Shenzhen Stock Exchange Gets New Chairman
Wang Jianjun, the Shenzhen Stock Exchange’s president and CEO, will soon be promoted to chairman and lead long-anticipated reform to a registration-based initial public offering (IPO) system, Caixin has learned.
Wang has been voted chairman in an internal election within the China Securities Regulatory Commission (CSRC), the country’s top securities regulator, people familiar with the matter told Caixin. He will be officially appointed to his new role once administrative procedures are complete, they said.
The promotion comes after former chairman Wu Lijun left the bourse in September for a position as a vice chairman and general manager of financial conglomerate China Everbright Group Ltd.
Several sources described Wang as practical, low-key, and professional during his time at the exchange.
Wang, 51, joined the Shenzhen Stock Exchange in 2016 as general manager. He previously worked for the CSRC since 1997.
The Shenzhen exchange is now pushing ahead on a “registration-based” IPO system. The new market-oriented IPO procedure scraps a lengthy and bureaucratic approval process for IPO candidates. Relevant reforms are also intended in part to help companies, especially cash-starved startups, raise capital from the secondary market with looser profitability criteria for going public.
The registration-based IPO system was first trialed in Shanghai’s STAR Market, a new high-tech board which began trading in July. In December, China’s newly amended securities law required the country’s stock exchanges to move towards this IPO system.
During the annual meeting of China’s top legislative body in March, Wang told media that the Shenzhen bourse will learn from the Shanghai STAR Market’s experience to promote registration-based IPO reform, in a bid to ramp up support for “new economy” companies.
Contact reporter Tang Ziyi (firstname.lastname@example.org)
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