On May 20, the CSRC issued the notice on further exerting the function of capital market to support the accelerated recovery and development of areas and industries seriously affected by the epidemic (hereinafter referred to as the notice), and put forward 23 policies and measures.
The notice focuses on four aspects: strengthening direct financing support, implementing extension policy, optimizing supervision work arrangement and giving full play to the role of industry institutions, and strengthening policy support in enterprises' application for IPO, listing on the Beijing stock exchange, refinancing, merger and reorganization, corporate bonds and asset securitization products; Make flexible arrangements such as extension of feedback, inquiry reply and time limit of financial data to be submitted; Through off-site means such as video conference, as well as reduction and exemption of relevant fees of listed companies and exchange members, to reflect the flexibility and temperature of supervision; Give full play to the role of securities funds and futures operating institutions to help fight the epidemic and resume work and production.
The notice is mainly aimed at areas and industries seriously affected by the epidemic, including Shanghai, Jilin and other areas that fully implement measures such as sealing and control management and static management, as well as industries seriously affected by the epidemic, such as catering, retail, tourism, civil aviation, highway, waterway and railway transportation. Subsequently, it will be dynamically adjusted according to the changes of the situation.
The notice mentioned that the implementation of the extension policy reflects the flexibility of supervision. In areas and industries seriously affected by the epidemic, the time limit for responding to the issuer's feedback, review and inquiry can be extended by 3 months, and the time limit for responding to the notification letter can be extended by 1 month. If enterprises in areas and industries seriously affected by the epidemic declare to issue corporate bonds and asset securitization products, the time limit for reply to feedback opinions in the review stage and the suspension time limit of 3 months shall be suspended.
Give full play to the role of industry institutions to help fight the epidemic and resume work and production. Securities companies are encouraged to give full play to their financing intermediary functions and support areas and industries seriously affected by the epidemic to carry out equity financing and bond financing. Guide securities companies to negotiate with customers with difficulties in due repayment of equity pledge for an extension of 3 to 6 months. For margin trading and securities lending customers who are isolated or treated due to epidemic prevention and control, try to reduce compulsory closing positions and deal with them flexibly.
Accelerate the review progress of public fund products, especially equity funds, anti epidemic theme funds and other products. Support public fund management companies to practice the concepts of long-term investment, value investment and responsible investment, actively purchase their fund products with their own funds, actively play the role of professional investors, and guide more social funds to anti epidemic related enterprises.
The CSRC said that recently, the epidemic situation in China has been complex and the uncertainty of the internal and external environment has increased. Affected by multiple factors, some enterprises, including listed companies, have stopped production, their performance has declined, the cost of Listed Companies in the middle and lower reaches has increased, some industries have difficulty in recovering from the epidemic, and the operating difficulties of private holding and small and medium-sized listed companies have increased significantly. The circular is an important measure to implement the recent meeting of the Political Bureau of the CPC Central Committee, the executive meeting of the State Council and the meeting of the financial committee of the State Council. It is conducive to supporting market players to tide over difficulties, maintaining the stability of the capital market and promoting the recovery and development of the real economy
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