China's capital market has been developing for more than 30 years, and has undergone tremendous changes in systems, scale, international influence, etc. At present, changes in the international environment, the new crown epidemic, institutional reform, policy supervision, etc. have brought many new questions and new propositions to entrepreneurs, the investment community and various intermediary institutions.
How will China's capital market develop? How should we deal with new challenges and seize new opportunities?
On the occasion of its fifth anniversary, Zhide specially initiated and hosted " Zhide Innovation and Sharing Series Forum ". On April 13, the second " Entrepreneur Sharing Forum " was successfully held. This forum focused on the theme of "The opportunities, challenges and responses to China's capital market under the new situation of ", and invited entrepreneur representatives, sponsor representatives, fund representatives, accountants representatives, and lawyer representatives to gather together to share professional analysis and predictions from different perspectives for nearly 200 guests from all walks of life online and offline.
The following is part of the forum:
01
Macro trend
In the past two or three years, the world seems to have pressed the fast forward key in some way. It feels that a series of major changes that may have taken many years to happen in the past are concentrated in several years.
macro-environmental level , Sino-US relations have become more complex, and continue to have a significant impact on the economic field; international disputes are caught off guard, which may have far-reaching impact on the pattern of major powers and geopolitics; the COVID-19 pandemic has recurred, bringing more long-term challenges to society, people's livelihood and corporate operations; laws, regulations and regulatory policies continue to be updated, putting higher requirements on all parties.
at the capital market level , the further deepening of the registration system reform is related to the improvement of the ecology of the entire capital market, and has brought about a significant increase in the number of companies applying for listing in multiple sectors; the establishment of the Beijing Stock Exchange further enriches and improves the multi-level capital market, providing new opportunities for the listing financing of specialized and specialized new small and medium-sized enterprises that are "early, smaller, and newer"; a series of institutional changes and upgrading in the overseas capital market have also brought new issues to all parties in the capital market.
Under the comprehensive influence of many aspects, how will the capital market develop and what new challenges and opportunities will there be? How should all parties in the capital market analyze and respond?
02
Guest insight
Revolve around the theme of "Opportunities, Challenges and Response in China's Capital Market under the New Situation". At the forum, entrepreneur representatives, securities representatives, fund representatives, accountants representatives, and lawyer representatives shared their observations and insights, bringing an intellectual feast to the guests.
▲ Chen Guanwei Haoxin Mobile Medical CEO O
Haoxin Mobile Medical CEO Chen Guanwei shared the understanding and choice of the current situation in the capital market from the perspective of startups. Mr. Chen said that Haoxinqing Mobile Medical is a professional mobile medical platform focusing on the fields of spiritual and psychological. It has undergone five rounds of financing and is considering applying for entry into the capital market.
At present, on the one hand, medical care itself belongs to the field of strict supervision, and on the other hand, the data compliance of Internet companies has been raised to a new level. In addition, the recent performance of domestic and foreign capital markets has made enterprises have more considerations in choosing the capital market. But at the same time, Mr. Chen believes that no matter how external factors change, what remains unchanged for enterprises is the continuous creation and improvement of core competitiveness. At present, it may be a period of development for online service platforms, and enterprises should rely on their strength to seize opportunities.
▲ Cai Xiang Cai Xiang, managing director of China, the investment fund under Prosperity7, Amei's investment fund under Prosperity7,
Prosperity7, believes that, on the macro level, we are currently facing "a major change that has not been encountered in a century"; on the micro level, for enterprises, although there are many choices to apply for which capital market to enter, the difficulty has not been reduced.
First of all, different capital markets have their own characteristics. From the perspectives at home and abroad, overseas capital attaches more importance to the long-term development of enterprises and can accept that enterprises have a period of development for many years, while the A-share market pays more attention to the protection of interests of small and medium-sized investors, and prefers companies that have developed relatively maturely and have predictable growth returns. Enterprises can understand the characteristics of different capital markets and choose the capital market that suits them.
In addition, enterprises should pay special attention to the impact of regulatory policies at present. Domestic, such as major policy changes in the education and training industry; overseas, such as the impact of information security policies on the overseas listing of Chinese stocks listed in the US. In the past, overseas capital markets had the characteristics and advantages of clear rules; but at present, companies that choose overseas capital markets must not only comply with local rules, but also especially grasp domestic policies and embrace policy connotations, and have reasonable expectations for possible changes in the future.
In short, if the company chooses a sector of the capital market, Mr. Cai believes that it is necessary to review and brainstorm dynamically, and advises that the company and intermediary institutions to discuss together.
▲ Ma Xiao President of Huatai United Securities Co., Ltd.
President of Huatai United Securities Co., Ltd. Ma Xiao shared his unique views from two aspects.
First, intermediary institutions should play a more active role in the path selection of companies to be listed. Mr. Ma believes that on the one hand, intermediary institutions should pass on their professional knowledge to customers, including their perception of the macro environment and their understanding of micro-standards, such as the impact of the state encouraging the development of the real economy, etc.; on the other hand, intermediary institutions should help enterprises analyze which sector is more suitable for them, especially in the process of continuous development and improvement of domestic and foreign capital markets and domestic multi-level capital markets, enterprises have more choices, which brings "happy troubles."
Second, regarding the comprehensive registration system, enterprises can have a more rational understanding and full preparation. On the one hand, the registration system does not mean no review. There are still relevant standards and requirements for companies to be listed, and they are still the best. On the other hand, the registration system and more sector selection are a good bonus period for companies. Enterprises can pay attention to the tempering of their own quality, be prepared, and choose the right capital market to achieve a leap in development.
▲ Yang Shujuan, managing partner of EY Beijing,
, Yang Shujuan, managing partner of EY Beijing, said that changes in the current economic situation and the impact of geopolitics have brought many challenges to the financing of the capital market.
But at the same time, Mr. Yang also believes that there are many aspects that are unchanged, and we should respond to changes in the same way. For example, from the perspective of an accountant, no matter how the external environment changes, no matter which capital market the company chooses, the part of the work that the accountant is responsible for will not change significantly, and the principle of objectively reflecting the company's economic behavior and operating results through reports will not change. As long as the financial statements can stand the scrutiny, as long as there are no major changes in the policies, and as long as the company itself is high-quality enough, it will work no matter which capital market it chooses.
Mr. Yang also mentioned that in the current changing international environment, EY's international network can provide strong support and comprehensive services for enterprises when choosing different capital markets at home and abroad.At the same time, companies can communicate important matters with accounting firms in advance. Accountants can forward-lookingly solve relevant accounting problems for the company's predictions and prepare for future listing, and avoid affecting the final reflection of financial data due to some preliminary transaction terms arrangements and adjustments, which may affect the overall listing progress.
▲ Xu Shouchun Partner of Zhide Law Firm
Partner of Zhide Law Firm believes that all parties entering the capital market face the management of expectations of change and unchange. This is the inner charm of the capital market, and our current expectations should have major changes.
Lawyer Xu pointed out that the change aspect is inseparable from the macro environment, including the new pattern of Sino-US relations and dual circulation development; what remains unchanged is the company's own development compliance, which is the most essential level. The supervision of the capital market is becoming more and more perfect, and regulations have been made on some vague and blank areas in the past. What companies can think about is what their expectations for listing are? You can't "wear your right shoe with your left foot" for the purpose of launching, otherwise there will be problems. In the process of seeking assistance from intermediary agencies, companies can understand relevant rules and similar cases at the same time and manage their expectations.
Lawyer Xu also said that Zhide has 13 business departments. Under the integrated system, through the collaboration of multiple departments, it can help customers to make sufficient time in advance to enter the capital market from multiple dimensions, so as to achieve orderly and efficient promotion of listing work. When building a service cooperation relationship, intermediary institutions and enterprises also need to reach a "three-view consistency" of capital market rules and supervision, respect changes and stick to the same thing, so that they can go safely and long-term.
▲ Host: Li Tongyun Zhide Law Firm Partner
Forum exchange Q&A session. The guests also gave a detailed answer to many capital market-related issues that the guests were concerned about based on their senior professional experience, long-term in-depth thinking and rich practical experience. For example, the future investment direction of the capital market, the progress of the main board registration system, the implementation of the fifth set of rules on the Science and Technology Innovation Board, the implementation of the negative list of the GEM, etc.
3 hours are fleeting, and the feast of intelligence is still unfulfilled.
There is never a lack of opportunities in this world, but it is just a lack of hands that can seize opportunities. The era of change is also an era of development. I hope that all entities in the capital market can continue to plan, communicate and share, and work together in the future.
"Zhide Innovation and Sharing Series Forum" was initiated and hosted by Zhide Law Firm on the 5th anniversary. As a young law firm, Zhide has been fortunate to receive the care, support and help of partners from all walks of life over the years. On the occasion of this fifth anniversary, we have launched a series of innovation and sharing forums, aiming to invite like-minded partners from all walks of life, including the lawyers, business, investment, etc. to explore pain points, share experiences, cross-border communication, inspire each other, and brainstorm. We look forward to working with you through a series of activities to create an innovation, exchange and empowerment platform for co-construction, sharing and win-win, and prepare for us to welcome new opportunities and challenges in the future.
Source丨Beijing Zhide Law Firm
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