Although many small scattered people hope that SGX can lower the capital entry threshold from 1 million yuan to 100,000 yuan, this matter will definitely not be possible, because Fang Hong himself also intends to make SGX de-retail.

It should be said that the structural allocation of market funds should be adjusted and optimized, and retail funds cannot become the mainstream of the SGX, accounting for a maximum of one-third, and the other two-thirds are composed of institutional funds and large funds and become the mainstream funds of the SGX.

As for retail investors who are unable to directly open an account to enter the SGX, a series of open-end passive index fund investment varieties such as on-exchange ETF funds and over-the-counter ETF feeder funds will be launched later, so that big A shareholders or basic citizens can indirectly invest in SGX stocks by investing in ETFs.

……

Around 13:50 p.m.

Fang Hong is also at the temporary headquarters of the SGX, he is now invited by the reporter of the "Economic Net" to accept an exclusive interview, and there are many people from all walks of life at the scene, who are popular, hearing that there is an interview with Fang Hong, they all rushed over to watch, which is both an exclusive interview and a temporary discussion.

A reporter from the Economic Net asked: "There is a lot of discussion about the current new situation and the market on the domestic economy, what work do you think needs to be done at the technical and legal level to build a multi-level capital market under the current situation?" ”

Fang Hong pondered for a moment and said: "As far as the mainland capital market is concerned, it should be that in the future, private non-public market business should account for a larger proportion, in the past it was 'heavy examination and approval, light supervision', and now it should be 'light approval and heavy supervision'. ”

"Under the current situation, it is necessary to achieve 'wide progress', that is, market-oriented choice, and 'strict management' is strict intermediate supervision, that is, in accordance with laws and regulations, and cannot be emotional. SGX has launched a pilot project for the registration system, and the top-level design content must have been understood by everyone, so I won't go into details. On the SGX, if the indicators are not repaired during the normal 18-month self-help period, the delisting will be delisted, and those who seriously violate laws and regulations will skip the 18-month self-help window and be directly forced to delist, and they will not talk about any feelings. ”

"At the same time, there will be no story of 'fried pheasants turning into phoenixes', which will cause a miasma of smoke, whether it should be fragrant or not, and what should be smelly will not smell, resulting in great losses for investors. Under the current situation, the SGX under the pilot project of the registration system is to make what should smell smelly and what should be fragrant. ”

After speaking, there were shareholders and investors who came here to take the lead in applauding, and soon ushered in a round of applause, which shows that this is what everyone expects.

After the applause fell, the reporter of the economic network asked again: "In China's capital market management system, investor protection is the top priority, although the call for the protection of investors is now high, but many specific measures have not been actually implemented." In your opinion, what aspects of investor protection need to be improved? ”

Fang Hong said without hesitation: "This is a good question, more specifically, the protection of small and medium-sized shareholders should be implemented, and SGX must emphasize that the protection of investors, especially small and medium-sized investors, is the top priority." The first point is to clarify who is the guest of honor and the parent of SGX, not the issuer or the listed shareholder, but the investor. Therefore, the key to protecting investors is not to educate investors, but to educate issuers. ”

As soon as these words came out, the scene once again ushered in a warm applause, because the audience is the absolute majority of investors, almost every time the reporter's question is answered in the following interview, there will be a burst of warm applause, especially many individual investors are very excited.

The reporter of the Economic Net then asked: "Who are the issuers?" ”

Fang Hong calmly said: "The issuer is a series of intermediaries with listed companies as the main line, such as brokers, such as asset appraisal agencies, law firms, accounting firms, and of course, exchanges, which are all issuers, and the institutions in this chain should be educated, so that they know who is their guest and who is their food and clothing." ”

Many spectators in the audience gave a round of warm applause.

The reporter from the Economic Net asked again: "Some people think that due to the low cost of illegal activities in the capital market, and then the illegal and criminal acts that infringe on investors such as the 'rat warehouse' in the market have been repeatedly prohibited, what are the improvements and challenges of SGX in dealing with this problem?" ”

Hearing this, Fang Hong said with a smile: "This issue has been explained by the top leaders of the SGX at the previous meeting, attaching great importance to the supervision and management of the secondary market, strengthening the ability and means of the regulatory team, and eliminating insider trading rat traps in technical, legal, procedural and other multi-level means." In the case of SGX, one of the highlights at this level is the major upgrade of its technical means. ”

"The new trading system technology it adopts can largely eliminate the enforceable space for illegal operations in the market. But the most important thing is to enforce the law strictly, fairly, mercilessly and without mercy, I think only in this way can we eliminate the 'rat barn' behavior, of course, for the relevant objects must also dare to make adjustments, firmly grasp the key link of insider trading. ”

……

The on-site discussion and interview lasted more than 20 minutes, and the media reporter of the economic network raised more than 10 questions, and Fang Hong answered them all, which are basically the most concerned questions of people from all walks of life in the capital market, especially investors.

Soon after, the content of this interview also appeared on the front page of the economic network, and various media also competed to cite the report.

Fang Hong's answer can be said to have made the market highly anticipated for the upcoming opening of SGX, and many people are increasingly convinced that the mainland capital market will usher in a new chapter with the opening of SGX.

As the time entered August, the A-share market maintained a volatile market after plummeting for one day on July 27, and it seems to have stabilized from the trend point of view, and it did not continue to fall because the remaining 2 trillion rescue funds announced by Qunxing Capital are still entering the market as planned.

However, the main inflow of these funds is the 22 galaxy concept stocks, and after the market stabilized sideways, these tickets also broke through to the all-time highs again.

The hot spot in the market during this period is undoubtedly the SGX registration-based pilot project, and the management of SGX is also advancing in an orderly manner as planned.

For the 1 million entry threshold for retail investors set by SGX, how many people can really take out 1 million to speculate in stocks?

The retail investors of Big A, if calculated according to the number of accounts, account for more than 99% of the whole market, of which more than 58% of the accounts have a market value of less than 100,000 yuan, 29% of the accounts of 100,000 to 500,000 yuan, 7% of the accounts of 500,000 to 1 million, and less than 6% of the accounts of more than 1 million.

In other words, there are only eight or nine million accounts that can take out 1 million to speculate in stocks in the two cities, and since multiple accounts can be opened, the real number of people must be discounted, and it is very good to have more than 5 million people.

……