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On March 30, the General Office of the State Council forwarded the "Several Opinions on Launching Pilot Project for Innovative Enterprises’ Issuance of Shares or Depositary Receipt in Domestic Market" to the China Securities Regulatory Commission (“CSRC”). On the same day, the CSRC put out a press release on launching pilot project for innovative enterprises’ issuance of shares or depositary receipt in domestic market, answered questions thereof from the press. Meanwhile, the CSRC released “Decision on Amending the Administrative Measures for Initial Public Offering of Stocks and Listings” and “Decision on Amending the Administrative Measures for Initial Public Offering of Stocks and Listings on the ChiNext Board”, and solicited public opinions. Launching pilot project for innovative enterprises’ issuance of shares or depositary receipt in domestic market is a major initiative to deeply implement the spirit of the 19th National Congress of CPC and relevant decision-making deployment of the Party Central Committee and the State Council, and a major groundbreaking measure that give full play to the role of capital market in serving innovation-driven development strategy. The measure is of historical significance in promoting in quality reform, efficiency reform and impetus reform in the economy development.
In recent years, under the leadership of the CSRC, the Shenzhen Stock Exchange (“SZSE”) is committed to serving the national innovation-driven development strategy, vigorously supporting the development of innovative companies that of new technologies, new industries, new trend, and new models, and exploring and establishing a set of effective system on serving innovative enterprises and risk prevention and control. The SZSE has developed into a market with distinctive characteristics that featuring innovative market as main body, striving to create a world leading innovation capital formation center. As of March 2018, among more than 2,100 companies listed on the SZSE, high-tech companies accounted for over 70% of the total, and strategic emerging industries accounted for more than 40%. A number of companies of leading and demonstrative significance in industries development and economic transformations and upgrades have emerged in the SZSE. These companies propel the SZSE to become a gathering place for China’s innovative companies.
The SZSE has conducted in-depth research and adequate preparations for pilot projects for the innovative companies’ issuance of shares or deposit receipts in domestic market. In the next step, the SZSE will, under the unified leadership and deployment of the CSRC, carefully formulate and improve the relevant supporting systems for the pilots, work with all parties involved to actively and steadily promote the smooth development of the pilot work, and save no effort in attracting a batch of innovative companies to list on the SZSE, and forge a home ground for China’s new economy.
