all sides)”, deepen communication with media, promote the public disclosure of its company regulation business, help improve the quality of listed companies and strive to build a transparent exchange.

At the meeting, relevant department heads of SZSE reported SZSE’s overall regulation work of listed companies in 2019 to media. In 2019, SZSE studied and implemented in depth the Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and the guiding principles of the 19th CPC National Congress and the second, third and fourth plenary sessions of the 19th CPC Central Committee. It actively served the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and the pilot demonstration area of socialism with Chinese characteristics, focused on the three key tasks of regulation, service and reform, and adopted comprehensive measures to improve the quality of listed companies. First, SZSE spared no effort to do well in the control of major risks. SZSE forestalled and resolved risks while fulfilling its regulatory responsibilities, promoted in depth classified regulation and precision regulation, and explored technology-based regulation. It placed emphasis on such risks as stock pledge, debt default, fund occupation, illegal guarantee, large amount of monetary capital and loans outstanding, provision for substantial goodwill impairments and delisting, and guided such parties as listed companies, majority shareholders, directors, supervisors and senior management to fulfill their responsibilities conscientiously. Second, SZSE practically served the development of the real economy. SZES kept in mind its fundamental mission of regulation, strengthened the awareness of active service, and improved direct financing capability. It provided precision services for state-owned enterprises and private enterprises to help them grow bigger and stronger, continued to serve small and medium-sized enterprises, startups and innovation-oriented enterprises in pursuing healthy development, and promoted the improvement of the quality of listed companies. Third, SZSE unswervingly deepened market reform. SZSE carried out the key task of deepening the reform of the capital market on all sides assigned by CSRC, steadily advanced the reform of the ChiNext Board and the implementation of the pilot registration system, and adhered to governing the stock market by rule of law. It conducted a systematic evaluation of the self-discipline regulatory rules system across the board and made relevant modification, and strengthened the institutional foundation for front-line regulation.

The media present at the meeting spoke highly of the exchange meeting and had in-depth discussions on problems of concern. Media representatives said that in recent years SZSE has actively promoted the establishment of a transparent exchange, released and explained key regulatory matters, major regulatory rules and important regulatory measures on its own initiative, and made public disciplinary decisions, letters of concerns, regulatory letters, reorganization inquiry letters, etc. At present, as relevant tasks concerning the deepening of the capital market reform are being steadily advanced, which are attracting great market attention and influencing many aspects of society, the media hope to, together with SZSE, make full use of new modes of transmission, optimize content of transmission, respond to market concerns, do well in policy interpretation, maintain stable market operation and build a good cultural ecology in the capital market.

Relevant official of SZSE said that improving the quality of listed companies is an important task of SZSE in implementing the guiding principles of the fourth plenary session of the 19th CPC Central Committee and the Central Economic Working Conference and the task of deepening the capital market reform on all sides assigned by CSCR. SZSE should not only do well in the regulation of listed companies but also work with others to create a good environment for promoting the high-quality development of listed companies and maintaining the stable operation of the capital market. The capital market is an ecosystem. Media are important part of the capital market ecosystem, subjects of public opinion supervision, important intermediaries for investor education and key forces to gather strength. SZSE will carefully study the opinions and suggestions put forward by the media present at the meeting, continue to improve the regular communication mechanism, and deepen benign interactions with news media. It will optimize the modes and approaches of work of media and public communication, continue to promote the openness of regulation, and reach a consensus on reform. Besides, it will coordinate all forces for development, strive to build a transparent exchange, and create a sound cultural ecology for the building of a law-based, transparent, open, dynamic, and resilient capital market.