In recent years, in the context of deepening the structural reform of the supply side, in addition to boosting the “de-capacity” of listed companies in various industries, the regulatory authorities have increased the review and improvement of new shares, refinancing and mergers and acquisitions. The relevant system to improve the standard of capital operation is also a concrete manifestation of the capital market's own “de-capacity”.
In the middle of July this year, the national securities and futures regulatory system mid-year supervision work symposium was clear, we must effectively strengthen the quality of the issuance of the issue, maintain the normalization of the initial public offering, standardize and support the merger and reorganization of listed companies, improve the delisting system, plus Great delisting efforts to give full play to the functions of the capital market.
On the audit side of the new share issuance, in order to promote more resources to optimize the allocation to the areas most needed by the real economy and continue to strengthen the supervision of the first-time enterprises, the CSRC carried out on-site inspections of IPO enterprises in the first half of 2017. The important measures to strictly control the quality and risk of auditing are also important achievements in the on-site inspection of IPO enterprises. During the inspection, two companies were suspected of violating the law and violations, and some enterprises and related intermediaries were dealt with specially. In the next step, the CSRC will further strengthen the issuance supervision and strict review to prevent corporate fraud.
The industry believes that the on-site inspection of IPO companies has played a good role in purifying the auditing environment and supporting the listing of high-quality enterprises that are truly qualified. And the supervision layer carries out on-site inspection of IPO enterprises, and can also urge issuers to improve the quality of information disclosure, urge intermediaries to diligently and conscientiously, strictly control the entry of capital markets, and promote the healthy and orderly development of the capital market.
In the refinancing of listed companies, in February this year, the China Securities Regulatory Commission revised the “Detailed Rules for the Implementation of Non-public Issuance of Listed Companies” and issued the “Regulations on Issuance Supervision—Regulations on Guiding and Regulating the Financing Behavior of Listed Companies”. The revision aims to curb the excessive financing in the current market and the phenomenon of fund-raising.
In the M&A and reorganization end, in 2016, the CSRC revised the Measures for the Administration of Major Asset Restructuring of Listed Companies. The revision aims to tighten the "fence" of institutions and standards, cool down the "fried shells", promote the rational restoration of the market valuation system, continue to support the improvement of the quality of listed companies through mergers and acquisitions, and guide more funds to the real economy. At that time, the CSRC also revised the "Interim Provisions on Strengthening the Supervision of Abnormal Stock Trading Related to Major Asset Restructuring of Listed Companies" and "Regulations on Regulating Certain Assets Reorganization of Listed Companies".
In September this year, in order to improve the efficiency of mergers and acquisitions, crack down on the restrictions of “flickering” and “follow-up”, increase the certainty and transparency of transactions, and standardize the reorganization of listings, the CSRC will disclose the content and format guidelines for corporate disclosure of securities. No. 26 - Major Assets Restructuring of Listed Companies (Revised in 2014) was revised accordingly. This is in line with the revision of the Measures for the Administration of Major Asset Restructuring of Listed Companies, and standardizes the disclosure of information on listings.
The "Securities Daily" reporter learned that the next step will continue to improve the whole process supervision mechanism, further standardize the reorganization of listing activities, curb false restructuring, "flickering" restructuring, and promote capital market mergers and acquisitions to better improve the quality and service of listed companies. The development of the real economy. At the same time, it will continue to strengthen the supervision of mergers and acquisitions, and strengthen the monetary ability of mergers and acquisitions and restructuring services, while cracking down on false restructuring and evading supervision.