Fully implement the stock issuance registration system and officially launch the listing option of enterprises to the market


On February 1, the China Securities Regulatory Commission (CSRC) publicly solicited opinions on the draft rules of the main systems, including the Administrative Measures for the Registration of Initial Public Offering of Shares, which are involved in the full implementation of the registration system of stock issuance. Following the pilot registration system of the Science and Technology Innovation Board of the Shanghai Stock Exchange, the Growth Enterprise Board of the Shenzhen Stock Exchange and the Beijing Stock Exchange, the full implementation of the stock issuance registration system was officially launched. At the critical juncture of China's economic transformation and upgrading, the launch of this basic institutional reform is the ardent expectation of all parties in the market. The reform of the registration system is essentially an adjustment of the relationship between the government and the market, aiming to fully implement the concept of information disclosure as the core, and give the option of listing and pricing to the market. Compared with the approval system, the whole process of issuing and listing under the registration system is more standardized, transparent and efficient. The key to listing depends on the quality of enterprises, and the listing expectations of enterprises are more clear. The registration system has greatly optimized the conditions for issuance and listing. Zhao Xijun, co-president of the China Capital Market Research Institute of Renmin University of China, told the Economic Daily that the securities law adjusted the requirements of "good financial condition" and "sustainable profitability" in the issuance conditions to "sustainable operation ability". The registration system only retained the qualification conditions and compliance conditions necessary for enterprises to publicly issue shares, and transformed the substantive threshold under the approval system into information disclosure requirements as much as possible, The regulatory authority will no longer judge the investment value, which is a major difference between the registration system and the approval system. Globally, there is no unified template for the registration system, but the common feature is that regulators do not judge the investment value or future profitability of the issuer. "Give the option to the market, especially the government does not judge the value of stock investment, and focus on urging market entities to improve the quality of information disclosure. This is the core meaning of the stock issuance registration system, and the basic connotation is to handle the relationship between the government and the market, and strengthen market and legal constraints." said Liu Feng, chief economist of Galaxy Securities. The implementation of the registration system does not mean that the quality requirements will be relaxed and the audit will be more strict. "To implement the registration system, we should take full account of the fact that China's market subject is still immature and the environment of integrity and rule of law is not perfect, and give full play to the government's due role," Zhao Xijun said. The audit work under the registration system is more strict, which is mainly carried out through inquiry to urge the issuer to disclose information truthfully, accurately and completely. At the same time, the issuer's primary responsibility for information disclosure and the intermediary's "gatekeeper" responsibility are consolidated by comprehensive use of multiple elements of verification, on-site supervision, on-site inspection, complaint reporting verification, supervision and law enforcement. Adhering to open doors and conducting audits is the outstanding feeling of many insiders since the pilot registration system. The standards, procedures, contents, processes and results of audit and registration are all open to the public and subject to social supervision. Securities traders said that the normal communication channels between the CSRC, the exchange and market entities were open, and professional and effective communication was increasing. In short, under the registration system, the whole process of public power operation is transparent and strictly balanced, which is essentially different from the approval system. One of the highlights of this reform is the optimization of the audit registration mechanism. During the pilot process, the division of labor between the examination and approval of the exchange and the registration of the CSRC has been constantly adjusted, and the market has emerged

Edit:wangwenting Responsible editor:xiaomai

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