Although many retail investors hope that the SGX can lower the capital access threshold from 1 million to 100,000 yuan, this will definitely not happen because Fang Hong himself also intends to de-retail the SGX.
Talking about de-retailing is not very rigorous. It should be said that it is about adjusting and optimizing the structural allocation of market funds. Retail funds cannot become the mainstream of SGX. It is enough to account for up to one-third, and the other two-thirds are provided by institutional funds.
, the funds of large households formed and became the mainstream funds of SGX.
As for retail investors who are unable to directly open an account to enter the SGX, a series of open-ended passive index fund investment products such as on-exchange ETF funds and over-the-counter ETF feeder funds will be launched later, allowing big A investors or investors to invest in ETFs.
Invest indirectly in SGX stocks.
…
Around 13:50 pm.
Fang Hong is still at the temporary headquarters of SGX. He is currently being interviewed by a reporter from "Economic Network". Many people from all walks of life have come to the scene. He is very popular. When he heard that there was an exclusive interview with Fang Hong, they all rushed over.
Watching means both an exclusive interview and a temporary discussion.
A reporter from Economic Network asked: "There are many discussions about the current new situation and the market's impact on the domestic economy. What do you think still needs to be done at the technical and legal levels to build a multi-level capital market under the current situation?"
Fang Hong thought for a moment and said: "As far as the mainland capital market is concerned, private equity and non-public market business should account for a larger proportion in the future. In the past, it was 'emphasis on approval and light on supervision'. Now it should be 'light on approval and emphasis on supervision'. In the past,
We always emphasize the entrance, which is called 'strict entry', and lack the supervision in the middle. We never focus on the market. In terms of the supervision model, it is 'strict entry and loose control'."
"Under the current situation, we must achieve 'wide access', which means market-oriented choices, and 'strict management', which means strict intermediary supervision, which means abiding by laws and regulations, and not showing mercy. SGX has launched a registration-based pilot project, and the top-level design content must be understood by everyone.
I already know something about it, so I won’t go into details. On the SGX, if the indicators cannot be repaired during the normal 18-month self-rescue period, the delisting will be delisted. Those who violate serious laws and regulations will skip the 18-month self-rescue window and be directly delisted.
No mercy whatsoever."
"At the same time, there will be no story of 'a wildly speculated pheasant turns into a phoenix', which creates a smoky atmosphere. What should be fragrant is not fragrant, and what should be stinky is not smelly, resulting in huge losses for investors. The SGX under the current registration-based pilot project
, that is, to make what should stink stink, and what should smell fragrant."
After saying this, the investors and investors who came here immediately took the lead in applauding, and soon there was a round of applause, which showed that this was what everyone expected.
After the applause fell, a reporter from Economic Network asked again: "In my country's capital market management system, investor protection is a top priority. Although there are now strong calls to protect investors, many specific measures have still not been implemented. You In your opinion, what aspects of investor protection still need to be improved?”
Fang Hong said without hesitation: "This is a good question. More specifically, the protection of small and medium-sized shareholders should be implemented. SGX must emphasize that protecting investors, especially small and medium-sized investors, is the top priority. The first point is
It is clear who is the guest of SGX. The issue of food and clothing is not the issuer, not the listed shareholder, but the investor. So I dare to mention that the key to protecting investors is not to educate investors anymore, but
It’s about educating issuers.”
As soon as these words came out, the audience once again received a round of warm applause, because investors accounted for the absolute majority in the audience. In the following exclusive interviews, almost every time I answered the reporter’s question, I received a round of warm applause, especially for many individual investors.
Those who feel excited.
The Economic Network reporter then asked: "Who are the issuers?"
Fang Hong said calmly and confidently: "Issuers are a series of intermediaries with listed companies as the main line, such as securities firms, asset appraisal agencies, law firms, accounting firms, and of course exchanges. These are all issuers. This
All institutions in the chain should receive education to let them know who is their guest and who is their bread and butter.”
Many spectators gave another round of warm applause.
A reporter from Economic Network asked again: "Some people think that due to the low cost of illegal activities in the capital market, illegal and criminal activities that harm investors such as 'rat warehouses' in the market have been repeatedly prohibited. What improvements and challenges has SGX made to deal with this problem?"
"
Hearing this, Fang Hong said with a smile: "The top leaders of SGX have already elaborated on this issue in previous meetings. They attach great importance to the supervision and management of the secondary market and strengthen the capabilities and means of the regulatory team. Technically,
Legally speaking, multi-level measures such as superior procedures are required to eliminate insider trading. As far as SGX is concerned, one of the highlights at this level is the major upgrade of technical means."
"The brand-new trading system technology it adopts can, to a large extent, eliminate the executable space for illegal and illegal operations in the market. But the most important thing is to enforce the law strictly, fairly, without mercy and without mercy. I think only in this way can we
To eliminate the 'rat warehouse' behavior, of course, we must also dare to make adjustments to relevant objects and firmly grasp the key link of insider trading."
…
The on-site symposium and exclusive interview lasted for more than 20 minutes. Media reporters from the Economic Network asked more than ten questions, and Fang Hong answered all of them. These questions are basically the issues that people from all walks of life in the capital market, especially investors, are most concerned about.
Soon after, the content of this exclusive interview also appeared on the front page of the Economic Network, and various media outlets also competed to quote the report.
Fang Hong’s answer can be said to have made the market look forward to the upcoming opening of the SGX. Many people are increasingly convinced that the mainland capital market will usher in a new chapter with the opening of the SGX.
As time enters August, the A-share market has maintained a volatile market after plummeting for a day on July 27. Judging from the trend, it seems to have stabilized and did not continue to fall because the remaining 2 trillion bailout funds announced by Qunxing Capital have not yet been released.
Entering the market as planned.
However, the main inflow point of these funds was the 22 Galaxy concept stocks. After the market stabilized sideways, these stocks once again broke upward towards historical highs.
The hot spot in the market during this period is undoubtedly the SGX registration-based pilot project. The management of SGX is also advancing in an orderly manner as planned. Although the time is tight, there are no constraints and it is smooth.
The discussion within the circle remains high.
Regarding the entry threshold of 1 million for retail investors set by the SGX, how many people can actually spend 1 million to speculate in stocks?
Big A's retail investors account for more than 99% of the market based on the number of accounts. More than 58% of the accounts have a market value of less than 100,000 yuan, 29% have accounts between 100,000 and 500,000, and 500,000 to 1 million.
Accounts with more than 1 million accounts for 7%, and accounts with more than 1 million account for less than 6%.
In other words, those who can invest 1 million in stock trading in the two big A cities only have 8 to 9 million accounts. Since multiple accounts can be opened, the actual number of people will definitely be discounted. It is very big if there are more than 5 million people.
