Regulators Clear That The Stock Enterprises Do Not Apply The "Negative List" Gem Registration System, The First Batch Of Listed Companies Will Be Released In August.

The registration system of gem is landing.

On the evening of April 27th, the thirteenth session of the Shenzhen Commission on reform and development adopted the reform plan of the gem and the overall implementation plan of the registration system. On the same day, the SFC and the exchanges also announced the draft of the institutional framework for the registration system reform of the gem.

With the foundation of the registration system reform of the science and technology innovation board, the Shenzhen stock exchange is promoting the gem reform with a higher efficiency.

Twenty-first Century economic report reporter learned that the Shenzhen Stock Exchange recently issued a negative listing of gem business and other documents. At the same time, in view of the issue of gem audit, the organization held the first symposium.

The reporter learned that the content of this symposium is abundant, and it is clear for the securities companies and enterprises to make preparations for the preparation of the registration system after the launch of the gem. The industry expects that the first batch of enterprises will soon be released in August.

Stock enterprises do not apply "negative list"

Unlike the science and technology innovation board, the first trial reform of the gem registration system will remain "old face", that is, nearly 200 enterprises that are waiting for trial in the securities and Futures Commission.

Previously, the securities and Futures Commission has made clear the transition arrangements for IPO enterprises.

First of all, enterprises that are still able to issue new shares normally, including those approved by the securities and Futures Commission of the securities and Futures Commission and have obtained IPO approval, will continue to issue their underwriting work.

The second category, which has been approved by the issuance examination committee but has not yet received approval, has been given two choices. One is to continue to push forward the relevant registration system of the gem, and the other option is to voluntarily stop and declare the system after the issuance of the system.

The third category of enterprises is not yet through the issuance examination committee audit, queuing enterprises, for the treatment of such enterprises, regulators are transferred to the exchange level, the exchange according to the gem registration system reform rules.

However, the above transitional arrangements are still more general. Reporters from the securities dealers were informed that at the first forum, the exchange and securities dealers discussed the above transitional arrangements.

First, the SFC and the exchange clearly stated that within 10 working days from the date of the implementation of the gem registration system, the Shenzhen Stock Exchange only accepted the application of initial public offering of gem on trial enterprises. After 10 working days, the Shenzhen Stock Exchange will begin to accept applications from other enterprises.

The question is only 10 days. Is there enough time?

According to the twenty-first Century economic report reporter statistics, up to now, there are more than 170 IPO enterprises queuing up, that is to say, the exchange and the market should work together to complete the translation and handover work in these 10 working days.

"Many agencies have raised the question of whether the 10 working days are enough. Some brokerages find time tight. The exchange tells the broker that it can prepare ahead of time, and the project team can first make the product according to the guidelines of the science and technology board prospectus, and the final requirements of the gem prospectus and the requirements of the science creation board will not be very different. In addition, the exchange also suggested that some humanized arrangements might be considered, such as the first batch of declared items, and the working papers can be postponed appropriately. A broker who knew the meeting told reporters.

In addition, the reporter also learned from the securities brokerage office that at present, the stock exchange will be able to share the audit results of the SFC after the transfer of the trial enterprises. The enterprises that have already passed the SFC's first trial will directly go to the meeting after having changed the format content, and have already responded to the trial as soon as possible. Other enterprises change their declarations according to the new format, and examine them in chronological order.

From the content of the forum and the information transmitted from the negative listing documents of the gem, another problem that worries the stock enterprises has also been solved, that is, if the stock enterprises do not conform to the industry positioning of the gem, what should we do?

In fact, according to the spirit of the forum and the requirements of the negative list rules, there are a few listed companies that are listed in the negative list industry. In this regard, the regulatory authorities are clear that according to the principle of "new and old delimitation", they have already declared to the SFC that the enterprises listed on the gem will not apply the negative list, which can be declared to the Shenzhen Stock Exchange on the growth enterprise market.

However, there are still some arrangements for stock enterprises, which still need further answers from the stock exchange. If the enterprises that get the approval can not complete the approval before issuing the relevant system of the pilot registration system for gem, will it need to be re examined after transferring to the stock exchange?

Reporters also learned from the securities brokerage office that for the transition of stock enterprises, the Shenzhen Stock Exchange will further clarify the doubts with the focus of the market.

Audited rhythm is fast.

Another important part of the symposium is to clarify the rhythm and expectation of the registration system of gem.

According to the information provided by the broker, the audit rhythm of the registration system reform of gem is not very different from that of Chuang Chuang board, that is, the exchange will decide whether to accept it within 5 working days after the submission of materials. If the material needs to be corrected, then the material correction time will not exceed 30 working days.

If the exchange accepts the application materials, the time limit for the first round of the exchange inquiry is 20 working days, and the time limit for the reply to the examination and inquiry is 3 months, that is, the 3+3 mode as the market calls for.

In terms of audit methods, the gem will conduct inquiries, electronic auditing, and implement sub industry audit. Now it will be divided into six industries.

In addition, the securities dealers told reporters that the registration system reform will introduce similar questions and answers similar to "IPO50". At present, the Shenzhen Stock Exchange has summed up some commonalities and high frequency problems, and summarized the concerns for gem audit. There are more than 80 contents at present. Summarizing these contents will also enable intermediaries to prepare for future review, so as to improve the efficiency of audit and clarify the expected role of audit.

At the same time, the reporter learned that, in the process of gem audit, the means of on-site inspection will be introduced, and a certain proportion should be selected from the enterprises listed on the gem, and the quality of the information disclosure will be inspected on-site. However, such on-site inspections are usually conducted with a problem oriented specialized examination, rather than a comprehensive verification, which will also improve the efficiency of verification to a certain extent.

"With the experience of the board and the preparations made by the Shenzhen Stock Exchange, it is estimated that the time of the first listed companies will be around August after the implementation of the registration system, and the exchanges, intermediaries and brokers will have to make full efforts in the coming months." A large brokerage firm in Shenzhen area told reporters on behalf of Bao Dai.