Shenzhen Stock Exchange main board, small and medium board merger work started less than two months, the matter was finally finalized. On the evening of March 31, the Shenzhen Stock Exchange issued a document saying that with the approval of the CSRC, the merger of the main board and the small and medium-sized board will be formally implemented on April 6.
According to the introduction of Shenzhen Stock Exchange, four arrangements have been made for the implementation of the merger. As for the securities category, the securities category of the original listed companies on the small and medium board is changed to “A shares on the main board”, and the securities code and abbreviation remain unchanged. The words “SME board” in the application documents submitted by the enterprises applying for listing on the original SME board are regarded as “main board”.
As for the securities code interval, the original “002001-004999” securities code interval of the SME board is used by the main board, and the code interval of a shares of the main board is adjusted to “000001-004999”. The “notice on the use of” 003000-004999 “securities code interval of the SME board” issued by Shenzhen Stock Exchange on January 11, 2019 is abolished.
As for index adjustment, according to the announcement on adjusting the names of indexes such as small and medium-sized board index issued by Shenzhen Stock Exchange and Shenzhen Securities Information Co., Ltd. on February 5, 2021, the name adjustment of indexes such as original small and medium-sized board index, small and medium-sized board composite index and small and medium-sized board 300 index will take effect from the date of formal implementation of the merger.
As for the market display, Shenzhen stock exchange requires all relevant units not to set up special zones for small and medium-sized board stocks in the front-end interface of the trading and market display of the technical system, and to do a good job in the market display and adjustment according to the notice on doing a good job in the market display and adjustment of the combined index of the two boards issued on March 12, 2021.
It is understood that as early as October 2020, there was news on the market that Shenzhen main board and small and medium-sized board would be merged. Then, on February 5 this year, the Shenzhen Stock Exchange officially announced that it would start the preparatory work of merging the main board and the small and medium-sized board.
According to Wang Jiyue, a famous investment bank, the SME board is actually just a transition of the growth enterprise market. In 2000, Shenzhen Stock Exchange stopped issuing new shares in 2001-2004 in order to prepare for the second board market (the growth enterprise market). However, in the stage of preparing for the second board market, due to changes in the market environment, the board died in its infancy. In order to restore the financing function of Shenzhen Stock Exchange, the small and medium-sized board was officially launched in 2004. This phenomenon can also be seen in the data statistics. According to wind data, during 2001-2004, only three new shares were issued on the main board of Shenzhen Stock Exchange, namely BOE a, Gedian and TCL technology, which were listed in 2001, 2002 and 2004 respectively.
In addition, Shenzhen main board has not issued new shares in the past three years. According to wind statistics, the latest new issue of Shenzhen main board is China Merchants highway, which was issued and listed on December 25, 2017. Since then, Shenzhen main board has not issued new shares. Yang Delong, chief economist of Qianhai open source fund, also said that Shenzhen main board has not issued new shares for a long time, and the merger of main board and small and medium board will attract more new companies to list.
In an interview with Beijing business daily, he Nanye, a special researcher of Suning Financial Research Institute, said that in addition to the particularity of the growth enterprise market and the science and technology innovation board, the small and medium-sized board has no particularity at present, and combining with the main board is a better way of reform. After the merger, the board setting of Shenzhen Stock Exchange will be more specialized, forming a trading place configuration of main board + growth enterprise board. The main board focuses on the listing of large and medium-sized enterprises, and the Growth Enterprise Board focuses on the listing of technological innovation enterprises, with clearer division of labor. “For the regulatory authorities, it can also reduce the workload of supervision and the complexity of rules, which is conducive to the unity of supervision. For enterprises, it reduces the difficulty of selection and the difference of rules between different boards, so that the capital market environment of main board and small and medium-sized board enterprises is more similar. ” He Nanye said so.
Yang Delong also expressed the same view. He said that the merger of Shenzhen main board and small and medium-sized board will strengthen the strength of a single board of Shenzhen Stock Exchange and promote the development of Shenzhen Stock Exchange.
Beijing Business News (reporter Ma huanliu Fengru)
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