Source: China News Agency

Author: Chen Kangliang

"Strengthening the Listing and Listing Full Chain Supervision" is an important part of the work of the China Securities Regulatory Commission in the second half of the year.There are signs that the regulatory policies on IPOs (first public issuance of stocks) have continued to deepen, and the sword refers to three key areas to improve the A -share IPO market ecology.

As the first subject of IPO activity, the issuer has always been the focus of IPO supervision.The administrative penalty decision recently disclosed by the China Securities Regulatory Commission shows that although the application for listing was withdrawn in September 2022, due to the false records of the issuance application materials at that time, the personnel and related responsible persons of Huadao were still in charge.Yuan (RMB, the same below, S $ 2.1 million) fines.

In this regard, the China Securities Regulatory Commission stated that it adheres to "reporting is responsibility", severely punish fraud issuance, and resolutely block the launch of the listing "illness".For issuers suspected of major violations of laws and regulations, even if they withdraw from the issuance of listing, they still insist on finding up.

In fact, Huadao creatures are not alone.In February this year, the CSRC imposed an administrative penalty of illegal acts on the issuance of fraud. Since the implementation of the new Securities Law, the issuer's first fraud issuance case investigated by the Securities Regulatory Commission after submitting the application materials and not being registered.In July, after the withdrawal of the IPO application, Hengda Zhikong was supervised and warned by the Shanghai Stock Exchange for the collection of compensation of R & D personnel.

Zhao Xijun, co -dean of Renmin University of China China Capital Market Research Institute, said in an interview with a reporter from China News Agency that the above -mentioned penalties of the regulatory level were not only punishment for individual illegal enterprises, but also for all IPO companies.Alarm clock.Since the beginning of this year, the regulatory layers have repeatedly emphasized that they have adhered to "reporting as responsibilities" and severely punished fraud issuance. In the future, IPO will be traced or gradually become normal.The issuer should not have a chance, but should adhere to the attitude of being responsible for investors and strive to ensure the authenticity of information disclosure.

"In addition to the issuer, brokers and other intermediaries played the important role of 'seeing the door" in the process of promoting the company's listing and financing. "Zhao Xijun said, but some intermediaries are providing services to the company's IPO.There are behaviors that are linked to the results of the issuance and listing of the company's stock, and the problems such as falsifying financial fraud and fraudulent issuance must be regulated.

Recently issued the State Council's regulations on regulating intermediaries' provision of services for the company's public offering of shares (drafts for comments) (hereinafter referred to as regulations) clearly stated that the securities company engaged in the sponsor business and the implementation audit business of accounting firms can be separated according to the work progress.The service fee is charged at the stage, but the charging or whether or not or not shall not be based on the results of the stock publication and listing as the condition.

Zhu Keli, the founding dean of the National Research Institute of Economic Research, said that the model with IPO results as the charging condition before can easily lead to excessive attention of the intermediary agency and ignore the quality control during the service process.The toll model in the stages can better reflect the actual workload and service quality of the intermediary agency, help improve the professionalism and independence of service, reduce the conflict of related interests, improve the accuracy of the disclosure of the IPO information of the enterprise, and better protect the interests of investors.

In Zhao Xijun's view, strengthening the IPO full -chain supervision must not only focus on the issues such as publishers and intermediary agencies, but also pay attention to the hidden factors that local governments such as the IPO of the enterprise.

Over the years, in order to encourage local companies to go public, local governments in China have often introduced special support measures, including cash rewards for successful listed companies.For example, Chongqing High -tech Zone, which was released in June this year, encouraged enterprises to reform the listing support measures to propose to be listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange and Beijing Stock Exchange.Enterprises listed on the market listed in major overseas securities trading markets will give 10 million yuan award at one time.

Zhao Xijun pointed out that the local government's move is mainly to encourage local enterprises to actively connect with the capital market and make bigger and stronger, but in practice, some local governments have conducted too much administrative intervention on the listing of enterprises.The enterprise blindly carried out the IPO declaration, and even falsified to "cheat", disrupting the normal IPO order.

The

stipulates that local governments at all levels shall not use the results of the stock publication and listing as a condition, and will be rewarded by the issuer or intermediary agency.

Li Xiao, deputy director of the Capital Market Supervision and Reform Research Center of Central University of Finance and Economics, believes that the above measures will help eliminate the improper intervention of local governments in the process of promoting the IPO of the enterprise, ensure the fairness and fairness of the capital market, and helpCreate a fair and competitive market environment and improve the efficiency of resource allocation.