Time:
February 1, 2023
Event:
The reform of the stock issuance registration system was fully implemented
Department:
China Securities Regulatory Commission
matter:
The China Securities Regulatory Commission solicits opinions from the public on the full implementation of the main system and rules of the stock issuance registration system
The person in charge of the relevant department of the China Securities Regulatory Commission answered reporters' questions on the full implementation of the stock issuance registration system
Notice of the China Securities Regulatory Commission on Arrangements for the Transition Period of Relevant Administrative Licensing Items Before and After the Full Implementation of the Stock Issuance Registration System
Data map: China Securities Regulatory Commission.
Photo by China News Agency reporter Zhang Hao
Main points:
Recently, the Party Central Committee and the State Council approved the "Overall Implementation Plan for the Full Implementation of the Stock Issuance Registration System".
——Institutional rules for public solicitation of opinions
The system rules for this public consultation include the "IPO Stock Registration Management Measures" and other CSRC regulations and supporting normative documents, involving registration-based arrangements, sponsorship and underwriting, mergers and acquisitions, and other aspects.
——The top priority of reform
The top priority of this reform is the main boards of the Shanghai Stock Exchange and the Shenzhen Stock Exchange.
After the reform, the main board should highlight the blue-chip characteristics of the large market, and focus on supporting high-quality enterprises with mature business models, stable operating performance, large scale, and representative industries.
Correspondingly, set diversified and inclusive listing conditions, and distance yourself from the Science and Technology Innovation Board and the Growth Enterprise Market.
——The proper meaning in the title of reform
The combination of decentralization and management is an integral part of the reform of the registration system.
The general idea is to strengthen the supervision of the whole process before and after the event, increase the intensity of "management" while "releasing", urge all market players to return to their positions and perform their duties, and create a good market ecology.
Adhere to the positioning of the sector, consolidate the responsibilities of issuers, intermediaries, and exchanges at all levels, strictly review, and strictly control the quality of listed companies.
The implementation of the registration system does not mean that the quality requirements are relaxed, and it is not that whoever wants to send it out.
——
3 main measures
The main measures of this reform to improve the trading system on the main board are as follows: First, there is no price limit for the five trading days before the listing of new shares.
The second is to optimize the intraday temporary suspension system.
The third is that new shares can be included in the subject of margin financing and securities lending on the first day of listing, optimize the refinancing mechanism, and expand the scope of securities lending and securities lending sources.
——
2 systems remain unchanged
The reform did not make adjustments to the two systems.
First, starting from the sixth trading day of the IPO listing, the daily price limit will remain unchanged at 10%.
The main consideration is that, based on practical experience, the volatility of stock stocks and new stocks on the main board is relatively low from the sixth trading day, and the 10% price limit can meet the pricing needs of most stocks.
The second is to maintain the current investor suitability requirements of the main board unchanged, and there are no restrictions on investor assets and investment experience.
Investors pass through the market information display screen of the Innovation Board of a securities business department in Beijing.
Photo by China News Agency reporter Hou Yu
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1 "reminder"
The China Securities Regulatory Commission reminds issuers, intermediaries and other market entities that the China Securities Regulatory Commission and exchanges insist on conducting audits with open doors. The whole process is open and subject to supervision. There is no "special channel". , Looking for a "gateway", let alone engaging in benefit transfer and acting as a "broker".
In the next step, the issuer's integrity commitment mechanism will be established, the construction of intermediary agencies' integrity will be further promoted, and bribery and bribery will be investigated together, so that the briber "illegally breaks the law in one place and is restricted everywhere."
- 1 notification
"Notice on Arrangements for the Transition Period of Relevant Administrative Licensing Items Before and After the Full Implementation of the Stock Issuance Registration System"
Among them, from the date of issuance of this notice, the China Securities Regulatory Commission will continue to accept applications for initial public offerings, refinancing, and mergers and acquisitions on the main board.
Before the full implementation of the registration system, the China Securities Regulatory Commission will normally promote the above-mentioned administrative licensing work in accordance with the current regulations.
Ten working days after the release of the main rules for the full implementation of the registration system, the exchange will begin to accept applications for initial public offerings, refinancing, mergers and acquisitions and reorganizations of other companies on the main board.
——The three major exchanges issued a document
On the evening of the 1st, the Shanghai Stock Exchange publicly solicited opinions on the full implementation of the supporting business rules for the stock issuance registration system; the Shenzhen Stock Exchange publicly solicited opinions on the full implementation of the stock issuance registration system supporting business rules; The relevant rules are open for comment.
Sino-Singapore Finance and Economics Gong Hongyu