This year, as the new Securities Law has been deeply implemented and the reform of the ChiNext Board and the pilot project of the registration-based IPO system have been officially carried out, the capital market has seen continuous optimization and improvements in a series of basic policies for share offering and listing, information disclosure, constant supervision and other links. Recently, amid regular epidemic prevention and control, the Shenzhen Stock Exchange (SZSE) has held the first seminar session on the restructuring and listing practices under the registration-based IPO system for 36 chairmen, general managers or de facto controllers from 25 pre-IPO companies. This move is to help companies timely grasp the latest policy requirements and understand the information-disclosure-centered review principle of the registration-based IPO system, and to drive excellent firms to better integrate with the capital market.
Restructuring and listing, the first step for a company to enter the capital market, is a professional and complicated systemic project where the core decision-makers, including chairmen, general managers, and de facto controllers, play a decisive role. The themes of this seminar were meticulously designed according to the actual needs of enterprises’ key decision-makers and the new rules and requirements of the reform of the ChiNext Board and the pilot project of the registration-based IPO system. The detailed content included the restructuring and listing planning, legal and financial requirements, tax planning, equity structure design, and media relationship management, return of red chip companies, as well as case analysis on violations of laws and regulations on the ChiNext Board under the registration-based IPO system. In the meantime, SZSE adopted an “offline + online” model to keep optimizing training experience and enhancing interactions. This seminar was well received by the enterprise leaders.
The reform of the ChiNext Board and the pilot project of the registration-based IPO system serve as an important connecting link in the basic institution building in the capital market. The two moves bear great significance for facilitating transformation and innovation as well as the overall positive circulation and high-quality development of the economy. To ensure the smooth and stable implementation of the reform, SZSE will follow the arrangements and requirements of the China Securities Regulatory Commission and fully play its role of a capital market hub and innovative capital center. SZSE will continue to regard the cultivation of SMEs as a basic and strategic task and to complete it with firm, solid and meticulous efforts. SZSE will keep publicizing and explaining policies and take the initiative to provide assistance services. SZSE will help pre-IPO companies build inner strength, make full preparations and develop solid foundations from the very beginning. SZSE will support the listing of a greater number of excellent companies, ensure the high-quality operation of the registration-based IPO system on the ChiNext Board, and strive to promote the emergence of the listed companies reflecting the requirements of high-quality development.
