Special topic: section 16 of the SFCCrashbandicootmangoServing the high-level development of science and technology enterprises

◎ reporter Liang Yinyan

April nineteenthCrashbandicootmangoThe China Securities Regulatory Commission announced that it will deepen cooperation with the Hong Kong side and take five measures to further expand and optimize the Shanghai-Shenzhen-Hong Kong Stock Connect mechanism, help Hong Kong consolidate and enhance its status as an international financial center, and jointly promote the coordinated development of the capital markets of the mainland and Hong Kong.

The first is to relax the range of eligible products for stock ETF under the Shanghai-Shenzhen-Hong Kong Stock Connect. Under the guidance of the Securities Regulatory Commission of the two places, the Shanghai, Shenzhen and Hong Kong exchanges have reached a consensus to appropriately relax the average asset management requirements for eligible stocks ETF, reduce the Hong Kong stock weight requirements for southbound Hong Kong Stock Connect ETF products and Hong Kong Stock Connect stock weights, and make reciprocal adjustments for northbound Shanghai Stock Connect and Shenzhen Stock Connect ETF products to support the construction of Hong Kong International Asset Management Center.

The second is to incorporate REITs into the Shanghai-Shenzhen-Hong Kong Stock Connect. Specifically, it is proposed to include the qualified REITs of the mainland and Hong Kong into the Shanghai-Shenzhen-Hong Kong Stock Connect with reference to the stock and ETF interconnection system arrangements between the two places, so as to further enrich the trading variety of the Shanghai-Shenzhen-Hong Kong Stock Connect.

The third is to support the inclusion of RMB stock trading counters into Hong Kong Stock Connect. Since the introduction of the Hong Kong dollar-RMB dual-counter mechanism in Hong Kong, the mainland and Hong Kong exchanges and clearing companies have actively carried out research on the inclusion of RMB stock counters into Hong Kong Stock Connect. In the next step, the two sides will continue to push forward the preparatory work such as business plan improvement, rule revision, technological transformation and investor education, so as to launch it at an early date to help the internationalization of the RMB.

The fourth is to optimize the mutual recognition arrangement of the fund. The China Securities Regulatory Commission intends to promote an appropriate relaxation of the restrictions on the proportion of guest land sales of mutual recognition funds, allow Hong Kong mutual recognition fund investment management functions to be delegated to overseas asset management institutions with the same group of managers, and further optimize mutual recognition arrangements. better meet the diversified investment needs of investors in the two places.

Fifth, support mainland industry leading enterprises to list in Hong Kong. Over the past year since the promulgation and implementation of the rules on the overseas listing record management system, 72 enterprises have completed the filing of initial public offerings (IPO) in Hong Kong, and the financing channels for listing in Hong Kong are smooth, strongly supporting mainland enterprises to make use of the two markets and two kinds of resources for standardized development. The China Securities Regulatory Commission will further strengthen communication and coordination with relevant departments to support qualified mainland industry leading enterprises to list in Hong Kong for financing.