On January 30, the China Securities Regulatory Commission issued "Implementation Opinions on the Establishment of the Board of Science and Technology and the Pilot Vehicle Registration System at the Shanghai Stock Exchange" (hereinafter referred to as "Implementation Views"). The Securities Regulatory Commission in China and the Shanghai Stock Exchange are in the process of promoting the establishment of the Science and Technology Board and piloting the registration system in accordance with the requirements of the Implementation Opinion.
The reporter of "Daily Economic News" noted that "Implementation Views" made detailed provisions for the exclusion of scientific and technological enterprises. The exchange is clearly approved for the increase in the indicators of distortion on the basis of market values based on the existing indicators for destroying the trading class, if the market order is seriously violated, investors have serious damage and the company is not repaired within the prescribed period, the stock exchange can it terminates its stock list. Regarding the procedures, the Science and Technology Board no longer sets a listing suspension, extension of quotation and re-listing, and the delisting process is more consistent and clear.
The distillation system is strictly regulated in three respects
The list and the destabilization of the enterprises is the "import" and "export" of enterprises that enter the science and technology market, which is directly related to the positioning of the market of the Scientific and Technological Board and the future market ecology. What are the regulations on the quotation requirements and the removal of the stock market standards of the Shanghai Stock Exchange ("Share Listing Rules") (hereinafter referred to as the "Listing Rules")?
The basic idea of the exchange is to formulate more inclusive listing conditions and strictly implement the distillation system to facilitate the "import" and "export" of the market. It is worth mentioning that the defaulting standard, the Science and Technology Board, focused on the implementation of "rigor". In the design of the system for the distillation of the Science and Technology Board, existing delisting practices are fully borrowed, and the key points are strictly regulated in terms of standards, procedures and implementation.
First, the standards are stricter. In the case of compulsory exclusion of large illegal cases, the latest results of the reform of the delisting system were adopted and major gross violations were clarified, such as large illegal disclosures and public security breaches, and in the event of market share diversion scope and stocks. The four types of defaulting standards, such as price, shareholder number and market value, the system of indicators is more complete and complete, and in terms of financial indicators, the quantitative provisions are made on a qualitative basis, and the basic characteristics of the "hollow" enterprise the main business that loses the ability to maintain its operations is multidimensionally characterized. The individual indicator for loss of money is no longer used. Regarding other indicators of compliance, based on retaining existing exclusion indicators, such as not publishing financial reports in time, issued with uncertain opinions or negative opinions and increasing the number of deviations consistent, such as major defects in the disclosure of information or standard operation,.
Secondly, the procedure is tighter. Simplifying the delisting process, abandoning the suspension of quotation and continuing the listing process and directly terminating the list of companies to be removed, avoiding the long-term detention of large illegal and major business "hollow" enterprises, disrupting market expectations and pricing mechanisms. The company that compressed the time for distortion and touched the index of uninstalling financial assets will implement the risk-sharing alert in the first year, and in the second year it will be directly eliminated. No special linking links will be established. If the companies meet the listing requirements of the Kechuang Board, they may apply and accept the assessment under the registration procedures and the listing and listing requirements. Send a listing application and permanently pull out of the market.
Third, the implementation is tighter. The biggest problem in the implementation of the current delisting system is that individual "hollow" enterprises are sinking financial data and avoiding distilling goals by conducting transactions that do not have commercial content. In order to solve this "difficult problem", the exclusion system of the Scientific and Technological Board specifies that if the operating income of the listed company is mainly derived from a company that is not related to the main business or related income from a transaction that has no commercial content, there is evidence that the company already apparent loss of ability to resume work, will be removed in accordance with the prescribed conditions and procedures.
Direct disconnection when it comes to requests for deletion
On the issue of the dismantling of the Science and Technology Board, the "Implementation Opinions" clearly endorse the exchange for increasing the indicators of market-based distinctions based on the existing indicators for destabilizing the trading, the scientific and technological companies are fraudulent issuance, disclosure the large information is illegal or other countries In case of major illegal activities in the areas of security, public security, etc., Shares will be suspended if the indicator trading, as trading volume of Science and Technology Co., struck the end of the criteria for listing, the shares will be suspended, a science and technology company loses the ability to continue operating and financial indicators ended the listing. In the standard, the shares should be discontinued, the company does not apply a single indicator to stop the loss of losses and sets a combined interruption indicator that reflects the company's ability to resume operations.
From a procedural point of view, the Kechuang board no longer sets a listing suspension, extension of quotation, and reiteration, and the delisting process is more concise and clear.
In this regard, capital management partner Chen Yanli told reporters Daily Economic News that the establishment of the science and technology board increased the supply of technology companies to the market, which is convenient for the false existence of market forces, so that the truly valuable tech companies will get the market. Recognition. For tech companies listed on the stock market, the launch of the Scientific and Technological Board is the cornerstone. In the past, the "frozen concept" of pseudotechnical actions will lose the shortfall in the case of an increased offer and a valuation system for such enterprises will appear. Change. On the contrary, some real power companies will be recognized by the market, and funds will be favored by leading enterprise with core technologies.
In addition, Chen Yanli believes that the Kechuang board can dilute traditional indicators such as profitability, which is convenient to meet the needs of different types of enterprises at different stages of development. Enterprises can better focus on their own operations and do not have to dress the way they have been looking for in the past. The introduction of the Board of Science and Technology has enriched and improved the capital market structure in China at many levels. The new sector is suitable for new institutional arrangements and is suitable for the development and evolution of the Chinese capital market. At the same time, the positioning of the Scientific and Technological Board is convenient for promoting the economic transformation and upgrading of China, and is conducive to upgrading China's scientific and technological power.
The forced shutdown will not be re-enumerated
The reporter of "Daily Economic News" noted that "Implementation Opinions" also stipulate that Science and Technology Co., Ltd. is a false issuance, breach of known information or other major issues related to national security, public safety, environmental safety, security in production and public health and safety. In case of illegal activities, the action will be interrupted. The Shanghai Stock Exchange also said that the company that will decompress the company's time-out and touch the index of uninstalling financial assets will implement the delisting risk warning in the first year and will be directly eliminated in the second year. No special linking links will be established. If the companies meet the listing requirements of the Kechuang Board, they may apply and accept the assessment under the registration procedures and the listing and listing requirements. Send a listing application and permanently pull out of the market.
For this series of regulations, Chen Yanli believes that the registration system resolves the disadvantages of the current system of approval and has difficulties in meeting the financial needs of the newly formed enterprises and has increased the opportunities and ways of local financing for science and technology enterprises. Secondly, the Scientific and Technological Board has expanded the PE / VC output channel, a technology-based investment institution, to strengthen the vitality of the primary market, and thus more actively serve science and technology enterprises. In addition, the registration system reduces rental space, reduces accountability and pressure on regulators, and creates fair value through sufficient disclosure of information and market play, in order to achieve the goal of purifying the market. Unlike previous motherboards, GEM and small and medium boards, the company can intensively optimize the reform of the underlying mechanism and has relatively flexible institutional arrangements in the series for issuing and destroying.
Chen Xiwei, a senior private equity analyst, told a Daily Economic News reporter that the launch of the Science and Technology Board was positive for the equity capital market and opened the mechanism for exit to the venture capital market, forming a real closed loop. Previously, the capital investment market was characterized by a long investment period, poor liquidity on the market, limited outlet channels, etc. Many innovative SMEs face funding difficulties and a pilot registration system has begun. The problem is that this has injected a "cardiotonic agent" into China's future macroeconomic development.
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