Experts said to play an active role in the post-meeting system to maintain the seriousness and fairness of the registration system
China Securities Network News (Reporter Zan Xiuli) On November 4, the spokesperson of the China Securities Regulatory Commission said in response to a reporter's question on Ant Group's suspension of listing that Ant Group's suspension of listing on the Sci-tech Innovation Board was a decision made by the Shanghai Stock Exchange in accordance with laws and regulations.
A spokesperson for the China Securities Regulatory Commission stated that it is a responsible approach to investors and the market to prevent Ant Group from rushing to go public in the event of major changes in the regulatory policy environment, reflecting the spirit of respect for the market and the rule of law.
It is believed that this decision will benefit the long-term development of the capital market and enhance the trust and confidence of domestic and foreign investors.
Experts interviewed by a reporter from the China Securities Journal said that the suspension of the listing of Ant Group was precisely because of a series of recent events that triggered the post-conference event system, which is also a manifestation of the registration system's response to the new situation and its sound operation.
After Ant Group’s listing is suspended, issuers and intermediaries shall conduct serious inspections of major issues in accordance with the requirements of the registration system, conduct timely and rigorous assessments on compliance with the issuance and listing conditions and information disclosure requirements, and earnestly maintain the seriousness and fairness of the registration system , To create an investor-friendly capital market ecological environment.
On November 3, the Shanghai Stock Exchange issued a decision to suspend the listing of Ant Group on the Science and Technology Innovation Board of the Shanghai Stock Exchange.
On the same day, Ant Group announced the suspension of listing on the Hong Kong Stock Exchange.
A spokesperson for the China Securities Regulatory Commission pointed out that Ant Group's suspension of listing on the Sci-tech Innovation Board is a decision made by the Shanghai Stock Exchange in accordance with laws and regulations.
The regulatory interviews of the financial regulatory authorities and the recent changes in the financial technology regulatory environment may have a significant impact on the business structure and profit model of Ant Group, which are major events that occurred before listing.
In line with the principles of protecting the legitimate rights and interests of investors, fully and transparently and accurately disclosing information, and earnestly maintaining fairness and justice in the market, the Shanghai Stock Exchange made a decision to suspend the listing of Ant Group in accordance with the relevant regulations of the Sci-tech Innovation Board Registration Management Measures.
A spokesperson for the China Securities Regulatory Commission further pointed out that the China Securities Regulatory Commission supports the decisions made by the Shanghai Stock Exchange in accordance with laws and regulations. At the same time, it maintains communication and collaboration with the Hong Kong Securities Regulatory Commission and securities regulatory agencies in some major overseas markets to jointly and steadily complete follow-up work.
It is a responsible approach to investors and the market to prevent Ant Group from rushing to go public in the event of major changes in the regulatory policy environment, and reflects the spirit of reverence for the market and the rule of law.
It is believed that this decision will benefit the long-term development of the capital market and enhance the trust and confidence of domestic and foreign investors.
"Ant Group's suspension of listing is due to the occurrence of major events that may affect the company, which belongs to the scope of post-conference events. According to the registration method, it should be suspended and the post-conference events should be implemented. Therefore, the suspension is reasonable and legal, and it is well-founded." Wang Jiyue, a former brokerage veteran Said.
Wang Jiyue further pointed out that the registration system should take information disclosure as the core and truly realize marketization and rule of law.
After such a major event occurs, the issuer shall fully disclose the impact of relevant policy changes on operations.
Zhang Zixue, a professor at the School of Civil, Commercial and Economic Law of China University of Political Science and Law, believes that for the handling of situations that may have a significant impact on the issuance and listing, the "Science and Technology Innovation Board Initial Public Offering Stock Registration Management Measures (Trial)" and the "Shanghai Stock Exchange Science and Technology Innovation Board Stock Issuance" Arrangements have been made for the relevant system and rules of the Sci-tech Innovation Board registration system such as the Listing Review Rules.
In accordance with these regulations, the exchange should make a decision to suspend listing of Ant Group.
Liu Junhai, a professor at Renmin University of China Law School, pointed out that while the registration system enhances inclusiveness, it also emphasizes the use of market-based and rule-of-law means to strengthen supervision.
The chain of issuance supervision must be complete, and there must be no vacancy or weakening in any link, otherwise the "barrel effect" will easily occur, which will bring unnecessary moral and legal risks to the legitimate rights and interests of investors.
Before a company goes public, both the institutional environment and the company itself are in a process of dynamic changes, and various major events affecting the issuance may occur. The post-conference event system is a mechanism established for these situations.
From the perspective of past supervision practices, the post-conference event system has played a positive role in preventing financial fraud and improving information disclosure. In the future, it will also play a positive role in ensuring that companies continue to meet requirements, preventing various risks, and promoting the sustainability of listed companies. Development and so on play an important role.