On January 30, the China Securities Regulatory Commission issued the "Implementation Opinions on the Establishment of a Science and Technology Board and Pilot Registry System on the Shanghai Stock Exchange" (hereinafter referred to as "Implementation Opinions"). The China Securities Regulatory Commission and the Shanghai Stock Exchange are in the process of advancing the establishment of the science and technology board and piloting the registration system in accordance with the requirements of the Implementation Opinion.
The "Daily Economic News" reporter noted that the "Implementation Opinions" made detailed provisions on the exit of science and technology companies. Clearly authorize the exchange to increase the market-based closing indicators based on the existing trading class closing indicators, if the market order is seriously impaired, the investor's rights are seriously damaged and the company has not corrected within within the prescribed period. In terms of procedures, the science and technology board no longer defines the suspension of the listing, the resumption of listing and the new listing, and the closing process is more concise and clear.
The list closing system is strictly regulated from three aspects
Listing and exit of companies is the "import" and "export" of companies entering the science and technology market, which is directly related to the market position of the science and technology council and the future ecology of the market. What are the listing conditions regulations and the closing standards of the Shanghai Stock Exchange (the "Listing Rules") (hereinafter "Listing Rules")?
The basic idea of the exchange is to formulate more inclusive listing conditions and strictly implement the capital closure system to smooth the "import" and the "export" of the market. It is noteworthy that, in the norm of capital closure, the science and technology council has focused on the implementation of "rigor". In designing the science and technology committee's capital closure system, existing closure practices are fully borrowed, and key points are strictly regulated in terms of standards, procedures, and implementation.
First, the standards are more stringent. In the case of compulsory removal of large illegal cases, the latest results of the reform of the system have been removed and important illegal violations, such as large illegal disclosures and breaches of public security, have been clarified and, in case of closing market, volume and inventory indicators were built. Four kinds of closing standards such as price, number of shareholders and market value, the system of indicators is more complete and complete, in terms of financial indicators, quantitative provisions are made qualitatively, and the basic characteristics of the "hollow" enterprise of the main business that loses its ability to sustain operations are characterized multidimensionally. A single continuous loss closing indicator is no longer used. Regarding other compliance indicators, based on the retention of existing closure indicators, such as failure to disclose financial reports on time, issue negative opinions or opinions, and increase the number of compliance deviations, such as major disclosure defects or standard operation,.
Secondly, the procedure is more rigorous. Simplify the foreclosure process, cancel the listing suspension, and resume the listing process, and close the list of companies that should be deleted directly, avoiding the long-term detention of large illegal and business major businesses, disrupting expectations of the market and pricing mechanisms. The company that reduced the closing time and touched the financial closing index will implement the closing risk warning in the first year and will still be deleted directly in the second year. No special re-listing links will be established If the excluded companies meet the conditions for the listing of the Kechuang Board, they may request and accept the appraisal in accordance with the procedures and registration requirements of the share issue and listing, but if they are forced out of the market due to significant illegal violations. Issue a listing request and withdraw permanently from the market.
Third, implementation is more rigorous. The problem pending in the implementation of the current list closure system is that individual "empty" companies have erased financial data and escaped closing goals when implementing transactions that have no commercial substance. In order to address this "difficult problem," the science and technology industry closure system specifically stipulates that if the listed company's operating revenue comes primarily from non-core business business or related transaction revenue that does not has commercial substance, there is evidence that the company already has Obvious loss of ability to continue operations, will be excluded according to the conditions and procedures prescribed.
Direct deletion when it comes to list closure requirements
For the closing issue of the Science and Technology Council, the "Implementation Opinions" clearly authorize the exchange to increase market-based closing indicators based on existing trading indicators; science and technology companies constitute fraudulent issuance, important disclosure of information is illegal or other countries involved. In the case of major illegal activities in the areas of security, public safety, etc., stocks should be closed if trading indicators such as the volume of shares of Science & Technology Co., Ltd., terminate, the science and technology company loses its ability to continue operating and the financial indicators come to the end of the listing. In the standard, inventories must be closed, the company does not apply a single continuous loss closure listing indicator and defines a combination termination indicator that reflects the company's ability to continue operations.
From a procedural point of view, the Kechuang Board no longer defines a listing suspension, resume listing and re-listing, and the listing closure process is more concise and clear.
In this regard, the fundamental capital management partner Chen Yanli told the "Daily Economic News" reporter that the establishment of the science and technology council has increased the supply of technology companies in the market, which is conducive to the false existence of the forces of market, so that truly valuable technology companies get the market. Recognition For technology companies listed in the A-share market, the launch of the science and technology council is a reference.In the past, the "frozen concept" of pseudo-tech stocks will lose shortage in the case of increased supply, and the system for such undertakings will occur. Change On the contrary, some "real power" technology companies will be recognized by the market, and the funds will be favored by leading companies with key technologies.
In addition, Chen Yanli believes that the board of Kechuang can dilute traditional indicators such as profitability, which is able to meet the needs of different types of enterprises at different stages of development, and not dress as necessary in the past. The introduction of the Science and Technology Council enriched and improved the capital market structure at various levels of China The new sector is conducive to the new institutional arrangements and is conducive to the development and evolution of China's capital market. At the same time, the position of the science and technology council is conducive to promote China's economic transformation and modernization, and is conducive to improving China's scientific and technological hard power.
Forced deletion will not be listed again
The "Daily Economic News" reporter noted that "Implementation Opinions" also stipulate that Science & Technology Co. Ltd. constitutes fraudulent issuance, significant disclosure violations or other important issues involving national security, public safety, ecological safety, safety of production and public health and safety. In case of illegal activities, the stock will be closed. The Shanghai Stock Exchange also said that the company that will decompress the company's closing and touch the financial closing index will implement the foreclosure risk notice in the first year and will still be withdrawn directly from the second year. No special re-listing links will be established If the excluded companies meet the conditions for the listing of the Kechuang Board, they may request and accept the appraisal in accordance with the procedures and registration requirements of the share issue and listing, but if they are forced out of the market due to significant illegal violations. Issue a listing request and withdraw permanently from the market.
For this series of regulations, Chen Yanli believes that the registration system solved the shortcomings of the current approval system and found it difficult to meet the financing needs of new companies and increased the capacity and local financing of science and technology companies. technology. Second, the science and technology council has expanded the PE / VC exit channel, a technology-based project reserve investment institution, to enhance the vitality of the primary market and thus more actively serve the science enterprises and technology. In addition, the registration system reduces rental search space, reduces liability and pressure on regulators, and forms fair value through the dissemination of sufficient market information and games, in order to achieve the goal of purifying the market . Unlike earlier motherboards, the GEM and small and medium-sized boards, the company can intensively optimize the reform from the underlying mechanism and has relatively flexible institutional arrangements in the issuance and closing sessions.
Chen Xiwei, a senior private equity analyst, told the Daily Economic News reporter that the launch of the Science and Technology Board was positive for the venture capital market and opened up the risk capital exit mechanism, true closed circuit. Previously, the equity venture capital market was characterized by a long period of investment, weak market liquidity, limited exit channels, etc. Many innovative SMEs faced funding difficulties and the pilot registration system was launched. The problem is that this injected a "cardiotonic agent" into China's future macroeconomic development.
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