The China Securities Regulatory Commission issued a series of documents and publicly solicited opinions

On January 30, 2019, the China Securities Regulatory Commission issued the “Implementation Opinions on Establishing a Science and Technology Board and Pilot Registration System on the Shanghai Stock Exchange”. The China Securities Regulatory Commission and the Shanghai Stock Exchange are in the process of advancing the establishment of the science and technology board and piloting the registration system in accordance with the requirements of the Implementation Opinion.

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Yi will be the chairman of the CSRC

A few days ago, the Central Committee of the Communist Party of China decided to appoint Yi Huiman as the party secretary of the China Securities Regulatory Commission and removed the post of Party Secretary of the China Securities Regulatory Commission of Comrade Liu Shiyu. The State Council decided to appoint Yi Huiman as the chairman of the China Securities Regulatory Commission and removed the post of Chairman of the China Securities Regulatory Commission of Comrade Liu Shiyu. Comrade Liu Shiyu has another appointment.

The task of developing the current capital market is very arduous. Vigorously develop direct financing, improve multi-level capital markets, implement strict supervision concepts, support the development of the real economy, especially the new economy, and let the unicorn enterprises successfully land in the A-shares, becoming an important topic of the regulatory layer. ...[Details]

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Core point
The Shanghai Stock Exchange publicly solicits opinions on the establishment of the science and technology board and the pilot business registration related business rules

The Shanghai Stock Exchange drafted six supporting business rules, such as the “Shanghai Stock Exchange Science and Technology Board's Stock Issuance and Listing Rules (Draft for Comment)” (see attachment), and is now open to the public for comments. ...[Details]

The CSRC issued the "Implementation Opinions on Establishing a Science and Technology Board and Pilot Registration System on the Shanghai Stock Exchange"

With the approval of the Party Central Committee and the State Council, the China Securities Regulatory Commission issued the “Implementation Opinions on Establishing a Science and Technology Board and Pilot Registration System on the Shanghai Stock Exchange” (hereinafter referred to as “Implementation Opinions”) on January 30, 2019. The China Securities Regulatory Commission and the Shanghai Stock Exchange (hereinafter referred to as the Shanghai Stock Exchange) are in the process of advancing the establishment of the science and technology board and piloting the registration system in accordance with the requirements of the Implementation Opinion. ...[Details]

Unprofitable Kechuang Board listed company The controlling shareholder and Dong Jiangao personnel shall not reduce their pre-starting shares before achieving profitability.

The Shanghai Stock Exchange said that the supporting rules have made more targeted arrangements for the shareholding reduction of science and technology enterprises: First, to maintain control and technical team stability. The controlling shareholder shall reduce the holding of shares after the release of the restricted sale, and shall maintain the control and stability of the control; appropriately extend the lock-up period of the core technical personnel, and shall not reduce the shares for 36 months after the listing. ...[Details]

Kechuang board company has obviously lost its ability to continue operations and will start delisting

In order to solve this "difficult problem", the science and technology board delisting system specifically stipulates that if the listed company's operating income mainly comes from the trading business that is not related to the main business or the related transaction income that does not have commercial substance, there is evidence that the company has already Obvious loss of ability to continue operations, will be delisted in accordance with the prescribed conditions and procedures. ...[Details]

Kechuang board enterprises will permanently withdraw from the market due to major illegal delisting

The Shanghai Stock Exchange said that the company that decompressed the company's delisting time and touched the financial delisting index will implement the delisting risk warning in the first year, and will still be directly delisted in the second year. No special re-listing links will be set up. If the delisted enterprises meet the conditions for listing of the Kechuang Board, they can apply according to the registration procedures and requirements for stock issuance and listing. ...[Details]

The Shanghai Stock Exchange announced the conditions for the listing of the initial public offering of the board

The issuer's application for listing on the firm's board of directors shall meet the following conditions: (1) in accordance with the conditions for issuance as stipulated by the CSRC; (2) the total amount of the share capital after issuance shall not be less than RMB 30 million; (3) the initial public offering The shares reached more than 25% of the company's total shares. The company's total share capital exceeds RMB 400 million, and the proportion of initial public offerings is more than 10%. ...[Details]

Shanghai Stock Exchange: Issuance and Listing Review under the Registration System

The Shanghai Stock Exchange said that the review of the issuance and listing under the registration system will focus on information disclosure on the basis of relevant issue conditions and listing conditions, and strengthen the supervision of information disclosure, pay more attention to the quality of information disclosure, and effectively protect the rights and interests of investors. The Exchange focuses on the needs of investors, conducts auditing inquiries from the perspective of information disclosure adequacy, consistency and comprehensibility, and urges issuers, their sponsors, and securities service institutions to disclose information in a true, accurate and complete manner. ...[Details]

Kechuang board rules: "Green shoes mechanism" will be applied to stabilize the price of new shares

In the Listing Rules, the “Green Shoe Mechanism” was applied. “Green Shoe Mechanism” refers to “over-allotment option”, generally means that the lead underwriter authorized by the issuer may over-sell the shares not exceeding 15% of the underwriting amount at the same issue price within 30 days from the date of listing of the shares. For the new shares that can be used in the “green shoe mechanism”, the phenomenon of rapid increase or decrease within 30 days from the date of listing will be restrained, and the price fluctuation at the beginning of the listing will converge. ...[Details]

Shanghai Stock Exchange: Science and Technology Board Company should fully deduct the impairment loss of goodwill

The Shanghai Stock Exchange stated that in order to standardize the accounting treatment of “goodwill”, if the company implements major asset restructuring, it shall confirm the goodwill in accordance with the relevant provisions of the “Accounting Standards for Business Enterprises” and make full provision for impairment losses. ...[Details]

Shanghai Stock Exchange: Science and Technology stocks can be used as the subject of securities lending from the first trading day after listing.

The Shanghai Stock Exchange set up a science and technology board and the pilot registration system supporting business rules for public comment. In response to the reporter's question, the company said that in order to improve the market pricing efficiency and focus on improving the "unilateral city" and other issues, the science and technology board will optimize the securities trading mechanism, the science and technology board stocks Since the first trading day after the listing, it can be used as the subject of securities lending, and the securities selection criteria for securities lending will be different from the A shares of the main board. ...[Details]

The price limit of Kechuang board stocks has been relaxed to 20%

The Shanghai Stock Exchange set up a science and technology board and the public registration of the pilot registration system. The reporter said that the Shanghai Stock Exchange has formulated special regulations for the science and technology board transactions. Appropriately relax the price limit. The science and technology enterprises have the inherent characteristics of large investment and fast iteration, and the stock price is prone to large fluctuations. ...[Details]

Kechuang Board: The decision to accept the application within 5 working days after the exchange receives the registration application documents

The CSRC issued the “Measures for the Administration of the Registration of Initial Public Offerings of Science and Technology Board”. It is mentioned that if an issuer applies for public offering of shares and is listed on the Science and Technology Board, it shall produce a registration application document in accordance with the relevant provisions of the China Securities Regulatory Commission, which shall be sponsored by the sponsor and declared to the Exchange. After receiving the registration application documents, the exchange will make a decision on whether to accept the application within 5 working days. ...[Details]

The China Securities Regulatory Commission: the Shanghai Stock Exchange is responsible for the issuance and listing of the science and technology board. The CSRC is responsible for the registration of the stocks of the board.

The CSRC issued the “Implementation Opinions on Establishing a Science and Technology Board and Pilot Registration System on the Shanghai Stock Exchange”. The "Implementation Opinions" clearly stipulates that in the scientific and technological innovation pilot registration system, the conditions for the issuance of the shares of the science and technology board and the more comprehensive and accurate information disclosure rules system are rationally formulated. The Shanghai Stock Exchange is responsible for the issuance and listing of the science and technology board, and the China Securities Regulatory Commission is responsible for the registration of the shares of the board. ...[Details]

Shanghai Stock Exchange: Relaxation of the implementation conditions of the strategic placement of Science and Technology

The Shanghai Stock Exchange will relax the implementation conditions of the strategic placement of the Science and Technology Board, allowing the issuers with an initial public offering of more than 100 million shares to make strategic placements; less than 100 million shares, and the total amount of shares placed by strategic investors will not exceed the number of initial public offerings. 20% can also be strategically placed. The second is to allow issuer executives and employees to participate in the strategic placement of issuers' stocks through a special asset management plan. ...[Details]

Shanghai Stock Exchange: The acquisition and restructuring of the science and technology board involves the implementation of the registration system for the issuance of stocks.

The Shanghai Stock Exchange set up a science and technology board and the pilot registration system supporting business rules for public comment. The reporter asked that the board of the company's mergers and acquisitions involves the issuance of stocks, and the registration system is implemented. After being approved by the Shanghai Stock Exchange, it is reported to the China Securities Regulatory Commission for registration. The implementation process is more efficient. Convenient. At the same time, it is required that the merger and reorganization of Science and Technology Board should be carried out around the main business. ...[Details]

Shanghai Stock Exchange: will set up the Science and Technology Board Listing Committee and the Science and Technology Innovation Advisory Committee

The Shanghai Stock Exchange set up a science and technology board and the pilot registration system supporting business rules for public comment. The reporter said that the establishment of the science and technology board and the pilot registration system will set up the Science and Technology Creation Committee (hereinafter referred to as the Listing Committee) and the Science and Technology Innovation Advisory Committee (hereinafter referred to as Advisory Committee). The listing committee is set up to ensure the openness, fairness and impartiality of the pilot review work, and to improve the professionalism, authority and credibility of the audit work. ...[Details]

Relevant person in charge of the CSRC: The registration system will further strengthen the legal accountability

On January 30, the CSRC issued the “Implementation Opinions on Establishing a Science and Technology Board and Pilot Registration System on the Shanghai Stock Exchange”. Regarding the difference between the registration system and the approval system, the relevant person in charge of the CSRC stated that the registration system is further reformed and innovated on the basis of approval. First, it puts forward higher requirements for information disclosure, and clarifies the main responsibilities of issuers and intermediaries. Second, in the review process, the Shanghai Stock Exchange is responsible for issuing audits, and the CSRC is responsible for the registration of stock issues. ...[Details]

CSRC: Allowing companies that have not yet made a profit or have accumulated unrecovered losses to list on the board

The CSRC issued the “Implementation Opinions on Establishing a Science and Technology Board and Pilot Registration System on the Shanghai Stock Exchange”. According to the "Implementation Opinions", according to the characteristics of the sector and the characteristics of the science and technology enterprises, the company has set up a variety of inclusive listing conditions, allowing enterprises that meet the position of the science and technology board, not yet profitable or have accumulated unrecovered losses to be listed on the Science and Technology Board, allowing compliance. The relevant special-equity structure enterprises and red-chip companies are listed on the Science and Technology Board. Kechuang Board accordingly sets the investor's appropriate requirements to prevent and control various risks. ...[Details]

Kechuang Board: The company directly terminates the listing of shares that hit the end of the listing criteria

The China Securities Regulatory Commission issued the “Implementation Opinions on Establishing a Science and Technology Board and Pilot Registration System on the Shanghai Stock Exchange”. It is mentioned that if the science and technology company touches the termination of the listing standard, the stock will be directly terminated, and the suspension of listing, resumption of listing, and re-listing will no longer apply. ...[Details]

The China Securities Regulatory Commission issued a draft of the Science and Technology Board for comments! Investors are allowed to enter the market for 500,000 yuan.

The CSRC issued the Measures for the Administration of the Registration of Initial Public Offerings of the Science and Technology Board (Trial) and the Measures for the Continuous Supervision of the Companies Listed by Science and Technology (Trial). In terms of procedures, the science and technology board no longer sets a suspension of listing, resumption of listing and re-listing, and the delisting process is more concise and clear. ...[Details]

Science and Technology Board Trading no longer requires a single declaration quantity of 100 shares and its integral multiple

The Shanghai Stock Exchange has established special regulations for the science and technology board transactions. Adjust and optimize micro-mechanism arrangements. Including the adjustment of the single-report quantity requirement, the number of single-reports is no longer required to be 100 shares and its integral multiple. For market orders and limit orders, the number of single declarations should be no less than 200 shares, which can be incremented by 1 unit. The maximum number of market order orders is 50,000 shares, and the maximum number of limit orders is 100,000 shares. ...[Details]

Science and Technology Board Consultation Draft: Investor access threshold 500,000 yuan

On the evening of January 30, the website of the China Securities Regulatory Commission announced the draft of the Science and Technology Board. For the investment threshold of market attention, the opinion draft pointed out that the investor has an entry threshold of 500,000 yuan, and encourages small and medium investors to participate through public funds. ...[Details]

Market interpretation
Venture capital circle brokerage circle is "smashed"! 20 major institutions quickly interpret the science and technology board

The launch of Kechuang Board has a positive guiding role for venture capital institutions and industries, and will have a positive impact on the entire technology industry chain and upstream and downstream. This is a positive cycle, which is beneficial to the transformation of new and old kinetic energy, the development of technological innovation, and the promotion of the proportion of strategic emerging industries in the national economy. ...[Details]

Kechuang board brush screen! Venture capital stocks are strong, small and medium investors are sighing? Market people look like this

Kechuang Board allows companies that are in line with the position of Science and Technology, are not yet profitable, or have accumulated unrecovered losses, and allow special equity structure companies and red chip companies that meet relevant requirements to go public. ...[Details]

The board of the science and technology board is grounded! What are the expectations? How to affect A shares? Interpretation of 19 institutions and economists overnight

Compared with the current main board, GEM, small and medium-sized board, etc., the main points include: the entry threshold of the board of science and technology board is 500,000 yuan, which requires 24 months of investment experience; the first 5 trading days do not have any ups and downs, 20%; the future strict delisting system, simplify the delisting process, no longer suspend listing, resume trading links. ...[Details]

Kechuang board is really coming! 500,000 starts, 5 days without ups and downs, no T+0 loss can be listed, more direct delisting! 10 major points full interpretation

The science and technology board that is most concerned about in the capital market has finally landed. Tonight, the China Securities Regulatory Commission and the Shanghai Stock Exchange issued a series of documents for consultation, the registration system, 500,000 thresholds, no change in the 5 days before the listing, and no profit. Allowing the same shares to have different rights, the most stringent delisting regulations and other content have received much attention from the market. ...[Details]

A text to understand the science and technology board! The investment threshold is 500,000. The increase and decrease of the price is introduced. After the introduction of the fixed price transaction, the listing is inclusive, and the delisting and reduction is strict!

For the transaction link, the minimum investment requirement for investors to invest in the GEM is 500,000 RMB and there is more than 24 months of experience in securities trading. There is no change in the 5 trading days before the IPO, and the price limit after 5 trading days For ±20%, Kechuang Board allows Shanghai and Shenzhen-Hong Kong Stock Connect transactions. Ordinary investors can participate in the science and technology investment through public funds. The previously released CDR funds are strategic placement funds, and new shares issued by Science and Technology Board, and related funds can also participate. ...[Details]

Kechuang Board is expected to have open technical conditions in the first half of the year.

According to the relevant business rules, the business circulation and application approval of the registration system will be electronically processed, including the electronic processing of the acceptance materials, review process, and information disclosure. The progress of the review and related updates will be publicized through the official website. The person in charge is expected to accept applications for issuance materials in the first quarter of this year. ...[Details]

Heavy! Speed ​​reading board: 5 sets of IPO standards, investment of 500,000 thresholds, 5 days unlimited rise and fall

500,000 fund threshold, 2 years of stock trading experience. The public fundraising fund issues funds for the science and technology board, and ordinary investors can participate in the investment through funds. Allow Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect investors to invest in the board. CDR-related funds can participate in the Kodak board production allocation arrangement. ...[Details]

The biggest change in A shares in 29 years! Kechuang board unveiled tonight, 100 million people please pay attention to the money to buy this number

On the evening of (January 30), the China Securities Regulatory Commission issued the "Implementation Opinions on Establishing a Science and Technology Board and Pilot Registration System on the Shanghai Stock Exchange". The "Implementation Opinions" pointed out that a new board was created on the Shanghai Stock Exchange and trial registration was carried out. This means that the registration system has debuted for the first time in the 29-year-old A-share market. ...[Details]

finally come! The science and technology board is fully ruled! Not profitable, can be listed, determine the six major industries, 500,000 thresholds, 5 days, no ups and downs, T+5, 20%, ups and downs

The company is responsible for the audit by the Shanghai Stock Exchange. The CSRC is responsible for registration, focusing on the disclosure of information disclosure within 3 months, and registration within 20 days. Allow unprofitable companies to go public, and allow red-chip companies with different rights to go public. The standard is CDR opinion draft. ...[Details]

A major breakthrough in the design of the science and technology board system! Unprofitable, listed, 5 days old, up and down, and the investor threshold of 500,000 yuan

Kechuang Board has also comprehensively improved the basic systems such as underwriting, information disclosure, trading, mergers and acquisitions, and delisting. Based on the experience of other markets, it is clear that marketization determines the price, scale and distribution rhythm of IPO enterprises, establishes the underwriters and investment system, allows corporate executives to participate in strategic placement, and clearly plays the role of the green shoe mechanism. The board companies have relaxed the price limit. ...[Details]

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