(Beijing Comprehensive News) The China Securities Supervision and Administration Commission announced that the reform of the stock issuance registration system was officially launched on Wednesday (February 1), and at the same time, it publicized the public opinion of the main system rules of the stock issuance registration system.This means that the Chinese capital market will implement all stock issuance registration system.
According to the official website of the China Securities Regulatory Commission, the top priority of this reform is the main board of the Shanghai Stock Exchange and the Shenzhen Stock Exchange.Larger, high -quality enterprises with industry representative.
Improve the issuance of the issuance of the issuance system constraints
Science and Technology Board highlights the characteristics of "hard technology" and give play to the "test field" role of capital market reform. The GEM mainly serves growth innovation and entrepreneurship enterprises.
The Securities Regulatory Commission said that the reform will further improve the capital market basic system.It mainly includes the improvement of the issuance and underwriting system, restricting irrational pricing; improving the trading system, optimizing the financing and integration mechanism of financing and trading; improving the independent director system of listed companies; improving the normalized delisting mechanism, unblocked diversified exit channels;More medium and long -term funds.At the same time, support the national stock transfer system to explore and improve the basic system that is more in line with the characteristics of small and medium -sized enterprises.
Officials of the CSRC also explained in the form of reporters in the form of answers that this reform borrows from the experience of science and technology boards and GEM, with more market -oriented facilitation, and further improves the motherboard trading system.The main measures include the restrictions on the decline in the first five trading days of the new shares; optimizing the temporary suspension system during the market; the first day of the new shares can be included in the margin financing bid, optimizing the transformation mechanism, and expanding the scope of the source of the securities bond.
shifting from the approval system to the registration system will shorten the time of shares issuance approval
Officials from the CSRC also said that starting from the main board, this reform has not adjusted the two systems.First, from the sixth trading day of new shares, the daily rising and falling restrictions continue to maintain 10%.The second is to maintain the properness requirements of the current investors in the motherboard, and there is no restriction on investor assets and investment experience.
Bloomberg reports that China is accelerating the reform and opening up of the capital market to help respond to the impact of Sino -US friction and the impact of the crown disease.This time, the approval system shifted to the registration system, which will shorten the approval of stock issuance and open the door to the equity financing of more enterprises, especially technology companies, and more market -oriented pricing mechanisms will help attract more funds.
At present, the scale of China's stock market has reached more than $ 11 trillion (approximately S $ 14.44 trillion), second only to the US stock market.
