The year 2011 marked the beginning of China’s 12^th Five-year Plan, witnessing steady advancement in the multi-tier capital market. Shenzhen Stock Exchange has been making a consistent effort in strengthening front-line supervision, promoting innovation, safeguarding sound stable market operation, ensuring healthy development in the multi-tier capital market and facilitating transformation of the nation’s economic development model.

In 2011 Shenzhen Stock Exchange recorded a total turnover of 19.3 trillion Yuan (US$3.0 trillion) in equities, funds, bonds and derivatives. The number of listed companies hit 1411 by 31^st December, 2011. The multi-tier capital market has experienced steady expansion in scale and gradual enhancement in quality. Its role in supporting the overall economic development has become increasingly evident. It has also demonstrated initial effectiveness in facilitating transformation of the nation’s economic growth model. The main board-listed companies saw sustained improvement in quality. SME Board also experienced improvement in issuer structure by admitting financial issuers and returned H-share issuers. ChiNext market not only expanded in scale but also made an important institutional breakthrough. The Draft Regulation for ChiNext Delisting System was published for public comment. I would like to take this opportunity to express heart-felt thanks to market participants, relevant organizations, leaders at different levels and friends in all walks of life for their continuous attention and kind support for development in the multi-tier capital market.

The year 2012 is critical for successful implementation of the 12^th Five-year Plan. Shenzhen Stock Exchange will strive to advance all-around development in multi-tier capital market. Efforts will be further devoted to supporting SMEs, micro enterprises, businesses in industries of strategic importance, agriculture and related industries, innovative sector and cultural industry. We will improve our ability and performance to protect the interest of retail investors in the principles of “justice, openness and fairness”. Our goal for 2012 can be summarized as “one assurance, two fulfillments, three innovations and four improvements”. We shall assure sound market operation, prevent and mitigate systematic risks and guard against malignant incidents. We shall fulfill the multi-tier capital market’s role in transforming the nation’s economic development model; we shall fulfill the role in safeguarding the interest of the people through streamlined frontline supervision and service. We shall make innovations in our means of oversight, models of service and enterprise-fostering mechanism. We shall continue to improve our technological platform, personal management, corporate culture and governance.

It is my sincere hope that the Shenzhen Stock Exchange will continue to receive kind attention and support for its development from investors and friends in all walks of society. I look forward to your valuable opinions and suggestions.