Recently, under the unified arrangements of the China Securities Regulatory Commission (CSRC), the Shenzhen Stock Exchange (SZSE), in conjunction with China Securities Depository and Clearing Co., Ltd. (CSDC) and China Securities Finance Corporation Limited (CSF), officially launched relevant technology systems for the reform of the ChiNext board and pilot project of the registration-based IPO system to all market participants, and synchronously enabled the new data interfaces for trading and settlement. From July 27 on, the new technology system would fully support market participants’ needs regarding the online offering, transaction settlement, securities margin trading and the like for the ChiNext stocks and depository receipts under the registration-based IPO system.
To smoothly advance the reform of the ChiNext board and pilot project of the registration-based IPO system, SZSE has prioritized the work of ensuring the safe and stable operation of the system and made relevant technical preparations in an orderly way. First, smoothing the channels for information disclosure. SZSE created the issuance and listing review business system and synchronously rolled out the review information disclosure website for the securities issuance and listing on the ChiNext Board and the “SZSE Service” App. Through these technological means, SZSE conducted the one-stop review business in a “fully process-oriented and electronic way”, controlled the key nodes through the system, and recorded and archived business operations to ensure strict, standardized, open and transparent review. Second, improving the efficiency of trading system. For the reform of the ChiNext board trading system, SZSE transformed the new-generation trading system which supports the trading mechanism for the early stage after the listing, introduces continuously sliding “price limits”, and adds such functions as post-market pricing transactions, applications for and real-time conclusion of agreed refinancing transactions. Third, strengthening scientific and technological supervision capabilities. By widely applying the intelligent achievements in its building of the new-generation supervisory system, the supervisory profile system for listed companies and other technological supervision platforms, SZSE enabled such intelligent auxiliary functions as listing review, continuous supervision and transaction monitoring. Fourth, conducting solid forward-looking technology evaluation. SZSE carried out adequate capacity evaluation and testing for the core system in advance to ensure that the system capacity and performance met the needs of business development after the reform of the ChiNext Board and that the system ran safely and stably.
The reform of the ChiNext board covers many business links such as listing review, offering, trading, settlement, risk prevention and control, routine supervision, and delisting, and involves the transformation of main technology systems for various market participants such as the core institutions in the industry, securities agencies, fund companies, custodian banks, market information service providers, etc. Given the limited time and heavy tasks, this reform significantly tests the information technology capabilities of the securities industry. To ensure the smooth and on-schedule launch of the technology systems in the entire market, under the overall guidance of CSRC Science and Technology Supervision Bureau and the support of relevant departments, SZSE, in conjunction with CSDC and CSF, made careful preparations and organizations. Since the overall start of technical preparations at the end of April 2020, four online and offline integrated technical work conferences covering the entire market have been held, and two rounds of business simulation tests and three whole-network tests have been carried out for the all-round simulation drilling of business functions and operating procedures, technical operations and system capacity performance, fault and disaster switchover, etc. The tasks of technology system transformation in the entire market have been advanced in an orderly and on-schedule manner.
Under the joint efforts of all sides, on July 25, the technological and business issuance tests for the reform of the ChiNext board and the pilot project of the registration-based IPO system were smoothly completed, and the technology system was launched then. That marked the good preparation of relevant technology systems in the whole market and the official use of the issuance function. Next, SZSE will work with CSDC and CSF on continuing well organizing the whole-network business drilling and testing for the registration-based stock trading services to ensure the smooth implementation of the reform of the ChiNext board.
SZSE has always highly valued the investment in technology R&D and adhered to the independent R&D of important systems to ensure the independent controllability, safety and reliability of core technologies. To develop excellent projects for the reform of the ChiNext board, SZSE will continue to carefully organize and strictly implement relevant technical schemes, conduct adequate testing and verification to efficiently prevent and timely resolve hidden risks. SZSE will meticulously and solidly carry out each technical task with the highest standards, the strictest requirements and the best performance. By fully relying on technological advantages, SZSE will facilitate market participants and strive to be “open-minded, transparent, strict and impartial” to provide stronger technical support for the reform of the ChiNext board and the pilot project of the registration-based IPO system.
