The full registration system is here! How does the "landmark" reform affect the capital market?

　　China News Service, February 18th (Reporter Li Jinlei) The comprehensive registration system that has attracted much attention has come.

　　On February 17, the China Securities Regulatory Commission issued the relevant system rules for the full implementation of the stock issuance registration system, which will come into effect on the date of announcement.

The full implementation of the registration system is a major reform involving the overall capital market.

Experts said that the comprehensive implementation of the registration system reform is of great significance to the development of the entire capital market, the improvement of the financing system, and the service of the real economy. At the same time, it also puts forward higher requirements for the capabilities of investors.

What are the effects?

Landmark reform of China's capital market

　　"The release and implementation of the rules for the full implementation of the registration-based system marks the basic finalization of the institutional arrangements for the registration-based system, and the promotion of the registration-based system to the entire market and various public offerings of stocks. It is a milestone in the reform and development of China's capital market

” said the China Securities Regulatory Commission.

　　Zhao Xijun, co-dean of the China Capital Market Research Institute of Renmin University of China, told Chinanews.com's "China New Observation" column that from a macro perspective, the reform of the registration system is conducive to better allocating resources in accordance with the principles of market mechanisms and serving the real economy.

From a micro level, it is beneficial for more and more different types of enterprises to obtain opportunities to develop themselves through the capital market.

　　The "Measures for the Administration of the Registration of Initial Public Offerings" clarifies the positioning of the main board, science and technology innovation board, and gem.

Among them, the main board highlights the characteristics of "large-cap blue chips", and focuses on supporting high-quality enterprises with mature business models, stable operating performance, large scale, and representative industries.

　　Dong Dengxin, director of the Finance and Securities Research Institute of Wuhan University of Science and Technology, pointed out that the launch of the comprehensive registration system reform is not only the completion of the established reform tasks, but also an important driving force for accelerating the transformation and upgrading of China's economy after the adjustment of the epidemic prevention policy. The reform process of rule of law and internationalization is an important guarantee for high-quality services to the real economy.

Data map: Investors check the market information of the Science and Technology Innovation Board at a securities business department in Beijing.

Photo by China News Agency reporter Hou Yu

What are the highlights?

Simplify and optimize the issuance and listing conditions and meet the four major conditions to be listed

　　The main content of this reform includes streamlining and optimizing the issuance and listing conditions.

　　The "Regulations for the Administration of Stock Registration for Initial Public Offerings" cancels the requirements of the current main board issuance conditions on the absence of unrecovered losses and restrictions on the proportion of intangible assets.

It is stipulated that an application for initial public offering should meet the following four basic conditions: First, the organization has a sound organization and has been in continuous operation for three years.

Second, the accounting basic work is standardized, and the internal control system is sound and effective.

The third is that the issuer has clear equity, complete business and the ability to directly face the market and operate independently.

Fourth, the production and operation are legal and compliant, and the relevant entities have no records of violations of laws and regulations stipulated in the Registration Management Measures.

　　Zhao Xijun said that the overall conditions for listing are more optimized than before, and the financial requirements are not so high, which can give companies that did not meet the approval system requirements a chance to enter the market.

　　Dong Dengxin pointed out that the comprehensive implementation of the reform of the stock issuance registration system is conducive to improving the inclusiveness and openness of the capital market, and is also conducive to the high-growth, high-tech, and outstanding companies with sufficient research and development capabilities or innovation capabilities to obtain more inclusive listing opportunities.

　　The China Securities Regulatory Commission pointed out in the legislative statement on the "IPO Stock Registration Management Measures" that

, but requires companies to meet the most basic stock issuance and listing conditions and meet strict information disclosure requirements.

There are no administrative restrictions on the issue price and scale of new shares

　　In addition,

　　Zhao Xijun pointed out that after the reform, the degree of marketization of issuance pricing is higher, and the decision-making power is given to the market. There are no administrative restrictions, and the market is allowed to determine the issuance price and issuance scale. An important highlight.

Improve the review and registration procedures, cancel the issuance review committee

　　After the reform, adhere to the basic structure of stock exchange review and CSRC registration with their own emphasis and mutual connection, further clarify the division of responsibilities between the stock exchange and the CSRC, and improve the efficiency and predictability of review registration.

　　If a stock exchange discovers major sensitive matters, major unprecedented circumstances, major public opinion, or clues to major violations of law during the review process, it shall report to the CSRC in a timely manner.

The China Securities Regulatory Commission simultaneously pays attention to whether the issuer complies with the national industrial policy and sector positioning.

　　According to the legislative instructions on the "Measures for the Administration of Registration of Initial Public Offerings", the Shanghai Stock Exchange and the Shenzhen Stock Exchange are fully responsible for the review of issuance, listing and information disclosure requirements. The China Securities Regulatory Commission has accelerated its functional transformation and strengthened the overall coordination of the review and registration work Supervision and management, unified audit concepts and standards, strengthened supervision of exchanges, further strengthened the whole process of supervision before, during, and after, effectively preventing and controlling various risks, and improving the quality of listed companies from the source.

　　Zhao Xijun pointed out that after the reform, the division of responsibilities between the stock exchange and the China Securities Regulatory Commission will be more clear, and the efficiency will be greatly improved.

As the listing standards are more inclusive, the types of listed companies will be more abundant, and the influence of market forces will become greater and greater.

However, delegating power to the market does not mean reducing the quality of listed companies. In fact, the requirements for listed companies, intermediaries, investors and supervision have been improved, especially issuers must assume their main responsibilities Therefore, the intermediary agency should assume the responsibility of "gatekeeper".

Data map.

Photo by China News Agency reporter Wei Liang

What is the impact on shareholders?

　　At present, there are more than 200 million A-share investors.

Zhao Xijun said that the reform of the comprehensive registration system involves two main boards, the Shanghai Stock Exchange and the Shenzhen Stock Exchange. These two main boards have gathered the largest number of individual investors. Therefore, the reform will also have a profound impact on individual investors, especially in the Play new aspects.

　　Zhao Xijun pointed out that due to the absence of administrative restrictions on pricing and the diversification of standards, listed companies may experience greater price fluctuations after their issuance and listing. Investors should consider new changes and make judgments and investments carefully. To be able to understand the relevant information disclosure of enterprises well to make rational decisions, we need to be more prudent.

　　"In addition, with the advancement of the registration system, the survival of the fittest mechanism in the market will play an increasingly important role, and more and more companies will delist

.

will face the risk of delisting”, Zhao Xijun said, investors should pay more attention to the market and pay attention to market information disclosure.

.

　　It is worth noting that this reform has also strengthened regulatory enforcement and investor protection.

Severely crack down on illegal activities in the process of securities issuance, sponsorship and underwriting, etc. in accordance with the law.

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