Continue to improve the registration system reform management supporting system——

  GEM IPO underwriting specifications released

  Beijing, July 20, reporter Zhou Lin reported: In order to regulate securities companies’ underwriting of initial public offerings on the Shenzhen Stock Exchange’s Growth Enterprise Market and protect the legitimate rights and interests of investors, the Securities Association of China formulated and issued implementation on July 20. The "Regulations for Securities Underwriting of Initial Public Offerings on the Growth Enterprise Market" (hereinafter referred to as the "Specifications") shall come into force on the date of issuance.

  According to the "Specifications", in the initial public offering of securities on the Growth Enterprise Market, the issuance price can be determined through inquiry from offline investors. The issuance price can be determined after the initial inquiry, or the issuance price range can be determined after the initial inquiry. Bid inquiry determines the issue price.

  The "Specifications" require that issuers and lead underwriters should at least use the Internet to promote public roadshows to public investors, and disclose in advance the time and method of participation. During the roadshow, public investors must not block issues related to the issuance. The content of roadshow promotion shall not exceed the scope of public information disclosure approved by the China Securities Regulatory Commission and the Exchange. In addition, in the process of initial public offerings of securities by issuers and lead underwriters, publicly disclosed information should be published on the exchange website and media that meet the requirements of the China Securities Regulatory Commission. Where information is disclosed through other channels, the disclosure content shall be completely consistent, and shall not be earlier than the time of disclosure in the preceding paragraph.

  Since June 12, the China Securities Regulatory Commission, the Securities Industry Association, Shenzhen Stock Exchange and other departments have successively issued the GEM reform and pilot registration system rules and supporting rules related to the registration and management of the GEM IPO. The issuance of the "Specifications" is a powerful measure for relevant departments to continue to improve the supporting system for the management of the GEM IPO registration system.

  Yin Hao, the fund manager of Boshi's GEM ETF, believes that the fundamental reason for the pilot registration system of the GEM is to improve the capital market system. In the face of the upcoming GEM registration reform measures, securities underwriting agencies should be diligent and responsible, abide by relevant rules and regulations, and strictly Control risks. Marked by the GEM pilot registration system, the capital market will open its arms to emerging industries and high-tech companies with a more open attitude, and more innovative and entrepreneurial enterprises will continue to emerge and grow on the soil of the GEM registration system.

  The reform of the ChiNext registration system embodies the regulatory system's institutional arrangements for the survival of the fittest on ChiNext. First, more innovative and entrepreneurial enterprises with growth potential will be introduced, while the delisting system will be improved and the clearance of low-quality enterprises will be strengthened to promote the health of the ChiNext development of. After the reform of the GEM registration system, listing conditions have been significantly optimized, and diversified listing conditions will be formulated after comprehensive consideration of indicators such as estimated market value, revenue, and net profit. Support the listing of profitable companies with a certain scale of special equity structure and red chip companies. Unprofitable companies will evaluate whether they can apply for listing after one year of reform.