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CSRC: Supporting energy-saving and environmental protection companies' listing financing
- Oct 21, 2016 -

In response to the Fourth Meeting of the 12th National People's Congress, "Recommendations on Promoting the Development of Energy Saving and Environmental Protection Technology Industry", the CSRC replied yesterday that it will continue to support the listing of financing for energy conservation and environmental protection enterprises in line with national industrial policies and conditions for listing and listing, and encourage energy conservation and environmental protection. Enterprises use the capital market to become bigger and stronger.


The China Securities Regulatory Commission said that strategic emerging industries such as energy conservation and environmental protection are of great significance to China's economic transformation and upgrading. At the same time, energy conservation and environmental protection projects have many characteristics such as large capital demand, long recovery period and slow capital turnover. Most energy conservation and environmental protection enterprises are light assets and technology-intensive small and micro enterprises. It is difficult to obtain bank credit funds. The CSRC has always attached great importance to the financing difficulties of SMEs. Energy-saving and environmentally-friendly SMEs can make full use of the capital market to grow and develop.


It is understood that in recent years, the CSRC has taken various measures to vigorously promote the construction of multi-level capital markets, actively support the issuance and listing of emerging industrial enterprises (including energy-saving and environmental protection enterprises) in line with national industrial policies and issuance and listing conditions, and use the capital market to raise development funds. In particular, in 2004 and 2009, the Shenzhen Stock Exchange established small and medium-sized boards and GEMs to serve growing and innovative SMEs.


In May 2014, the CSRC revised and implemented the “Measures for the Administration of Initial Public Offerings and Listing on the Growth Enterprise Market”, appropriately lowered the initial financial access indicators of the GEM, simplified the issuance conditions, and further increased the innovation and growth enterprises. The support for development has expanded the coverage of service companies and led more funds to various emerging industries including energy conservation and environmental protection industries.


According to statistics, as of June 2016, the number of energy-saving and environmental protection enterprises listed on the SME board and the GEM was 70 and 59 respectively. The CSRC pointed out that it will continue to support the listing of energy-saving and environmental protection enterprises that meet the national industrial policies and conditions for listing and listing, and encourage energy-saving and environmental protection enterprises to use the capital market to become bigger and stronger.


In the bond market, the China Securities Regulatory Commission said that it should actively promote the reform and development of the bond market, increase institutional innovation, continuously enrich bond varieties and tools, and support eligible energy conservation and environmental protection companies to issue corporate bond financing. According to statistics, in 2015, energy-saving and environmental protection enterprises issued a total of 13 corporate bonds, raising funds of 11.1 billion yuan. In 2016, Shanghai, Shenzhen Stock Exchange and private equity quotation system successively launched a pilot of green corporate bond business to help the development of green industry. The CSRC said it will continue to actively support green issuers, including energy conservation and environmental protection companies, to use the corporate bond market for financing development.


The China Securities Regulatory Commission said that the private equity fund market has always supported private equity investment funds to participate in energy conservation and environmental protection industry investment, and by supporting the establishment of energy conservation and environmental protection industry investment funds and government guidance funds, attracting social capital to invest in energy conservation and environmental protection enterprises, and promoting the development and achievements of energy conservation and environmental protection technology industries. Conversion.


According to the Securities Investment Fund Law and the Central Government's Notice on the Division of Work of Private Equity Fund Management, the CSRC is responsible for the supervision of private equity funds. In August 2014, the CSRC issued the Interim Measures for the Supervision and Management of Private Equity Investment Funds, which clarified the regulatory concepts such as appropriate supervision, functional supervision, and differentiated supervision. There is no market access for the private equity industry, and the China Securities Investment Fund Association Take the post-registration and record, and promote the introduction of relevant policies to promote the development of industry norms. The CSRC pointed out that the next step will be to further promote private equity funds to better support the development of start-up and technology-based small and medium-sized enterprises.


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