On the evening of June 13, CCTV Financial Review invited Li Chao, Vice Chairman of CSRC, and Huang Hongyuan, Director of Shanghai Stock Exchange, to come to the Shanghai studio of CCTV Financial Channel for interpretation.
Li Chao: Kechuanban + Registration System Supports Technological Innovation Enterprises and Real Economy
Li Chao, Vice-Chairman of CSRC: Kechuang board is an important time node. It is also an important time for Chinas capital market. The opening board and the opening market are also related. After the opening board, there are still several links to be done, such as registration, roadshow, issuance, underwriting, registration and so on. The market will open in the future. If these links go smoothly, the time will not be too long.
There are two major policy objectives for the establishment of science and technology board and registration system. One is innovation and the other is reform. Chinas economy is shifting from focusing on scale and speed to high-quality stage, which involves innovation drive. Innovation drive puts forward higher requirements for scientific and technological innovation. Capital market plays a special or important role in supporting scientific and technological innovation, especially for some scientific and technological enterprises.
Huang Hongyuan, Chairman of Shanghai Stock Exchange: From today on, the term Kechuang board will not only have a tremendous impact in China, but also attract the attention of the global capital market. The English translation of Kechuang board is STAR, which comes from a letter of each word of Sci-Techinnov AtionboaRd.
STAR means star in English, which means support for Chinese science and technology enterprises, such as a star of hope, implies beauty.
Li Chao, Vice Chairman of CSRC: Compared with the past examination and approval system, the registration system is not only a literal difference, but actually involves some changes in basic systems and rules.
The registration system emphasizes the role and authenticity of information disclosure, which is to disclose the true situation of the enterprise to the market and investors, and then to measure the value of the company by the market and investors.
The registration system does not mean giving up auditing altogether, but that the way of auditing is more towards emphasizing information disclosure. For example, in the process of accepting, auditing and inquiring the relevant enterprises in the early stage of the handover office, it is basically done in accordance with the international general mode. It is conducted in round after round of auditing to tell the market the true situation asked, open and transparent, and is measured by the market and investors. The situation of the Division.
Huang Hongyuan: Two batches of 6 enterprises of science and technology innovation board have passed the big test in this way.
First, it is open and transparent, and the standards, procedures, processes and results of the audit are fully open.
The second is the inquiry audit.
Third, the whole process of auditing is electronic, leaving traces throughout, so as to facilitate social supervision and inspection.
Fourth, the internal use of sub-industry approach, hierarchical responsibility, collective decision-making, auditing is not only open and transparent, but also can check and balance.
At present, two batches of six transit enterprises are audited in this way. First, they meet the listing conditions, secondly, they meet the listing standards, secondly, they meet the requirements of information disclosure. Next, they need to apply for registration with the SFC. After registration, they enter the stage of road show issuance.
It is expected that after a period of time, when there are a certain number of issuing enterprises, the first batch of enterprises can be listed and traded, and the time is expected to be within two months.
Second, after market-oriented pricing, there are essential differences with the existing IPO pricing mechanism, and the phenomenon of high-value issuance of enterprises may increase.
Fourthly, because of the characteristics of fast technology iteration, long investment cycle and great uncertainty, the scientific and technological start-ups themselves need investors to study and judge rationally and pay more attention to information disclosure.