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Home / china / The Science and Technology Committee and the registration system will just arrive and the details are arranged in accordance with the laws of the market – Xinhua Net

The Science and Technology Committee and the registration system will just arrive and the details are arranged in accordance with the laws of the market – Xinhua Net



The establishment of the Science and Technology Committee and the publication of opinions on the implementation of the pilot of the registration system have been published –

The Kechuang community is ready to leave

A Shanghai-based new board has been set up, focusing on support for high-tech industries and emerging emerging technology industries such as new generation information technology, top equipment, new materials, new energy, energy conservation and environmental protection, and biomedicine, the promotion of the Internet, data, cloud computing, artificial intelligence. Deep integration with production, high consumption management, promotion of quality change, change in efficiency, dynamic change

The Science and Technology Committee and the registration system will just crash. On January 30, 2019, the China Securities Regulatory Commission issued "Opinion on the Implementation of the Science and Technology Committee and the Pilot Registry System at Shanghai Stock Exchange" (hereinafter referred to as "Implementation Opinions") and registered the first public bid shares in the Committee on Science and Technology. Administrative measures (trial) and "Continuous monitoring measures for companies dealing with science and technology (trial)" were open to the public. The Shanghai Stock Exchange also issued six support rules, such as "Shanghai Stock Exchange Shares Rules for Science and Technology (comment draft)" and publicly asked for opinions on procedures.

Three office regulations and accompanying six-exchange rules have set up systematic arrangements for establishing board and registration systems, information disclosure, sponsorship and supervisory and management application, indicating the establishment of science and technology in China. Relevant institutional system for the board and pilot system of registration.

Improve five basic systems

"Implementation Opinions" clarify that, in order to carry out a good job of registering a science and technology committee, improve the fundamentals of the capital market in five aspects: first, to build a market-based mechanism for issuing and securing science and technology reserves; and secondly, further strengthen surveillance of information disclosure. It is based on the characteristics of the company's listed companies and the suitability of the investor, in order to establish a market-oriented trading mechanism, the fourth is to establish a more effective merger and acquisition restructuring mechanism, and the fifth to strictly implement the abolition.

Why set up a science and technology committee? "Implementation Opinions" emphasize that the newly established Science and Technology Committee on the Shanghai Stock Exchange adheres to the boundaries of world science and technology and faces the country's main needs, and mainly focuses on technology-based innovation companies in line with national strategies, overcoming key key technologies and have great market recognition. Focus on support for emerging high-tech industries and emerging emerging technology industries such as new generation information technology, top-quality equipment, new materials, new energy, energy conservation, environmental protection and biomedicine, and to promote deep integration of the internet, large data, cloud computing, Artificial Intelligence and Production Supreme Consumption is managed by changing quality, changing efficiency and changing power.

Who will conduct a company audit? "Implementation Opinions" clearly stipulate that the pilot system for the registration of scientific and technological innovations has rationally formulated conditions for issuing shares of the Science and Technology Committee and more comprehensive and accurate information disclosure systems. The Shanghai Stock Exchange is responsible for issuing and listing the board of science and technology, and China is responsible for registering the shares of the board. China's Regulatory Securities Commission will strengthen oversight of Shanghai Stock Exchange audit and strengthen oversight over the entire process of issuing new shares before and after the event.

Zhao Xijun, deputy Dean of the Faculty of Finance and Finance of Renmin University in China, told an interview with the Economic Daily report that the preliminary establishment of the pilot system for the establishment of the Science and Technology Committee will help to continuously improve the basic capital market system. Currently, Shenzhen has a main board, small and medium panel and GEM. The Shanghai Stock Exchange has only the main board. The board of science and technology can make two exchanges of Shanghai and Shenzhen more balanced.The Pilot registration system shows determination and confidence in opening China. It will help play the role of resource allocation on the capital market and improve the efficiency of resource allocation.

More details are arranged in accordance with market rules

A system of three office regulations and six-exchange support rules has been selected, and many details are regulated in accordance with market laws, emphasizing pilot and innovation.

In terms of the market-based trading system, based on relevant support rules, based on summing up the advantages and disadvantages of applying the current stock trading system, the price limit for science and technology will be reduced to 20%. In addition, in order to form a reasonable price as soon as possible, the first five trade days after listing on the IPO will not have a price limit.

Regarding the suitability of the investor, the relevant rules require that individual investors participate in the trading of the shares of the Scientific and Technological Board, the assets of the securities account and the fund account are not less than 500,000 yuan and participate in securities trading for 24 months. Investors who do not meet the eligibility criteria may participate in the Science and Technology Committee by purchasing public funds.

In terms of the "threshold" of quoted companies, the relevant disclosure rules introduce "market values" indicators and combine with financial indicators such as income, cash flow, net profit and investment in research and development, and set 5 differentiated groups indicators that can meet key indicators. Through continuous research and development, the area has been invested in various types of science and technology companies that have broken down the core technologies or achieved gradual results and have good development prospects but have different financial performance.

With regard to the information disclosure system, the relevant rules will endeavor to build four types of abolition standards for stock, stock price, shareholder number and market value, and the benchmark system will be more complete and complete.

In terms of abolishing the abolitionist arrangement, new regulations will reduce the termination time, and companies that experience financial abstinence indicators will be cautious about their termination in the first year and will continue to be abolished in the second year. No special link for re-listing will be established and if the eligible companies qualify for inclusion in the Kechuang Board, they may apply and accept the assessment in accordance with the registration procedures and the requirements for issuing and listing shares, but if they are forced to withdraw from markets due to major illegal misconduct, no new ones can be proposed. Issue your listing app and permanently retire from the market.

As far as the definition of audit responsibility is included, the relevant rules are clear, and under the pilot registration system, the exchange will assume the responsibility for issuing shares and reviewing the listing. In the merger and acquisition reorganization system, the acquisition and reorganization of the Science and Technology Board includes the issuance of shares, the registration system was implemented, and after being approved by the Shanghai Stock Exchange, China was informed about the Securities Regulatory Commission.

Zhang Yongzhen, Director of Corporate Research and Information Disclosure Center at the Beijing Institute of Technology, said price and relaxation at 20% and single investor assets of at least 500,000 yuan the main point of this announcement. Preliminary establishment of a pilot system of scientific and technological innovations is a great opportunity to fill the short-term market for technological innovation on the capital market and a major breakthrough in improving the market infrastructure system, which favors putting direct financing into development in the most important position and compliance with market development laws.

Do not exert control and investor protection

"Implementation Opinions" emphasize that the establishment of a science and technology pilot registration system should strengthen the ongoing monitoring of companies listed on the list of scientific and technological committees, further strengthen the responsibility of mediation agencies and seriously break down illegal acts such as false issuance and false statements and protect the legitimate rights and interests of investors.

"This means that at the same time as many innovations, regulatory bodies can not relax surveillance and related investor protection jobs to ensure unobtrusive development of board and registration systems." Jiang Xianwei, the chief market strategist of the Morgan Stanley Fund, believes that the board After launch, it will provide better financial support to many innovative companies with high potential for growth and rapid development but with limited profit along with current trading markets such as the Main Administration, the Market growing companies, the Small and Medium Enterprises Committee, and the Third Third Committee, the Enhanced Multi-Level Financing System to better capitalize on the capital market for an innovative economy.

Ma Yin, a strategist at Schroder's Bank of Communications Schroder, believes that fully liberalizing the registration and securities offer pilot system is one of the ways financial services develop a real economy and reduce the costs of financing the real economy, which is also one of the common rules of the international market capital. Especially for financing start-up technology with leading technology, professionalism and unstable corporate profit, and the enterprise and the investment community have called for the emergence of a new system of quotation. In the long run, the Science and Technology Committee and the registration system are an important step in establishing a multi-level capital market and supporting the establishment of innovative institutional mechanisms, without worrying about risk taking and rejection of reforms. (Reporter Zhou Lin Wen Jicong)


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