China Rolls Out a Registration-based IPO System to Replace Approval-based One

2023.02.02 01:03  来自江苏

It is an adjustment of the relationship between the government and the market.

Image Source : China Visual

Image Source : China Visual

BEIJING, February 1 (TMTPOST) —— The China Securities Regulatory Commission (CSRC) solicited public opinions on the regulations and documents related to an A-share market registration system on Wednesday, which is a major step towards the official introduction of the registration system.

The registration-based system will be launched on all the boards. It not only involves the main board of the Shanghai and Shenzhen exchanges, the innovation and basic market of the NEEQ, but also involves the SSE STAR MARKET, the GEM Board, and the Beijing Stock Exchange, which have already implemented the registration-based system.

Regulations and documents of the CSRC, business rules of securities trading venues, securities registration, as well as specific operational documents such as rules application guidelines and business guidelines, have all been launched.

The government has also made specific explanations of regulatory content related to IPO, refinancing, mergers, reorganization, and other aspects.

Products not only include stocks but also convertible corporate bonds, preferred shares, and depositary receipts.

After the registration-based System is fully implemented, the registration process will be optimized. China will adhere to the basic process of exchange review and CSRC registration, which have different priorities and are interrelated.

The mechanism of oversight and checks and balances will be improved. The CSRC shall strengthen the coordination, supervision, and assessment of the audit work of the exchanges, and urge the exchanges to improve the quality of the audit. In addition, the National Share Transfer System for small and medium-sized enterprises will implement the registration system simultaneously.

Widely used in overseas markets, the registration-based system refers to an IPO mechanism featured with the market's decisive role in new share sales and listing standards, which are friendly to growth-oriented companies. The reform of the registration system is conducted to give full play to the market and strengthen the constraints of the market and the rule of law. It is an adjustment of the relationship between the government and the market.

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