Heavyweight landing: 32 companies have officially entered the first acceptance list of gem

category:Finance
 Heavyweight landing: 32 companies have officially entered the first acceptance list of gem


In the next stage, the declaration work of the enterprises to be listed is coming. Which emerging enterprises will declare at that time? This topic is more expected by the market. It is understood that Shenzhen Stock Exchange will begin to receive relevant applications submitted by new declaration enterprises from June 30.

Under the registration system, the first acceptance list of gem was officially generated

On June 22, in the second week after the gem reform and the implementation of the pilot registration system, the first batch of acceptance lists officially came into being, totaling 32.

As the Shenzhen Stock Exchange only accepts the relevant applications submitted by the companies under review for IPO, refinancing, merger and reorganization within 10 working days (June 15-29) from the implementation of the gem pilot registration system, the first batch of lists are in fact old faces.

From the perspective of the sponsor, a total of 17 securities companies appeared in the first list of projects. Among them,

CSCI took 5, Dongguan securities and Changjiang underwriting took 4 respectively.

The progress is not as fast as the market expected, and there is no list born in the first week. An investment banker of a securities firm in Shenzhen explained to the securities firms Chinese reporter that the difference between the current stage and the technology innovation board is that the acceptance order of Shenzhen stock exchange is not equal to the audit order, and for the enterprises under review, Shenzhen stock exchange still continues the audit according to the audit stage and acceptance order of the CSRC. First, the securities companies are not in a hurry to report, and there is little difference between early delivery and late delivery; second, there may be early delivery of project team but need to supplement and correct materials.

Whats the next process after the enterprise is accepted by Shenzhen Stock Exchange? According to the notice on connection arrangement of audit work related to gem pilot registration system issued by Shenzhen Stock Exchange on June 12, based on the audit sequence and existing audit results of IPO enterprises under review in CSRC, Shenzhen Stock Exchange carried out audit work in accordance with the audit procedures and rules of registration system:

1. For those who have passed the preliminary examination committee of the CSRC but have not passed the examination of the development and examination committee, the SZSE will continue the examination according to the acceptance order and the examination results of the CSRC. If the opinions of the preliminary examination committee have been implemented, the meeting of the GEM Listing Committee (hereinafter referred to as the Shanghai Municipal Committee) will be arranged for deliberation; if the opinions of the preliminary examination committee have not been implemented, the SZSE will arrange the examination meeting and the meeting of the Shanghai Municipal Committee for deliberation after implementation.

2. For those who have received feedback from CSRC but have not yet held the preliminary review meeting, SZSE will continue to promote the examination and inquiry work of issuance and listing according to the acceptance order and examination results of CSRC. If feedback has been implemented, SZSE will arrange the examination meeting for deliberation; if feedback has not been implemented, SZSE will arrange the examination meeting after implementation.

3. If the CSRC has accepted and has not provided feedback, the SZSE shall issue the first round of inquiry within 20 working days from the date of acceptance. The issuer, its sponsors and securities service institutions shall disclose the inquiry and reply contents on the website of Shenzhen Stock Exchange after responding to the inquiry.

In addition, the arrangements for the connection of the review work of refinancing, M & A and restructuring enterprises shall be implemented with reference to the above arrangements. According to the official website of China Securities Regulatory Commission, there are 11 enterprises under review of gem refinancing (excluding those that have passed the CSRC); in terms of M & A and restructuring, in addition to those that have been reviewed, there are 5 enterprises under review.

Receive new enterprise Declaration on June 30

In addition to preparing for the transfer of gem enterprises under review, securities companies are also preparing for the declaration of new projects.

From June 30, Shenzhen Stock Exchange will begin to receive relevant applications submitted by newly declared enterprises. Before that, investment bankers of large securities companies told Chinese journalists that they would fight for declaration speed at that time.

The time required for the audit process is shorter than before, and 3 + 3 is adopted. According to the rules of Shenzhen Stock Exchange on examination and approval of gem stock issuance and listing, the total time of examination and registration by Shenzhen Stock Exchange and CSRC shall not exceed 3 months from the date of accepting the application documents for IPO. The total time for the issuer, its sponsors and securities service institutions to reply to the examination and inquiry of SZSE shall not exceed 3 months. Market expectations were further clarified.

According to the above rules, the IPO review process will go through four steps:

If the application documents for issuing and listing do not meet the requirements of CSRC and Shenzhen Stock Exchange, for example, the name of the documents does not match the contents of the documents, the signature is incomplete or unclear, the issuer shall supplement and correct them, and the time limit for supplementation and correction shall not exceed 30 working days.

Second, audit sequence and inquiry. The issuance and listing review institution of Shenzhen Stock Exchange starts to review in accordance with the order of acceptance of issuance and listing application documents. Within 20 working days from the date of acceptance, the first round of review and inquiry shall be put forward to the issuer through the sponsor.

After the first round of examination and inquiry, if SZSE finds new matters to be inquired, the reply of the issuer and the intermediary fails to respond to the examination and inquiry of SZSE in a targeted way, or SZSE continues to examine and inquire about its reply, and the information disclosure of the issuer fails to meet the requirements of the regulations, SZSE examination and examination institution may continue to put forward examination and examination within 10 working days after receiving the reply from the issuer Inquiries.

Third, the deliberation of the listing committee. If after receiving the reply of the issuer, its sponsor and securities service institution to the examination and inquiry of Shenzhen Stock Exchange, the examination and approval institution of Shenzhen Stock Exchange considers that further examination and inquiry are not necessary, it will issue an examination report and submit it to the Listing Committee for deliberation. When the listing committee is deliberating, the members of the meeting shall express their opinions on the contents of the audit report and the preliminary audit opinions put forward by the issuance and listing audit institution, and form the deliberation opinions on whether the issuer meets the issuance conditions, listing conditions and information disclosure requirements through collegial discussion. Fourth, submit examination opinions and registration links to CSRC. If the Shenzhen Stock Exchange passes the examination, it shall submit to the CSRC the examination opinions, relevant examination materials and the application documents of the issuer that meet the issuance conditions, listing conditions and information disclosure requirements. The CSRC shall, within 20 working days, decide whether to register or not to register the issuers registration application. If the CSRC considers that there are matters that need further explanation or implementation, it may require the SZSE to inquire further. Read the annual report of Zhongtai Motor Co., Ltd. in which more than 10 financial institutions were involved: net profit loss of 11.19 billion yuan in 2019. Source: Securities Company China Author: Tan Chudan editor in charge: Zhong Qiming_ NF5619

Third, the deliberation of the listing committee. If after receiving the reply of the issuer, its sponsor and securities service institution to the examination and inquiry of Shenzhen Stock Exchange, the examination and approval institution of Shenzhen Stock Exchange considers that further examination and inquiry are not necessary, it will issue an examination report and submit it to the Listing Committee for deliberation.

When the listing committee is deliberating, the members of the meeting shall express their opinions on the contents of the audit report and the preliminary audit opinions put forward by the issuance and listing audit institution, and form the deliberation opinions on whether the issuer meets the issuance conditions, listing conditions and information disclosure requirements through collegial discussion.

Fourth, submit examination opinions and registration links to CSRC. If the Shenzhen Stock Exchange passes the examination, it shall submit to the CSRC the examination opinions, relevant examination materials and the application documents of the issuer that meet the issuance conditions, listing conditions and information disclosure requirements.