Jin Guanping
The China Securities Regulatory Commission recently issued the "Guiding Opinions on Improving the Quality of Prospectus Information Disclosure under the Registration System" to promote the improvement of the quality of prospectus information disclosure and give investors a real listed company, which has attracted widespread attention.
The prospectus can be said to be the "resume" handed to investors by the listed company. It can objectively present the company's business strategy, business structure, financial status, competition pattern, etc. It is an important basis for investors to understand the company and make investment decisions. Its importance is self-evident as the main carrier of information disclosure at the stock issuance stage under the system.
Therefore, whether the prospectus is qualified and high-quality is related to the image and reputation of a listed company at a small level; at a larger level, it is related to the full implementation of the registration system.
The reform of the registration system aims to minimize administrative intervention, hand over the right of choice to the market, and improve market tolerance, which puts forward higher requirements for the quality of information disclosure.
The key to ensuring the healthy and smooth operation of the capital market is for securities issuers to conduct information disclosure in a true, accurate and complete manner, to eliminate information uncertainty as much as possible, and to reduce transaction risks caused by information asymmetry.
A prospectus that investors are willing to read and understand plays an important role in value discovery and investor protection.
In the pilot reform of the registration system in the past few years, the quality of information disclosure in prospectuses has been improved, but there are still problems such as low readability, relevance of investment decision-making and pertinence of information disclosure.
In September last year alone, the prospectus of three companies applying for the Sci-Tech Innovation Board was rejected by the regulatory authorities, requiring the rewriting of some important chapters, which aroused widespread concern in the market.
How to improve the quality of the prospectus and disclose the information related to investors' judgment and decision-making is a long-term and systematic work that requires the joint efforts of relevant parties.
"Zero tolerance" regulation is indispensable.
Under the registration system, the regulatory authorities no longer make substantive judgments on the value of securities, and do not "endorsement" for the information disclosure obligor, but "no endorsement" does not mean inaction. For companies sloppy in responding to information disclosure or even malicious fraud, the regulatory authorities It is necessary to maintain a high-pressure crackdown situation at all times, strengthen supervision during and after the event, and greatly increase the cost of violations, so as to severely punish and urge market players to be in awe of information disclosure, instead of disclosing as much as they want, and cheating if they want to.
The more inclusive the registration system reform is, the more conscious market players must be.
With the comprehensive advancement of the registration system, the era of rare goods for listed companies is gone forever, the number of new shares will inevitably increase, and the competition will become more intense.
It is not only the statutory responsibility of listed companies, but also the foundation for listed companies to chase the capital market.
Enterprises should enhance their sense of crisis and competition, and "introduce themselves" with a high degree of responsibility and honesty.
Otherwise, how can a company that can't even explain its own business clearly, or even cheats, can gain the trust of investors and win the long-term favor of the market?
Intermediaries acting as "gatekeepers" must keep up with the reform of the registration system, tighten up the string of prudent performance of duties, urge listed companies to operate in a standardized manner, be honest, and help investors invest with complete and accurate information.
Only by strictly controlling the entrance and purifying the market environment with real information can we lay a solid foundation for the full implementation of the registration system.
Investors should also increase their risk awareness.
The registration system gives the option to the market. While investors have more options to "vote with their feet", they must bear their own risks, pay more attention to information, analyze risks, and invest rationally.
If the information is fully disclosed, investors still ignore the company's prospectus and fundamentals, blindly follow the trend of investment, or even speculate on small and poor companies, and ultimately they will suffer.
This year is the year in which the registration system has been comprehensively promoted, and the rules of the game in the capital market are undergoing profound changes.
In the past, those information disclosures that looked like flowers in the mist, the path of inducing investors through the "beauty" prospectus will not work and will not work.
Clarifying the boundaries of the rules, sticking to the duty of integrity, telling the truth, doing practical things, and giving investors a real listed company are the passports to enter the capital market.