SSE STAR Market IPO Report 2020
SSE STAR Market IPO Report 2020
报告标签: 科创板
报告价格: 3000.00
出版时间: 2020-09-17 页数:100 咨询电话: 400-600-9460 目录下载
出版时间: 2020-09-17 页数:100 咨询电话: 400-600-9460

The "registration-based system" was first proposed in 2013 but has not been implemented over the past six years. In November 2013, the third plenary session of the 18th CPC Central Committee reviewed and issued the Decision of the Central Committee of the Communist Party of China on Some Major Issues Concerning Comprehensively Deepening the Reform, pointing out that it is necessary to "improve the multi-layer capital market system and promote reform toward a registration-based stock-issuing system”, which is also the first time that the Chinese government explicitly proposed to promote the reform toward a registration-based stock-issuing system. Since then, China has entered the period of exploring the registration-based system but does not make smooth progress. In the first instance of the draft amendment to the Securities Law in 2015, it was mentioned that the registration-based system implemented by the Issuance Appraisal Committee should be canceled; in the second draft of the Securities Law in 2017, the registration-based system was also not mentioned; In February 2018, the Standing Committee of the National People's Congress decided to extend the authorization of registration-based system reform for two years. Due to such reasons as the mismatch between the delisting system of listed companies and the registration-based system and the incompleteness of investor protection mechanism, the registration-based system in China's capital market sees its implementation slowed down again and again. 

In November 2018, President Xi Jinping announced at the China International Import Expo that it was planned to set up the Science and Technology Innovation Board (known as the STAR Market later) and launch the pilot program of the registration-based system in the Shanghai Stock Exchange. In January, 2019, the CSRC issued the Implementation Opinions on Setting up the Science and Technology Innovation Board and Launching the Pilot Program of the Registration-based System in the Shanghai Stock Exchange", which said it was required to “steadily implement the pilot reform of registration-based system and rationally formulate conditions for stock issuance". In March, the CSRC officially issued administrative measures, and Shanghai Stock Exchange and CSDC issued relevant business rules, kicking off the registration-based system once again.

In December 2019, the fifth draft amendment of Securities Law was passed and will be officially implemented on March 1, 2020. In the new Securities Law, the review by the Issuance Review Committee was canceled for the first time and it could be conducted by the exchanges, the requirement of being "approved" by CSRC was changed to being "registered”, and the listing and issuing condition for companies was changed from "having sustained profitability" to "having sustained operation ability". In addition, new chapters in the new Securities Law strengthened the information disclosure of listed companies and the protection of investors' legitimate rights and interests, and at the same time greatly increased punishment for violations of laws and rules such as fraudulent issuance and insider trading. The new Securities Law has laid the legal foundation for the full implementation of the "registration-based system", enabling China's capital market to enter the transition period from the approval-based system to the registration-based system. 

Since the STAR Market was launched in Shanghai Stock Exchange in June 2019, it has been running smoothly for more than half a year by February 2020, and the number of successfully listed companies has reached 79. In 2020, the systemic work conference of CSRC took "implementing registration-based system on the ChiNext" as one of its six major tasks. The successful implementation of registration-based system on STAR Market can play a leading and exemplary role for reform of other boards in top-level design, rulemaking and practical operation.

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