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The General Office of the State Council forwarded the "Opinions on Pilot of Innovation Enterprises Issuing Stocks or Depository Receipts in China" of the China Securities Regulatory Commission (CSRC) on March 30, which made clear the guiding thought, pilot principle, pilot enterprises, pilot methods, issuing requirements, the basic systematic arrangement for depository receipts, information disclosure, investor protection, legal responsibility and organizational administration. It represents a milestone systematic innovation of China's capital market in supporting key national strategies and keeping promoting the opening-up progress. On the same day, the CSRC issued the news release and the answers to reporters' requests on the pilot of innovation enterprises issuing stocks or depository receipts in China, as well as the "Decision on Revising the 'Management Measures on IPO and Listing'" and the "Decision on Revising the 'Management Measures on IPO and Listing on Growth Enterprise Board Market'" to solicit opinions from the public, which made clear relevant supporting policies and arrangements.
The Shanghai Stock Exchange (SSE) has committed itself to promoting issuance and listing of innovation enterprises (including overseas red-chip enterprises) in China, and it has made large amounts of research and study on the system and business of overseas-registered enterprises issuing stocks or depository receipts in China. At present, the service scheme targeting innovation enterprises related to the new economy, high technologies as well as optimization and upgrading of traditional industries has been formed, and it has included in the "key national enterprises" that conform to national strategies and the real "unicorn" enterprises. At the same time, the SSE has, according to the requirements of economic transformation and upgrading and the national industry development strategy, kept strengthening efforts on supporting the listing and financing of enterprises in strategic emerging industries, appropriately initiated the action of serving the listing of new blue-chip enterprises, and stressed the services on the listing of innovation enterprises. And it has supported and cultivated a large number of new-economy enterprises to seek financing by listing, and the proportion of listed companies in strategic emerging industries in the Main Board of the Shanghai Stock Market has increased remarkably.
Next, the SSE will, under the leadership and deployment of the CSRC, promptly formulate relevant business rules on listing and trading of innovation enterprises, specify relevant business arrangements, closely coordinate with related parties, thus jointly promoting listing and trading of innovation enterprises' stocks or depository receipts on the SSE.
