Photo taken on July 22, 2019 shows the debut ceremony of China's sci-tech innovation board (STAR market) at the Shanghai Stock Exchange in Shanghai, east China. (Xinhua/Fang Zhe)
BEIJING, May 4 (Xinhua) -- China Securities Regulatory Commission (CSRC) said in a recently-released plan to crank up support for sci-tech innovation bond issuance by quality companies, reported Xinhua Finance on April 29.
CSRC, the Chinese securities regulator, took the move to improve the service quality and efficiency for sci-tech innovation firms so as to better support the high-level independence and prosperity of sci-tech field in China.
In general, the plan outlined measures of five aspects to boost high-quality development of sci-tech innovation bonds to be issued by companies engaged in sci-tech innovation sector or to support development of sci-tech innovation sector.
To optimize related financing service mechanism, "green channel" policies are applied to shorten the time of sci-tech innovation bond issuance registration and qualified sci-tech innovation companies are permitted to take reference from the the well-known and mature issuer rules to largely shorten the review time of their sci-tech innovation bonds registration.
In the plan, CSRC also vowed to expand sci-tech innovation capital supply and work to promote issuance of real estate investment trusts (REITs) by sci-tech innovation companies.
To improve trading liquidity, the plan includes content on inclusion of sci-tech innovation bonds of quality firms into benchmark market making products, and research over and rollout of exchange-traded funds (ETF) investing in sci-tech innovation bonds.
To enrich sci-tech innovation bond appraisal system, the plan puts sci-tech innovation bond underwriting performance into the special social responsibility fulfillment appraisal of securities companies.
The plan also highlights coordination between CSRC and other governmental departments in providing supportive policies for the issuers, intermediaries, investors, and credit enhancement institutions of sci-tech innovation bonds.
By April 29, nearly 190 companies issued sci-tech innovation bonds of more than 210 billion yuan to invest in integrated circuits, artificial intelligence, high-end manufacturing and other advanced areas. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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