On June 3, the China Securities Regulatory Commission (CSRC) issued the guiding opinions on the listing of companies listed in the national small and medium-sized enterprise stock transfer system (hereinafter referred to as the guiding opinions) to clarify the basic institutional arrangements for listing on the stock exchange board. In the initial stage, pilot projects will be conducted on the sci tech Innovation Board of Shanghai Stock Exchange and the growth enterprise market of Shenzhen Stock Exchange. Qualified listed companies can apply for listing on the science and technology innovation board or the growth enterprise market. After a period of pilot projects, the CSRC will evaluate and improve the mechanism of listing on the stock exchange. According to the CSRC, this is conducive to linking up with the reform of the science and technology innovation board and the growth enterprise market, and is also conducive to controlling risks.
According to the requirements of the guiding opinions, enterprises listed on the stock exchange board should meet the listing conditions of the transferred board, that is, to meet the conditions for IPO and listing. At the same time, the exchange can put forward differentiation requirements according to regulatory needs. In terms of listing procedures, the exchange shall examine and make decisions in accordance with the listing rules.
The national stock to equity company said that it would establish a working mechanism with Shanghai and Shenzhen stock exchanges to link up supervision on the listing of listed companies on the stock exchange, to communicate and coordinate the important regulatory issues involved, to further clarify the specific arrangements such as information disclosure, so as to ensure the effective operation of cross market supervision.
It is a very careful and reasonable arrangement in the registration system reform to transfer the company from the selected level to the science and technology innovation board or the growth enterprise market. It is similar to the change of the stock exchange places, and the relevant procedures will certainly be simplified. Buna Xin, director of the China Council for the promotion of international science and technology, told the reporter of Securities Daily.
Wang Chenguang, managing director of Pacific Securities Investment Banking Department, told Securities Daily that compared with IPO registration, the differences may be mainly in three aspects. First, it is not necessary to submit the transfer listing to the CSRC for registration, because it does not involve the public offering of shares. Second, the examination procedures of the exchange may be simplified. Third, compared with the companies that landed on the A-share market from the new third board, there should be no delisting procedure on the new third board, and the national stock transfer companies and exchanges can be directly linked up.
Source of this article: Yang Qian, editor in charge of Securities Daily_ NF4425