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GEM registration system reform color highlights A-share market ecological continuous optimization

[] Recently, the capital market deepened the reform of the active signal frequency release, the registration system reform entered the key stage, and the reform potential energy continued.

From the pilot registration system of Kobang, the "incremental + stock" synchronous advancement, the registration system reform has highlighted, the economic efficiency of the capital market service entity in the implementation of registration system has increased significantly, and the A-share market has positive changes. The Chairman of the Securities Regulatory Commission is not long ago, in the annual meeting of the 2021 Financial Street Forum, the Securities Regulatory Commission will make the pilot registration to fully deepen the number one project of the capital market reform, and persist in steady, and actively strengthen the relevant parties and market parties. Communication collaboration, Kobo Panel, and GEM pilot registration system successfully landed, and made important phased outcomes. In general, the reform has reached the expected goal: the preliminary appearance of the demonstration effects of scientific and technological innovation; the "test field" role of the system reform is better; the market is overall. From the three quarter report, the company’s overall performance in the registration system remains faster, showing strong development potential and vitality. In terms of GEM, 226 registration systems, the new listing company, the average number of business income billions of business income, which increased year-on-year. 222 of the new listed companies achieved profitability, accounting for%. Among them, 10 new companies such as Jinlongfish, Zhonghong Medical, and Stable Medical, and more than 500 million yuan.

133 net profit in the new listed company achieved year-on-year growth, accounting for more than 1%. Dong Dexin, director of the Financial Securities Research Institute of Wuhan University of Science and Technology, said that the reporter of the Economic Report is said that the registration system is to improve the inclusive and openness of the market, especially to improve the level of market.

Our registration system reform pilots have emerged, especially for innovative companies.

In addition, the extent of marketization has also improved. Shao Yu, the assistant of the President of Oriental Securities, the chief economist Shao Yu said that after the reform of the GEM, there are many high-quality, large-market companies, and the innovation content of listed companies is getting more and more serious, in line with the national economic transformation, truly marketing Form a good demonstration effect. At the same time, investors are also slowly habit to invest more resources to innovation companies, optimize resource allocation, so that national strategies can slowly pass capital markets, rewarding quality technology companies through the capital market.

The entire A-share ecology, whether it is an end or capital end, is in nature. It is worth noting that as the reform of the "incremental + stock" synchronous advancement of the capital market, the reform of the GEM reform and the pilot registration system has been significantly improved, and the market efficiency is significantly improved, and the service functions of growth innovation enterprises are further improved.

Many industry experts said that the GEM pilot registration system has laid a solid foundation for steadily in the whole market, and has accumulated valuable experience. For more than a year, the GEM will comply with innovation, creation, and creative trends. It adopts more market-oriented, more diverse issuance conditions, key service growth-oriented innovation entrepreneurship, support traditional industries, new technology, new industries , New mode depth fusion. Data show that as of November 5, 2021, the GEM received a total of 752 enterprises, and 226 companies have successfully landed in the GEM, of which 195 are high-tech enterprises, which are mainly distributed in computer, communications and others. Electronic equipment manufacturing, special equipment manufacturing and other industries show better growth capacity, profitability, and maintain strong innovation attributes. Gao Ruidong, director of the Evergbrutive Securities, Principal Macro Economist Garidong said that the registration system has produced a significant positive effect on the A-share market, or for the Capital market service entity economy.

On the one hand, the registration system has significantly improved the activity of the A-share market, and the listing enterprise valuation premium rate is rational return, and the valuation level is gradually reasonable.

On the other hand, the reform of the GEM registration system is also enhancing the modernization of the industrial chain, promoting the high-quality development of modern service industry, and supporting the digital industry to do excellent stronger and other fields, play a positive influence.