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2015 study on the three highlights of the capital market

With the arrival of 2015, China's capital market has also applied to the 25th year. Although compared with the foreign capital market, China's capital market is still young, but in advance of constructing multi-level capital market, China's capital market has revealed a mature side. Today, the main Board has not come out on top, the gem and junior innovations, new board the perfection of market mechanism, regional stock markets thrive, without exception was China's capital markets by 2015 has more to watch.
Board market: Shenzhen pass mention Shang schedule registered business gradually line gradually near
November 17, 2014, for shares market for is a worth Memorial of days, in this day closed has more than 20 years of capital markets open has a fan foreign interconnected exchange of door, overseas investors through in Shanghai and Hong Kong pass of channel to shares market brings fresh of power, and mainland of investors also to Hong Kong stocks market brings has incremental funds. Although it appeared the early opening of the Shanghai-Hong Kong through a cold yitoure, lines using less, but it is also under this good, market index opened a new round of blue chip market.
State of unconventional monetary easing are gradually becoming the norm, State-owned enterprise reform expectations and costs will also be an impetus for support for the continued prosperity of the capital market. However, the market is looking for even more, was raised at the recent Shenzhen through Hong Kong and Shenzhen are growing exponentially restlessness. Recently, Premier Li keqiang inspected Shenzhen said, "after the Shanghai-Hong Kong through Shenzhen Tong". Word of the Prime Minister to the imagination of the market, opening time, underlying stocks and even trade rules have caused wide discussion. There is no doubt that Tong has been opened on the basis of experience, in Shanghai and Hong Kong, Shenzhen preparation time will be much shorter, which is commissioned by 2015 seems to have certain things, which will make Hong Kong-Shenzhen through 2015 another major event of the capital market.
registration system is not the capital of a new Word, but as the 2014 IPO restart, registration with the increase of number of new shares issuance drift past. "Registration is not easy, in a share in this very special market, the propulsion needed to go through a process of registration, in 2015, this process has already begun. "Some market participants expected. Diseases of the mouth into the revision of the securities law, new rules on delisting effect, put requires strict registration system reform is indeed imminent, and the market in 2015 will be tasted more reform dividend. In 2015, the market will be able to taste the registration brought dividends.
Center for finance and securities of Peking University said Cao Fengqi, Director, at present, the a-share market there are still certain defects, so he pushed registration system reform, he suggested that changing the functions of the SFC, to promote exchange restructuring, strengthening information disclosure, improve auditing laws and regulations. Advice for academics, some are, some may be coming.
new Board: multiple policies in promoting the imagination
the new ban, most of the second half of 2014 capital markets terms, will still be in 2015 will be focused.
system switches from Shenzhen to Beijing, listed enterprises by more than 300 companies grew to more than 1500 companies, market value exceeded 300 billion yuan, finance over 10 billion yuan, making system floor ... ... In the past year, new Board of development and change a little overwhelmed.
back in 2006, before that Board or motherboard market exit the shelter; after that, upgrade to Zhongguancun enterprises incubator. Even though there is a listed high-tech enterprises in Zhongguancun, but due to the small scale, low visibility, profitability is unknown, ban is always like a chicken is ignored in Board index rise. Until December 14, 2013, the State Department released the decision on national SME share transfer system-related issues, ban has a new name: the national SME share transfer system, and thus truly become independent of the two exchanges in Shanghai and Shenzhen, but different from the regional centre of share Exchange's new trading system, the third front from more than a "new" Word.
in support of national policy, the new ban and not let the market down in the past year, and in the new year, the new Board will carry the largest capital market expectations.
December 2014, the regulator for futures, fund companies as well as private opens a door into the new ban, the Commission not only to support such enterprises listed on the new Board, sponsor, and also encouraged them to engage in market-making business. In addition, foreign capital has joined the team of investors, not to say investors threshold can be adjusted downward, the participation of these financial institutions, will also make the new ban in 2015, to achieve further development.
, however, the new Board to see not only these, a new system of information disclosure on the 12th line, new Board index also will be available at the end of the month, and the market has been waiting for the call auction trading system, management system, the transfer mechanism will also enable the new ban wave set off one by one in the capital markets.
four markets: looking forward to top design introduced
"construction of multi-level capital market is a layer by layer, the new third market is ripe, the four will also develop, this is in line with China's economic development context. "When asked about regional equity markets (commonly known as the four Board) development prospects, a private person to answer.
regional equity markets is the base of Chinese multi-level capital market system, with the national transfer systems together constitute the basic pattern of Chinese OTC market, however, as regional equity markets did not like the new ban, received so much attention and regulatory support, it is considered to be the capital market's wild child, alone in its growth.
"nine" made clear that the rectification based on the regional equity markets into a multi-level capital market system, but still no unified planning for regional equity trading market development. According to Beijing daily reporter incomplete statistics currently has more than more than 30 regional equity trading center, but due to lack of top level system, the Trade Center "fragmented", different conditions of trading center has a different tone and listing procedures.
regional equity trading market of construction is to service Yu local entity economic, but some scale larger of trading center has achieved has across province development, currently Shanghai equity managed trading center, and Tianjin equity trading center, and Shenzhen Qian sea equity trading center, and qilu equity trading center, and Zhejiang equity trading center are has has province outside enterprise tone, especially Shanghai equity managed trading center of tone number has over 1200 home. However, despite the development of across provinces, the regional market continued to lack cohesion mechanisms with other platforms, seal needs to be broken.
guidance when equity financing has been put on the agenda, around four market on State issued relevant policy, desire to improve the supporting laws and regulations has become even more strongly. Under the State's supporting policies for the development of the real economy, on four boards guiding provisions is expected to be launched in 2015.
four-plate convergence of market and other markets, regulators have to try it out. Held the third pilot in the financial world innovation Forum on China's financial industry, said Wang Min, Vice Secretary-General of the China Securities Industry Association, Securities Association of China has begun operations between private-product price and service system, and quotation system is an integral part of the multi-level capital market, it will go through all kinds of products within the field marketing and interactive links to OTC markets.
there is a link through to other markets, together with guidance and regulations, I believe four markets will spring in 2015 for development. BACK