China Securities Regulatory Commission: Stop receiving applications for initial public offering and listing on GEM

　　China News Service, April 28, according to the China Securities Regulatory Commission's WeChat public account, the China Securities Regulatory Commission issued the "Notice on Transitional Arrangements for Administrative Licensing Matters before and after the GEM Reform and Pilot Registration System" on April 27 (hereinafter referred to as "Notice") ). The "Notice" states that from the date of this notice, the China Securities Regulatory Commission has stopped accepting applications for initial public offerings and listing on the GEM, and continues to receive applications for refinancing and mergers and acquisitions and restructuring of companies listed on the GEM.

　　According to reports, on April 27, 2020, the Central Reform Commission reviewed and approved the implementation plan for the GEM pilot registration system. On April 27, 2020, rules such as the "Administrative Measures on the Initial Public Offering of Stocks on the Growth Enterprise Market (Trial)" and the "Administrative Measures on the Securities Issuance and Registration of Listed Companies on the Growth Enterprise Market (Trial)" have been publicly solicited for comments. In order to steadily promote the pilot registration system of the GEM, we must orderly complete the transition of administrative licensing matters such as the initial public offering of stocks, refinancing, mergers and acquisitions, etc. of the GEM before and after the implementation of the registration system. The relevant work arrangements are notified as follows:

　　First, from the date of this notice, the China Securities Regulatory Commission stopped accepting applications for initial public offerings and listing on the GEM, and continued to receive applications for refinancing and mergers and acquisitions and restructuring of companies listed on the GEM. Before the implementation of the GEM pilot registration system, the China Securities Regulatory Commission will normally advance the above-mentioned administrative licensing work as required.

　　From the date of publication of the soliciting opinions on the GEM pilot registration system, companies that have applied for initial public offerings and listed on the GEM have passed the review of the Development and Examination Committee and obtained approval approvals. If the review and approval committee does not obtain approval, it can continue to promote the administrative licensing process before the formal issuance of the GEM pilot registration system, and start the issuance underwriting in accordance with the current regulations; it can also choose to apply to stop the administrative licensing process. After the formal registration and implementation of the GEM pilot registration system, the company will report to the Shenzhen Stock Exchange (hereinafter referred to as the Shenzhen Stock Exchange), and after performing the issuance and listing review and registration procedures, it will start issuing underwriting in accordance with the reformed system. If a company declares to the Shenzhen Stock Exchange, the Shenzhen Stock Exchange shall arrange for the issuance review in accordance with the order of the enterprises under review by the China Securities Regulatory Commission.

　　Before the implementation of the GEM pilot registration system, applications for refinancing, mergers and acquisitions and reorganization of GEM listed companies have passed the review by the Development and Examination Committee and the M & A and Reorganization Committee, and the CSRC will continue to perform subsequent procedures.

　　Second, from the date of implementation of the GEM pilot registration system, the China Securities Regulatory Commission terminated the examination of the initial public offering of stocks, refinancing, and mergers and acquisitions of GEM enterprises under review that have not been reviewed by the Development and Examination Committee and the M & A and Reorganization Committee, and will The audit order and audit materials of the audited enterprise are transferred to Shenzhen Stock Exchange, and applications for refinancing and merger and reorganization of GEM listed companies that have not yet been accepted are no longer accepted.

　　Within 10 working days from the date of implementation of the GEM pilot registration system, the Shenzhen Stock Exchange only accepts applications for initial public offering of shares, refinancing, and mergers and acquisitions of enterprises under review by the China Securities Regulatory Commission on the GEM. The enterprise under review shall prepare application documents in accordance with the relevant provisions of the GEM pilot registration system and submit an application for listing and issuance registration to the Shenzhen Stock Exchange. Those who have submitted feedback responses to the China Securities Regulatory Commission may submit the feedback responses as application documents to the Shenzhen Stock Exchange. For the companies accepted during this period, the Shenzhen Stock Exchange will arrange follow-up audits in accordance with the relevant regulations of the GEM pilot registration system based on its audit sequence and audit materials with the China Securities Regulatory Commission.

　　Third, 10 working days after the implementation of the Pilot Registration System on the Growth Enterprise Market, the Shenzhen Stock Exchange began to accept applications for initial public offering of shares, refinancing and mergers and acquisitions by other companies.

　　The "Notice" will come into effect on the day of its announcement, and market participants will be required to make all preparations to form a joint effort to ensure a smooth and orderly transition of the enterprises under review before and after the GEM pilot registration system.