The CSRC officially issued the main institutional rules for the establishment of the Science and Technology Board and the pilot registration system.

In the early morning of March 2, the China Securities Regulatory Commission and the Shanghai Stock Exchange officially issued the rules of the eight science and technology system that had previously publicly solicited opinions from the public, and implemented them from now on. On the evening of March 3, the Shanghai Stock Exchange issued the “Guidelines for the Listing of the Shanghai Stock Exchange's Science and Technology Enterprises” and the “Q&A of the Stock Exchange of Shanghai Stock Exchange”. The two documents were implemented from the date of publication.

hot topics
MSCI: Expand China's A-share inclusion factor to 20%

MSCI announced that it will expand China's A-shares into the MSCI Global Benchmark Index to 20% (currently 5%). This will be implemented in three phases, expanding to 10% in May, 15% in August, and 20% in November. In November, China A-share mid-cap stocks will be included in the MSCI index. ...[Details]

Small survey
Science and Technology Board Rules
The CSRC officially issued the main institutional rules for the establishment of the Science and Technology Board and the pilot registration system.

On March 1, 2019, the CSRC issued the “Regulations on the Registration of Initial Public Offerings of the Science and Technology Board (Trial)” (hereinafter referred to as the “Regulations on Registration”) and the “Continuous Supervision Measures for Listed Companies of Science and Technology (Trial)” ( Hereinafter referred to as the “Continuous Supervision Measures”, it will be implemented as of the date of promulgation. With the approval of the CSRC, the Shanghai Stock Exchange and China Clearing-related business rules were issued. ...[Details]

A press spokesperson of the China Securities Regulatory Commission answered questions about the procedures for applying for listing on the board of science and technology.

A spokesperson of the China Securities Regulatory Commission said that if an issuer applies for an initial public offering of shares and is listed on the Science and Technology Board, it should produce a registration application document in accordance with the relevant provisions of the China Securities Regulatory Commission, which is 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 Shanghai Stock Exchange issued a set of business board and pilot registration system supporting business rules

In the early morning of March 2, the Shanghai Stock Exchange officially announced the implementation of the establishment of the science and technology board and pilot registration system supporting business rules. The supporting rules released in this episode, including six main business rules, simultaneously issued four supporting guidelines. ...[Details]

Shanghai Stock Exchange issued a policy to set up a science and technology board and pilot registration system supporting business rules

The Shanghai Stock Exchange (hereinafter referred to as the Shanghai Stock Exchange) officially issued and implemented the business rules and supporting guidelines for the establishment of the Science and Technology Board and the pilot registration system. Regarding the rulemaking situation, the relevant person in charge of the Shanghai Stock Exchange answered the reporter's question. ...[Details]

Shanghai Stock Exchange issued guidelines for the listing of science and technology enterprises

In order to promote the construction of the board of Shanghai Stock Exchange, standardize and guide the sponsor institutions to accurately grasp the positioning of the science and technology board, and do a good job in the recommendation of the board of science and technology enterprises, the Institute has formulated the "Guidelines for the listing of the board of the Shanghai Stock Exchange." , is now released, and will be implemented as of the date of publication. ...[Details]

Shanghai Stock Exchange released the QC board stock issue listing review question and answer

In accordance with the principle of “emergency use first”, the Shanghai Stock Exchange has formulated the “Q&A for the issuance and listing of the stocks of the Shanghai Stock Exchange and the listing of the stocks of the Shanghai Stock Exchange”, which has been approved by the China Securities Regulatory Commission and is now released. Implemented from the date of publication. ...[Details]

China Settlement Releases "Detailed Business Rules for Registration and Settlement of Science and Technology Shares (Trial)"

In order to implement the decision-making and deployment of the science and technology board and the pilot registration system on the Shanghai Stock Exchange, and standardize the stock registration and settlement business of the board, the company has formulated the “Regulations on the Registration and Settlement of the Stocks of China Securities Depository and Clearing Co., Ltd. (Trial)”. ...[Details]

A picture to understand the science and technology board process
A picture to understand 20 changes
Key points of the board
Yi Huiman signed the first presidential order: Kechuang board opened late at night, CSRC 20 work sunrise registration decision

The chairman of the China Securities Regulatory Commission, Yi Huiman, signed the first presidential order since he took office on March 1st, [Order No. 153] "Administrative Measures for the Registration of Initial Public Offerings of the Science and Technology Board (Trial)". Also issued is [Decree No. 154] "Continuous Supervision of Listed Companies in Science and Technology (Trial)". ...[Details]

Rocket speed! The official board of the board will be released overnight. IPO application acceptance will start soon.

On February 28th, the consultation was completed. It was officially released at about 0:45 on March 1. The introduction of the science and technology board rules is experiencing "rocket speed." The revised "Regulations on Registration" has a total of 8 chapters and 81 articles. Among them, the institutional arrangement for the issuance and listing review process of Science and Technology Board is realized, and the whole process of acceptance and review is electronicized. The important nodes of the whole process are open to the public, improve the efficiency of auditing and reduce the burden on enterprises. ...[Details]

A spokesman for the China Securities Regulatory Commission answered questions: What procedures do companies need to fulfill when applying for listing on the Science and Technology Board?

When an issuer applies for an initial 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]

Heavy late at night! The establishment of the science and technology board and the pilot system for the registration of the main system rules will soon welcome the first batch of enterprises

The 21st Century Business Herald reporter was informed that in order to do a good job in setting up the science and technology board and the specific implementation of the pilot registration system, the CSRC has also formulated the “Information Disclosure Content and Format Guidelines for Companies That Offer Securities to the Public No. 41—The Prospectus of the Science and Technology Board Company "and the company's information disclosure content and format guidelines for publicly issued securities No. 42 - initial public offering of shares and application documents on the board of science and technology," and the "Regulations on Management" were released. ...[Details]

The Shanghai Stock Exchange responded to the hot topics of the science and technology board late at night T+0, investor threshold, red chip corporate listing standards and other questions have been answered!

Following the two major documents issued by the China Securities Regulatory Commission on March 2, 2019, the “Regulations on the Registration of Initial Public Offerings of the Science and Technology Board (Trial)” and the “Continuous Supervision of Listed Companies of the Science and Technology (Trial)”, Shanghai Securities Trading The Institute (hereinafter referred to as the Shanghai Stock Exchange) also issued and implemented the business rules and supporting guidelines for the establishment of the Science and Technology Board and the pilot registration system. ...[Details]

Shanghai Stock Exchange: The six strategic placement funds issued in the previous period can also participate in the strategic placement of the shares of the company.

In response to a reporter's question, the Shanghai Stock Exchange said that in addition, it is known to the regulators that the existing public funds that can invest in A shares can invest in the shares of the company, and the six strategic placement funds issued in the previous period can also participate in the strategic placement of the shares of the company. . ...[Details]

The enterprise applies for the acceptance decision within 5 working days of the listing of the Science and Technology Board.

The spokesperson of the China Securities Regulatory Commission said that when the applicant applied for the IPO listing, he said that if the issuer applies for the initial public offering and is listed on the Kechuang Board, it should produce the registration application documents in accordance with the relevant provisions of the China Securities Regulatory Commission. Report 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]

Shanghai Stock Exchange: The T+0 trading mechanism was not included in the business rules of this release.

The reporter of the Shanghai Stock Exchange said that in the process of setting up the Science and Technology Board and the pilot registration system supporting business rules, many investors suggested introducing the T+0 trading mechanism. In fact, the T+0 trading mechanism is not new in the A-share market. At the beginning of the establishment of the Shanghai Stock Exchange, the T+0 trading mechanism was implemented. However, due to the immature market conditions, the T+1 trading system was adopted. There has been a voice in the domestic implementation of the T+0 trading mechanism, but there are also different opinions. After comprehensive evaluation, in accordance with the principle of steady start and gradual progress, the T+0 trading mechanism was not included in the business rules of this release. ...[Details]

Shanghai Stock Exchange: Relevant red-chip companies that meet the requirements can apply for listing on the science and technology board

Shanghai Stock Exchange: The relevant red-chip enterprises that meet the requirements of the “Notice of the General Office of the State Council on Forwarding the Securities and Futures Commission's Several Opinions on Piloting Stocks or Depositary Receipts for Innovative Enterprises” may apply for listing on the Science and Technology Board. Among them, the operating income has grown rapidly, with independent research and development, international leading technology, and the same position in the competition in the same industry has not yet listed overseas red-chip companies, if the estimated market value is not less than 10 billion yuan, or the market value is expected to be no less than RMB 5 billion yuan and the operating income in the most recent year is not less than 500 million yuan, you can apply for listing on the science and technology board. ...[Details]

Shanghai Stock Exchange: 500,000 asset threshold and 2 years of securities trading experience are more appropriate

The stock market trading of the Science and Technology Board implements an investor suitability system, and some investors suggest that the investor's appropriateness threshold should be appropriately adjusted. The reporter of the Shanghai Stock Exchange said that from the data calculation, the appropriateness requirements of the 500,000 asset threshold and the two-year securities trading experience are more appropriate. There are about 3 million individual investors in the existing A-share market, and institutional investors account for more than 70% of transactions. Overall, the risk tolerance of investors and the liquidity of the science and technology board market are taken into account. ...[Details]

Shanghai Stock Exchange: Shorten the lock-up period of core technicians in the Exposure Draft

The Shanghai Stock Exchange stated that it will further optimize the shareholding reduction system. Shorten the lock-up period of the core technicians in the Exposure Draft of the Board of Directors of the Board of Directors, and adjust the lock-up period of the core technicians from one year to one year. After the expiration, the annual pre-issuance shares can be reduced by 25%; optimize the reduction of shareholders of unprofitable companies. Gradual arrangements were made for the controlling shareholder, the actual controller and the senior supervisor and the core technical personnel to reduce their holdings. Other arrangements for clearing the shareholding of Kechuangban are still implemented in accordance with the current reduction system. At the same time, in order to establish a more reasonable shareholding reduction system, it is clear that certain shareholders can transfer the pre-issuance shares through non-public transfer and placement. ...[Details]

Interpretation of the rules of science and technology
Kechuang board can open an account! 10 questions and 10 answers all understand: when opening the board, there is no 500,000

From the task put forward on November 5 last year to the full set of documents of the Kechuang board officially launched in the early morning of March 2, only 116 days before and after, the speed and efficiency are amazing. Especially in the early stage of the two sessions, the CSRC issued the rules of the board of science and technology in the early morning, which shows the urgency of capital market reform and the attention of the CSRC. ...[Details]

Released in the early hours! The key changes in the finalization of the "2+6" rule of the science and technology board are understood one by one.

Kechuang board opened the door to welcome guests! In the early hours of the morning, the China Securities Regulatory Commission and the Shanghai Stock Exchange officially issued the rules for the eight science and technology institutions that had previously publicly solicited opinions from the public, and they began to implement them from now on. This means that the company that intends to land on the company can submit IPO filing materials to the Shanghai Stock Exchange from today. ...[Details]

CCTV Finance: The science and technology board rules officially landed! There are four minor changes, three major breakthroughs!

CCTV Financial Reporter Hu Yuan: In my hand, this is the latest section of the science and technology board supporting rules. From January 30th to February 20th, the Shanghai Stock Exchange has publicly solicited opinions on the main business rules of the board. The opinions submitted by various market entities were 650. Among them, the issuance and listing review, the issuance underwriting mechanism, and the design of the trading mechanism were highly concerned by all parties in the market. ...[Details]

Kechuang board fire speed opening: 500,000, do not engage in T + 0, 3 million shares 4 trillion public offering directly buy! 10 core points to understand

It will have higher tolerance for scientific and technological innovation enterprises, and will give priority to supporting enterprises that are in line with national strategies, have key core technologies, have outstanding scientific and technological innovation capabilities, and have strong growth. The fund has sorted out the 10 core points that investors care most about. ...[Details]

Keystone board opening, registration system IPO application acceptance is about to start T+0 trading mechanism is not included

In the process of setting up a scientific board and piloting the registration rules for supporting business rules, many investors suggested introducing a T+0 trading mechanism. In this regard, the Shanghai Stock Exchange said that the T+0 trading mechanism is not new in the A-share market. At the beginning of the establishment of the Shanghai Stock Exchange, the T+0 trading mechanism was implemented. However, due to the immature market conditions, the T+1 trading system was adopted. There has been a voice in the domestic implementation of the T+0 trading mechanism, but there are also different opinions. After comprehensive evaluation, in accordance with the principle of steady start and gradual progress, the T+0 trading mechanism was not included in the business rules of this release. ...[Details]

0:45 heavy release! Kechuang board opened, 2+6 rules landed and implemented registration IPO application acceptance is about to start

At 0:45 in the morning of March 2, the eight rules were released, and the science and technology board came! At the level of the CSRC and its Shanghai Stock Exchange, the main system rules for the establishment of the Science and Technology Board and the pilot registration system were officially released, with a total of 2+6 related policies, registration requirements and procedures for science and technology enterprises, reduction of the system, information disclosure, listing conditions, and auditing standards. Provisions have been made in the areas of inquiry, shareholding reduction, and continuous supervision. ...[Details]

Institutional expert opinion
Interpretation of the venture capital organization's fire line: the opinions of the symposium were basically adopted.

Xiao Bing, executive partner and president of Dachen Caizhi: The rules left a certain space for change in the future; Zhuo Fumin, chairman and managing partner of Yuanxing Capital: The first batch of enterprises of Science and Technology Board had a greater challenge to the market after listing; Zhou Shaojun, partner of Oriental Fuhai: It is very encouraging to speed up the investment of Jinzheng. ...[Details]

Public offerings, private placements, and brokerages are all coming! 10 major institutions quickly interpret the science and technology board

In the early hours of the morning, the CSRC announced that the “Regulations on the Registration of Initial Public Offerings of the Science and Technology Board (Trial)” and the “Continuous Supervision of Listed Companies of the Science and Technology Board (Trial)” will be implemented as of the date of promulgation. At the same time, the Shanghai Stock Exchange also issued an announcement on the official website to answer questions about relevant supporting business rules. The fund is quick to organize 10 major points. ...[Details]

Zhao Xiaoguang: The best assets in the equity assets, the board has a golden opportunity

Since October last year, our market views have been well verified by us. The market's main industrial chain opportunity brokers, 5G, railway, military, nuclear power, radio and television, aquaculture, photovoltaic, automotive, express, panel, hydrogen energy, military and other opportunities for us Both look forward to and effectively recommend. ...[Details]

Tianfeng Securities Research Report explains the opportunity of creating a board: sailing the sea

Tianfeng Securities believes that the science and technology board is the "bovine nose" of reform, which will inject fresh blood into the A-share market. There will be a very certain expectation in 2019. Among all the policies, the most worthy of expectation is that capital market reform will continue to move forward drastically. ...[Details]

Well-known market players: Kechuang board is expected to send about 80-90 this year

In response to the new rules, Li Lifeng, chief strategist of Guojin Securities, said that according to this speed, we expect that the fastest start of the science and technology board on July 1st, the first batch of 20-25, about 80-90 this year. The first wholesale line is mainly concentrated in three major industries: high-end manufacturing, semiconductors, and pharmaceuticals. According to the calculation of 350 million yuan per financing, the annual IPO financing amount is about 30 billion yuan. ...[Details]

Yang Delong: The rules of the science and technology board officially landed. Many institutional innovations attract attention.

The establishment of the science and technology board is a major event in China's capital market this year. The pilot registration system on the science and technology board is an incremental reform of the capital market, which will minimize the impact on the existing trading sector and facilitate the pilot registration system by accumulating experience. . The establishment of the science and technology board is mainly to solve the shortcomings of China's capital market for the lack of support for science and technology innovation enterprises. The establishment of the science and technology board and the pilot registration system is a major institutional innovation, which is a major impetus to the reform of the capital market. ...[Details]

Lianxun Securities Kang Chongli: Science and Technology Board is good. It is expected that the market will break through the 3000 mark on Monday.

Kang Chongli, head of the strategy group of Lianxun Securities Research Institute: A typical bull market atmosphere, financial stocks rushed on Friday, and the weekend science and technology board is good! It is expected that the gap will open higher on Monday, and it will break through the 3000-point mark. Then it will enter the repeated digestive stage within the resistance of 3250 points. The current heat can only be maintained close to the upper rail of the box. But it can be expected, because the central bank can control and retract freely! The hot atmosphere of the market can facilitate the opening of the subsequent science and technology board! At the same time, the siphon effect also needs attention! ...[Details]

New investment trends
Minsheng Securities: A picture to understand the potential list of science and technology board and its shadow shares

Yesterday evening, the Shanghai Stock Exchange issued a notice on the “Guidelines for the Listing of Shanghai Stock Exchange Science and Technology Enterprises”. The sponsors are required to focus on recommending the creation of seven major fields such as biomedicine. Specifically, it includes the next-generation information technology field, high-end equipment field, new material field, new energy field, energy conservation and environmental protection field, biomedical field and other fields that are in line with the position of science and technology board. ...[Details]

Tianfeng Securities Interprets Full Market Opportunities, Forecasting the First Year Will Bring 6 Billion Performance Contributions to Brokers

Xia Changsheng team believes that based on the above assumptions and calculations (not considering the "green shoe mechanism"), the performance contribution of the company in the first year to the brokerage is about 6 billion yuan, accounting for about 2.4% of the securities industry's revenue in 2018. Because of the high probability of the science and technology board project will focus on the head broker. ...[Details]

The China Securities Regulatory Commission issued a series of documents on the board of the board. Who is the "star" listed? Which concept stocks benefit?

China Merchants Securities expects that the science and technology sector industry will focus on high-tech industries with hard technology and innovation capabilities, and have certain fixed assets accumulation. The profit transformation has sustainability and growth potential. "We believe that the biggest driver may be semiconductors. Artificial intelligence and the like." ...[Details]

Kechuang Board launches or expands Hong Kong and A shares to deepen new opportunities

The "Strategic Plan 2019-2021" announced by the Hong Kong Stock Exchange recently proposed to further deepen the interconnection with the mainland capital market. It will optimize the Shanghai-Shenzhen-Hong Kong Stock Connect and gradually extend the products covered to more stocks including international companies. ETFs, exchange-listed bonds (including convertible bonds) and new share issuance market (new shares); and the mainland regulators to discuss stock borrowing under the Hong Kong stock market and allow Northbound to use normal short selling mechanism. ...[Details]