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[Introduction] Strengthen confidence and work together to promote high-quality development of the capital market - Shanghai Stock Exchange held a special symposium on "Improving Quality, Increasing Efficiency and Emphasizing Returns"

China Fund News reporter Zhao Xinliang

On July 30, the Shanghai Stock Exchange held a special symposium on "Improving Quality, Increasing Efficiency and Focusing on Returns" for listed companies. Representatives from eight Shanghai-listed companies, including CRRC Corporation Limited, CSSC Special Gas Group Co., Ltd., Jinjiang Hotels Group Co., Ltd., Supcon Technology Co., Ltd., Will Semiconductor Co., Ltd., Wasion Information Technology Co., Ltd., Xinhu Zhongbao Co., Ltd., and SiRuiPu attended the meeting.

The meeting aims to strengthen policy advocacy, build consensus among all parties, seek advice and needs, and support and encourage listed companies to truly assume the primary responsibility for high-quality development and enhancing investment value.

At the symposium, relevant officials of the Shanghai Stock Exchange and representatives of listed companies conducted in-depth exchanges on the special action of "improving quality, increasing efficiency and emphasizing returns" in light of the spirit of the Third Plenary Session of the 20th CPC Central Committee and the new "Nine National Policies" and "Eight Science and Technology Innovation Board Policies" and other capital market reform measures.

Build consensus and jointly promote the development of new quality productivity and enhance long-term investment value

Since the Shanghai Stock Exchange issued the "Quality Improvement, Efficiency Enhancement and Return Focus" special action initiative on March 22 this year, Shanghai-listed companies have actively responded. So far, more than 950 Shanghai-listed companies have participated in the action, of which about 410 companies on the Science and Technology Innovation Board have released their 2024 action plans, covering more than 70% of the board.

At the symposium, the participating company representatives generally believed that in the important period of studying and implementing the spirit of the Third Plenary Session of the 20th CPC Central Committee, it is of great significance to carry out exchanges around the special action of "improving quality, increasing efficiency and focusing on returns". As the micro-foundation of the capital market, listed companies should firmly focus on high-quality development, aim to better serve new quality productivity, take multiple measures to enhance the company's investment value and investors' sense of gain, and enhance market confidence.

Ma Yunshuang, President of CRRCHe said that the company deeply realized that carrying out the special action of "improving quality, increasing efficiency and focusing on returns" would help listed companies focus on accelerating the development of new quality productivity, enhance the value creation ability and investment value of listed companies, and effectively protect the interests of investors. The spirit of the special action coincides with the company's medium- and long-term strategy.

In recent years, CRRC has actively carried out business layout and market expansion around rail transit equipment and clean energy equipment to enhance its intrinsic value; insisted on innovation-driven development and accelerated the cultivation of new-quality productivity. Its "Fuxing High-speed Train" won the National Science and Technology Progress Special Award in June this year; attached importance to regular market value management and insisted on implementing a higher proportion of dividend policies to enhance investors' sense of gain.

Meng Xiangjun, General Manager of CSSC Special GasIt also stated that the company, in combination with the "Double Hundred Action" and mixed-ownership reform work arrangements, has actively carried out related work in continuously optimizing industrial layout, promoting technological innovation, and enhancing market recognition and value realization of listed companies, which complements the concept of "improving quality, increasing efficiency and emphasizing returns."

Through the disclosure of the action plan, investors have formed a three-dimensional understanding of the company's technological strength, long-term planning, shareholder returns, incentives and constraints, etc. The company has received widespread attention from all parties in the market, and its investment value has gradually been discovered by the market, further stimulating the company's endogenous motivation and sense of responsibility for development.

Actively practice and promote the implementation of the "improving quality, increasing efficiency and emphasizing returns" action

This symposium focused on using the special action of "improving quality, increasing efficiency and emphasizing returns" as a "breakthrough" to improve the quality of listed companies and promote the implementation of capital market reform tasks.

At the meeting, representatives of listed companies actively exchanged ideas and shared their successful experiences in formulating special action plans, as well as the positive progress made by the companies in implementing and delivering the plans.

In terms of optimizing the main business and improving the quality and efficiency of operations,Li Hong, Chairman of Wasion InformationIt stated that the company actively implemented relevant measures in the action plan regarding overseas market development, increasing revenue and reducing expenditure, and achieved double growth in revenue and net profit in the first half of 2024, with overseas business revenue increasing by 93% year-on-year; achieving ROE (return on equity) of 9.15%; and operating efficiency indicators such as operating net cash flow and accounts receivable turnover days were optimized.

Jinjiang Hotel, Xinhu ZhongbaoThe two traditional industry companies have achieved positive results in promoting the transformation and upgrading of traditional industries and strengthening risk prevention and control capabilities by promoting digital transformation, optimizing equity structure, and actively embracing mixed-ownership reform.

In terms of serving to strengthen new quality productivity, participating companies in the integrated circuit field actively shared the company's innovation resource investment and scientific and technological achievements.

Wang Song, General Manager of Weier TechnologyIt is stated that driven by high-intensity R&D investment, the company's high-end image sensor products have been mass-produced and applied in many high-end Android smartphones, breaking the competitive landscape in which overseas competitors dominate the high-end market.

Meng Xiangjun, General Manager of CSSC Special GasIt said that in the first half of the year, the company coordinated with upstream and downstream of the industrial chain to increase research and development investment in electronic special gases, precursors, high-purity metals, etc., and currently has more than 20 projects under development, and is realizing the localization of all categories of electronic special gases in steps and in an orderly manner.

In terms of strengthening investor communication,Central control technologyIn June, the company held an “Investor New Product Exchange Conference” to introduce two disruptive products launched by the company to more than 100 institutional investors and to deliver the company’s value in a timely manner. Chairman Cui ShanHe stated that in the second half of the year, the company will continue to carry out special investor exchange activities such as "Visit Zhongkong", and combine overseas roadshows and other forms to expand the scope of value dissemination and enhance investors' trust and recognition of the company.

In terms of implementing long-term returns for investors, participating representatives shared the company's positive initiatives to share dividends with investors based on the company's 2023 dividend implementation, repurchase and cancellation and share purchase plan progress, and future dividend plans.

Ma Yunshuang, President of CRRCHe said that in the long run, a company's sustained and stable dividends are a better form of return to investors. The company will continue to adhere to long-term, stable, and high-proportion cash dividends to effectively enhance investors' sense of gain.

Go with the flow and make full use of the "Eight Measures for the Science and Technology Innovation Board" policy tools

The "Eight Articles for the Science and Technology Innovation Board" propose that we should actively create a good market ecology, implement in depth the "improve quality, increase efficiency and focus on returns" action, introduce a corresponding package of reform measures, clarify the relevant policy directions, and support science and technology innovation companies to make full use of mergers and acquisitions, restructuring, equity incentives and other innovative systems to better serve high-level scientific and technological self-reliance and the development of new quality productivity.

As the first case of issuing directional convertible bonds and acquiring loss-making targets in the Shanghai Stock Exchange,Zhou Zhixu, Chairman of SiRuiPuHe said that from the development history of the semiconductor industry, mergers and acquisitions are almost a necessary process for enterprises to become bigger and stronger. The company's acquisition aims to expand the power management product line layout based on the existing signal chain, power management chips and embedded microprocessor products, and strive to achieve a synergy effect of 1+1>2.

Relevant person in charge of Shanghai Stock ExchangeIt is stated that listed companies should strengthen their confidence, maintain their composure, focus on development, communicate well with investors, and truly assume the primary responsibility for high-quality development and enhancing investment value.

A relevant person in charge of the Shanghai Stock Exchange pointed out that the implementation of typical cases is the best way to clarify market expectations and the best way to boost market confidence.

Recently, the successive disclosure of cases where the "Eight Measures for the Science and Technology Innovation Board" have been implemented has released a positive and clear policy signal. We hope that all market parties will follow the trend, seize the opportunity, actively explore, boldly try, make good use of policy tools, and work with regulatory authorities to promote the implementation of more outstanding cases, demonstration cases, and typical cases.

At the meeting, the relevant person in charge of the Shanghai Stock Exchange also responded to the concerns of the participating companies on issues such as mergers and acquisitions, equity incentives, and public opinion response, and emphasized that the Shanghai Stock Exchange continues to optimize the "three-door" working mechanism and strengthen communication and exchanges to better clarify market expectations and improve market efficiency. In the future, the Shanghai Stock Exchange will further strengthen the promotion and "reach" of relevant reform policy measures.

Editor: Joey

Review: Xu Wen

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