China News Service, Beijing, March 15 (Reporter Chen Kangliang) On the 15th, the China Securities Regulatory Commission issued the "Opinions on Strictly Controlling Issuance and Listing Access and Improving the Quality of Listed Companies from the Source (Trial)" and "Opinions on Strengthening the Supervision of Listed Companies" (Trial Implementation)" and other four policy documents have attracted widespread market attention.
Li Chao, vice chairman of the China Securities Regulatory Commission, said on the same day that the formulation of this document highlighted "strengthening the foundation" and "strict supervision and management."
On the one hand, it focuses on improving the quality of listed companies and protecting the legitimate rights and interests of investors, and further improves relevant measures to strengthen market supervision.
On the other hand, we insist on turning the blade inward, confronting the toughest situations, and have made comprehensive arrangements to strictly strengthen the management of the CSRC team.
Tian Lihui, dean of the Institute of Financial Development at Nankai University, said in an interview with a reporter from China News Service that the four documents showed the regulatory authorities' determination to strengthen capital market supervision, improve the quality of listed companies, optimize the construction of investment institutions, and strengthen their own construction. The positive signal of continuing to deepen reforms is conducive to promoting China's capital market to further become mature, standardized and healthy.
Tian Lihui believes that the four documents have obvious highlights.
Taking the "Opinions on Strictly Enforcing Issuance and Listing Access to Improve the Quality of Listed Companies from the Source (Trial)" as an example, the highlight is to clarify the principle of "strict listing and optimization", which not only proposes to improve the quality of listed companies, but also pays attention to planned The quality of declarations of listed companies.
Specifically, the document focuses on improving the quality of listed companies from the source and proposes 8 policy measures.
These include strictly controlling the quality of applications of companies planning to be listed; consolidating the first responsibility of companies planning to be listed and the "key minority" for true, accurate and complete information disclosure; strictly prohibiting blind pursuit of listings and excessive financing for the purpose of "encircling money"; and prohibiting financial fraud, Misrepresentations, whitewashing and packaging, etc., shall be promptly and seriously investigated in accordance with the law; the proportion of random selections of companies to be listed shall be significantly increased and problem-oriented on-site inspections shall be intensified.
On the same day, the China Securities Regulatory Commission also issued the revised "Regulations on On-site Inspection of IPO Enterprises".
Yan Bojin, Chief Risk Officer and Director of the Issuance Supervision Department of the China Securities Regulatory Commission, said that the important modification is to clarify that companies that withdraw their listing applications during the implementation of on-site inspections will be investigated to the end, and the phenomenon of "withdrawing at the first inspection" of companies will be fundamentally rectified.
It is worth noting that in February this year, the China Securities Regulatory Commission imposed administrative penalties on Shanghai Silxin Technology Co., Ltd. for fraudulent issuance violations during its application for initial listing on the Science and Technology Innovation Board.
This case is the first fraudulent issuance case investigated by the China Securities Regulatory Commission after the issuer submitted application materials but before being registered since the implementation of the new securities law.
Tian Xuan, deputy dean of Tsinghua University PBC School of Finance, believes that strengthening supervision of the capital market should increase penalties for companies that "break through while sick."
"Declaration means responsibility" is a good measure.
This is a kind of whole-process supervision that can have a very good deterrent effect.
As for the other three documents, the "Opinions on Strengthening the Supervision of Listed Companies (Trial)" focuses on promoting listed companies to enhance investment value and strengthen investor protection, focusing on combating financial fraud, strictly regulating shareholding reductions, increasing dividend supervision, strengthening Propose policy measures on key issues such as market value management.
The "Opinions on Strengthening the Supervision of Securities Companies and Public Funds and Accelerating the Construction of First-Class Investment Banks and Investment Institutions (Trial)" focuses on correcting the positioning of industry institutions, promoting functional performance, and improving professional service capabilities and regulatory efficiency.
The "Opinions on Comprehensively Strengthening the Self-construction of the China Securities Regulatory Commission System on Implementing the Standards of Strong Political Capabilities, Strong Work Styles" emphasizes the importance of being strict, facing problems head-on, and turning the edge inward.
Tian Lihui believes that the four documents issued by the China Securities Regulatory Commission will have a positive impact on the capital market. By strictly controlling the issuance and listing access, strengthening the supervision of listed companies, the supervision of investment institutions, and the construction of the China Securities Regulatory Commission, irregular behaviors in the market can be reduced. and risk events, improve the overall quality of the market, enhance investor confidence, and promote the healthy development of the capital market.
Moreover, by optimizing the market structure and improving the professionalism and risk management capabilities of market participants, more long-term funds and high-quality companies can be attracted to the market and promote a virtuous market cycle.
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