On April 8, 2022, the Shanghai Stock Exchange (SSE) held an online forum for securities companies on the sponsorship business of the STAR Market via video link. Business chiefs and heads of sponsorship business and quality control departments from 27 securities companies exchanged views on evaluating the attribute of technological innovation, and shared relevant cases.
The attendees agreed that since the launch of the STAR Market and the registration-based IPO system reform, the sponsors have earnestly implemented the Guidelines for the Evaluation of the Attribute of Science and Technology Innovation, tightened the requirements for the attribute of sci-tech innovation, and actively recommended and underwrote the STAR Market listing of a number of technology and innovative companies that were in line with national strategies, possessed key and core technologies, had outstanding capabilities in scientific and technological innovation and transformation of results, and had high market recognition. The effect of the STAR Market in supporting and encouraging the listing of key and core technology companies was further demonstrated.
Going forward, priority will be given to the following four aspects. First, we will give full play to the role of the sponsors in coordinating the pandemic prevention and control and promoting the economic recovery and development, further improve the quality and efficiency of the sponsorship business, and support the companies meeting the positioning and IPO conditions of the STAR Market in financing through listing. Second, we will strive to achieve the goal of “listing every qualified company on the STAR Market” with an accurate understanding of the market positioning, strict implementation of the evaluation standards for the attribute of sci-tech innovation, and renewed efforts in the recommendation and application of the companies with key and core technology. Third, we will tighten the responsibilities of the sponsorship teams for enhancing due diligence and verification, assuming full responsibility of examination, and further improve the quality of the applying companies. Fourth, we will enhance communication with market participants as much as possible, respond to market concerns in a timely manner, and improve the capacity for solving practical problems.
The SSE will earnestly implement the decisions and arrangements of the CPC Central Committee and the State Council as well as the work requirements of the China Securities Regulatory Commission, focus on our country’s top priorities, actively support the qualified sci-tech innovation-characterized companies for listing on the STAR Market, and contribute to the high level of self-reliance and self-improvement of technology. At the same time, the SSE will continue to uphold the work philosophy of openness in review, service and regulation, further widen the communication channels with market players, and continue to improve the effectiveness of transparent review.
