Securities Times reporter Sun Xiangfeng
The new "National Nine Articles" proposes to strictly control the entry of issuance and listing, further consolidate the first responsibility of issuers and the "gatekeeper" responsibility of intermediaries, and establish a "blacklist" system for intermediaries. Adhere to the principle of "declaration is responsibility", and strictly investigate illegal issues such as fraudulent issuance.
In an interview with a reporter from the Securities Times, the heads of a number of brokerage investment banks said that the new "National Nine Articles" will drive the investment banking business of securities companies to accelerate the pace of innovation, optimize the business structure, improve the professional level, and be more competitive in investment, mergers and acquisitions, restructuring and other businesses. Investment banks will also actively respond to policy requirements, effectively play the role of "gatekeepers" of the capital market, and make positive contributions to improving the quality of listed companies, protecting the rights and interests of investors, and promoting the high-quality development of the capital market.
Localization recalibration
"One of the major concerns of the new 'National Nine Articles' is to correct the positioning of industry institutions. The relevant person in charge of Guojin Securities told the Securities Times reporter that from the perspective of building a first-class investment bank, the positioning of investment banks in the capital market is to be a good "gatekeeper" of the capital market, check the quality of corporate information disclosure, tap the value of enterprises on the basis of authenticity, and "build bridges and pave the way" between investors' selection of investment targets and direct financing of the real economy.
The relevant person in charge of Huajin Securities also said that the implementation of the new "National Nine Articles" and the follow-up supporting rules will help the capital market to clean up the chaos, reshape the value, enhance the internal stability of the capital market, and the quality of listed companies is expected to be further improved. At the same time, securities firms will also face a stricter regulatory environment, including the strengthening of issuance and underwriting supervision, the improvement of transaction supervision, etc., which will require securities firms to continuously improve their compliance level and risk management capabilities.
"In the long run, the new 'National Nine Articles' are conducive to maintaining a good issuance order and ecology in the capital market, and boosting investors' long-term confidence and sense of gain in the capital market from the source. The relevant person in charge of Minsheng Securities said that under the new situation, investment banks should keep pace with the times, closely follow the guidance of regulatory strategy, make corresponding adjustments to business priorities and resource layout, seize new opportunities brought about by market changes, continuously improve their professional capabilities and service quality, and help the capital market continue to improve.
Put "functionality" first
After the promulgation of the new "National Nine Measures", CICC stated that as an important participant in the capital market, CICC will focus on its main responsibilities and main business, effectively play the role of the "gatekeeper" of the capital market, and make positive contributions to improving the quality of listed companies, protecting the rights and interests of investors, and promoting the high-quality development of the capital market.
The relevant person in charge of Huajin Securities also said that the company's investment banking business will follow the requirements of the new "National Nine Articles", keep in mind to put functionality first, respond more actively to the national strategy and help the development of the real economy, and focus on serving the relevant enterprises of new industries, new formats and new technologies. In the process of continuous supervision of listed companies, we focus on matters involving the relevant interests of investors, and effectively protect the legitimate rights and interests of investors, especially small and medium-sized investors.
The relevant person in charge of Guojin Securities said that first of all, investment banks should adhere to the responsibility of serving the real economy and provide capital path support for more high-quality enterprises with sustainable operation ability and investment value.
Second, investment banks should strictly control the "entrance gate" of the capital market, consolidate the role of investment banks as the three lines of defense, strictly control the authenticity, accuracy and completeness of corporate information disclosure, put an end to "breaking through with illness" and financial fraud, and improve the quality of listed companies from the source.
Finally, investment banks should consolidate the foundation of compliance and risk control, continuously improve the compliance of investment banking business, establish an internal control organization system with reasonable division of labor, clear rights and responsibilities, mutual checks and balances, and effective supervision, and give full play to the role of internal control in the whole process of investment banking business.
The relevant person in charge of CITIC Securities told reporters that the investment banking business should further return to its origins, put functionality in the first place, continue to improve professional service capabilities, adhere to the bottom line of risk control, implement the responsibilities of the "gatekeeper" of the capital market, and make greater efforts to support high-quality enterprises that serve high-quality enterprises in line with national innovation-driven development strategies to achieve high-quality development through capital market financing.
"The new 'National Nine Articles' emphasize strengthening the comprehensive research and judgment of stock market risks, and strengthening the construction of strategic force reserves and stability mechanisms. The company will also continue to improve the risk management mechanism, implement a series of institutional arrangements and policy measures by the regulatory authorities to maintain the smooth operation of the market, prevent and resolve risks in key areas, improve the expectation management mechanism, and coordinate opening up and security, so as to maintain the bottom line of development, consolidate the 'gatekeeper' responsibility of investment banks, and control the entrance of the capital market. The relevant person in charge of Huajin Securities said.
The direction of investment banking transformation is gradually becoming clearer
In the context of the new "National Nine Measures", the investment banking business ecology has also undergone significant changes, and the investment banking business is also facing the need for transformation. The relevant person in charge of CITIC Securities said that the release of the new "National Nine Articles" marks that the development of China's capital market has entered a new stage, and the goal is clearly to strengthen supervision, prevent risks, and promote high-quality development. Adhering to the national strategy and supporting the high-quality development of the real economy is the foundation of the investment banking business, and it is also the foothold for the investment banking business to pass through the market cycle.
Minsheng Securities believes that the main directions of the transformation of securities companies and investment banks in the future are as follows: first, vigorously strengthen the risk prevention ability of the three lines of defense of the internal control of investment banking business, require securities companies to improve their own risk management, and at the same time improve the ability to prevent and resolve risks in the capital market, and adhere to the bottom line of no systemic major risks The third is to strengthen the development of mergers and acquisitions and restructuring business; the fourth is to increase the construction of digital investment banks, and upgrade the service means and service capabilities of investment banks by means of science and technology; and the fifth is to attach importance to continuous supervision and strengthen the before, during and after supervision of listed companies' financial fraud, capital occupation, illegal reduction, insider trading, market manipulation and other illegal acts.
The relevant person in charge of Huajin Securities elaborated on the direction of transformation from the perspective of small and medium-sized investment banking business. The person in charge said that as far as small and medium-sized brokerages are concerned, it is an important strategy for future survival and development to effectively use their own resource endowments, deepen regional characteristics and business characteristics, and build differentiated core competitiveness. For example, to create a characteristic investment banking business, including deep cultivation of advantageous areas, focusing on the Beijing Stock Exchange, and then enhance the ability to serve the real economy.
In fact, the mergers and acquisitions mentioned by the above-mentioned brokers, the Beijing Stock Exchange and other businesses have attracted widespread attention in the industry, and they are also the key business transformation direction of many brokerages.
Zhang Zhongwei, managing director of China Securities and head of the M&A Department of the Investment Banking Committee, said that M&A and restructuring, as an important means of market resource allocation, is conducive to improving the efficiency of capital allocation in the capital market, accelerating the capital circulation of investment institutions, promoting the flow of funds to key industries, serving the national strategic needs, and promoting the high-quality development of the national economy. In the long run, mergers and acquisitions will become the main channel for enterprises to enter the capital market and invest and exit.
"CITIC Securities will continue to work hard to serve the high-quality development of specialized, special and new small and medium-sized enterprises, and actively participate in the construction of the Beijing Stock Exchange. The relevant person in charge of CITIC Securities said in an interview with the Securities Times, "At the same time, CITIC Securities will strive to improve the all-round comprehensive services of high-quality listed companies in various sectors and help improve the quality of listed companies." ”