• 17
    SSE STAR Market IPO Report 2020
    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.
  • 25
    科创板自2019年3月落地以来已成功运行近一年,截至2020年1月31日,科创板已上市企业数量共79家,累计融资额超过900亿元。2020年3月,新《证券法》正式实施,奠定了“注册制”全面推行的法律基础。科创板作为先行者,也将起到引领和借鉴作用。 对此,清科研究中心推出《2020年科创板上市情况统计分析报告》,从科创板总体上市情况统计(上市历时、成立时长、首发情况、行业对比)、科创板与A股其他板块对比(市值、市盈率、机构收益率)、科创板企业上市前财务数据表现(成长性、盈利能力、科创能力)、红筹和同股不同权企业审核关注问题解析(华润微电子和优刻得)四大方面,全面解析了截至2020年第一季度科创板上市情况。