CHINA All 351 listed companies in Beijing resume work

CHINA

All 351 listed companies in Beijing resume work

China.org.cn

18:52, April 07, 2020

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File photo: VCG

The Information Office of Beijing Municipality held its 72nd press conference on COVID-19 control and prevention on April 5. Jia Wenqin, head of the Beijing Securities Regulatory Bureau, introduced the measures adopted by the bureau to control and prevent COVID-19 in the capital market in its jurisdiction and support companies to resume work.

The Beijing Securities Regulatory Bureau has been working closely with the Beijing Local Financial Supervision and Administration and other departments to promote the orderly resumption of work with practical measures, said Jia. Securities funds and futures institutions have fully resumed work since the stock market opened on Feb. 3. Audit institutions have resumed 94% of the annual report auditing projects for listed companies. The bureau also investigated the difficulties and policy demands of listed companies in its jurisdiction, and reported to the municipal government and the China Securities Regulatory Commission (CSRC) in a timely manner to help companies to resume work. So far, all the 351 listed companies in its jurisdiction have resumed work, of which 50% have fully resumed work.

The capital market has been given full play in promoting the resumption of work, said Jia. Since the COVID-19 outbreak, the CSRC and relevant departments have launched support policies, such as the epidemic control and prevention debt and new refinancing policy. Special adjustments have also been made regarding corporate financing, key region and industry support, fee reductions, and convenient services. The Beijing bureau has spared no efforts in implementing those policies, Jia said. For instance, companies of different industries in Beijing have raised 172.86 billion yuan (US$24.43 billion) in total by leveraging market tools such as IPO, private placement, and corporate bonds.

The Beijing Securities Regulatory Bureau has also been guiding and promoting securities and futures institutions to intensify the effort to serve the real economy, according to Jia. Since the outbreak, securities companies in the bureau's jurisdiction area have raised more than 170 billion yuan for various epidemic control and prevention enterprises through the underwriting of themed small and micro-financial bonds and epidemic prevention and control debts.

Meanwhile, the bureau has guided market entities to undertake corporate social responsibilities to fight against the outbreak, Jia said. Donations from companies in the bureau's jurisdiction area totaled 1.27 billion yuan; a group of listed companies like SANY Group, Lepu Medical, and Sinosoft have taken an active part in the construction of Wuhan Huoshenshan (Fire God Mountain) and Leishenshan (Thunder God Mountain) hospitals. In addition, 25 listed companies have implemented stock repurchases with a total value of 1.49 billion yuan, sending positive signals.

In a further move, the Beijing Securities Regulatory Bureau will continue to promote the capital market in its jurisdiction to better support the city's high-quality economic development, Jia said.

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