According to the website of the China Securities Regulatory Commission, with the consent of the Party Central Committee and the State Council, the China Securities Regulatory Commission issued the “Implementation Opinions on Establishing a Science and Technology Board and Pilot Registration System on the Shanghai Stock Exchange†on January 30, 2019 (hereinafter referred to as “Implementation Opinions†》). The China Securities Regulatory Commission and the Shanghai Stock Exchange (hereinafter referred to as the Shanghai Stock Exchange) are in the process of advancing the establishment of the science and technology board and piloting the registration system in accordance with the requirements of the Implementation Opinion.
The establishment of the science and technology board and the pilot registration system is the spirit of the China Securities Regulatory Commission to thoroughly implement Xi Jinping’s new era of socialism with Chinese characteristics and the spirit of the party’s 19th National Congress, and seriously put down the internship of General Secretary Jin Ping’s important instructions on the capital market. The State Council decided to deploy and further implement the innovation-driven development strategy, enhance the service level of the capital market to improve China's key core technology innovation capabilities, support the construction of the Shanghai International Financial Center and the Science and Technology Innovation Center, improve the capital market infrastructure, and adhere to the steady progress. The overall tone, the implementation of the new development concept, and the important measures to deepen the structural reform of the supply side.
The "Implementation Opinions" emphasizes that the newly established science and technology enterprises in the Shanghai Stock Exchange adhere to the frontiers of the world's science and technology, face the main battlefield of the economy, and face the major needs of the country, mainly serving science and technology innovation enterprises that meet the national strategy, break through key core technologies, and have high market recognition. . Focus on supporting high-tech industries and strategic emerging industries such as next-generation information technology, high-end equipment, new materials, new energy, energy conservation and environmental protection, and biomedicine, and promote the deep integration of the Internet, big data, cloud computing, artificial intelligence and manufacturing, leading High-end consumption drives quality change, efficiency change, and power change.
According to the "Implementation Opinions", according to the characteristics of the sector and the characteristics of the science and technology enterprises, the company has set up a variety of inclusive listing conditions, allowing enterprises that meet the position of the science and technology board, not yet profitable or have accumulated unrecovered losses to be listed on the Science and Technology Board, allowing compliance. The relevant special-equity structure enterprises and red-chip companies are listed on the Science and Technology Board. Kechuang Board accordingly sets the investor's appropriate requirements to prevent and control various risks.
The "Implementation Opinions" clearly stipulates that in the scientific and technological innovation pilot registration system, the conditions for the issuance of the shares of the science and technology board and the more comprehensive and accurate information disclosure rules system are rationally formulated. The Shanghai Stock Exchange is responsible for the issuance and listing of the science and technology board, and the China Securities Regulatory Commission is responsible for the registration of the shares of the board. The China Securities Regulatory Commission will strengthen supervision over the audit of the Shanghai Stock Exchange and strengthen the supervision of the whole process of the issuance of new shares before and after the event.
The "Implementation Opinions" clarify that in order to do a good job in the registration of the science and technology board, the basic system of the capital market will be improved in five aspects: first, to build a market-based issuance and underwriting mechanism for the science and technology stocks, and second, to further strengthen the information disclosure supervision. It is based on the characteristics of the listed companies of the company and the appropriateness of investors, to establish a more market-oriented trading mechanism, the fourth is to establish a more efficient merger and acquisition restructuring mechanism, and the fifth is to strictly implement the delisting system.
The "Implementation Opinions" emphasizes that the establishment of the science and technology board pilot registration system should strengthen the continuous supervision of the listed companies of the science and technology board, further strengthen the responsibility of intermediary agencies, and severely crack down on illegal acts such as fraudulent issuance and false statements, and protect the legitimate rights and interests of investors. The CSRC will strengthen the link between administrative law enforcement and the judiciary; promote the improvement of relevant legal systems and judicial interpretations, establish and improve the model judgment mechanism for securities support litigation; and explore and improve the legal system of securities civil litigation that is compatible with the registration system according to the pilot situation.
At present, the China Securities Regulatory Commission has drafted and completed the “Regulations on the Registration of Initial Public Offerings of the Science and Technology Board (Trial)†and the “Continuous Supervision of Listed Companies in the Science and Technology (Trial)â€. The Shanghai Stock Exchange has drafted the “Shanghai Stock Exchangeâ€. Supporting rules such as the Stock Issue Listing Rules. Relevant rules are being publicly solicited for comment.
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