(Source: panoramic view)
Economic researcher online At 3:30 p.m., on February 27th, the "Science and Technology Configuration and Piloting System, Promoting the Stable and Comprehensive Development of Capital Markets, was promoted in the Green State Office.Investors in the field of science and technology workshops.The Chinese Securities Regulatory Committee, Yi Huiman, Vice President Li Chao, Vice President Fang Xinghai, and President of the Shanghai Stock Exchange, Huang Hongyuan, have been meeting. The future of Science and Technology and the Registry Pilot system, which changes A-shares, can respond to answers.
3Big goal, 5 important innovations
On January 30, 2019, the CSR "Administration of Registration of the General Offer of the Initial Public Offer (Trial) of the Science and Technology Board", commentary draft and "Methodology for Monitoring Companies of Science and Technology" ("Trial"), Shanghai Stock Exchange, corresponding "Shanghai Stock Exchange Kechuang Board stock issuance and listing regulations "," Stock Emission and Underwriting Implementation Measures "," Stock Special Trade Regulations "," Stock List Rules "," Stock List Commission Management Measures "," Six Drafts, Advice for Science and Technology Innovation Advisory Board.
For the board of science and technology consultations, Yi Huiman first explained the meeting. The creation of the Science and Technology Committee and the pilot system of registration is the most important reform of the General Committee of the Party and the State Council. A key strategy for promoting scientific and technological innovation, boosting quality economic development, promoting market orientation reform and accelerating the construction of the Shanghai international financial center. sense In the initial phase, we have given the opinions we have set. The Shanghai Stock Exchange improves business rules based on request for comments. Both CSRC methods end the search query tomorrow. In general, all the work has progressed in a timely manner. In the next step, we will continue to work well in the preparations and we will work to promote the effective implementation of this important reform.
The intention of the Science and Technology Commission was to launch Yi Huiman's goal of launching science and technology boards is to increase the equity market for the real economy, and better serve basic technologies, industry leaders, good development and reputation. Businesses will improve the capital formation mechanism that will help them to innovate. Secondly, setting up science and technology tables is a measure of deepening the reform of the capital market. This reform is just a new section, but, more importantly, it adheres to the marketed legalization direction and improves institutional innovation in all aspects of distribution, negotiation, information and dissemination, and improves the stock-based disclosure of information. The list system will carry out the task of pilot science and technology reform, which will be a replication and promotion experience. Third, the principle of "consistent and consistent principles" of the Science and Technology Council will be respected, improved institutional adaptation, improved risk response plans, reinforce education for investors, market balance attendance, and science and technology tables and pilot records.
Kechuang Board has made numerous institutional innovations on the list and in the commercial field. Yi Huiman said at a press conference that the science and technology boards and the pilot system of records are important institutional innovations that must boost and implement the capital market reform. Keyec, GEM and NEEQ are the key components of the capital market. Kechuang has carried out numerous institutional innovations in the field of classification, information innovation, trade, abroad, etc. The science and technology table is not a simple sector, it is based on institutional innovation. The CSRC will conduct a comprehensive evaluation of the effects of reform and innovation and the promotion of innovation in the GEM and the Third Group in a comprehensive way.
There is a set of five science and technology tables and a pilot system for registration and current homologation systems. Fang Xinghai, vice president of the China Securities Regulatory Commission, said at a press conference that five of the five differences between the science and technology implementation table are a pilot system of registration and a current approval system. First of all, harsh conditions have been relaxed, such as nonprofit conditions. Secondly, it is necessary to disseminate information for more information. This is the basic content of the registration system. The sender is the main responsible for the letter and is the main review of the Shanghai Stock Exchange. Thirdly, a new marketed mechanism, the price of new shares, the scale and distribution rate are made in the marketplace. Fourth, strengthening the responsibility of the mediator and increasing the cost of violations. Fifth, to support more robust measures, to establish a good legal environment, to systematically emphasize the synergies of work and to improve the capacity to oversee the powers.
There are three tasks: the next step in setting up the science and technology table and the logging system. Li Chao, Vice President of the China Securities Regulatory Committee, first said that reviewing system rules and regulations should be released as soon as possible by the opinions of all parties. With regard to the enhancement of the major aid rules, CSRC and the Shanghai Stock Exchange promote important work by encouraging important work, helping all parties wisely and making the whole system system, more reasonable and efficient. Secondly, technical preparations, exchanges, registration and settlement of all parties are included. Thirdly, the organization of the market organization. It continues to monitor Exchange applications and inspections, as well as monitoring queries, pricing, location and other jobs. The CSRC will supervise and guide the rest of the parties in order to function properly in the science and technology table.
Kechuang Table 8 Heavy Points
There is no flood in the science and technology table. Since the registration system has been launched, does it mean that the company has listed a large number? In this regard, Li Chao has said that the science and technology board still has the corresponding strict standards and its corresponding procedures, without mentioning anyone who does not want the public. At the same time, the Science and Technology Council focuses on the market mechanism, and the market mechanism includes market constraints. All parties involved in the market, including brokers, issuers, investors, and, of course, regulatory authorities, will be responsible for the parties. I think science and technology boards will not be flooded.
The list of Kechuang boards does not exist first, and there is no centralized large-scale declaration. Huang Hongyuan, President of the Shanghai Stock Exchange, said that there is no list of the science and technology chart, which has made many understandings and understandings. Companies listed in the field of science and technology are appropriate. From the point of view of the benefit, it is also fast and slow, and there will not be too much. Concentration recognition.
There are a lot of booking companies in Beijing and elsewhere, and biomedicine and other areas have a large proportion. Huang Hongyuan, President of the Shanghai Stock Exchange, said that there is no list of the science and technology chart, which has made many understandings and understandings. Companies listed in the field of science and technology are appropriate. From the point of view of the benefit, it is also fast and slow, and there will not be too much. The embedded statement, Beijing, the Yangtze River Delta, Pearl River Delta, Wuhan, Chengdu, Xi & # 39; and some other booking companies, biomedicine and other areas was a huge proportion.
If the company breaks down, the market will be targeted (processing). In order to find out how fractures of the science and technology committee are to be addressed, Yi Huiman, China's Chairman of the China Values Regulatory Commission, said at the press conference on the market (processing) at the 27th afternoon.
The price of the new shares in the pilot will be resolved through marketed methods. Fang Xinghai, the Vice President of the China Securities Regulatory Commission, has said the establishment of science and technology tables and the establishment of a new market and mechanism based on the market-based pilot system of registries. During the pilot process, the price of the IPO, the size of the grain and the release, should be resolved through market-based methods using a research and pricing mechanism, along with institutional institutions.
The evaluation of the science and technology board requires a market mechanism. For evaluation of the science and technology board, Li Chao, China's Securities Regulator Commission Vice President, the market value of innovative companies is a problem, the rating is very high or the rating is very low and prices have been increased or fall. . The investment industry is very important for science and technology innovation companies. Valuation bubble appears in the first market. The science and technology tables require a market mechanism based on value or valuation of CSRC trust. CSRC has a regulatory road. Pending the agreement, I hope that institutional science and technology business activities will be reasonably valued according to the efforts of the parties involved in the market.
It is not excluded that the price of private companies has had fluctuations in the starting days of the table. Li Chao has said that the series of novelties of the Science and Technology Board has also been considered as necessary and in the period. It is not dispensed that the prices anticipated in the initial stage of the scientific and technological business table could be expected to not fully meet the expectations of all parties in the market. In the initial part of the board there are quite a few fluctuations in price fluctuations. At the same time, private companies are not excluded. Market parties may question the fact that the science and technology board is fully in line with the fact that innovation technology itself does not recognize everyone. It's exactly the same. Regarding the problems that may arise in all the parties, I expect more tolerance and tolerance.
The relationship between the Science and Technology Committee and the GEM and the Third Third Committee. Yi Huiman's implementation of the science and technology board and the pilot system of registers are an important institutional innovation, due to the great impetus of the capital market's reform and its importance. Keyec, GEM and NEEQ are the key components of the capital market. Kechuang has done a lot of institutional innovations in the issuance, list, reporting, negotiation, cancellation, etc. There are many progress in many aspects. The science and technology tables are not simple, that is, institutional innovation. The CSRC will conduct a comprehensive evaluation of the effects of reform and innovation and the promotion of innovation in the GEM and the Third Group in a comprehensive way.
Four important advances in the reform of the science and technology board
Since the draft of the exhibition's sketch has been published, the science and technology chart has shown a high level of progress in the market system of the system's design system and is geared towards the market.
Zhu Bin, chief of the South Western Securities, said that science and technology commercialization may arise in the new market by other emerging industries, in the first phase of A-share growth. Market growth. The science and technology board system has four important advances in the A-share system.
First of all, an important progress was made in the issuance system, and the Science and Technology Council will establish a formal implementation of the system of registration. It is reflected in both aspects: the review of the list is delegated to the CSRC Shanghai Stock Exchange; The other is that the CSRC and the Shanghai Stock Exchange do not register the application to guarantee the authenticity, accuracy and completeness of the documents. This is an important step in the registration system.
Secondly, under the terms of the list, Kechuang Directorate set forth non-profit requirements for previous A's and proposed a top five list of the top five in the market. The Shanghai Stock Exchange has provided a set of five market value indicators, such as earnings, investment in R & D, cash flow, income and investment indicators in support of investment indicators. At the same time, the Science and Technology Council provides companies with differences in voting rights.
Third, at transaction level, science and technology tables will be marketed. In the individual investment gateway, assets must be less than 500,000 RMB per day and traded securities for more than two years. Regarding commercial rules, IPOs will not be a price limit, within a five-day period, and daily prices will increase by 20%.
Fourthly, the delisting system is more demanding. Two types of care are worthy of the rules of the Board of Science and Technology: it is the existence of unlawful activities, such as financial fraud, and the other is the "weakening" of the company that has lost its ability to continue operations and can not be recovered. Additionally, the list break and list retrieval were deleted during the session.
attachment:Science and technology table record system and development history
In November 2013, the General Assembly of the 18th General Assembly of the Chinese Communist Party reviewed and accepted "the decision of the Central Communist Party of China to deepen the reforms of some important issues" was proposed to improve the multi-level capital market system, the reform of the new issuance system Promote, promote and standardize multi-channel financing. Bond market, increase direct proportion of financing.
The Permanent Commission of the State Council of December 9, 2015, submitted a draft resolution of the Standing Committee of the Standing Committee for the implementation of the reform of the new registry system of issuance of the provisions of the Legal Framework of the People's Republic of China in the State Council. The draft is clear from the date of the decision. Within two years, it allows the public offer of agreements to be exchanged and exchanged in Shanghai Stock Exchange and Shenzhen Stock Exchange.
On December 27, 2015, the 18th Session of the Standing Committee of the Permanent Commission decided that the State Council requested public bids for the exchange and negotiation of the Shanghai Stock Exchange and Shenzhen Stock Exchange. According to the Law of the Land Registry of the People's Republic of China, a system of public acceptance of documents, establishing a system of registries, the specific plan for the implementation of specific provisions by the State Council, has been notified by the National People's Commission of the Permanent Commission of the Congress. The implementation of this Decision is two years. Will be effective on March 1, 2016. This decision complies with the regulatory and regulatory frameworks for the analysis of institutional reform reform of institutions and the current administrative analysis and approval system and approval system.
In March 2016, Liu Shiyu, former chairman of the Chinese Securities Regulatory Committee, said in a press conference that he would be calling for the 12th National Congress of the 12th National Congress. To do this, it is necessary to analyze it. The registration system reform requires a fairly complete legal environment. Help reforms require a lot of time and process. The registration system can not be pushed by a single soldier.
On February 23, 2018, Liu Shiyu, former Chairman of the China Securities Regulatory Committee, informed the Permanent Commission of the National Congress about the reform of the registry system. After a two-year effort, the CSRC market system is improving, improving the market mechanism, strengthening the order of the market and strengthening the market. The integrity, strengthening of the market supervision and other aspects has created conditions and environmental conditions to establish the system of reform of the registry. At the same time, however, there are still many problems in capital markets in the multi-market market and traders' maturity, and they are not fully adapted to the enrollment reform system, and they need to be analyzed and improved. In order to continuously advance and implement the reform of the Registry, maintaining continuity of work, avoiding uncertainties and misunderstandings of the market and securing practical experience to review securities laws may be extended for a period of two years to establish a decision to grant 2020. February 29
On November 5, 2018, President Xi Jinping spoke at the opening speech of the Chinese First Import Expo, which established a pilot system for supporting the construction of the Shanghai International Stock Exchange Science and Technology Board and the Shanghai International Financial Center and the Science and Technology Innovation Center. Improve the basic capital market system.
On November 8, 2018, Fang Xinghai, the Vice President of the Chinese Securities Regulatory Commission, said that science and technology tables and registration should be met. Whether science or technology is on the table or in the registry system, there is no doubt that China's stock market ecology will produce dramatic changes, and technology innovation companies will be more successful.
On January 30, 2019, the China Securities Regulatory Committee "Initiatives for the Public Procurement of the Public Tenders (Trial) of the Science and Technology Commission", commentary draft and "Continuous Control Methodology for Companies Science and Technology" ("Trial"), Shanghai Stock Exchange At the same time, the relevant "Stock Exchange Kechuang Board stock issuance and listing rules of revision", "Stock Emission and Underwriting Implementation Measures", "Special Stock Trading Standard", "Stock Listing Rules", "Stock List Commission Management Measures", "Sixth Sketches, such as the Labor Standards of the Science and Technology Innovation Advisory Board. The eight pillars of the eight drafts of the exhibition were the landing of the science and technology board as a registration system.