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The "IPO Review and Answer Guidelines for 51 IPOs" of the China Securities Regulatory Commission will be revised to match the board

March 15, 2019 07:55
Author: Wu Chuan
source: Tencent

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Summary
[The SFC "51 IPO Review Q&A Guide" will be revised to adapt to the Science and Technology Board] On March 15, a source close to the CSRC revealed to Prism that the issuing department of the China Securities Regulatory Commission recently convened some intermediaries to hold a seminar in Beijing. At the meeting, Deputy Director Guo Xudong presided over the meeting to discuss and modify the previous window guidance - "51 IPO Review Q & A Guide", and strive to adapt to the board's board audit standards, and will release official documents as soon as possible. (Tencent)

On March 15, a source close to the China Securities Regulatory Commission revealed to the Prism that the issuing department of the China Securities Regulatory Commission recently convened some intermediaries to hold a seminar in Beijing. Deputy Director Guo Xudong presided over the meeting to discuss the revision of the previous window guidance - "51 IPO audits" The Q&A Guide (hereinafter referred to as “Article 51”) seeks to adapt to the board's auditing standards and will issue official documents as soon as possible.

The source commented that this move is intended to provide a clear framework for the implementation of the registration system for the board, and also provide clear guidance for the launch of other sections.

Including the recent deputy director of the issuance department Li Weiyou transferred to the Shanghai Stock Exchange as deputy general manager and party committee members, in order to ensure the implementation of the registration rules and concepts of the science and technology board, and maintain a smooth communication mechanism with the issuing department.

In June 2018, the CSRCBrokerThe investment bank issued the “51 IPO Review Questions and Answers Guide”, including 26 initial audits of financial and accounting knowledge questions and answers, and 25 initial audits of non-financial knowledge questions and answers, further quantifying and refining IPO audit standards.

It is never a bad thing to have a chapter to follow, but the reform of the capital market also means keeping pace with the times.

"Some of the "Articles 51" standards are too strict, one is not easy to be rejected, and the listing of innovative companies is not enough to contain." A brokerage insurance said.

Not long ago, the Shanghai Stock Exchange issued 16 audit standards for the Science and Technology Board. The market believes that this will replace the guidance of the 51 Articles on IPOs. It has not been thought that the revision and improvement of the Article 51 is also a singularity.

Since the review right of the Science and Technology Board has been handed over to the Shanghai Stock Exchange, in theory, the issuing department of the China Securities Regulatory Commission does not need to issue additional documents to define and standardize it.

The reason why "Article 51" is a window guide is that it is not a very perfect rules and regulations. It needs to be adapted to local conditions and modified in a timely manner.

Therefore, just after the launch of the science and technology board, the regulatory layer will speed up the revision of Article 51 and form an official document, which will help ensure that the issuance of the issuance department and the science and technology board are synchronized. The revised documents will also apply to the main board, small and medium board and gem.

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(Article source: Tencent)

                (Editor: DF010)

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