How to treat the scientific and technological innovation board running under the registration system?
How to complete the identity transformation as a public company and as a science and technology innovation listed enterprise as soon as possible?
How can chairman and general manager lead the companys sustainable development?
How can the Secretary of the board of directors and the chief financial officer, as the responsible subjects of the companys standardized operation and information disclosure, improve their own capabilities?
Knock on the blackboard! At the meeting, the leaders of the regulatory authorities stressed the importance of this issue: we must strictly perform the obligation of continuous information disclosure after listing, and improve the quality of listed companies!
Lets wake up! Promote standardization and prevent risks
On December 2, Shanghai stock exchange held the first special training for chairman and general manager of science and technology innovation board, gathering more than 160 key subjects such as chairman, general manager, Secretary of the board and chief financial officer of science and technology innovation board listed companies.
The chairman and the general manager play a role of seeking the overall situation and determining the direction in the standardized operation and operation development of the company. During the special training, Cao Yong, deputy director of the supervision department of listed companies of CSRC, in his speech, especially emphasized that science and Technology Innovation Board companies should seize opportunities, take responsibility, promote standardization and prevent risks.
Regulation can not only bring development opportunities for listed companies, but also the key to prevent risks. In the process of the development of listed companies, there are some chaos in other sectors. Some listed companies do not disclose information truthfully. Some chairman, general manager or actual controller even extend their hands to listed companies. There are illegal guarantees, fund occupation, insider trading, market manipulation and other behaviors. The capital market is an open market, the science and technology innovation board is a board of high expectations, and the norms are heavy requirements for everyone.
With the development of enterprises and the standardization of the market, market constraints will become stronger and stronger. Good enterprises may maintain good growth, and bad enterprises will be constrained by the market. The establishment of science and technology innovation board and pilot registration system provides opportunities for enterprises, emphasizing market-oriented selection and market-oriented cultivation of enterprises. When enterprises can not accept the market test, there will be market-oriented exit, which is market constraint.
Cao Yong gave a wake-up call to the key subjects of science and Technology Innovation Board:
Risk prevention! First, focus on the main business;
Secondly, we should do a good job in internal control and risk control;
Third, we need to use various tools of the capital market flexibly. The opportunities brought by the registration system and the science and technology innovation board to the science and technology innovation enterprises are endless. We hope that the enterprises can get a good development with the help of the capital market platform.
It is very important to strictly perform the obligation of continuous information disclosure!
Lu Wendao, deputy general manager of Shanghai Stock Exchange, made a keynote speech with the theme of reform, vision, change and responsibility, emphasizing a very important issue: scientific and technological innovation companies should strictly perform the obligation of continuous information disclosure after listing.
In fact, he said, the registration system should focus on information disclosure, which is not only for the issuance link, but also for the continuous supervision of the listed enterprises on the scientific and technological innovation board and the improvement of the quality of the listed enterprises on the scientific and technological innovation board. First of all, it should be based on the performance of the obligation of information disclosure.
At the same time, he stressed: we should stay away from the capital operation of making quick profits and quick profits, and from the capital operation of making unjust gains in violation of laws and regulations. There are many capital operations, such as illegal guarantee, interest transmission, theme release, stock price speculation and even shirtless embezzlement. Under the registration system, in the market environment where the cost of violation of laws and regulations is constantly increasing and investors compensation is more sufficient, it will be severely punished by the law.
After going public, it becomes a public company. After the identity transformation, it will involve a wider range of investors, stakeholders, market subjects and public opinion supervision. One of the important obligations of public companies is continuous information disclosure, which is also an important dimension to judge the quality of listed companies.
Continuous information disclosure is the right to know and the right to choose for others, shareholders and investors, which determines whether they buy and sell the companys shares, whether they become shareholders of the company, and whether they participate in internal governance. At the same time, after listing, it is subject to the supervision of the CSRC, the local securities regulatory bureau, the exchange and other regulatory agencies. Second, to fulfill the obligation of information disclosure is not only the obligation and responsibility, but also the objective requirement and correct way to protect their legitimate rights and interests after listing.
Lu Wendao pointed out that there are many specific requirements for information disclosure, which are highly professional and practical. Specifically, it is mainly reflected in the following four aspects:
Compliance - true, accurate, complete and timely. Generally speaking, dont lie, dont make false accounts, especially financial information and major information.
Effectiveness - light compliance is not good, how to be full, concise and understandable, we need to work hard. It is also very important for science and technology enterprises to have advanced technology, and how to express their business, products and business in a concise and understandable way to investors.
Materiality - there may be a lot of information and events disclosed, which may have a significant impact on the production and operation of the company, and then have a significant impact on the decision-making of investors.
Fairness - treat all investors equally. It means two things: first, its normal for enterprises to accept all kinds of research, but fairness should be considered, and key, core and significant things cant be said in advance; second, personnel who have information within the company cant use relevant information for transactions.
Science Popularization: the exchange is generally self-discipline supervision. When listed, enterprises and the exchange collectively sign the listing agreement, which is a civil agreement. The most important mechanism arrangement in the listing agreement is to abide by the listing rules formulated by the exchange and accept the self-discipline supervision of the exchange.
Guard against the impulse and trap of capital operation, and focus on the key subjects!
In order to ensure the stability of the sci-tech innovation board and realize the high-quality development of listed companies, we must answer an important question. How to solve the problem? We also need to pay close attention to the key subjects, grasp the key minority, and clarify their responsibilities in the standardized development of listed enterprises.
So, here comes the question! Who is the key subject?
They are the actual controllers, controlling shareholders, directors, supervisors and key technicians of the enterprise.
For key subject, right is responsibility, and right must be supervised. The supervision of controlling shareholders and actual controllers is an important aspect of the improvement of the supporting system, and also the key to improve the quality of listed companies.
China Securities Regulatory Commission, Shanghai Stock Exchange and other teachers specially remind the key subjects of science and Technology Innovation Board: guard against the impulse and trap of capital operation after listing!
Improving the quality of listed companies also depends on these key gentlemen.
The training stressed that the science and technology innovation board has a mission, and the enterprises landing on the science and technology innovation board have their original intention. The enterprises should focus on the main business and technological innovation, and make good use of the capital market.
In short, after science and technology enterprises go public, they still need to increase R & D investment and technological innovation, improve the level of core technology, and let technological innovation become the main driving force for enterprises to become bigger and stronger. Only in this way can the quality of the company be continuously improved, and it is possible to grow into a towering tree and dinghaishen needle in the capital market five or ten years later.
Source: editor in charge of Shanghai Securities News: Liu songju nbj9949