Capital market strengthens the service of the real economy

Under the bottom line of resolutely defending against systemic risks, China's capital market is striving to turn to the service modernization economic system. The industry generally believes that the case of Foxconn's past meeting reflects the positive attitude of the regulatory authorities to promote the listing of new economic enterprises in the A-share market. In fact, during the two sessions this year, the "unicorn" and "new economy" have become hot words in the capital market.
From the reform of the new share issuance system to the delisting system, from the protection of investors to the two-way opening of the market, a series of reforms involving capital markets became the focus of attention at this year's two sessions. There are indications that China's capital market is striving to turn to the service modernization economy system under the bottom line of resolutely defending against systemic risks. Embracing the new economy and modernizing the economic system On March 8, news from the China Securities Regulatory Commission showed that Foxconn (Foxconn Industrial Internet Co., Ltd.) was first approved. According to public information, on February 1st, Foxconn submitted the IPO prospectus, which was only passed after 36 days (20 working days), which greatly updated the time record of the IPO in the A-share market. The industry generally believes that this case reflects the positive attitude of the regulatory authorities to promote the listing of new economic enterprises in the A-share market. In fact, during the two sessions this year, the "unicorn" and "new economy" have become hot words in the capital market. The 2018 government work report proposes to deepen the reform of multi-level capital markets and promote the development of bonds and futures markets. The report also proposed to set up a national financing guarantee fund to support the listing of high-quality innovative enterprises, and expand the pilot scope of venture investment and angel investment tax incentives to the whole country. In response, a number of people from the securities regulatory system responded positively. Zheng Qingmin, vice chairman of the China Securities Regulatory Commission, said on March 15 that the China Depositary Receipt (CDR) will be launched soon and will select a group of new economic or unicorn companies. Industrial Internet and artificial intelligence enterprises are the needs of market players. Yan Qingmin said that CDR is an effective measure to solve the laws of the two places and the supervision of the two places. It is conducive to overseas listed companies and overseas delisting enterprises to return to A-share listing. Jiang Yang, member of the National Committee of the Chinese People's Political Consultative Conference and vice chairman of the China Securities Regulatory Commission, said that the CSRC will implement the requirements of the government work report, reform the listing system, deepen the reform of the main board and the GEM, and increase support for new technologies, new industries and new business models. Strength. He said that the CSRC will focus on serving the national strategy and the modern economic system and strive to increase institutional supply and inclusiveness. Wang Jianjun, deputy to the National People's Congress and general manager of the Shenzhen Stock Exchange, also said that the CSRC and the Exchange are stepping up efforts to provide conditions for the new economy "unicorn" enterprises to issue and go public in the domestic market, to do pilot and preparatory work, and the rules of the Shenzhen Stock Exchange have been prepared. almost done. The most important task of the Shenzhen Stock Exchange this year is how to better serve the real economy, especially the new economy. It is necessary to open a green channel for the "unicorn" enterprises listed on the Shenzhen Stock Exchange. He also suggested that the relevant provisions of the company law be amended to improve the supply of the dual-equity structure system, responding promptly to the new model, new technology and the reasonable equity arrangement requirements of special enterprises in the public domain, and thus improving the basic corporate system. According to the Shanghai Stock Exchange, a set of service plans for enterprises that serve “BATJ” and “unicorn” enterprises has been formed, and many measures are taken to help the development of quality and innovative enterprises. Including the list of high-quality innovative enterprises, led by the team to visit the research, the special team focused on tracking services; take the "shares, debts, training" linkage, providing high-quality new enterprises with equity financing, debt financing and corporate training services. The Shanghai Stock Exchange is actively conducting business details research and preparation of exchange business rules for high-quality innovative companies. Reforming and perfecting the delisting system issuance system is the “entry” of the A-share market. It is also being further improved in terms of the “export” of the market, that is, the delisting system. On March 2, the CSRC announced that it would openly solicit opinions on the revision of the "Opinions on Reforming and Perfecting and Strictly Implementing the Delisting System of Listed Companies." The contents of this revision mainly include strengthening the decision-making body responsibility of the Shanghai and Shenzhen Stock Exchanges for the implementation of mandatory delisting of major illegal companies, and further increasing the retreat of enterprises that meet the delisting financial indicators such as serious financial problems, long-term losses, and “zombie enterprises”. City enforcement efforts. Dong Dengxin, director of the Institute of Financial Securities of Wuhan University of Science and Technology, told reporters that this modification is mainly to meet the needs of the reform of the registration system. The substantive authority for the formulation and review of future IPO standards should be given to the exchanges, delisting standards and delisting. The execution of the program also requires the exchange to assume the responsibility of the decision-making body, pushing the exchange to the front-line supervision, and giving it greater autonomy. Immediately, the Shanghai and Shenzhen Stock Exchanges issued the “Implementation Measures for Significant Illegal Delisting of Listed Companies (Consultation Draft)” (referred to as the draft for comment), which clarified six major illegal decommissioning cases, including the first public disclosure. Fraudulent acts in the issuance and reorganization of listed companies are also included in the major violations of information disclosure such as annual report fraud. At the same time as the reforms are being promoted, the opening up of the capital market is also progressing in an orderly manner. On March 9, the CSRC announced the revision of the "Rules for the Establishment of Foreign-invested Securities Companies", which was proposed to be re-released under the "Administrative Measures for Foreign-invested Securities Companies (Draft for Comment)" (the "referred to as the method"). The revised contents mainly involve foreign-controlled joint venture securities. The company gradually liberalized the business scope of the joint venture securities company, unified the proportion of foreign-owned shares held by listed and unlisted securities companies, and relaxed the proportion of shares held by individual foreign investors in listed securities companies. The Shanghai Stock Exchange also said that the next step will continue to support China Europe International Exchange Co., Ltd. to carry out D-share business pilots, broaden the financing channels for domestic high-quality enterprises to participate in the “Belt and Road” construction, and further study and improve the “One Belt, One Road” Panda debt financing mechanism. Support the issuance of RMB bonds on the Shanghai Stock Exchange by relevant institutions and high-quality enterprises and international financial institutions along the “Belt and Road”. Strengthening supervision and highlighting the protection of investors' interests On the morning of March 14, the CSRC organized a special news briefing on the inspection and law enforcement, and notified three cases of capital market violations in the near future, including a case of information disclosure violations and two cases of manipulation of the market. . Among them, Xiamen Bei Badao Group was suspected of multiple accounts and using leveraged funds to manipulate a large number of new stocks. The Securities and Futures Commission issued the largest ticket in history – a total of about 5.67 billion yuan. In fact, over the past two years, strengthening supervision and cracking down on various violations of laws and regulations have been the main line of supervision in the securities market. In 2018, this high pressure situation will continue. The China Securities Regulatory Commission said that in 2018, it will continue to maintain the high pressure of inspection and law enforcement, severely investigate and punish the market operation of the market, accumulate major risks in the market, and the various market chaos that the masses have strongly reflected. The focus of investigating serious violations will mainly include serious damage to listed companies. Interests, cases that damage the legitimate rights and interests of small and medium-sized shareholders; serious accumulation of market risks, harmful acts that jeopardize the smooth operation of the market; cases that seriously undermine the principle of fair trade, affect the function of the market; seriously disrupt the order of information dissemination, maliciously create cases of panic in the market, etc. Wait. Protecting the legitimate rights and interests of investors is the eternal theme of capital market construction. While promoting institutional reform and opening up to the outside world, investor protection in the securities market, especially for small and medium-sized investors, will be further strengthened in the future. Recently, the China Securities Regulatory Commission organized a special press conference. Zhao Min, director of the China Securities Regulatory Commission's Investor Protection Bureau, said that the next step will be to continue to improve the institutional arrangements for investor protection, and to integrate investor protection into the various chains of capital market reform and development. Linking, systematically constructing compensation work for investors' rights and interests, cultivating a rational investor team and conducting investor protection status evaluation and inspection work to optimize and improve investor protection. Xu Ming, general manager of CSI Small and Medium Investor Service Center, said that the current investment center is actively studying the pilot work of promoting the demonstration mechanism for securities support litigation.

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A corner reflector is a retroreflector consisting of three mutually perpendicular, intersecting flat surfaces, which reflects waves back directly towards the source, but translated. The three intersecting surfaces often have square shapes. Radar corner reflectors made of metal are used to reflect radio waves from radar sets.

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Specifications

Material BK7 Optical Glass
Diameter 5mm 12.7mm 25.4mm 38.1mm
Height 5mm 10mm 29.2mm
Surface Quality 60/40
Surface Flatness Lambda/10
Bevel Protective Bevel
Angle Tolerance 8'
Coating uncoated or silver coating upon request
Ray Deviation (°) 180





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