Cheng Siwei: ChiNext should gradually establish a market maker system to suppress the three highs phenomenon (VC291)

At the 15th China Capital Market Forum held on January 8, Cheng Siwei, a former vice chairman of the Standing Committee of the National People's Congress, stated that the GEM should gradually establish a market maker system to suppress the current "three highs" phenomenon.

Cheng Siwei said that the market maker system has three major advantages. First, it has a more accurate discovery mechanism, second, it can guarantee market liquidity, and third, it can complete bulk transactions. "Of course there is a danger for market makers, that is, to become a market maker, which we need to prevent."

Cheng Siwei pointed out that GEM must adhere to the positioning of supporting innovative enterprises.

"Without innovative talents and innovative enterprises, we cannot occupy the commanding heights of science and technology, and we may become a torso country that introduces knowledge. If we want to become a brain country that produces knowledge and outputs knowledge, we must cultivate our Innovative talents and innovative enterprises. "Cheng Siwei said," And these innovative enterprises will encounter various difficulties when they start to grow. When they grow to a certain level through the support of venture capital, the risks Investment power is not enough to support his development. At this time, venture capital needs to exit. One of the exit channels is listing, and the other channel is mergers and acquisitions. Therefore, the positioning of ChiNext is primarily to support these truly innovative companies. "

Cheng Siwei also believes that in the development of GEM, we should pay attention to the structure and scale of GEM. At present, the number of entrepreneurs listed on the GEM is 158, which is still small and still needs to be improved in scale. "In terms of the structure of the GEM, most companies should be truly innovative companies. If this standard is used to measure the GEM companies we are currently listed on, I feel that some companies may not meet such a standard."

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