China's Stock Market Offers Growing Support to the Real Economy: PHBS Think Tank Report
PR95488
SHENZHEN, China, Apr. 15, 2022 /PRNewswire=KYODO JBN/--
The capability of China's stock market to serve the real economy was improved
last year with the implementation of the registration-based initial public
offering (IPO) system, according to a report recently released by Peking
University, HSBC Business School (PHBS) Think Tank. The report studies
characteristics of initial public offering (IPO) and refinancing, and the
relevant policies and systems of the Chinese equity market, as well as the
remaining problems in 2021.
Compared to previous years, it finds that the proportion of IPOs of industrial
companies has increased 6.3%. In addition, the second-board markets (ChiNext
and Sci-Tech Innovation Board) have provided more financing support for small
and medium-sized private enterprises (SMEs), especially those in the
industrial, materials, IT, and healthcare sectors. All of these imply growing
support in the capital market to serve China's real economy.
In addition, the newly-established Beijing Stock Exchange (BSE) marks a key
step in China's efforts to deepen capital market reform, according to the
report. Of the first batch of 81 companies listed on the newly-established
(BSE), 78 % are SMEs in advanced manufacturing, modern services, high-tech
services and strategic industries. Based on this, the report suggests that the
BSE is playing a significant role in stimulating the direct financing of SMEs
in the National Equities Exchange and Quotations, further enhancing the
financing capability of China's multi-level capital market.
However, due to mixed pressure from refinancing, financial fraud, ineffective
regulation, and irrational speculators, China's stock market is still dealing
with multiple challenges to attract medium and long-term funds, according to
the Think Tank. Researchers suggest that an effective issuance system, a
transaction system, and a transparent regulation need to be implemented. For
instance, the efficiency of the registration-based IPO system requires highly
transparent information disclosure and proactive financing regulation.
Effective policies to attract long-term capital and improve risk management are
needed to curb the irrational speculation of both individual and institutional
investors and ensure sustainable development of the equity market.
Source: Peking University HSBC Business School
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