After a while, Fang Hong said lightly: "The new stock 50 index does not need to be benchmarked against any index, let alone with US stocks, and the benchmark with the old American stock index is that the subconscious is still based on its value and its market as the anchor. What to talk about regaining market pricing power? ”

Fang Hong added: "Besides, China is still in an upward cycle, and these listed companies on the SGX represent to a large extent the transformation and upgrading of the technology industry with high added value. ”

At present, the vast majority of companies listed on the SGX are technology-based enterprises, traditional enterprises have, but the proportion is very small, and there is no financial and real estate category, and there is no one, and even the Internet finance with innovative technology as the banner wants to come to the SGX IPO without exception.

Internet finance is quite hot and highly sought after at present.

But here at SGX, such industries are classified as traditional finance, and financial companies cannot be listed on SGX, so they are naturally brushed down.

Although SGX is inclined to the market's call for more indices, Fang Hong's attitude can play a decisive role at a critical moment.

After a while, Fang Hong thought for a while and said: "It is enough for SGX to have a new stock 50 index at present, as for whether it is needed in the future, let's talk about it later." ”

Tian Jiayi thought that Fang Hong would also approve it, but he didn't expect to deny it, and immediately said: "But what should I do if a large number of shareholders buy the new stock 50 index now?" This problem needs to be solved urgently, is it to lower the market access threshold? ”

Since she chose not to launch a new index, the first thing she thought of in order to solve the problem of capital diversion was to lower the entry barrier.

For example, the SGX 1 million capital access threshold is reduced to 100,000 yuan, and the investment account of more than 100,000 yuan in the A-share market accounts for about 12.5%, if the threshold is really lowered to 100,000 yuan, there will be nearly 20 million shareholders who can directly invest in the SGX to buy individual stocks, which is equivalent to an increase of more than ten times the number of retail investors.

However, Fang Hong does not plan to lower the entry threshold of SGX: "There is no need to lower the market access threshold, just let SGX set up a leveling fund." ”

Hearing this, Tian Jiayi couldn't help but nodded: "This is also a feasible way." ”

The so-called equalization fund is a non-profit institution, and its main purpose is to balance the irrational and violent fluctuations of the securities market through reverse operation in the stock market, and its mechanism of action is similar to the open market operation of the central mother.

When there is an irrational and violent movement in stocks, the equalization fund may operate to stabilize the market.

For example, selling stocks when a bubble is raging or when market speculation is frenzied, or buying stocks when stocks are falling irrationally and the value of stock investment is highlighted. Its role is to stabilize the capital market, especially when the market crashes sharply in a short period of time, as a means of defense, especially against the crisis of shock decline.

Fang Hong said in an orderly manner: "The start-up capital of this equalization fund will be 1 trillion yuan first, and then increase year by year, until it will increase to 10 trillion in five years. Of this year's 1 trillion plates, 500 billion will be injected into the new city finance, and the remaining 500 billion will be collected by relevant entities participating in the SGX market. ”

The relevant entities of the market include the total share capital of listed companies, the net capital of securities companies on SGX, the assets under management of securities companies on SGX, and the assets under management of fund companies on SGX, etc., which are respectively levied in a certain proportion.

There is no doubt that the relevant entities participating in the SGX market, Qunxing is definitely the largest of them, and the institution that has contributed the most money must be the one that has nothing to say.

As for those who don't want to pay this money, then don't come to this field to play, it's as simple as that.

At this time, Tian Jiayi said: "Although the new certificate is very financially rich, it will definitely not be able to come up with so many funds for a while. ”

Fang Hongyun said lightly: "You can carry out debt expansion, Xincheng doesn't have any debt pressure now, and if you can't do it, the interest rate can be lowered a little, no one in the market subscribes to the stars to subscribe, but any problem that can be solved with money is basically not a big problem." ”

This is definitely not a bragging, the problems that can be solved with money are really not a headache here in the stars, and the real headaches are those things that are not even good for money.

With this trillion-level plate scale equalization fund, it can play a good role in smoothing the violent fluctuations of the new stock 50 index.

Although one trillion yuan of funds is astronomical, it cannot completely digest market fluctuations for the current market value of 20 trillion yuan in the entire SGX market, mainly playing the role of a market vane, thereby stabilizing investor sentiment.

If investors buy the new 50 ETF and push the new 50 index to soar, the speculative atmosphere is too serious, and the open market operation of the equalization fund is equivalent to coming out and shouting: Now the rise is too violent, if you want to go up again, then I will release the selling pressure and smash the market!

If you still don't listen, it is a hard cap, then the equalization fund will really release the selling pressure and start smashing the market, making money with tears.

Investors generally don't go to the hard cap, and it is not good to go to the line with this kind of trillion-level leveling fund.

On the contrary, when there is a panic sell-off in the market, the equalization fund also conducts open market operations, and first comes out and shouts: Now it has fallen too hard, and it has the value of buying the bottom, so buy the bottom and buy it quickly, and then I won't wait for you!

Investors are also most likely to go to the bottom, if no one is following, then the equalization fund will really carry out market operations, shouting that you don't smash it, shouting that you don't follow the bottom, don't say that the equalization fund has exceeded the bottom of the market, don't say that the equalization fund has taken away the market's bloody chips and other remarks.

It can be seen that the equalization fund can play a very important role as a market vane, and will become an extremely critical reference index for investors from all walks of life in the market to judge the market trend.

With such a leveling fund, there is no need to worry about investors brainlessly buying up the new stock 50 index.

At the end, Tian Jiayi said with some doubts: "I don't quite understand why you don't want to launch more indices and corresponding ETFs?" Even if you want to set up a leveling fund, I don't think these two things conflict. ”

Fang Hong glanced at the beautiful assistant, and said unhurriedly: "The top is supporting the SGX, this side has risen, and it has been a long time, causing shareholders to come to this field to play, and over time, the main board next door gradually loses its financing ability, don't forget that a large number of listed companies of Guo Jia's team are on the main board, these are all pro-sons, those people can be broken, but they can't affect their pro-sons, two different things, can not be generalized." ”

"I don't let SGX launch more indices and ETFs, so many public and private equity institutions will issue hybrid fund products, and they also have to complete some task indicators, the portfolio of these funds is heavy on the SGX listed targets, and will also be mixed into some of the main board listing targets, indirectly diverting part of the funds to provide financing and refinancing capabilities for the listed companies of the main board Guo Jia's team."

Fang Hong is an understanding person, at the beginning of the establishment of the stock market, to a large extent, it was to bail out the enterprises of Guo Jia's team, so those sons of Guo Jia's team cannot be ignored.

Ensuring that their financing and refinancing are not affected is one of the important prerequisites, so that shareholders can come to your market to play, and only then can SGX be allowed to siphon funds on a large scale on the main board next door, otherwise there will definitely be adjustments.

……

(End of chapter)