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On August 12, the official website of the Shenzhen Stock Exchange announced that the Party Committee of the China Securities Regulatory Commission recently decided that Comrade Li Jizun will serve as the Deputy Secretary and General Manager of the Party Committee of the Shenzhen Stock Exchange.

Li Jizun was born in the 1970s and has a rich and diverse work experience. Judging from his past public comments on hot events in the capital market, "reform" is a key word. In addition, his macro perspective and international thinking also make the outside world full of expectations for his promotion of the healthy development of capital market reform from a broad perspective.

International thinking and macro perspective

Public information shows that Li Jizun, male, Han nationality, was born in September 1974 and holds a doctorate in engineering. He has worked in many local positions, including Qingdao universities, grassroots government departments, municipal party committees and other units, and was later transferred to Beijing, where he worked in the State Council Research Office for 12 years.

During his time at the State Council Research Office, he worked for a long time in the Macroeconomic Research Department and the International Economic Research Department of the State Council Research Office. After being transferred to the China Securities Regulatory Commission in 2016, Li Jizun has worked in many important positions in market supervision, capital market reform, etc. for nearly 8 years.

Among them, in March 2019, Li Jizun concurrently served as the principal person in charge of the newly reorganized CSRC Deep Reform Office, taking the lead in a series of major capital market reforms. In January 2022, he was appointed Director of the General Office of the CSRC and continued to be in charge of the Deep Reform Office until December 2023, when the Deep Reform Office was reorganized into a General Department after the institutional reform.

The industry believes that his diverse work experience not only enables him to have an international mindset and be good at controlling the overall situation, but also to have a macro perspective and be familiar with the macro-economy, which will be of great benefit in promoting the healthy development of capital market reform and maintaining market stability from a broader perspective.

Li Jizun will go to Shenzhen Stock Exchange to take up the post of general manager and will work with Sha Yan.

Sha Yan, female, Han nationality, born in September 1972, graduated with a doctorate. On December 28, 2023, Sha Yan, then general manager of the Shenzhen Stock Exchange, was appointed as the party secretary.

More than a month later, in February 2024, the "Leadership Team" column of the Shenzhen Stock Exchange's official website was updated to show that Sha Yan had taken office as the chairman of the Shenzhen Stock Exchange, and his latest position was the secretary of the Shenzhen Stock Exchange Party Committee and chairman of the board of directors. This also means that since February this year, the position of general manager of the Shenzhen Stock Exchange has been vacant for about 6 months.

ZengScience and Technology Innovation Board, registration system reform and other hot topics

Li Jizun is quite low-key and there are not many reports about him. However, through his few public speeches, we can get a glimpse of his regulatory philosophy.

On June 21, 2019, Li Jizun was interviewed by CCTV on issues related to the Science and Technology Innovation Board. He said that maintaining market stability in the early stages of the Science and Technology Innovation Board's listing and trading is a systematic project. The general idea is to respect market rules, adhere to bottom-line thinking, and take comprehensive measures. First, balance the relationship between market supply and demand, especially the first batch of listed companies must have a certain number. Second, make necessary institutional arrangements in the trading process, including the securities lending system, temporary intradaySuspensionThe third is to strictly review the qualifications of investors to open the trading rights of the Science and Technology Innovation Board. The fourth is to fully disclose the risks of listed companies on the Science and Technology Innovation Board and strengthen investor education. He also reminded investors to participate in the Science and Technology Innovation Board investment rationally and not to blindly follow the hype.

In addition to the Science and Technology Innovation Board, Li Jizun has also spoken out on hot topics such as the registration system reform, and emphasized that the registration system reform must "unblock the export". On October 22, 2020, Li Jizun talked about the characteristics of the new round of capital market reform at the 2020 Financial Street Forum Annual Meeting and said that the registration system reform actually involves a profound change in regulatory concepts, regulatory systems, and regulatory methods. It is not simply to solve the problem of entry, but also to unblock the export, implement a stricter information disclosure system, and a more market-oriented trading system. It is also necessary to increase the penalties for illegal and irregular behaviors, urge market entities such as issuers and intermediaries to return to their positions and fulfill their responsibilities, and truly form effective market constraints. The choice is left to the market, so the reform arrangement adopts a strategy of using sector reform as a carrier and implementing it in steps. Each sector reform is actually a comprehensive reform.

On October 21, 2021, Li Jizun said at the 2021 Financial Street Forum Annual Meeting sub-forum on the topic of "Steady Progress in the Reform of the Stock Issuance Registration System" that the essence of the registration system reform is to give the right of choice to the market, and the way to achieve it is to establish and improve a system with information disclosure as the core. In this regard, the Science and Technology Innovation Board,GEMThe pilot registration system has made some breakthroughs.

It can be seen that "reform" is one of the key words in his regulatory philosophy. After taking office as the general manager of the Shenzhen Stock Exchange, how he will further promote the healthy development of capital market reform is highly anticipated by the market.

Written by: Nanduwan Financial News reporter Wang Yufeng