In order to further improve the quality and efficiency of the procedures for reviewing stock issuance and listing, SZSE, adhering to the guiding principle of “conducting reforms with an open mind, transparency and concerted efforts”, specially invited persons in charge of relevant sponsors to a seminar on August 25, the day when the first group of 18 enterprises were officially listed under the registration-based IPO system on the ChiNext Board. During the seminar, various topics have been discussed, including issuance and listing review for IPOs, refinancing, mergers and acquisitions on the ChiNext Board, as well as the legal support for the registration-based IPO system.
All representatives participating in the seminar commended the smooth and efficient implementation of the stock issuance and listing review under the pilot project of the registration-based IPO system on the ChiNext Board since it was launched. It was agreed that SZSE has stood by the positioning of the ChiNext Board, strictly followed the key principle of the registration-based IPO system with information disclosure at its core, and carry out a series of effective practical measures enhancing the efficiency and quality of the services provided by sponsors. Examples of such measures include: establishing efficient preliminary discussion and consulting mechanism; focusing on the key points and difficulties for reviewing stock issuance and listing; summarizing and emphasizing the key issues for reviewing stock issuance and listing; actively publishing updates on reviewing stock issuance and listing; enhancing communication with relevant industries; timely responding to enquiries from market participants; putting in use a user-friendly system for reviewing stock issuance and listing and continuously upgrading the system. Besides, the participants also discussed the problems and difficulties they met during their respective sponsoring and underwriting, offering constructive opinions and suggestions on how to better serve enterprises of innovation, creation and originality, or those straddling conventional industries and new technology, new industries, new business forms, and new models under the pilot project of registration-based IPO system, and how to enhance the efficiency in information disclosure, improve the communication mechanism and strengthen regulation over the issue price.
In addition, the representatives believe the recent legal documents on the reform of the ChiNext Board and the pilot project of the registration-based IPO system specially released by the Supreme People’s Court and the High People’s Court of Guangdong Province have made clear-cut requirements on the due diligence of relevant agencies, further affirming “zero tolerance” for legal offenses such as frauds or falsification, enhancing the obligations of sponsors for conducting due diligence, professional auditing and continuous monitoring, clarifying in details the duties of agencies as a watchman to ensure the stable and sound operation of the registration-based IPO system. It is agreed that strictly complying with the bottom-line requirements on honesty, credibility, due diligence already became an industry-wide consensus. Sponsors together with other agencies will strictly carry out their duties as a watchman, fulfilling their due diligence and recommending proper enterprises to issue stocks and get listed, thus enhancing the quality of listed enterprise from the very beginning.
A official from SZSE said that, the stable implementation of the reform of the ChiNext Board and the pilot project of the registration-based IPO system are the efforts of all market participants, and that the orderly advancement of reviewing of stock issuance and listing of enterprises would’ve not been existent if without all the solid work by the sponsors. SZSE will carefully study the points mentioned in the speeches by Vice Premier Liu He and CSRC Chairman Yi Huiman at the ceremony celebrating the listing of the first group of registration-based IPOs under the reform of the ChiNext Board. SZSE will continue to follow the principles of “system building, no intervention, zero tolerance” and also the urges to “revere the market, revere the rule of law, hold high professionalism, stay alert to risks, and obtain support from various parties”, so as to strive to be “open-minded, transparent, honest and strict”, strictly implement market principle and the rule of law, actively study suggestions put forward by participating representatives, consider opinions from all relevant parties, continuously enhance the communication mechanism and improve market-oriented services to win support and affirmation from all parties in regard to the entire procedures from drafting of regulations for reviewing stock issuance and listing to implementation of the regulations. SZSE will improve review standards, increase the transparency of reviewing procedures, streamline business procedures and better serve high-tech enterprises and growing enterprises, ensure the sound operation of the registration-based IPO system on the ChiNext Board, and make great efforts to list companies that are leading high quality development, building SZSE into one great capital center for innovation and a world-class stock exchange.
