New regulations on the listing of the hottest inno

2022-08-05
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New regulations on the listing of innovative enterprises: help the development of strategic emerging industries on the 30th, the general office of the State Council forwarded the opinions on carrying out the pilot of domestic issuance of shares or depository receipts by innovative enterprises, which made systematic institutional arrangements to support the domestic issuance and listing of innovative enterprises. He interviewed changdepeng, spokesman of China Securities Regulatory Commission, on hot topics

the pilot has a high threshold

in order to stabilize market expectations, the pilot will select enterprises in strict accordance with standards and procedures, grasp the number of enterprises and financing scale, and reasonably arrange the timing and pace of issuance. We will strengthen prudential supervision and investor protection, crack down on all kinds of illegal activities, and proceed in a steady and orderly manner

the pilot has set a high threshold for innovative enterprises of considerable scale, which are in line with the national strategy, have core competitiveness and high market recognition, and belong to high-tech industries and strategic emerging industries such as Internet, big data, cloud computing, artificial intelligence, software and integrated circuits, high-end equipment manufacturing and biomedicine. It mainly includes: red chip enterprises that have been listed overseas and have a market value of no less than 200billion yuan; Red chip enterprises and domestic enterprises that have not been listed overseas, have an operating revenue of not less than 3billion yuan and a valuation of not less than 20billion yuan in the most recent year, or have a rapid growth in revenue, have independent R & D and internationally leading technologies, and are in a comparative advantage in the competition in the same industry

in order to give full play to the role of competent departments of various industries, experts and scholars, and better identify pilot enterprises, the CSRC has established a scientific and technological innovation industrialization Advisory Committee. The Advisory Committee is composed of authoritative experts, well-known entrepreneurs and senior investment experts in various industries. According to the selection criteria of pilot enterprises, the Advisory Committee comprehensively considers business model, development strategy, R & D investment, new product output, innovation ability, technical barriers, team competitiveness, industry status, social impact, industry development trend, enterprise growth, estimated market value and other factors, Make a preliminary judgment on whether the applicant enterprise is included in the pilot scope. The CSRC will take this as an important basis to decide whether the applicant enterprises will be included in the pilot, and will accept and review the application for issuance and listing of pilot enterprises in strict accordance with laws and regulations

rich listing paths

how can pilot enterprises issue and list in China

after in-depth research and extensive reference to the mature experience of the international market, the CSRC has issued corresponding financing instruments and set up corresponding institutional arrangements for enterprises to choose. Red chip enterprises that meet the pilot conditions may give priority to listing and financing in China by issuing depositary receipts; Those who meet the conditions for issuing shares may also choose to issue shares. A domestic enterprise that meets the conditions for the pilot may directly publish the shares of the company's research and Development Bank for the first time in the domestic market and be listed

specifically, the public offering of shares by pilot enterprises in China should comply with the relevant provisions of the securities law, the measures for the administration of initial public offering and listing and other laws and regulations on the conditions for stock issuance

a pilot red chip enterprise that issues depositary receipts based on shares in China shall meet the basic conditions for share issuance in Article 13 of the securities law. At the same time, the following requirements shall be met: first, the equity structure, corporate governance, operational norms and other matters may be subject to the provisions of laws and regulations such as the company law of the place of overseas registration, but the arrangement for the protection of investors' rights and interests shall not be lower than the requirements of domestic laws on the whole; Second, if there are differences in voting rights, agreement control structure or similar special arrangements, relevant information, especially risk, corporate governance and other information, shall be fully and in detail disclosed in the prominent position of the prospectus and other public offering documents during the initial public offering, as well as various measures to protect the legitimate rights and interests of investors in accordance with the law

the CSRC, based on the new chemical materials industry, has always been an active field of scientific and technological innovation in Shandong. According to the provisions of the securities law and other regulations, it has approved the pilot red chip enterprises to publicly issue shares in China in accordance with the current stock issuance approval procedures; In general, the application for issuance of depositary receipts shall be reviewed by the issuance Review Committee according to law in accordance with the stock issuance review procedures on high-quality medium carbon steel and alloy structural steel

strengthen functional supervision

innovative enterprises have the characteristics of new technologies, new business forms and new models. In the early stage of enterprise development, large-scale R & D and market investment are generally required. Many enterprises are in a state of loss at a specific stage of enterprise development, which does not meet the requirements of relevant profit-making issuance and listing conditions. How to solve this problem

"there is an evolving process in China's relevant legislation on whether the issuance and listing of enterprises must be continuously profitable and there are no outstanding losses." Changdepeng said that in view of the characteristics of innovative enterprises such as high growth, high investment and long profit cycle at a specific development stage, the reform, in accordance with the procedures stipulated in the securities law and reported to the State Council for approval, revised Article 26 of the measures for the administration of initial public offerings and article 11 of the measures for the administration of initial public offerings on the gem, clearly stipulated that qualified innovative enterprises would no longer apply to the issuance conditions of profits and no outstanding losses

in terms of information disclosure obligations, pilot enterprises, their controlling shareholders, actual controllers and other relevant information disclosure obligors shall truthfully, accurately, completely, timely and fairly disclose information, and shall not have any false records, misleading statements or major omissions

in terms of investor protection, the CSRC requires pilot enterprises to treat domestic investors fairly, and shall not have any special arrangements and behaviors that materially damage their rights and interests, and has introduced multi-dimensional investor protection measures

for example, if the legitimate rights and interests of investors are infringed by illegal acts, the pilot enterprises should ensure that domestic investors receive compensation equivalent to that of foreign investors; In order to strengthen the constraints on the controlling shareholders, actual controllers, directors and senior managers of the pilot enterprises that have not yet made profits, and strengthen their awareness of investors, the above-mentioned personnel shall not reduce their holdings of shares held before the pilot enterprises achieve profits

how to prevent the possible risk of excessive speculation in the pilot? The CSRC will guide investors to correctly understand the investment risks of innovative enterprises and invest rationally. Strengthen market monitoring, give full play to the front-line regulatory functions of the exchange, strengthen the functional supervision of abnormal fluctuations and concept speculation, prevent market speculation, severely crack down on illegal acts, and protect the legitimate rights and interests of investors. Improve the information disclosure requirements of pilot enterprises in terms of corporate governance, profit model, R & D model, technical product substitution, etc., and fully reveal the possible R & D failure, performance fluctuation and other specific business risks due to poor resource integration ability

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