The China Securities Regulatory Commission issued the "Notice on Arrangements for the Transition Period of Relevant Administrative Licensing Items before and after the Full Implementation of the Stock Issuance Registration System"

　　Chinanews.com, February 1. According to the official account of the China Securities Regulatory Commission, on the 1st, the China Securities Regulatory Commission issued the "Notice on Arrangements for the Transition Period of Relevant Administrative Licensing Matters Before and After the Full Implementation of the Stock Issuance Registration System". The full text of the notice is as follows:

　　All issuers and sponsors:

　　On February 1, 2023, the reform of the stock issuance registration system will be fully implemented.

Rules such as the Administrative Measures for the Registration of Initial Public Offerings of Stocks and the Administrative Measures for the Registration of Securities Issuance of Listed Companies have been publicly solicited for public opinion.

In order to steadily promote the comprehensive implementation of the registration system reform, and orderly complete the transition of administrative licensing matters such as initial public offerings on the main board, refinancing, mergers and acquisitions, and listing and public transfers in national stock transfer companies before and after the implementation, properly arrange the enterprises under review for the pilot registration system The application materials are updated, and the relevant work arrangements are hereby notified as follows:

　　1. 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.

　　From the date of release of the consultation draft on the system related to the full implementation of the registration system, if an enterprise applying for an initial public offering and listing on the main board has passed the examination and approval of the Issuance Examination Committee and obtained the approval document, the issuance and underwriting work shall be carried out in accordance with the current relevant regulations; If the review committee fails to obtain the approval document, it can submit an application to the China Securities Regulatory Commission, explicitly choose to continue to promote the administrative licensing process before the full implementation of the registration system, and start the issuance and underwriting work in accordance with the current regulations; it can also choose to apply to stop the administrative licensing process, After the full implementation of the registration system, declarations shall be made to the Shanghai Stock Exchange and Shenzhen Stock Exchange (hereinafter collectively referred to as the exchanges), and the issuance and underwriting work shall be started in accordance with the reformed system after performing the review and registration procedures for issuance and listing.

For those reporting to the exchange, the exchange will arrange the issuance review work in accordance with the order of enterprises under review by the China Securities Regulatory Commission.

　　Before the release date of the consultation draft on the system related to the full implementation of the registration system, if an enterprise applying for an initial public offering and listing on the main board does not meet the financial conditions of the registration system after the full implementation of the registration system, the financial conditions of the original approval system may apply, but other aspects remain the same. It must meet the registration-based issuance and listing conditions.

　　Before the release date of the main rules for the full implementation of the registration system, if the refinancing, merger and reorganization applications of main board listed companies have passed the review of the Issuance Examination Committee and the Merger, Acquisition and Reorganization Committee, the CSRC will continue to perform follow-up procedures.

From the date of issuance of the main rules for the full implementation of the registration system, if the refinancing application of the listed company on the main board has been approved and the underwriting work has not been started, the exchange will perform the follow-up issuance and underwriting supervision procedures.

　　2. From the date of the release of the main rules for the full implementation of the registration system, the China Securities Regulatory Commission will terminate the review of initial public offerings, refinancing, mergers and acquisitions and reorganizations of companies under review on the main board, and transfer the review order and review materials of relevant companies under review to the exchange. Applications for refinancing, mergers, acquisitions and reorganizations of companies listed on the main board that have been accepted but have not yet been accepted will no longer be accepted.

　　Within 10 working days from the date of the release of the main rules for the full implementation of the registration system, the exchange will only accept applications for initial public offerings, refinancing, mergers and acquisitions and reorganizations of companies under review on the main board of the China Securities Regulatory Commission.

Enterprises under review on the main board should prepare application documents in accordance with the relevant regulations for the full implementation of the registration system and submit an application for issuance and listing registration to the exchange. Those who have submitted feedback to the China Securities Regulatory Commission can submit the feedback as an application document to the exchange.

When an enterprise under review on the main board submits an application, the validity period of the financial information can be extended by 3 months.

For the companies accepted during this period, the Exchange will arrange follow-up review work in accordance with the relevant provisions of the full implementation of the registration system based on the review order and review materials of the companies in the China Securities Regulatory Commission.

　　3. Ten working days after the release of the main rules for the full implementation of the registration-based 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.

　　4. From the date of issuance of this notice, the China Securities Regulatory Commission will continue to accept applications for administrative licenses from unlisted public companies.

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.

Companies that have obtained the approval or approval letter for exemption from approval can continue to promote listing and issuance.

　　Before the full implementation of the registration system-related system consultation draft is released, enterprises that apply for listing on the National Equities Exchange and Quotations for public transfer may not be applicable to the registration system listing financial conditions after the full implementation of the registration system, but other aspects must still meet the registration system conditions.

From the date of release of the main rules for the full implementation of the registration system, the enterprises under review will be directly shifted from the approval system to the registration system procedures, and the application documents will be updated in accordance with the relevant regulations for the full implementation of the registration system. It is stipulated to arrange follow-up review and registration work.

　　5. On the day when the main rules for the full implementation of the registration system are promulgated, the enterprises under review under the pilot registration system and their intermediary agencies may not update the application documents for the time being, but must submit a special statement in compliance with the relevant regulations for the full implementation of the registration system in a timely manner after the full implementation of the registration system In accordance with the relevant regulations for the full implementation of the registration system, the application documents shall be updated in accordance with the relevant provisions of the full implementation of the registration system during the latest submission of inquiries and responses or updates of financial reports and other submission materials.

　　This notice will come into effect on the date of promulgation. Market players are requested to do all kinds of preparatory work and form a joint force to ensure the smooth and orderly transition of enterprises under review before and after the full implementation of the registration system.

　　Notice hereby.

　　China Securities Regulatory Commission  

　　February 1, 2023