Seven months, 220 days, from November 5 last year was first proposed, to now officially open, this new thing in Chinas capital market growth rate is astonishing. In the design of relevant management rules, the SFC and the SSE perform their respective functions, greatly reducing the waiting time for relevant rules of all parties in the market, and achieving fast or slow results.
At the same time, a series of matching rules of the Shanghai Stock Exchange on the Kechuang board have also come out one after another. On March 1, the Shanghai Stock Exchange issued six rules and guidelines, including the Rules for the Listing of Sector-Created Stocks on the Shanghai Stock Exchange and the Rules for the Audit of the Issuance and Listing of Sector-Created Stocks on the Shanghai Stock Exchange.
On March 18, Kechuanban trial system was officially launched. On April 23, the Shanghai Stock Exchange announced the first round of inquiries and replies submitted by three companies that accept the GEM. On May 27, the Shanghai Stock Exchange issued the announcement of the 1st Review Conference of the Listing Committee of GEM in 2019, announcing that it would consider the listing applications of three enterprises. On June 5, three enterprises, such as Andiji Science and Technology, became the first ones to pass the conference. On June 11, these three enterprises entered the submit registration link.
As of 21:00 on June 13, 123 companies had applied for listing on Kechuang board, 14 of which were already accepted and 99 had been inquired. At present, the listing committee has passed nine deliberations, submitted six registrations and suspended one.
It is expected that the first share will be listed in July.
The rapid development of science and Technology Innovation Board construction also benefits from the high attention and rigorous attitude of the regulatory authorities.
At present, some accepting enterprises have also experienced three questions or even four questions. The focus of supervision mainly covers the main business, accounting treatment, government subsidies, valuation reports and other aspects, each with its own emphasis.
At the Lujiazui Forum, Huang Hongyuan, chairman of the Shanghai Stock Exchange, revealed that the listed companies applying for registration with the Securities and Exchange Commission will enter the stage of roadshow and issuance. It is expected that within two months, the first batch of enterprises will be able to conduct listing transactions. Up to now, the Shanghai Stock Exchange has accepted a total of 122 companiesapplications for listing on the GEM, mainly focusing on the new generation of information technology, high-end manufacturing, biomedicine and other six areas.
Bank of China International said that the general curtain of the company was officially opened and the process exceeded expectations. According to the registration process (20 working days), the company is expected to enter its first share in July as soon as possible.
Enabling the Development and Growth of Technological Start-up Enterprises
Yi Huiman said that Kechuanban mainly undertakes two important missions. One is to support the development and growth of technology-based enterprises with potential and high market acceptance. Through reform, we will enhance the inclusiveness of capital markets to start-ups, allow non-profit enterprises to issue and list, and lead the economic development to innovation-driven transformation. The second is to give full play to the role of reforming experimental fields. The system reform of sponsorship and underwriting, market-oriented pricing, trading and delisting should be carried out on a trial basis, so as to form replicable and popularizable experience.
Han Fuling, chairman of the Department of Applied Finance and Securities of the Central University of Finance and Economics and director of the Bodao Institute of Finance and Securities, said that the introduction of the Science Creation Board was to support the new economy and new industries. The core industries of STB are concentrated in six areas: new generation of information technology, high-end equipment, biomedicine, energy saving and environmental protection, new materials and new energy.
The acceptance of Zehuangs application for biopharmaceuticals has also added impetus to other enterprises. People from a reserve company in Sichuan province told Daily Economic News that enterprises are also concerned about this matter. Many start-up technology enterprises like Zehuang Biopharmaceutical have large initial investment, long product development cycle, and it is very difficult to see profits in the short term. With the support of Sci-Tech, it can bring more financing opportunities and brand added value to enterprises. In the follow-up, the company will press ahead with relevant work and strive for an early breakthrough.