A shares take Dingxinwan: the core of science and technology board is that institutional innovation will not flood
At 1:30 pm on February 27, the press conference of the State Council Office was fully occupied.
Two hours later, Yi Huiman, the chairman of the China Securities Regulatory Commission, attended the first press conference since taking office.
At the meeting, Yi Huiman humorously stated that the position of the chairman of the Securities and Futures Commission is a crater, and the work directly faces the market, and he is doing live broadcasts every day.
On January 26, Yi Huiman, then chairman of ICBC, succeeded Liu Shiyu, becoming the ninth chairman of the China Securities Regulatory Commission.
In the first month that Yi Huiman took charge of the CSRC, the science and technology board is undoubtedly the focus of its work and has been repeatedly mentioned.
On February 22, the CSRC announced that the current priority is to establish a science and technology board and pilot registration system.
Facing the four major issues, Yi Huiman explained the key issues involved in the reform.
What is the main purpose of establishing a science and technology board?
Yi Huiman said that the main purpose is to enhance the capital market’s inclusiveness to the real economy, better serve companies with core technology, industry-leading, good development prospects and reputation, and further improve the capital formation mechanism that supports innovation through reform.
Science and technology board will play a role?
Yi Huiman said that the establishment of a science and technology board is a concrete change in deepening the reform of the capital market.
This reform is not a new board. What’s more important is to adhere to the direction of marketization and rule of law, and to make institutional innovations in all aspects of issuance, trading, information disclosure, delisting, etc., and establish and improve stocks centered on information disclosureThe issuance and listing system played the role of a test field for the reform of the science and technology board to form a replicable and popular experience.
How does the science and technology board operate?
Yi Huiman said that the establishment of the science and technology board will adhere to the principle of “rigorous standards and steady steps”, refine the relevant institutional arrangements, improve the risk response plan, strengthen investor education, focus on the balance between markets, and ensure that the science and technology boardAnd the trial registration system started smoothly.
How does the science and technology board deal with the existing GEM and the new three boards?
Yi Huiman said that the science and technology board and the existing main board, small and medium-sized board, GEM and the new three board are all important parts of the multi-level capital market system.
The science and technology board has made a lot of system innovations in terms of issuance, listing, information disclosure, trading, delisting, etc., and has made great breakthroughs in many aspects.
The science and technology innovation board is not a simple “board” increase. Its core lies in institutional innovation and reform, while further supporting science and technology innovation.
The CSRC will carefully evaluate the effects of reforms and innovations after the launch of the Science and Technology Innovation Board, and coordinate the promotion of the reform of the GEM and the New Third Board to 武汉夜网论坛 better serve economic growth and development.
In addition, Yi Huiman said that the science and technology board and the trial registration system should be well developed. In addition to the SFC and the Shanghai Stock Exchange to better participate in its own role, more market participants need to work together to reform the science and technology board.Do it.
The issuer must fully disclose the information, and the letter is strict and professional; the investment banking institutions and sponsors must make breakthroughs in pricing underwriting. The science and technology board tests the core competitiveness of the institution and is worried that the existing domestic investment banking institution’s experience reserve is not too richHow to improve this part of the ability, investment banks and securities firms must be prepared; accountants, auditors, law firms and other audit institutions should strengthen professional ethics, can provide market participants with fair, open, professional and objective services; reform of science and technology boardA good environment for the rule of law is needed to further advance the amendment of the securities law, increase the cost of violating laws and regulations, and protect the interests of investors; how to implement marketization needs to be considered in the delisting part.
In order to raise financial soft power to a new level, market-related parties will bring about changes. The science and technology innovation board is a test field and a guide.
Clarify the five major differences Regarding the differences between the establishment of a science and technology innovation board and the trial registration system and the existing approval system, Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said that there are five main differences: First, there are contributions on hard conditions.
The approval system has some hard conditions for issuance and listing. These conditions have been relaxed under the new registration system, such as the relaxation of profit conditions.
The United Nations, hereinafter referred to as a “draft for comments”), shows that of the five proposed listing standards, except for the first one, which requires a net profit, the remaining absolute profit requirements.
The second difference is to implement stricter information disclosure, which is the core content of the registration system.
On the basis of meeting the most basic requirements, the issuer must meet the higher requirements of the letter, and the issuer is the first responsible person of the letter.
The main review is on the Shanghai Stock Exchange. The reviewers must strictly inquire about the submitted materials, check from a professional perspective, and pursue the truth, accuracy, and completeness.
For example, the “Administrative Measures for the Initial Public Offering of Science and Technology Innovation Boards (Trial)” (hereinafter referred to as the “Implementation Measures”) announced on January 30 shows that issuers can reveal industry characteristics and business models according to their own characteristics.Corporate governance, development strategy, operating policy, accounting policy, full disclosure of relevant information such as scientific research level, scientific research personnel, scientific research expenditure, and fully reveal risk factors that may have a significant adverse impact on the company’s core competitiveness, business stability and future development.
Among them, the issuer has not been profitable enough to fully disclose the reasons for no longer profitability, and the impact on the company’s cash flow, business development, talent attraction, team stability, R & D investment, strategic investment, and sustainability of production and operation.
The third difference is a more market-oriented underwriting mechanism.
The issuance price, scale and issuance of new shares shall be conducted through marketization.
In the issue and pricing of new shares, the investment and research capabilities of institutional investors shall be brought into play, and an inquiry mechanism with institutional investors as the main body shall be established.
The “Implementation Measures” show that for the initial public offering of shares, it is appropriate to invest in professional institutions such as securities companies, fund management companies, trust companies, financial companies, insurance companies, qualified foreign institutional investors and private equity managers registered with the China Securities Industry Association.(Hereinafter collectively referred to as offline investors) to make an inquiry to determine the stock issue price.
The fourth difference is to strengthen the responsibility of intermediaries.
Duties of due diligence and check responsibilities, strict blame for those who violate laws and regulations, greatly increase the cost of violations of laws and regulations, and make serious efforts to trust violations of laws and regulations.
For example, the implementation method shows that if the issuer does not meet the conditions of the issuance list and deceives the registration of the issue by deception, the China Securities Regulatory Commission shall adopt regulatory measures that will not accept the issuer’s public issuance of securities-related documents for 5 years from the date of confirmation.
Regarding the relevant responsible personnel, depending on the seriousness of the circumstances, the supervisory measures that are deemed to be inappropriate candidates, or the measures of taking stock market bans.
Where an issue has been issued, the CSRC may, while making an administrative determination, order the listed company and its controlling shareholder, the actual controller, to repurchase the shares of the public offering from the investor within a certain period of time.
The sixth difference is more sound supporting measures, establishing a good legal environment, focusing more on systemic synergy of work, and adopting richer means to improve regulatory capabilities.
There will be no flooding. Regarding the impact of the establishment of a science and technology board and the pilot registration system on the secondary market, Li Chao, vice chairman of the China Securities Regulatory Commission, also expressed his views.
He said that the establishment of the science and technology innovation board and the pilot registration system is an incremental reform of the capital market. He hopes that this reform will increase the inclusiveness and competition of the capital market. At the same time, we have also reformed, innovated and improved a series of systems.This includes the registration system itself, as well as issues such as issuance, pricing, trading, information disclosure, delisting, etc., all of which involve the reform of the basic system of the capital market.
Through these reforms, we hope to further strengthen the role of resource allocation in the internal capital market of the science and technology board and further promote the long-term and stable development of the capital market.
From this perspective, the establishment of a science and technology board and the trial registration system is a good thing for the capital market in the medium and long term.
In fact, the impact of the CSRC’s science and technology board on the secondary market has long been considered.
Li Chao said that he has paid close attention to this matter during the research and demonstration process, so corresponding arrangements have been made in a series of systems, rules and frameworks, and certain investors have made a series of institutional arrangements.
At the same time, the science and technology board still has strict corresponding standards and corresponding procedures, not to say that anyone who wants to be listed can be listed.
In addition, the science and technology board attaches importance to the market mechanism, and the market mechanism includes the constraints of the market. As long as each return is responsible, I believe that the science and technology board will not be flooded.
Who will first get on board?
The public is very concerned about when they can see the official listing of the first science and technology board company.
Therefore, Yi Huiman said that the Shanghai Stock Exchange is now intensively soliciting opinions under analysis.
Huang Hongyuan, the chairman of the Shanghai Stock Exchange, also disclosed that the six rules of the Shanghai Stock Exchange had ended soliciting opinions on the 20th of this month.
Nearly 40,000 individual investor questionnaires were collected and more than 500 opinions and suggestions were received. Generally speaking, everyone gave sufficient affirmation to the rules of the exchange.
The opinions are mainly focused on seven aspects. Among them, the hope that the review criteria for issuance need to be further detailed and properly disclosed; whether the registration of the Securities Regulatory Commission and the audit of the exchange can be effectively connected; whether the investor gate is appropriate;The conditions of entry and the balance of the trading mechanism; the leniency of “reduction of old stocks”; how to attract more mid- and long-term funds to participate in this market; and how to further increase the cost of fraudulent and illegal listing.
The Shanghai Stock Exchange is currently organizing experts to analyze and evaluate these opinions.
In the next step, the SSE will make the necessary changes under the guidance of the CSRC’s unified fundraising, and then add additional approval procedures and will soon announce implementation.
(Reporter Zou Yichen, International Finance News)