Big night! Released by Shanghai and Shenzhen Stock Exchanges
On May 10, the Shenzhen and Shanghai Stock Exchanges issued an announcement on the review meeting of the Listing Committee, which plans to review the company’s issuance and listing application on May 16. Among them, one application for IPO issuance and listing on the Shenzhen Stock Exchange and one application for refinancing on the Shanghai Stock Exchange were reviewed.
The reporter noticed that on April 30, the Shanghai and Shenzhen Stock Exchanges officially released 9 supporting business rules including stock issuance and listing review rules.
Specifically, it includes 3 categories: First, 6 issuance and listing review rules, namely stock issuance and listing review rules, major asset reorganization review rules, listing review committee and merger and acquisition reorganization review committee management measures, Science and Technology Innovation Board/GEM enterprise issuance and listing application and recommend interim regulations, as well as application document acceptance guidelines and on-site supervision guidelines. The second is an issuance and underwriting rule, namely the guidelines on matters of concern in investment value research reports. The third is two ongoing regulatory rules, namely the stock listing rules for the main board, the Science and Technology Innovation Board, and the GEM.
Among them, business rules such as stock listing rules and stock issuance and listing review rules clearly strengthen the strict control of market entry, improve the financial conditions for listing of each sector, further clarify sector positioning requirements, and strengthen financial authenticity review.
The reporter learned that since the release of policies related to the phased tightening of the pace of IPOs on August 27 last year, the number of companies submitting registrations and obtaining registration approvals from the Shenzhen and Shanghai stock exchanges has generally remained stable. At the same time, due to multiple factors, the number of projects submitted to the Listing Committee for review decreased year-on-year.
Market participants believe that the listing committee meeting held by the Shenzhen and Shanghai Stock Exchanges is a concrete manifestation of the implementation of the new issuance and listing regulations and the continued and steady advancement of issuance and listing review.
On the one hand, the China Securities Regulatory Commission and exchanges have recently introduced the "1N" supporting system rules for the capital market. The issuance and listing rules have modified the issuance and listing conditions and sector positioning requirements for the main board and GEM. After the specific system is improved, the issuance and listing review work will be smoothly promoted. There are clearer standards.
On the other hand, most companies in the early stage suspended the review because the financial information in the IPO application documents exceeded the validity period. Recently, the reporting companies have successively submitted 2023 financial data and entered the resumption review process. The relevant review work needs to continue to be promoted in accordance with laws and regulations.
The reporter learned that the Shenzhen and Shanghai Stock Exchanges will conscientiously implement the spirit of the new "Nine National Articles" and supporting policy documents. While maintaining the normalization of issuance review, they will further strengthen the strict control of issuance and listing review, resolutely eliminate problematic enterprises, and effectively improve listings from the source. Company quality. As the issuance and listing review progresses, investment and financing relationships will be further handled, the balance between primary and secondary markets will be ensured, supervision will be strengthened across the entire chain, and the protection of the legitimate rights and interests of investors, especially small and medium-sized investors, will be placed in a more prominent position.