The rules of the Beijing Stock Exchange came into effect on November 15

  Two months after the announcement, the opening time of the Beijing Stock Exchange (hereinafter referred to as the Beijing Stock Exchange) has finally become clear.

  On the evening of October 30, the China Securities Regulatory Commission issued 18 regulations, guidelines and normative documents, and clearly stated that "the above regulations and normative documents will come into effect on November 15, 2021."

  Some insiders said that although the market opening date has not been clearly announced, the effective time of the rules has given the market a clearer expectation.

According to a reporter from China Business News, the opening time of the Beijing Stock Exchange is still to be announced by relevant departments.

  Before the market opens, the rules need to be in place.

In order to consolidate the foundation of the reform system, the China Securities Regulatory Commission issued three regulations on the issuance and listing, refinancing, and continuous supervision of the Beijing Stock Exchange and 11 related normative documents. 2 content and format guidelines for the targeted issuance of convertible bonds by listed companies.

  "The above-mentioned regulations and normative documents, together with the self-discipline rules formulated by the Beijing Stock Exchange, have jointly established a set of rules and regulations of the Beijing Stock Exchange that are compatible with the characteristics and growth stages of innovative small and medium-sized enterprises, fully embodying dislocation and tolerance. , Flexible and inclusive market features.” The CSRC stated that the next step will be to coordinate the implementation of various systems, give full play to the “leading” role of the Beijing Stock Exchange, and continue to strengthen the relationship with the innovation and foundation layers of the New Third Board. System linkage, stimulate the overall vitality of the market, and strive to build a main position for serving innovative small and medium-sized enterprises, and better serve the high-quality development of the real economy.

  Among them, the "Registration Management Measures for the Public Offering of Stocks to Unspecified Qualified Investors (Trial)" of the Beijing Stock Exchange clarified that the Beijing Stock Exchange piloted the registration system for public issuance, and the overall translation of the selected layer system arrangements, highlighting the service innovation of the Beijing Stock Exchange for small and medium-sized enterprises The market positioning of the enterprise.

  It is worth noting that the formal rules still maintain the requirement that

"the issuer is an innovative company that has been listed on the NEEQ for 12 months

."

However, the regulatory requirements have been strengthened, and

it is clear that the issuer, its controlling shareholder, and actual controller have major violations of laws and regulations and shall not publicly issue stocks.

  According to the China Securities Regulatory Commission, during the period of soliciting opinions on the rules, some opinions suggested that companies not listed on the NEEQ should be allowed to directly apply for the listing of the Beijing Stock Exchange.

This opinion was not adopted.

This is because the China Securities Regulatory Commission believes that maintaining the “gradual progress” market structure of the NEEQ basic layer, innovation layer and Beijing Stock Exchange requires the issuer to be an innovative company that has been listed on the NEEQ for more than 12 months, which is conducive to giving full play to the market structure of the Beijing Stock Exchange. The Stock Exchange's exemplary and leading role and "backfeeding" function for the basic and innovative layers of the New Third Board.

  However, in response to “the issuer and its controlling shareholders, actual controllers, directors, supervisors and senior executives who have major violations of laws and regulations, are filed for investigation, filed for investigation, publicly condemned, and included in the list of untrustworthy persons subject to enforcement, etc., a corresponding issuance and listing shall be set up. The CSRC considers it reasonable and clarifies the relevant circumstances as the conditions for listing on the Beijing Stock Exchange, and the Beijing Stock Exchange’s listing rules make specific provisions.

  It is worth noting that the China Securities Regulatory Commission also issued the "Guiding Opinions of the China Securities Regulatory Commission on the Transfer of Listed Companies on the Beijing Stock Exchange" (Draft for Solicitation of Comments) (hereinafter referred to as the "Guiding Opinions"). The deadline for soliciting opinions is November. 14th.

  The "Guiding Opinions" clarified

that a listed company on the Beijing Stock Exchange should have been listed on the Beijing Stock Exchange for one year before applying for transfer.

At the same time, it is clarified that the share sales restriction period of the listed companies of the Beijing Stock Exchange after the transfer, in principle, can deduct the time that has been restricted in the selection layer and the Beijing Stock Exchange.

(Author: Du Qingqing? Zhou Nan)

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