Securities Times Two Sessions Reporting Group

  The implementation of the registration system in the whole market is the focus of this year's work in the capital market. The government work report mentioned "the full implementation of the registration system for stock issuance to promote the stable and healthy development of the capital market", which caused heated discussions among the representatives of the two sessions.

  The delegates generally believed that the market has basically had the foundation to implement the registration system in an all-round way, and the comprehensive registration system will help enhance the attractiveness of the A-share market, especially for some companies with global market competitiveness, key technologies, and strong R&D capabilities. It is expected to achieve A-share listing under the background of a comprehensive registration system. Therefore, it is necessary to further improve the institutional system to ensure the smooth implementation of the registration system reform.

  Registration system reform

  Market-wide implementation has the foundation

  After 3 years, the registration system has accumulated experience in the capital market. In the pilot program of the Science and Technology Innovation Board, with information disclosure as the core, it has made some achievements in terms of issuance conditions, review and registration procedures, issuance and underwriting, information disclosure principles, and regulatory penalties. change.

In general, the ChiNext Board refers to and adopts the core institutional arrangements of the pilot registration system of the Science and Technology Innovation Board, and at the same time, it has carried out differentiated designs in terms of the design of issuance conditions, investor thresholds, and delisting arrangements based on its own characteristics.

The Beijing Stock Exchange has implemented the registration system since its establishment. Overall, the pilot program has progressed as expected, the issuance and listing cycle has been greatly shortened, the information disclosure has become more stringent and sufficient, the market-oriented mechanism for issuance and pricing has been basically formed, the responsibilities of intermediaries have been further consolidated, and the market has been running smoothly. The registration system reform has achieved expected results.

  In the context of the steady advancement of the registration system, A-share IPOs are accelerating. In 2021, a total of 524 new shares will be listed, and the total amount of funds raised in the initial IPO will reach 546.6 billion yuan, and the number and amount have both reached new highs in recent years.

At the same time, the delisting system has also made breakthroughs.

In 2021, a total of 20 A-share listed companies will be delisted (subject to the delisting date), setting a new high in the number of delistings over the years.

Before that, from 2016 to 2020, the number of delisted companies in the A-share market was 1, 5, 5, 10 and 16 respectively.

  "The market has the foundation to fully embrace the registration system." Yang Changchang, member of the National Committee of the Chinese People's Political Consultative Conference and chief economist of Shenwan Hongyuan Securities, believes that the registration system reform has brought about important changes in the securities market's regulatory system and market structure to a certain extent. .

From the perspective of the registration system reform of the Science and Technology Innovation Board, the ChiNext Board and the Beijing Stock Exchange, the actual results have fully proved the significance of the registration system reform and its positive effect on the development of the securities market.

On this basis, summarizing experience and gradually opening, the conditions for the full implementation of the registration system reform have become increasingly mature.

  Liu Xinhua, deputy to the National People's Congress and vice chairman of the National People's Congress Finance and Economics Committee, also pointed out that the reform of the registration system has created a new ecology for the capital market.

He pointed out that the registration system allows issuers to fulfill their obligation to fully disclose information, intermediaries are diligent and responsible, comprehensively verify and provide professional opinions; investors make judgments and decisions based on the rules of buyers' self-confidence, and the government returns to the role of "night watchers" in the market. Focus on formulating rules and combating violations of laws and regulations.

  Specifically, outstanding companies with real strength in technological innovation continue to emerge in the big waves of the capital market, and resources efficiently support high-quality development fields such as technological innovation, industrial upgrading, and green growth; encourage more entrepreneurs and entrepreneurs to devote themselves to high-tech development The high-risk, high-reward technological innovation industry plays a vital role in promoting industrial upgrading and ensuring supply chain security.

With the steady advancement of the registration system and the opening of the Beijing Stock Exchange, the access to the capital market has been broadened, the issuance of new shares has become more market-oriented, the pace of company IPOs has been significantly accelerated, and the capital market has become more effective in serving the real economy and industrial transformation.

  According to the arrangement of the China Securities Regulatory Commission, this year will focus on the full implementation of the stock issuance registration system, deepen the reform of the capital market, highlight the reform of the main board as the top priority, and accelerate the transformation of issuance supervision.

  "The key and difficulty of implementing the comprehensive registration system lies in the reform of the main board." Xiao Gang, member of the National Committee of the Chinese People's Political Consultative Conference and former chairman of the China Securities Regulatory Commission, said that the main board of Shanghai and Shenzhen is different from the Science and Technology Innovation Board and the Growth Enterprise Market. It involves many existing listed companies and investors. These listed companies The scale is relatively large, and the business operation is in a relatively mature stage.

From the perspective of industry distribution, many of them belong to traditional industries, and the reform involves a wide range. It is also the main board reform. The relevant systems of the Shanghai Stock Exchange and the Shenzhen Stock Exchange are also different. Further research and distinction are required when formulating reform plans.

  Form a joint force to promote the smooth implementation of reforms

  For the registration-based reform to be implemented smoothly, it is necessary to leverage the joint efforts of all parties in the market to balance the relationship between investors, listed companies, and intermediaries.

Listed companies need to standardize corporate governance, improve the quality of information disclosure and governance, improve the incentive and restraint mechanism, and promote the company to become better and stronger.

Investors should enhance their risk awareness and consciously abide by the appropriateness management system.

Intermediaries must perform their duties in a responsible manner, strictly perform the duties of verification, verification, and professional gatekeeping, and improve the quality of practice.

  Xiao Gang said that in the process of fully implementing the registration system, it is necessary to further optimize the mechanism. The exchange focuses on strengthening the audit responsibilities, and the China Securities Regulatory Commission focuses on overall coordination, supervision and management, continuously improving the quality and efficiency of audit and registration, and further compacting intermediaries. The "gatekeeper" responsibility, strengthen the joint efforts of all parties, and promote the formation of a good market ecology that is conducive to the full implementation of the registration system.

  Zhang Guojun, a member of the National Committee of the Chinese People's Political Consultative Conference and a partner of PricewaterhouseCoopers Zhongtian Certified Public Accountants, said that under the background of the comprehensive registration system, the requirements for intermediaries have increased. mode, judge the investment value of the company, improve the quality of the company's information disclosure, and prudently express opinions; on the other hand, the intermediary agency should also effectively help the company to carry out standardized governance and improve the quality of information disclosure.

  "Intermediaries must adhere to professional ethics, maintain independence, and at the same time, have strong professional capabilities." Zhu Jiandi, deputy to the National People's Congress and chairman of Lixin Certified Public Accountants, pointed out that the difficulty and risks of current intermediaries are increasing.

Therefore, intermediaries must have a clear understanding, respect the market, the rule of law, professions, and risks, always maintain professional suspicion, be diligent and prudent, and achieve high-quality development.

  Gao Zicheng, deputy to the National People's Congress and president of the All-China Lawyers Association, suggested that the boundaries of responsibilities in securities issuance by different intermediaries should be further clarified.

Gao Zicheng said that intermediaries should be encouraged to act in a specific time and space environment, and the effect of their actions on the purchase and loss of securities investors should be distinguished according to the professional responsibilities of the intermediary agency, whether it is intentional, whether it is at fault, and the degree of fault. Responsibilities should be compatible with their duty of care and scope of duties, and avoid unlimited expansion of the responsibility boundaries of intermediaries.

  In Gao Zicheng's view, there are essential differences in the status, role and influence of law firms and securities companies, accounting firms and other securities service institutions in the securities market, securities business, and financial fraud cases.

Therefore, the investigation and settlement of the law firm and other intermediaries such as securities firms and accounting firms should be handled separately, reflecting the scientific and rationality of the division of labor and cooperation among different intermediaries.

  It is necessary to further relax market access and support the development of scientific and technological enterprises and strategic emerging industries.

Continue to promote the reform of the capital market transaction system, delisting system, and information disclosure system, and promote market-based pricing of enterprises in the new economy and new business formats.

It is necessary to promote the development of the multi-level capital market system with the view of the large capital market, and continuously improve the transfer mechanism of the Shanghai and Shenzhen Stock Exchanges, the Beijing Stock Exchange and the over-the-counter market on the basis of the existing transfer system.

  Xiao Gang also suggested that the reform of the registration system should be the main line to promote market reform and opening up, insist on using reform methods to stimulate market vitality, stabilize market expectations, boost market confidence, speed up investment-side reform, and guide more long-term funds to enter the market.

Further enhance the ability of the capital market to serve the real economy, maintain the normalization of IPO and refinancing in a scientific and rational manner, actively play the role of the main channel for mergers and acquisitions, regulate the development of private equity and venture capital funds, and guide funds to increase investment in technological innovation, advanced manufacturing, Support for key areas such as small and medium-sized enterprises.

Maintain the smooth operation of the capital market, improve risk monitoring, early warning and disposal mechanisms, and improve the toolbox for risk response.