On the eve of Science and Technology Innovation Board's opening of the market, history has reached a critical moment, and investors around the world are eagerly waiting for how the "first day" of the gem will be spent. Fang Xinghai, vice chairman of China Securities Regulatory Commission, and que Bo, deputy general manager of Shanghai Stock Exchange, jointly visited the CCTV financial channel studio. The following are the core points:

[Fang Xinghai: during the audit, it was found that some enterprises were playing a marginal role in accounting standards.

Fang Xinghai said: in the audit, it was found that some enterprises were playing a marginal role in the application of accounting standards.

[Fang Xinghai: investors should invest with the content of information disclosure]

Fang Xinghai, vice chairman of the CSRC, said when participating in the CCTV financial review on the evening of the 19th that information disclosure is the core content of Science and Technology Innovation Board. Some enterprises made little or no profit when they first went public, and investors should rely on the content of information disclosure to make investments and put more emphasis on the authenticity, accuracy and completeness of information disclosure.

[Fang Xinghai: there is no concept of over-raising in Science and Technology Innovation Board's market-oriented pricing]

There are voices in the market that Kechuangban is suspected of over-raising money. Fang Xinghai, vice chairman of the Securities Regulatory Commission, said in the CCTV financial review on the evening of the 19th that Science and Technology Innovation Board let market-oriented pricing, investors are willing to give higher prices, and are willing to give money to these enterprises. this is the result of investor judgment, there is no concept of over-raising, whether enterprises can make good use of money is a need to pay attention, ultimately depends on whether enterprises can make good use of investors' money. So as to generate income to repay investors.

[que Bo, Deputy General Manager of the Shanghai Stock Exchange: Science and Technology Innovation Board did not set a rise and fall limit in the first five days in the hope that the market would play a quick game]

While participating in the CCTV financial review on the evening of the 19th, que Bo, deputy general manager of the Shanghai Stock Exchange, said that Science and Technology Innovation Board implemented a differential trading system and learned from the experience of domestic and foreign capital markets. The market tends to fluctuate greatly in the first five days of listing, and it returns to calm five days later. The reason why there is no rise and fall limit in the first five days is to hope that the market will play a game quickly, form a reasonable price quickly, and improve pricing efficiency. It remains to be judged by the market. Science and Technology Innovation Board has set restrictions on the appropriateness of investors. at present, most of them are institutional investors, who are relatively rational and hope that they will play a leading role.

[que Bo, Deputy General Manager of the Shanghai Stock Exchange: Science and Technology Innovation Board will not "draw blood" on the motherboard when he is listed.)

Que Bo, deputy general manager of the Shanghai Stock Exchange, said on the evening of the 19th that first of all, the Shanghai Stock Exchange made reference to the experience of the small and medium-sized board and the gem, through the calculation of several dimensions, such as the average daily turnover of one week and one month after listing and the increase of the stock index. It is found that the launch of the new plate will not have a negative impact on the main board. On the contrary, the launch of new plates such as the small and medium-sized board and the gem plays a leading role in the main board and other sectors; second, according to the relevant calculations made by the Shanghai Stock Exchange, the capacity of the first batch of 25 listed enterprises is limited, and if calculated according to the turnover rate of 80%, the transaction value will be about 30 billion, which is smaller than that of the Shanghai and Shenzhen main boards; third, there is no shortage of funds in the market, which mainly depends on the company's texture.

[Fang Xinghai: the investment of the gem of investor participation should be carefully analyzed]

Fang Xinghai, vice chairman of the CSRC, said when participating in the CCTV financial review on the evening of the 19th that Science and Technology Innovation Board has a high growth rate of some enterprises, while others are at high risk. Investors should make a careful analysis in participating in the company's pioneering board stocks. If they do not know much about the industry, it is more suitable to buy funds.

[Fang Xinghai: the investment venture board should not only look at the price-to-earnings ratio but also look at the growth rate]

In view of the high price-to-earnings ratio of the first batch of Science and Technology Innovation Board enterprises, Fang Xinghai, vice chairman of the Securities Regulatory Commission, said when participating in the CCTV financial review on the evening of the 19th that Science and Technology Innovation Board's issuance price was completely market-oriented, and Science and Technology Innovation Board made a small profit at the beginning, with a fast growth rate. it is not enough to look at the static price-earnings ratio, mainly depends on the price-earnings ratio after the growth rate. Que Bo, deputy general manager of the Shanghai Stock Exchange, also mentioned that the valuation of science and technology start-ups is a difficult problem all over the world. Unlike mature enterprises, there should be other valuation methods for science and technology start-ups. The first batch of 25 enterprises have mature business models and great potential for growth.

[Fang Xinghai responded that the attribute of the first batch of enterprise science and technology creation is not high: be patient]

In response to the problem that the scientific innovation attribute of the first batch of Science and Technology Innovation Board enterprises is not high, Fang Xinghai, vice chairman of the CSRC, said in the CCTV financial review on the evening of the 19th that be patient with Science and Technology Innovation Board and may grow the next batch of Huawei or Alphabet Inc-CL C enterprises. To look at Science and Technology Innovation Board from a long-term perspective, the main thing in the near future is to build a good system to ensure that the first and next batch of enterprises meet the requirements for listing, that information disclosure meets high standards, and that financial fraud cannot occur soon after listing. As long as the system is well built, there will be a reputation, and really good enterprises will take the initiative to go public. "be patient, Science and Technology Innovation Board will certainly succeed."

[Fang Xinghai, Vice Chairman of the CSRC: the first batch of 25 enterprises meet the listing requirements of Science and Technology Innovation Board]

Fang Xinghai, vice chairman of the CSRC, said when participating in the CCTV financial review this evening that the first batch of enterprises are enterprises with certain innovative ability and expertise, and meet the listing requirements in terms of true, accurate and complete information disclosure. these 25 first batch of listed enterprises are up to the standard.