Summary of the highlights of the four major securities reports: May 13

Xinhua Finance and Economics, Beijing, May 13 -- The highlights of the four major securities reports are summarized as follows:

China Securities Journal

• Cost-effective A-shares and Hong Kong stocks attract the attention of global funds

A number of foreign-funded institutions said that at present, global funds are actively looking for more cost-effective assets, and Chinese assets are regarded as a value depression that cannot be ignored - China's economy continues to recover well, asset valuation adjustment is sufficient, and the cost performance is highlighted, and the relevant departments continue to promote the opening up of China's capital market, which will further enhance the attractiveness of A-shares and Hong Kong stocks to global funds.

• Prevent over-packaging and improve the quantitative level, ESG credit of listed companies has stepped into the "deep water area"

As of May 10, the reporter found through statistics that 2,095 listed companies have disclosed 2023 ESG reports or sustainability reports or social responsibility reports (referred to as ESG-related reports), while the number of listed companies that have disclosed 2022 ESG-related reports is 1,847, and the ESG disclosure rate of listed companies has been further improved. While the number of disclosures has increased, the improvement of the quality of content has been put on the agenda. Experts said that listed companies have shortcomings in the quality and practice of ESG disclosure, such as the lack of quantitative content and self-talk, and most companies have not yet integrated ESG with their own business.

• In the first four months, the credit structure continued to be optimized, and the quality and efficiency of financial support for the real economy continued to improve

The People's Bank of China released financial statistics for April on May 11. Industry experts said that at present, the results of guiding the reasonable growth and balanced delivery of loans have been obvious, and the stability and sustainability of credit delivery have been enhanced. In particular, the total amount of loans is "small and not small", the credit structure continues to be optimized, and the interest rate level remains low; At the same time, the scale of social financing has generally maintained steady growth. Overall, in the first four months of this year, the quality and efficiency of financial support for the real economy continued to improve, creating a good monetary and financial environment for high-quality economic development. In the coming period, it is expected that the issuance of government bonds will be accelerated, which will form a stable support for the growth rate of social financing scale during the year.

Shanghai Securities News

• Accelerate the construction of first-class investment institutions and be a discoverer of value in the capital market through public offerings

The high-quality development of the capital market is inseparable from first-class investment institutions. As professional institutional investors, public and private equity funds play an important role in serving residents' wealth management and promoting the healthy development of the market. The Central Financial Work Conference proposed to "cultivate first-class investment banks and investment institutions", and the recently issued "Several Opinions of the State Council on Strengthening Supervision and Risk Prevention to Promote the High-quality Development of the Capital Market" requires "promoting the high-quality development of securities and fund institutions".

• Smoothly promote the review of issuance and listing The Shanghai and Shenzhen Stock Exchanges plan to hold a review meeting of the Listing Committee on May 16

On May 10, the reporter learned from the Shanghai and Shenzhen Stock Exchanges that in the first week after the release of the new IPO regulations, the Shanghai and Shenzhen Stock Exchanges simultaneously issued an announcement of the review meeting of the Listing Committee, and planned to review the issuance and listing applications of relevant enterprises on May 16. Specifically, the application for issuance and listing of one company planning to IPO in Shenzhen will be considered, and the refinancing application of one company in Shanghai will be considered. The reporter learned that since the release of policies related to the phased tightening of the IPO rhythm last year, the number of companies submitted for registration and obtained registration approval on the Shanghai and Shenzhen stock exchanges has generally remained stable. At the same time, due to multiple factors, the number of projects submitted to the Listing Committee for review decreased year-on-year.

• Ruifengda was investigated by the CSRC on suspicion of a number of violations of laws and regulations

The China Securities Regulatory Commission announced on May 11 that in response to media reports that the actual controller of Zhejiang Ruifengda Asset Management Co., Ltd. (hereinafter referred to as "Ruifengda") "ran away", the China Securities Regulatory Commission said that from the current situation, Ruifengda is suspected of a number of violations of laws and regulations, and decided to file a case for investigation and strictly deal with it in accordance with the law. Recently, the "runaway" private placement Ruifeng has become a hot spot in the market. The China Securities Regulatory Commission (CSRC) attached great importance to it and acted quickly to organize the China Securities Regulatory Bureau, the Asset Management Association and other relevant units to carry out verification. At present, the China Securities Regulatory Commission has notified the public security organs and others to strengthen coordination and cooperation. In the next step, the China Securities Regulatory Commission will work with relevant parties to actively and steadily promote risk disposal, maintain market order, and effectively protect the legitimate rights and interests of investors.

Securities Times

• Multiple favorable policy releases, IPOs of Chinese concept stocks heat up, and global capital reinvests in Chinese assets

Entering 2024, the listing of Chinese enterprises in the United States has increased compared with before, especially under the increase in the threshold of A-share IPOs and the slowdown in the pace, many enterprises and capital have refocused their attention on overseas IPO markets such as US stocks and Hong Kong stocks. The overseas IPO market used to be a popular exit channel for US dollar funds in the domestic primary market, but due to a variety of factors, the overseas listing of Chinese enterprises was once cold, and the investment of US dollar funds in the domestic primary market fell into the dilemma of "no way out". In addition to the recent rise in the popularity of the overseas IPO market, the "Several Policies and Measures on Further Supporting Foreign Institutions to Invest in Domestic Science and Technology Enterprises" jointly issued by the ten national departments also further proposes measures to support foreign capital and US dollar funds to invest in China from various aspects. Next, whether the investment of US dollar funds in the domestic primary market can be "revitalized" has attracted much attention and expectation in the industry.

• New regulations guide rational listing 8 companies planning to IPO have taken the initiative to stop

From May 6 to May 11, a total of 7 companies planning to IPO withdrew their materials. If we add 1 company that terminated the "overtime" exchange during the "May Day" holiday, 8 companies have terminated their IPOs since May. The reporter noted that in the case that the financial data for 2023 has not yet been announced, the past financial data of many of the above 8 companies planning to IPO no longer meet the new listing threshold. Some parties involved in the project frankly said that the "cancellation of orders" is related to the improvement of listing standards. In addition, although the financial data of some IPO companies meet the new requirements, there have been large cash dividends, and the relevant indicators exceed the "red line" mentioned by the exchange in response to reporters' questions last month. At present, a total of 428 companies under review for IPO are in the state of "suspended review", and most of them are still supplementing their 2023 financial report data. With the release of the 2023 results, the answer to how many IPO companies waiting for review will stop at the new listing rules in the future remains to be revealed.

• Northbound funds will no longer disclose real-time trading volume from now on

The adjustment of the real-time turnover and daily quota balance of Northbound trading will be officially implemented today. This means that the real-time buy transaction amount, sell transaction amount and total transaction amount of Northbound Stock Connect are no longer disclosed. According to the Shanghai and Shenzhen Stock Exchanges, the adjustment will be carried out in two stages: in the first stage, the Hong Kong Stock Exchange will complete the adjustment of the real-time trading information of the Shanghai and Shenzhen Stock Connect; In the second phase, the Shanghai, Shenzhen and Hong Kong Stock Exchanges will simultaneously complete the disclosure adjustment of other transaction information, and it is expected that the first phase will be implemented three months after the completion of the first phase. Among them, the first phase of adjustment will be officially implemented today.

Securities Daily

• The carbon market expansion signal is released again, and financial support is expected to be further strengthened

A few days ago, the People's Bank of China, the Ministry of Ecology and Environment, the State Administration of Financial Supervision and Administration, and the China Securities Regulatory Commission jointly held a symposium on the construction of a beautiful China in green financial services. The meeting pointed out that the construction of the environmental factor market should be promoted, the coverage of the mainland carbon market should be gradually expanded in stages, and the national greenhouse gas voluntary emission reduction trading market should be improved. The mainland carbon market consists of the national carbon emission trading market and the national greenhouse gas voluntary emission reduction trading market (CCER market). Among them, the national carbon emission trading market was officially launched in July 2021, and the CCER market was announced to be restarted in January this year.

• Full moon of the release of the new "National Nine Articles", the A-share market is now making positive new changes

The release of the new "National Nine Articles" has been full moon. In the past month, the implementation of the new "National Nine Articles" has taken the opportunity of the capital market to start a new round of deepening reform. Under the main line of strengthening supervision, preventing risks, and promoting high-quality development, the framework of the "1+N" policy system has gradually become clear, and measures have been continuously implemented. At the same time, more and more listed companies are focusing on their main business, committed to improving the technological content of their business and the value of their investment, and actively responding to investors' concerns, prompting new changes in the A-share market.

• China's first TLAC non-capital bond will be issued soon

As the total loss absorption capacity (TLAC) assessment target for global systemically important banks (G-SIBs) draws closer in early 2025, China's global systemically important banks (G-SIBs) have put the issuance of new instruments on the agenda. On May 11, ICBC announced that it would issue 2024 total loss-absorbing capacity non-capital bonds (Phase I) on May 15, with a basic issuance scale of RMB 30 billion. Industry insiders interviewed by reporters said that ICBC's issuance of TLAC non-capital bonds will help meet international financial regulatory standards and enhance its own risk resistance. Under the regulatory requirements of TLAC, it is expected that the scale of TLAC non-capital bond issuance will gradually increase in the future.

Editor: Wang Yuanyuan

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