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The Shanghai Stock Exchange (SSE), under the unified deployment of the China Securities Regulatory Commission (CSRC), is accelerating all the preparations to fuel the smooth landing of the reform on setting up the science and technology innovation board and carrying out the pilot of registration-based IPO system.
Currently, 6 sets of supporting rules issued by the exchange have completed solicitation of opinions. The SSE has sorted out and evaluated more than 500 opinions submitted, based on which it will amend and optimize the rules in line with the superior rules and regulations of the CSRC, so as to promulgate them for implementation as soon as possible. Besides, with the idea that priority goes to urgent need, the SSE is formulating detailed supporting rules and guidelines in two batches for release and implementation. Meanwhile, the SSE is accelerating the preparations for personnel and system operation. Upon approval by the CSRC, the SSE has recently adjusted its departmental structure and established three new primary departments, i.e., the listing review center for science and technology innovation board, the regulatory department for companies of the science and technology innovation board and the enterprise training department. The functions of these new departments include acceptance of materials, project review, continuous regulation on companies listed on the science and technology innovation board, regulation on merger, acquisition and reorganization, and training for sci-tech innovation firms and intermediaries such as investment banks. The launch of the review and issuance systems is also in the final sprint. Moreover, major tasks such as investigation into candidate enterprises, risk control and investor education are well under way in an intensive and orderly manner.
