Professor Hou Guoyue of the School of Civil and Commercial Law of Southwest University of Political Science and Law gave a speech on "Contract Risk Management That Should Not Be Despised by Entrepreneurs". From the perspective of "technology", he explained to entrepreneurs the importance and importance of contract risk to enterprise operation and management and the entrepreneur himself, and told us that the concept of entrepreneurial risk management should also change with the times, to correctly understand the contract, control the contract risk, achieve risk management through the contract, pay equal attention to performance and contracting, pay equal attention to the object and text, pay equal attention to prevention and relief, and pay equal attention to both external and internal.

Professor Tian Lihui, Dean of the Institute of Financial Development of Nankai University, delivered a speech entitled "Economic Development, Financial Reform and China's Capital Market Prospects". He believes that the current economy continues to decline, there is no sign of reversal, and this downward trend is not optimistic, he explained the pressure on the economy from GDP, CPI, consumer confidence index, PPI, PMI, import and export and foreign trade growth rate multi-dimensionally! He argues that China has lost its labor advantage. Stable employment is very important for China's current social stability, and it also means that economic growth is facing great pressure, and stable expectations are more critical to China's economic development and social development in the future. He also mentioned that the launch of the capital market science and technology innovation board is worth looking forward to. In terms of the economy, it is necessary to pay attention to the risk of stabilizing real estate, and he predicted that the economy and capital markets are most likely to appear in the N-shaped state in 2019.

Two very popular roundtable discussions were held in this forum, starting from industry and investment, finance and capital markets.

Dr. Zhang Shilong, Chairman of Shengbang Microelectronics, Dr. Zhao Baisong, Head of Sino-US Biomedical International Technology Transfer Center, Dr. Zhang Hua, Biomedical Big Data Expert and Founder of Lianxin Medical, Professor Tang Fei, Director of Tsinghua Micro and Nano Center, and Dr. Gu Zhaoquan, AI Scientist of XinValue, as forum guests, Mr. Jia Junxin presided, and the roundtable was brilliant.

Guests: Professor Li Haitao, Director of Global Financial Center of Cheung Kong Graduate School of Business, Professor Tian Lihui, Dean of the Institute of Financial Development of Nankai University, Dr. Duan Tao, former Director of the Supervision Division I of the China Securities Regulatory Commission and CEO of Zhongde Securities, Mr. Kong Dewei, International Investment Banker and former Assistant President of China Merchants Securities, and Jia Junxin, Chairman of New Value. Gao Hong, chairman of the first roadshow, presided.

Host: How do you view the recent wave of stock market gains? Professor Li Haitao believes that the rise in the stock market in early 2019 is understandable, because there are indeed too many negative information impacts in 18 years, such as trade wars and the exit of private entrepreneurs, and the lack of confidence has led to a very tragic stock market. But he believes that 2019 is definitely not a big bull market of 14 and 15, because the background of the bull market of 14 and 15 is different, and he explained the differences respectively.

Dr. Tian Lihui believes that in 2019, I said that it will be a so-called N-word lightning type, which will go up, but to be honest, my short-term prediction is to go up, and the long-term is also up, but in the medium term, it is difficult to say.

Dr. Duan Tao said: China's stock market is basically a cycle of about 5 years, and compared with the United States, China's transactions are mainly retail investors, and institutions are also retail. When I was in my Ph.D., there was a paragraph in my doctoral dissertation that China is a non-marketization of market behavior, and institutions are also acting like retail investors, and there are factors of our special environment, so China's stock market is prone to ups and downs. If it fell for a long time last year, everyone has a desire to lift up together. Since the beginning of this year, the central government has also attached great importance to it, and General Secretary Xi Jinping also said this year that the capital market is an issue that affects the whole body, and mentioned that the capital market should create a dynamic, resilient and open market. The science and technology innovation board and the registration system, I think first put forward a call, first blow the direction of China's system reform and straighten out the relationship between the market and the government. Therefore, Chairman Yi said that China's capital market should develop, and the future direction is internationalization, rule of law and marketization, and I am more optimistic about this year.

Dr. Kong Dewei said: "The Chinese market is different from overseas, and most of the Chinese investors are retail investors, so we have some professional funds with mixed behavior. Our overall regulatory body and market structure are biased towards unilateral markets, and management generally does not like to see the market fall sharply, and if you want to short, someone must call you to give you a little hint. We don't have many short tools in the market right now, and even if we do, we don't encourage them. In fact, this round of bull market in the United States has been 10 years, and China's bull market and bear market in the past 10 years have been back and forth for the third time, which is more frequent. In addition, government policies are not very stable to a certain extent, and predictability is relatively low. When it comes to raising interest rates in the United States, everyone has full expectations, because the problem of institutional design takes a long time for the policy to land, but investors in the Chinese market are most afraid of not knowing what will happen tomorrow, and everyone guesses. But you can't guess our market, you don't know what the next policy will be, our policy predictability is relatively low, as an investor it is difficult to predict.

The moderator asked about the registration system, Dr. Duan Tao said: The registration system is not a high-end thing, from the perspective of legal theory, it is oriented to public investment, so as long as there are more than two exchanges in the world, the public offering is supervised and approved by the CSRC. If you are interested in the law, you can look at a case of the United States against the New York Stock Exchange and NASDAQ, and Hong Kong, China, actually issued the right to review and approve the issuance of the Hong Kong Securities and Futures Commission, which authorized a stock exchange to do it. Delisting system, we seriously think about the reason why everyone asks to delist, the value impact of the shell is very critical, when the previous paragraph is easier to buy and sell, everyone has no one to borrow the backdoor. In fact, in the economics of delisting, no one of the real participants is willing, shareholders are unwilling to buy stocks, enterprises are unwilling, local governments are unwilling, and the CSRC has not forced you to buy. However, the market generally says that because the delisting system is not perfect, I personally think that it is a lack of comprehensive understanding of the market. The United States is delisted because it is audited every year, it is necessary to hire a lawyer, it is necessary to have a variety of lawsuits, and it cannot be financed, and the enterprise has no value, and the exchange believes that your market value is low, the trading volume is small, and the exchange is unwilling, so this is a commercial act.

Regarding the host's mention of what are the determining factors for where companies choose to go public in the future, Dr. Kong Dewei said: I think the question of where to go public is not so simple to answer, depending on the needs of enterprises, different needs and different places are suitable for you at different stages. If you are not familiar with the regulatory environment in the United States, step on the thunder anytime and anywhere, if your customers are local, why do you go to the United States to list? Mr. Jia Junxin believes that institutional investors in the United States account for more than 90%, the proportion of institutional holdings is high, China's retail investors account for more than 80%, coupled with China's A-share circulation restrictions, retail investors hold about 40%, after the US 144 bill, mutual funds and other 28 trillion US dollars entered, so relatively mature US stocks will not be as volatile as A shares, on the choice of listing location, Mr. Jia Junxin believes: with the globalization of capital, one of the core of the Sino-US trade conflict is the opening of financial and capital markets. The trend of capital and capital market rules integration in the future will be very obvious, China to adapt to international rules, there are already Shenzhen-Hong Kong Stock Connect, Shanghai-Hong Kong Stock Connect, Shanghai-London Stock Connect, including the improvement of the open QFII, MSCI, FTSE index, short institutions enter and the slow formation of short mechanism, the high valuation of the A-share market will become the past, listed companies return to value creation ability rather than concept, where to choose to list in the future mainly depends on your strategic positioning, value positioning, where is your market, where your customers are, Where is your brand influence?

The guests also had very in-depth discussions on the institutional design, trading rules, delisting system, and future expectations of the STAR Board.

"Perseverance Exchange" inauguration ceremony

In the evening, the establishment ceremony of "HARMONY CLUB" entrepreneur club was grandly opened.

Li Chengjie, Chairman of Baoshun Technology Co., Ltd., Wang Cuixia, Chairman of Shenzhen Kangli Group, Chen Yingfei, Chairman of Baolide Holding Group Co., Ltd., Chen Quanxiang, Chairman of Shanxi Jidian Trading Group Co., Ltd., Wei Junji, Chairman of China Jinsheng Thermal Group Co., Ltd., Lin Xiaofa, Chairman of Jiumu Kitchen and Bath Co., Ltd., Cui Zhibin, Chairman of Shanxi Ronghuitong Investment Group Co., Ltd., Fu Guanhua, Chairman of JSTI Group Co., Ltd., Han Tao, Chairman of Jin'an Guoji Technology Co., Ltd. He Yong, chairman of Qingyuan Yiyuantong Optoelectronics Technology Co., Ltd., and Chen Man, chairman of Shenzhen Meihengcheng Jewelry Co., Ltd., jointly took the stage to launch the "HARMONY CLUB" entrepreneur club establishment ceremony button.

    "HARMONY CLUB Entrepreneur Club" was officially established