How far is it from the first batch of stock listing in Kechuang Stock Exchange? The actual battle is on this Saturday.

 How far is it from the first batch of stock listing in Kechuang Stock Exchange? The actual battle is on this Saturday.

According to the Chinese journalists of securities dealers, Kechuanban Information System will be ready. This saturday, Kechuanban will carry out technical customs clearance test. After customs clearance test, the Shanghai Stock Exchange Trading System Section Creative Board software version officially launched, and the Section Creative Board business market participant interface officially launched.

Customs clearance test of wound plate technology will be held this Saturday

According to Chinese journalists from securities firms, a customs clearance test will be held this Saturday, but instead of testing the stock market, it will test the trading of ordinary stocks. This is called a regression test, to ensure that the main board is not affected when trading in the stock market. There are large securities companies in charge of Information Technology Department told reporters.

On June 12, securities dealers and market participants received the Notice on the Development of Technology Customs Clearance Testing for Sci-tech Creative Plates. The Shanghai Stock Exchange and China Settlement Shanghai Branch will organize Customs Clearance Testing for Sci-tech Creative Plates on June 15, 2019 (this Saturday).

It is worth mentioning that in order to meet the business needs and technological changes, the Shanghai Stock Exchange has released the market-side software related to KIB. In the notification of the Shanghai Stock Exchange, it was reminded that market participants should carefully assess their actual situation, carefully select upgrading strategies, and fully verify the use of testing to ensure the safe operation of the production system.

The information system will be ready soon. How about the preparation of the company?

On June 13, Lanqi Science and Technology Co., Ltd., Beijing Tianyi Shangjia New Materials Co., Ltd. and Zhejiang Hangke Science and Technology Co., Ltd. all met. Since June 5, it has been less than half a month, and there have been 9 companies that have been involved in the development of science and technology. The other six companies are Microcore Biology, Tianzhun Technology, Andiji Technology, Fuguang Stock, Ruichuang Weina, Huaxing Yuanchuang and so on.

According to the system arrangement, the issuance and listing examination of KE Chuang-bao should go through five links: acceptance, examination and inquiry, examination by the listing committee, registration by the Securities Regulatory Commission and listing by issuing and listing. These nine enterprises are only one step away from registration and listing. In accordance with the procedure, they will be registered with the SFC to obtain the approval of the IPO issue.

How long does it take to get the approval of IPO to go public? Reporters learned that the issuance limit of at least 13 working days, will normally go through 15 working days, that is, three weeks.

Previously, many research institutes have analyzed that the first batch of science and technology enterprises will be about 30. Wang Jiyue, a senior investment banker, believes that the validity of the annual report can be extended by one month at the latest because of its issuance or meeting, which requires that a formal prospectus be published before July 31. Otherwise, the validity of the annual report will expire and the prospectus need to be renewed. Therefore, the collective listing date cannot be scheduled until August.

Within a month, that is, before July 12, the 21 companies that are currently scheduled to meet can theoretically complete the issuance and listing process, but it still seems that time is too tight. Therefore, combined with the above legal time arrangement and the actual situation, it is expected that the collective listing time of Kechuang board will be around mid-late July.

Zhang Anyuan, chief economist of CITIC Construction Investment Securities, wrote in an article on March 13 that the first task of KIB is to start the board as scheduled, and the details of the system can be gradually improved in the actual operation. Regarding market volatility, all parties concerned can prepare plans, but we should all realize that no system can completely inhibit market speculation, and that short-term speculation should be given a certain degree of tolerance.

Zhu Qibing, chief macro-analyst of BOC International Securities, believes that the reform of capital market basic system, such as issuance, listing, information disclosure, trading and delisting, embodied in the relevant systems of registration and supervision of science and technology creation board, is of great value for improving the multi-level capital market system, thus promoting the development of direct financing and enhancing the ability of financial market to serve the real economy.

Strengthen the Appropriateness Management of Off-line Investors

In this training, it is mentioned that off-line investors should strengthen self-examination. For example, as of the self-examination period, effective off-line investors who have been recommended and registered by the off-line investor management system of initial public offerings should conduct self-examination. In addition, off-line investors who have been suspended from self-examination should not be included in the scope of self-examination, and securities companies should conduct appropriate verification when applying for re-opening qualification for investors. u3002

There are two ways to deal with the results of self-examination: one is to cancel the registration of off-line investors; the other is to suspend the registration of off-line investors. Among them, those who have not participated in the off-line inquiry of the initial issue stock for a period of time and whose assets are less than 10 million in two consecutive self-checks of appropriateness, or who have been penalized criminally in the past year, who have not been given administrative punishment by the relevant regulatory authorities for major violations of laws and regulations, and who have taken regulatory measures, will be suspended from registering the off-line investors.

Private equity fund managers have five points to pay attention to

Reporters learned that on the 12th Special Training of Sci-Tech board, regulators will also guide investors registration process and matters needing attention under the Sci-Tech board network one by one.

For example, in the logic of Kechuang board registration, six categories of professional investors apply for registration of off-line investors and distribution objects, and will automatically obtain the qualification of off-line inquiry of Kechuang board after being examined and approved by the association; private fund managers need to meet certain special requirements for off-line inquiry of Kechuang board, recommend securities firms to provide relevant certification materials, and select the option of Kechuang board in the system, through the association. After the examination and approval, we can obtain the qualifications for inquiry of Kechuang Banks.

The acceptance time limit for submitting investor information and distribution object information under the network is 10 working days, and the acceptance time limit for extension application of expired distribution object is 11:30 before each working day.

Second, the registration certificate of the fund association is a standardized document, which is not approved by the administrator.

Note 3: The scale of asset management at the end of each quarter in the first two quarters of the new application for registration proves that, firstly, fund trustees need to have the qualification of private equity fund trusteeship business; secondly, according to the time of submission of registration information, the final assets valuation tables of the last two quarters are provided, totaling the total net assets of the fund on the last day of each quarter; thirdly, such as the middle part of the product managed by the manager. If the total net value of a share has reached 1 billion yuan, it is not necessary to provide all product management scale certificates, but to provide product scale certificates of 1 billion yuan. Fourthly, the fund trustee business stamp should be added to the management scale certificates.

Notice that the content of the letter of commitment has changed. On the basis of the original letter of commitment, the new content of the letter of commitment for registration of private equity firms is that it has not been subject to administrative penalties, administrative supervision measures or disciplinary sanctions of relevant self-disciplined organizations in recent December.

3. Copies of Product Contract

4. Copies of Securities Account Cards in Shanghai and Shenzhen Markets

5. Description of investors holding more than 5% (including) product shares

6. Other Information Required by Recommended Securities Dealers

It should be noted that the allocation target of the private equity fund product registration section has increased the fund size (net assets) of more than 60 million certification materials stamped by the trustee at the end of January. The general allocation target fund asset size requirement is 10 million.

In addition to the whole network test, three special tests have been carried out. From May 22 to June 6, the Shanghai Stock Exchange, in conjunction with China Settlement Shanghai Branch, organized a special round-the-clock testing environment for market participants to validate the business functions of issuance, registration, listing, transaction settlement, corporate behavior of Kechuang board depository certificates and Kechuang board refinancing (including strategic allotment and sale shares). This is the third special test.

According to the brokerage technicians, at present, the test of Kechuanban system mainly involves the whole network test and the special test under the all-weather test environment. Because the whole network test is based on the network of securities companiesproduction system, it is usually conducted only on weekends, mainly testing connectivity and performance. And all-weather testing can be carried out in peacetime. It can simulate various scenarios, mainly functional testing.