New "Securities Law" officially implements capital market to welcome reform window period

Capital market welcomes reform window period

Step-by-step implementation of registration system for public offering of shares

The pace of comprehensively implementing the registration system has taken a big step forward. The Shenzhen Stock Exchange will also advance the GEM reform and pilot the registration system. In addition, the public issuance of corporate bonds and corporate bonds is subject to the registration system ... The newly revised "Securities Law" was formally implemented from March 1st. According to the State Council's issuance of the new Securities Law notification requirements, the registration system for public offering of shares Step by step, the approval system will continue to be implemented before the reform is implemented. Subsequently, the Shanghai and Shenzhen Stock Exchanges respectively issued relevant implementation measures.

Wen, Chen Lili and Zhang Zhongan, all-media reporters of Guangzhou Daily

The reporter learned from the Chinese government website that the notice proposed that the registration system for public offering of securities should be steadily promoted. Implement the reform of the registration system for public offering of shares step by step. The CSRC shall, in conjunction with relevant parties, further improve the relevant rules and regulations of the science and technology board, increase the transparency of the registration review, and optimize the work process. Study and formulate the overall plan for the pilot public offering of stock registration system on the Shenzhen Stock Exchange's Growth Enterprise Market, and actively create conditions to put forward timely proposals for the implementation of the public stock offering registration system in other sections of the stock exchange and other national securities trading venues approved by the State Council. The relevant plan will be implemented after approval by the State Council. Until the registration system is adopted for the public issuance of stocks in relevant sections of the stock exchange and other national securities trading venues approved by the State Council, the approval system will continue to be implemented.

All reporters of the Guangzhou Daily noted that the Shanghai and Shenzhen Stock Exchanges issued relevant supporting guarantees for the implementation of the new Securities Law on March 1. Regarding the promotion of the registration system for public offering of stocks, the Shanghai Stock Exchange stated that it will further improve the review and approval standards for the listing of science and technology boards, refine the positioning criteria of science and technology board, and optimize the procedures for the demonstration of science and technology attributes; For implementation and preparation, the CSRC is responsible for accepting and reviewing applications for public issuance of corporate bonds that are responsible for making registration decisions; the Shenzhen Stock Exchange also stated that it will use the experience of the Science and Technology Innovation Board to advance GEM reform and pilot the registration system.

Highlight protection for small and medium investors

"The implementation of the new securities law will further improve the quality of listed companies, and the release of policy dividends will also accelerate the development of the overall capital market to a healthy and stable state." Li Zhan, chief economist of Zhongshan Securities, said in an interview with the Guangzhou Daily all-media reporter that securities The law highlights the further protection of the rights and interests of small and medium investors.

Professionals: Streamlined listing and delisting procedures

Li Zhan, chief economist at Zhongshan Securities, said that the securities law is better for existing listed companies to raise capital in the capital market and expand larger markets. The new securities law adds specific systems and arrangements for non-public issuance of securities, which is conducive for listed companies to better achieve financing; and for the company to be listed, Article 9 of the new securities law provides that "listed companies that issue new shares shall comply with the requirements of the State Council. The approved conditions stipulated by the securities regulatory authority of the State Council, and the specific management measures shall be prescribed by the securities regulatory authority of the State Council. "It can be seen that the regulations do not specify the conditions and procedures for non-public issuance, which may implement the registration and exemption registration mechanism, Makes the process of listing and delisting of enterprises more streamlined. For Li Zhan, there is still room for improvement in securities law. He said: "Because the direct financing costs of enterprises are relatively high, in the context of the new securities law's implementation of the registration system, we do not believe that the cost of information disclosure and compliance will be greatly reduced. Relative simplicity and cost should be adopted for different issuers. Lower issuance arrangements, which will effectively reduce the cost of direct financing for companies. "

Wang Delun, chief strategy analyst of Industrial Securities, believes that the new securities law has clarified that the A-share market will implement a registration system, which will help attract emerging industry companies with high growth potential to go public. "We believe that with the gradual improvement and perfection of the stock market ecology, the A-share market will gradually have the institutional conditions to get out of the bull market."

Registration of corporate bonds and corporate bonds will be implemented from March 1

Guangzhou Daily (All Media Reporter Chen Lili) The China Securities Regulatory Commission issued the relevant provisions of the "Notice on the Implementation of the Registration System for the Public Issuance of Corporate Bonds" (CSRC issued [2020] No. 14) on March 1, publicly issuing companies The bonds will be registered as of March 1. Subsequently, the NDRC also issued the “Notice on Issues Related to the Implementation of the Registration System for the Issuance of Corporate Bonds” (Fakai Caijin [2020] No. 298) document stipulating that corporate bonds shall be reviewed by two designated institutions (ChinaBoard Securities and Dealers Association).

According to the requirements of the China Securities Regulatory Commission, the public issuance of corporate bonds is subject to acceptance and review by the stock exchange, and is reported to the Securities Regulatory Commission to perform the issuance registration process. Request the two-city exchanges to urge the issuer and other information disclosure obligors to fully disclose the information necessary for investors to make value judgments and investment decisions to ensure that the information disclosure is true, accurate, complete, timely, and fair; the underwriters, Credit rating agencies, accounting firms, law firms and other intermediaries are honest, trustworthy, diligent and responsible, and conduct due diligence on corporate bond issuers in accordance with practice standards and regulatory rules.

China's Treasury bonds "into Morocco" may introduce more than 20 billion US dollars of funds

Guangzhou Daily (whole-media reporter Wang Chuhan) On February 29, the central bank released news that from February 28, 2020, Chinese government bonds were officially included in the JP Morgan Chase Global Emerging Markets Government Bond Index. The reporter learned that the adjustment marked that nine eligible highly liquid Chinese government bonds were included in the index, including six issued bonds and three new ones scheduled to be issued between October and December 2019. The debt and inclusion work will be completed step by step within 10 months. It is expected that more than US $ 20 billion of index tracking funds will be introduced for the Chinese bond market.

The reporter has learned that there are three companies in the international financial market that have more influence on the bond index: Bloomberg, FTSE Russell and JP Morgan Chase. In January 2019, Bloomberg officially announced that in April 2019, RMB-denominated Chinese government bonds and policy bank bonds would be included in the Bloomberg Barclays Global Composite Index, which tracks about $ 2 trillion in funding. After China bonds were included in the index, more than $ 100 billion in tracking funds were introduced.