With the advent of the main board registration system, where will the 300 queuing companies go? The China Securities Regulatory Commission clearly divides the "old and new"

　　The comprehensive registration system reform officially started.

On February 1, the China Securities Regulatory Commission publicly solicited opinions from the public on the draft of the main system and rules involved in the full implementation of the stock issuance registration system, such as the "IPO Stock Registration Management Measures".

　　The Shanghai and Shenzhen main boards are about to complete the transformation from the approval system to the registration system.

A reporter from China Business News learned from the industry that at this stage and before the formal implementation of the registration system, the application and review arrangements for companies queuing up for IPO on the main board are a matter of great concern to the market.

　　"We understand that those who comply with the new regulations will have little impact on queuing, and those who are not accepted must follow the new rules." An investment banker in South China told China Business News.

　　The China Securities Regulatory Commission has made transitional arrangements for the initial public offering and refinancing companies that are currently declaring.

On February 1, the China Securities Regulatory Commission stated that it will continue to receive 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.

　　According to the data, there are nearly 300 companies currently in the queue and advancing the IPO process normally, and about 600 companies are advancing refinancing.

　　According to WIND

　　In terms of refinancing, during the above-mentioned statistical period, 240 companies have given feedback, 112 companies have passed meetings, 43 companies have accepted, and 26 companies have received approval documents; in terms of convertible bonds, 131 companies have accepted and 1 company has responded; in terms of allotment, 14 companies have given feedback, 7 companies have passed the meeting, and 1 company has accepted.

　　On the evening of the same day, 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" (hereinafter referred to as the "Notice"), stating that it will steadily promote the full implementation of the registration system reform, and orderly complete the main board before and after the implementation. For the transition of administrative licensing matters such as IPO, refinancing, mergers and acquisitions, and listing on the New Third Board, properly arrange the renewal of application materials for enterprises under review under the pilot registration system.

　　Specifically

　　Those who have passed the review of the Issuance Examination Committee but have not obtained the approval document can submit an application to the China Securities Regulatory Commission, expressly 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; they can also choose to apply to stop the promotion of administrative licensing After the full implementation of the registration system, report to the Shanghai Stock Exchange and the Shenzhen Stock Exchange, and perform the issuance and listing review and registration procedures, and start the issuance and underwriting work in accordance with the reformed system.

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 CSRC.

　　In terms of refinancing and mergers and acquisitions, before the release of the main rules for the full implementation of the registration system, if the application for refinancing, mergers and acquisitions and restructuring of a listed company on the main board has been reviewed by the Issuance Examination Committee and the Mergers and Acquisitions 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 main board listed company has obtained the approval document but has not started the issuance underwriting, the exchange will perform the follow-up issuance and underwriting supervision procedures.

　　At the same time, 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 of companies under review on the main board, and will transfer the review order and review materials of relevant companies under review to the exchange. Applications for refinancing, mergers, acquisitions and reorganizations of listed companies on the main board that have been accepted but have not yet been accepted will no longer be accepted.

　　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.

　　In addition, the China Securities Regulatory Commission continues 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.