Establishment of the board for science and technology and opinions on the implementation of the pilot registration system –
Kechuang board is ready to go
A new board was established in the Shanghai Stock Exchange, focusing on supporting high-tech industries and strategic new industries, such as next-generation information technology, high-end equipment, new materials, new energy, energy conservation and environmental protection and biomedicine , promotion of the Internet, large data, cloud computing, artificial intelligence. Deep integration with production, leading high consumption, promoting change in quality, efficiency change, dynamic change
The Scientific and Technological Board and the registration system will land. On January 30, 2019, the China Securities Regulatory Commission issued "Implementation Opinions on the Establishment of a Board of Science and Technology and a Pilot Pilot Registration System at the Shanghai Stock Exchange" (hereinafter "Implementation Views") and registered the initial public offer of shares of the Board of Science and Technology. The administrative measures (trial) and "Continuous supervision measures of registered companies for science and technology (trial)" were open for public comment. The Shanghai Stock Exchange also issued six accompanying rules, such as "Shanghai Stock Exchange Science and Technology Board Fund Release Listing Rules (Draft for Comment)" and publicly submitted opinions in accordance with the procedures.
The three separate regulations and the Six Exchange Execution Rules made systematic arrangements for the establishment of the board and the registration system, information disclosure, sponsorship system and application of oversight and management, marking the establishment of science and technology in China. Relevant institutional board system and pilot registration system.
Enhance the five basic systems
"Implementation Opinions" clarify that in order to do a good job in registering the Science and Technology Board, the core capital market system will improve in five aspects: first, build a market based issuance and download mechanisms for scientific and technological actions, and second, to further strengthen the information disclosure oversight. Based on the characteristics of listed companies of the company and the suitability of investors, to establish a market-oriented trading mechanism, the fourth is to establish a more efficient mechanism for restructuring mergers and acquisitions, and the fifth to rigorously implement the system of destitution.
Why is a scientific and technological board set up? "Implementation Views" emphasizes that the newly established Science and Technology Board in the Shanghai Stock Exchange adheres to the frontier of science and technology in the world and faces the country's main needs. It mainly serves technology innovation enterprises that are in line with national strategies, break the core core technologies and have high recognition in the market. It focuses on supporting high-tech industries and strategic new industries such as next-generation information technology, high-tech equipment, new materials, new energy, energy conservation and environmental protection and biomedicine, and promoting deep integration of the Internet, large data, cloud computing, artificial intelligence and production High consumption causes a change in quality, power change and power change.
Who will revise the company? "Implementation Views" clearly state that in the pilot-registration system for scientific and technological innovation, the conditions for issuing the shares of the Science and Technology Board and the comprehensive and accurate information disclosure system are rationally formulated. The Shanghai Stock Exchange is responsible for issuing and listing the board for science and technology, and the Securities Regulatory Commission for China is responsible for registering the board's shares. The Securities Regulatory Commission in China will strengthen oversight over the Shanghai Stock Exchange audit and will strengthen the oversight of the whole process of issuing new shares before and after the event.
Zhao Xitsun, deputy dean of the Faculty of Finance and Finance at Renmin University in China, said in an interview with the journal Economic Daily that the preliminary establishment of the pilot system for the establishment of a board for science and technology will help to continually improve the basic system on the market of capital. Currently, Shenzhen has a major board, small and medium size board and GEM, the Shanghai Stock Exchange has only the main board. The establishment of the Scientific and Technological Board can make the two exchanges of Shanghai and Shenzhen more balanced, the pilot registration system shows the determination and confidence of the opening of China. It will help to play the role of resource allocation in the capital market and improve the efficiency of resource allocation.
More details are agreed in accordance with market rules
The system of three departmental regulations and rules for the support of the six exchanges were reviewed. Many details were agreed in accordance with market laws, highlighting the pilot and innovation.
Regarding the trading system on the market, based on the relevant accompanying rules, on the basis of summing up the advantages and disadvantages of the implementation of the current stock trading system, the price limitation of science and technology reserves will be relaxed to 20%. In addition, in order to form a reasonable price as soon as possible, the first five days after the publication of the IPO will not have a price limitation.
Regarding the suitability of investors, the relevant rules require individual investors to participate in the trading of shares of the Board of Science and Technology, the funds on the securities account and the account of the fund are not less than 500,000 yuan and participate in trading in securities for 24 months. Investors who do not meet the eligibility requirements can participate in the Board of Science and Technology by purchasing public funds.
Regarding the "threshold" of listed companies, the relevant rules for the seeking of opinions introduce the "market value" indicators and are combined with financial indicators such as income, cash flow, net profits and investments in research and development and to set 5 groups of differentiated quoted indicators that can respond to the key Through continuous research and development, the field has been invested in various types of scientific and technological enterprises that have broken basic technologies or have achieved performed re zultshi and have good development prospects, but have different financial performance.
Regarding the disclosure system, the relevant rules will aim to build four types of delisting standards for the volume, share price, number of shareholders, and market value, and the system of indicators will be more complete and complete.
Regarding the arrangements of the system, the new regulations will compress the deactivation time, and companies that touch the deinstallation funds indicators will implement the risk-sharing alert in the first year and will still be directly missing 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.
Regarding the definition of the list of audit responsibilities, the relevant rules are clear. Under the pilot registration system, the exchange will assume the responsibility for issuing shares and a listing listing. In the merger and acquisition restructuring system, the acquisition and reorganization of the Science and Technology Board involves the issuance of shares, the registration system is implemented and, after being approved by the Shanghai Stock Exchange, it is registered with the Regulatory Commission for Securities for registration.
Zhang Yongzhen, director of the Center for Research and Information Discovery Information at the Beijing Institute of Technology, said the price increase and relaxation of 20%, and the assets of an individual investor of not less than 500,000 yuan are the main points of this announcement. The preliminary establishment of the pilot for scientific and technological innovation is a great opportunity to fill the short-term market for technological innovations in the capital market and a major step forward in improving the market infrastructure system. It is convenient for placing direct financing for development in a more important position and in accordance with the law on market development.
Do not relax the supervision and protection of investors
"Implementation Views" emphasizes that the establishment of a pilot registration system for science and technology should strengthen the continuing oversight of listed companies by the Board of Science and Technology, further strengthen the responsibility of mediation agencies and seriously combat illegal activities such as false editions and false statements, and to protect the legitimate rights and interests of investors.
"This means that at the same time as many innovations, regulatory authorities can not relax supervision and related investor protection efforts to ensure the smooth development of the board and the registration system." Jiang Xianwei, chief market strategist at the Morgan Stanley Foundation, believes the board is on launch, it will provide better financial support for many innovative companies with great potential for growth and rapid development, but limited in profits. Along with current trading markets, such as the Main Board, the Enterprise Growth Market, the SME Board and the new third board, a richer multi-level financing system for better utilization of capital market support for an innovative economy.
Ma Yin, a strategist at the Bank of Communications Schroder Fund, believes that the complete release of the pilot system of registration and the provision of securities is one of the only ways for financial services to develop the real economy and to reduce the costs of financing the real economy and the same is one of the general rules of the international capital market. Especially for technological start-up with leading technology, professionalism and unstable corporate profits, both businesses and the investment community have called for a new listing system. In the long run, the Science and Technology Board and the registration system are an important step in establishing the capital market on many levels and supporting the establishment of innovative institutional mechanisms. We should never worry about taking risks and refusing reforms. (Reporter Zhou Lin Wen Jicong)