The acceptance channel was officially "opened" on the 15th-the GEM registration system entered the "practical" stage

  □ The relevant system rules have further clarified the positioning of the Growth Enterprise Market, with the main features of supporting high-tech industries and strategic emerging industries as a direct boost to the transformation and upgrading of my country's industrial structure.

  □ The system rules officially released this time have made many upgrades to the previous consultation draft, reflecting the market’s focus in practice, and also making clear arrangements for the transition of stock projects, which is conducive to better safeguarding GEM registration The smooth progress of the system reform.

  □ From June 15 to 29, it received relevant applications submitted by the enterprises under review of the initial public offering of shares, refinancing, mergers and acquisitions and reorganization of the China Securities Regulatory Commission's ChiNext. Starting from June 30, it will start to receive relevant applications submitted by newly declared enterprises.

  The GEM reform, which has attracted much attention from the market, has ushered in new progress, and a series of reform proposals for consultation have been officially launched. Late at night on June 12, the China Securities Regulatory Commission issued the "Measures for the Initial Public Offering of Stocks on the GEM (Trial)", "Administrative Measures for the Securities Issuance of Listed Companies on the GEM (Trial)" and "Continuous Supervision Measures for Listed Companies on the GEM (Trial)" The relevant system rules such as the “Administrative Measures on the Sponsorship Business for Securities Issuance and Listing” and other relevant rules and regulations shall be implemented as of the date of announcement. At the same time, the China Securities Regulatory Commission, Shenzhen Stock Exchange, China Clearing, and the Securities Industry Association issued relevant supporting rules.

  In the view of Tian Lihui, Dean of the Financial Development Research Institute of Nankai University, this is an important progress in advancing the fundamental system reform of the GEM registration system and an important measure to implement the new securities law and further improve the rules and systems of issuance and listing, continuous supervision and trading. It will effectively promote the improvement of the quality of listed companies and further promote the stability of the capital market reform.

  It has been perfected in three aspects including issuance and listing review

  Regarding the reform plan expected by all parties, what market opinions have the relevant rules mainly absorbed? A spokesman for the Shenzhen Stock Exchange said that the relevant system rules were mainly adjusted and improved from three aspects.

  Regarding the issuance and listing review rules, one is to further clarify the positioning of the GEM. Under the premise of fully embodying inclusiveness, set up a negative list in the industry and further implement the requirements for GEM reform. The second is to improve the small-value rapid refinancing mechanism. Set conditions for the application of microfinance to encourage and support high-quality listed companies with standardized operations to flexibly and conveniently use the capital market for direct financing. The third is to modify and improve the audit time limit requirements. Clarify the time limit requirement of "3 months" and maintain the coordination and coordination of the rule system. The fourth is to adjust the relevant schedule of the listing committee meeting. The notice time for the listing committee meeting was changed from 7 working days before the meeting to 5 natural days before the meeting to further improve the efficiency of the review. Fifth, the validity period of the financial statements quoted in the prospectus is clearly defined. It is clarified that the financial statements cited in the issuer's prospectus are valid within 6 months after the deadline of the latest period. Under special circumstances, during the review stage, the issuer can apply for an appropriate extension, which should not exceed 3 months. In addition, considering the special situation of epidemic prevention and control this year, the validity period of the financial statements cited in the prospectus of the issuer can be extended by one month before July 31, 2020. Sixth, a notice is issued to review the connection arrangements. Further improve the transparency and standardization of the auditing arrangement of the auditing enterprise, and clarify the auditing sequence of the auditing enterprise and the deadline for submission of the sponsoring work paper.

  In terms of continuous supervision, the first is to improve the conditions for listing and delisting of red-chip companies. Adjust the total share capital of red-chip companies and the listing conditions of the equity structure, clarify that the total share capital is calculated based on the total number of shares and the number of depositary receipts, and clarify the criteria for the "rapid increase in operating income" in the listing conditions; adjust the relevant standards for delisting of red-chip companies' transactions. The second is to further optimize the delisting index. Adjusted the market value delisting indicator to a daily closing market value of less than 300 million yuan for 20 consecutive trading days; improved the financial delisting standard, after the company was implemented *ST due to the financial index, the next year's financial report was issued with a reservation , Will also be terminated from listing. The third is to clarify the listing conditions for listed companies to issue shares and convertible bonds. It is clear that “listed companies should still meet the corresponding issuance conditions when applying for stocks and convertible corporate bonds when they are listed on the stock exchange”, which is consistent with the actual refinancing implementation.

  In terms of transaction rules, one is to increase the maximum number of single declarations. To adapt to the characteristics of the GEM stock price structure and investors' trading needs, the maximum number of single declarations for limit price declarations was adjusted to 300,000 shares, and the market price declaration was adjusted to 150,000 shares. The second is to simultaneously relax the rise and fall of related funds to 20%. In order to further improve the efficiency of fund product pricing, the index index stocks will only be GEM stocks or other index-type ETFs, LOFs or graded fund B shares with a 20% increase or decrease limit stock, and more than 80% of non-cash asset investment in entrepreneurship Board stocks or other stocks that implement a 20% increase or decrease limit to adjust the LOF change to 20%.

  Capital market enters reform "deep water zone"

  If the Science and Technology Board is the "test field" for capital market reform, the GEM reform is to enter the "deep water zone." Today, the GEM reform plan is officially launched, the registration system pilot has once again taken solid steps, and the capital market has entered the reform "deep water zone".

  "The GEM reform and the pilot registration system-related policies were officially released, which is conducive to enhancing market vitality. The core position of information disclosure is further highlighted, and the GEM registration system reform has officially entered the practical stage." Chen Li, director of the Chuancai Securities Research Institute, said the information The core position of disclosure in the registration system has been further highlighted. In the IPO process of enterprises, the previous “issues that can be judged by investors” are transformed into more stringent information disclosure requirements, and further implementation of the issuer and other relevant entities in information disclosure Responsibilities, formulate differentiated information disclosure rules; in the process of corporate refinancing, it is clearly proposed to disclose information such as corporate business models, corporate governance, and development strategies in a targeted manner.

  Improving differentiated information disclosure is an important part of the registration system. On the one hand, it can better reveal the core advantages and major risk factors of the enterprise to investors, stabilize market expectations; on the other hand, it can also directly enhance the operating efficiency of the sector and realize entrepreneurship. The “accelerating increment” and “optimizing stock” of listed companies on the board will improve the quality of listed companies on the board and maintain a stable market environment.

  "The upgraded rules have further clarified the positioning of the GEM and boosted the development of the domestic high-tech industry. The positioning of the GEM is clear, with high-tech industries and strategic emerging industries as the main features, directly promoting the transformation and upgrading of China's industrial structure. It is worth mentioning What's more, the document proposes to set up a negative list of industries.'In principle, companies in traditional industries such as real estate are not supported for listing on GEM.' GEM is expected to further infuse high-growth enterprises and give full play to financing efficiency." Chen Li said.

  At the same time, the promulgation of relevant institutional rules has significantly improved the inclusiveness of the ChiNext. Subsequent domestic high-tech and strategic emerging industries are expected to further usher in development opportunities.

  Yang Delong, chief economist of Qianhai Open Source Fund, said that the pilot registration system of the GEM is conducive to pushing more high-quality emerging technology companies to land on the capital market. Enhance the institutional inclusion of innovative and entrepreneurial enterprises.

  Steadily promote the implementation of reforms

  At present, various preparations for GEM reform and pilot registration system are ready. At present, the relevant business rules and supporting arrangements of the Shenzhen Stock Exchange have been formally released and implemented, the construction of an honest government system is progressing synchronously, and the team of reviewers is all in place. At the same time, the market-wide technical testing organization, intermediary training, investor education, market risk assessment and other work are being carried out in an orderly manner.

  The upcoming GEM registration system pilot, how to proceed steadily in the next step? In response, a spokesperson for the Shenzhen Stock Exchange said that the Shenzhen Stock Exchange adheres to the principle of stability and progress, and adopts an open attitude, transparent standards, a clean style, and strict discipline to promote the steady implementation of reforms and go all out to reform The blueprint is carefully organized and implemented, and strives to create a quality project of reform, and effectively enhance the sense of reform of market players.

  Specifically, the first is to carry out the work of shifting the enterprises under review and the acceptance and review of newly declared companies in an orderly manner, conscientiously make arrangements for the connection, and promote the registration review smoothly and efficiently. The second is to quickly set up a GEM listing committee, industry consulting expert database, stock issuance standardization committee, and accounting and legal professional advisory committee, and do a good job of selecting members and experts. The third is to continue to do a good job of interpreting and publicizing the rules, organizing a series of trainings, publishing investment articles, carrying out investor education, strengthening market publicity and guidance, and creating a good atmosphere for the steady progress of reforms. The fourth is to tighten the responsibilities of intermediaries, establish an evaluation mechanism for the quality of intermediary practices, urge sponsors and other intermediaries to work diligently, and improve the quality of information disclosure by issuers and other market entities. Fifth, actively coordinate all parties in the market to complete technological transformation, organize the entire market to complete system joint debugging, business simulation, and network-wide testing, and continue to track the membership suitability-related system transformation and the re-signing of risk disclosures by stock investors, and strive to ensure entrepreneurship Board reform and pilot registration system started smoothly and implemented smoothly.

  It is worth noting that the GEM reform and the pilot registration system are the first major capital market reforms that simultaneously advance incremental and stock reforms, and involve a series of basic systems such as issuance, listing, information disclosure, trading, and delisting. Therefore, investment risks cannot be ignored, there may be risks of market volatility, corporate profitability risks, the pace of policy advancement is less than expected, the deepening of capital market reforms is less than expected, demand is lower than expected, risk appetite and other risks.

  Caixin Securities analyst Luo Kun said that in the early stages of the establishment of the GEM registration system, the rise and fall of new stocks on the first day may also appear similar to the violent volatility of the Science and Technology Board. With the gradual institutional improvement of the market and the gradual opening of the registration system, the supply and demand of new shares will gradually reach a balance, and the volatility of the ChiNext and Science and Technology Board will gradually decline. (Economic Daily, China Economic Net reporter Wen Jicong)