On June 8, in the “Shenzhen’s Fourteenth Five-Year Plan for National Economic and Social Development and the Outline of Long-Term Goals for 2035” (hereinafter referred to as the “Outline”) issued in full by the Shenzhen Municipal Development and Reform Commission, it was proposed to promote the capital market. Reform, restore the Shenzhen Stock Exchange’s main board listing function, launch Shenzhen stock index futures, and continue to enrich the stock index futures product system.

How do you view the two points mentioned in Shenzhen’s “Outline”? What is the meaning of the content of the file?

Fu Lichun, financial committee member of China Market Association and founding partner of Yuntai Capital, told reporters: “With the merger of the Shenzhen Stock Exchange Main Board and the SME Board, the Shenzhen Stock Exchange Main Board will resume the business The listing signifies that the functions of all sectors of the Shenzhen Stock Exchange are becoming normal, and the market is of great significance.”

Fu Lichun said that the restoration of the Shenzhen Stock Exchange’s main board listing function can further improve domestic capital. The overall system of the market. On the one hand, it means that in the primary market, companies have more choices for listing. On the other hand, it enriches the trading and investment targets on the secondary market.

Regarding the “Outline” proposed to launch Shenzhen stock index futures, Cao Youming, general manager of Shanjin Futures Research Institute, pointed out to reporters: “Although the China Financial Futures Exchange ( (Referred to as “CICC”) has listed three stock index futures, but there is no Shenzhen stock index futures. The introduction of Shenzhen stock index futures can not only enrich the current stock index futures system, but also have risk hedging tools. Further increase the amount of funds entering the Shenzhen market.”

It is worth mentioning that Cao Youming believes that although the Shenzhen stock index futures are likely to be Listed, but the Guangzhou Futures Exchange is also a possible place for listing.

The restoration of the main board listing function of the Shenzhen Stock Exchange will improve the overall operating efficiency of the domestic capital market

Restart in April.

At the beginning of 2000, the Shenzhen Main Board suspended the issuance of new shares. At the same time, with the entry of the SME board of the Shenzhen Stock Exchange into the capital market in 2004, the financing function of the Shenzhen Stock Exchange’s main board has also been significantly weakened. Contrary to the prosperity of the small and medium-sized board, the number and scale of financing on the main board of the Shenzhen Stock Exchange have declined significantly, and the function of issuing financing has basically been lost.

Wind data display, excludeAfter the share swap and B-share additional issuance were listed on the Shenzhen main board company, Zoomlion (000157) completed its online issuance on the Shenzhen Stock Exchange on September 15, 2000. It was the last IPO before the Shenzhen Stock Exchange main board merged with the small and medium-sized board. the company.

and until April 6, 2021, the day when the merger between the main board of the Shenzhen Stock Exchange and the small and medium-sized board was officially implemented, Zhenai Meijia (003041), Zhongnong United (003042), Huaya Intelligent (003043) and other three companies IPO and listed on the main board of Shenzhen Stock Exchange, becoming the first companies to land on the new main board of Shenzhen Stock Exchange.

“The restoration of the main board listing function of the Shenzhen Stock Exchange means more listing options, better financing environment, higher financing efficiency, and Lower financing costs will improve the overall operating efficiency of the domestic capital market.” Fu Lichun said.

Fu Lichun pointed out that after the merger of Shenzhen’s main board and small and medium-sized board, the “new main board + growth enterprise board” formed after the merger of the Juxtaposition. Although the two exchanges are located in different geographic locations, the positioning of different sectors is also different and of different quality. But to a certain extent, there is still a certain degree of similarity in terms of market functions. Therefore, the Shenzhen Stock Exchange Main Board and the Shanghai Stock Exchange Main Board, and the Science and Technology Innovation Board and the ChiNext Board will form a stronger competitive relationship in the future.

Fu Lichun further pointed out that as more competitive tests are faced, the operation of exchanges and different market sectors will become more market-oriented, and financing efficiency is bound to be more efficient. The service will also be more high-quality, which can further improve the operating system of the domestic capital market.

Shenzhen stock market stock index futures are ready to be released, which will help increase the amount of funds in the Shenzhen market

It is worth noting that the launch mentioned in the “Outline” It is not the first time that Shenzhen stock index futures has continuously enriched the stock index futures product system.

On October 18, 2020, the National Development and Reform Commission officially released the “List of the First Batch of Authorized Items for the Pilot Comprehensive Reform of the Pilot Zone for Building Socialism with Chinese Characteristics in Shenzhen” (hereinafter referred to as the “List” “). Among them, the “List” clearly stated that the Shenzhen stock index futures will be launched to continuously enrich the stock index futures product system.

Currently, CICC has 3 stock index futures. Why do we need to launch the Shenzhen Stock Index Futures?

“Currently, the China Financial Exchange has only listed three stock index futures products, two of which are cross-market index products, one is Shanghai Stock Exchange Index futures, and there is no Shenzhen Stock Exchange Index futures. Variety. After the launch of Shenzhen stock index futures, investors who focus on Shenzhen stocks can more conveniently use the stock index futures to hedge risks or manage assets.” Cao Youming said.

Cao Youming further pointed out that on the whole, the launch of Shenzhen stock index futures not only enriches the current stock index futures system, but also allows investors to choose the right one more flexibly Of the products to carry out asset allocation or risk hedging. At the same time, because there are risk tools that can be hedged, more funds will enter the Shenzhen market, thus promoting the development of the Shenzhen stock market.

Fu Lichun said that as the domestic market continues to mature, there is an increasing demand for financial functions such as stock index hedging. At the same time, with the normalization of various functions in different sectors of the Shenzhen market, it is logical to launch Shenzhen stock index futures.

“The launch of Shenzhen stock index futures has four functions in general.” Fu Lichun emphasized, “One is hedging transactions, which will stabilize the excessive volatility of related indexes. It is able to provide a considerable indication of the overall trend of related indexes in the Shenzhen market. The third is to improve the liquidity and trading of the Shenzhen market. The fourth is to provide a place for the market to release risks.”

It is worth noting that there are many market opinions on the listing place of Shenzhen stock index futures.

Cao Youming believes that the launch of Shenzhen stock index futures should still be listed on the China International Financial Exchange. At present, the stock index futures of CICC have been operating for more than 10 full years, accumulated very rich experience, and the entire operating system is very mature. If it is listed on the China Financial Exchange, its smooth operation can be guaranteed.

However, Cao Youming also said that the Guangzhou Futures Exchange is also another option for the Shenzhen Stock Exchange to list stock index futures.

“If the Guangzhou Futures Exchange launches stock index futures based on the Shenzhen Stock Exchange, it will be of great benefit to supporting the financial development of the Greater Bay Area. However, the Guangzhou Futures Exchange will There is still a lack of experience in ensuring the smooth operation of stock index futures at the initial stage of listing.” Cao Youming believes.