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CSRC chairman: S&T innovation board a test field for A shares

Shi Jing
Updated: Mar 6,2019 9:25 AM     chinadaily.com.cn

The highly anticipated science and technology innovation board will work as the test field to pilot a registration system for China’s A-share market, Yi Huiman, the newly appointed chairman of the China Securities Regulatory Commission, said during the ongoing two sessions.

In an interview with Securities Times — an official newspaper accredited by the CSRC to disclose listed companies’ information — Yi said that experiences from the science and technology innovation board will be promoted to other boards of the A-share market.

When asked about the possible competition that the new tech board will pose for the Hong Kong stock exchange, Yi said that it will be a bridge between the A-share market and the market in Hong Kong and facilitate the development of both markets. It will be a good opportunity for the stock market as the size of the new board expands.

CSRC and the Shanghai Stock Exchange released detailed rules for the new tech board on the night of March 1, which immediately took effect. Companies specializing in cutting-edge technology and serving China’s major needs and prime economic development ends will be welcomed to go public on the new board.

Yi also said in the interview that details of the stock connect mechanism between Shanghai and London are being studied.

The A-share market has shown robust growth over the past few months. The benchmark Shanghai Composite Index has surged over 22 percent since the beginning of this year, according to market tracker Wind Info. After crossing the 3000 mark on March 4, the benchmark Shanghai index continued to see positive performance on March 5 to close at 3054.25 points, up 0.88 percent.

When asked for interpretations on the recent bullish performance of the A-share market, Yi said that it is not the CSRC’s responsibility to comment on such market behavior. By sticking to basic market rules and related laws and regulations, it is the commission’s job to protect investors’ legal rights and interests, he said.

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