SONG Li Ping, the General Manager of the Shenzhen Stock Exchange (SZSE) expressed in the fifth China International Finance Forum held on September 20, 2008 that the supporting system of the capital market for small and medium-sized enterprises (SMEs) has been founded and that of the growth board is underway.
SONG noted that since the initiation of the stock reform, the capital market has been changing and a growing number of SMEs are preparing for entering the market.
The central and local governments, sponsors, risk investment institutions have been actively contributing to the supporting system, which has taken a form with different financial channels and modes.
Specifically, the capital market with a multi-layer mode is developing steadily, and the bidding and transferring systems have been put in test and the growth board is under preparation. The capital market has primarily formed a financing platform for SMEs at different growing stages. With helps from all sides, the SZSE has found a nationwide SMEs training network with the view to uplift awareness of SMEs to make full use of the capital market and to advance listing and regulated operation.
Financing channels for SMEs are to be explored via product innovation and institutional investors should pay special heed to SMEs.
SONG also said that, with support of the capital market, companies listed at the Small and Medium-Sized Enterprise Board performed favorably and had satisfactory anti-risk capability for this year. However, the increasing pressure and potential risks cannot be ignored.
As for how to improve services of the capital market, SONG thought that the focus of the task should be placed on catering for upgrading needs of industrial structure, special support to enterprise tailored for structural adjustment, serving for growth and innovation-oriented enterprises and utilizing limited financial resources to fullest.