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In order to listen to more extensive and in-depth opinions and suggestions from various market participants, from February 15 to 17, Dr. Huang Hongyuan, chairman of the Shanghai Stock Exchange (SSE), Mr. Jiang Feng, SSE president, Mr. Pan Xuexian, SSE chief supervisor and other senior officials in the leadership group respectively held over 9 regional symposiums successively in Shanghai, Beijing, Shenzhen and Chengdu, soliciting opinions and suggestions from different kinds of market participants on the supporting rules for launching the science and technology innovation board and piloting the registration-based IPO system. Attending the regional symposiums were the senior officials of 113 securities companies, 13 fund management companies, 24 representative venture capital institutions, 5 insurance asset management companies, 6 law firms and 4 accounting firms, and some representatives of individual investors from all over the country. Representatives of the China Securities Regulatory Commission (CSRC) Local Bureaus at the venues of the symposiums, local financial supervision bureaus and local departments for administration of science and technology enterprises also attended the symposiums.
The representatives present at the symposiums fully recognized that the drafts of the 6 sets of rules for the science and technology innovation board are comprehensive, systemic and complete, meeting the market expectations, with some market-oriented innovations even beyond the market expectations. They said that launching the science and technology innovation board and piloting the registration-based IPO system will support and serve China’s innovation-driven development strategy, enhance the inclusiveness of the capital market for the science and technology innovation enterprises, greatly bolster the reform orientation toward innovation in key technologies, conduce to improving the capacity of the capital market for driving the real economy, and boost the healthy development of the capital market. The participants expressed their common confidence in and optimistic expectations for the success in the reform of launching the science and technology innovation board and piloting the registration-based IPO system. At the same time, the attendees also provided specific opinions and suggestions on the contents of the supporting rules in issuance underwriting, listing threshold, transaction behavior, regulation and enforcement, responsibilities of intermediaries, legal engagement, judicial support and other aspects.
According to the SSE, it will conscientiously study the reasonable suggestions put forward by various parties. Under the guidance of the CSRC, the SSE will thoroughly implement the requirements of the Sixth Meeting of the CPC Central Committee for Comprehensively Strengthening Reforms, accelerate the improvement of relevant systems and rules, make efforts in release of rules, personnel preparation, technical transformation, reserve of enterprises and other aspects in a steady and orderly manner, and strive to achieve success in the reform of launching the science and technology innovation board and piloting the registration-based IPO system.
