On March 1, 2019, the Shanghai Stock Exchange officially issued the main business rules for the establishment of a science and technology innovation board and a pilot registration system. Since then, supporting business rules, regulatory Q&A, guides and other normative documents have been issued one after another.

On June 13, 2019, the China Securities Regulatory Commission and the Shanghai Municipal People's Government jointly held the opening ceremony of the Science and Technology Innovation Board of the Shanghai Stock Exchange.

On July 22, 2019, the first batch of companies on the Science and Technology Innovation Board of the Shanghai Stock Exchange were listed.

On April 27, 2020, the Shenzhen Stock Exchange solicited public opinions on the reform of the GEM and the main institutional rules of the pilot registration system.

On August 24, 2020, the first batch of enterprises reformed the GEM and pilot registration system were listed.

On June 10, 2021, Yi Huiman, chairman of the China Securities Regulatory Commission, commented at the 13th Lujiazui Forum that the overall effect of establishing a science and technology innovation board and the pilot registration system reform was good and in line with expectations. With the continuous advancement of the reform, the concept of the registration system with information disclosure as the core is increasingly deeply rooted in the hearts of the people, the sense of attribution and due diligence of market subjects has been significantly enhanced, the mechanism for survival of the fittest has been further improved, breakthroughs have been made in the supply of the rule of law in the market, the channels for investors have become more unblocked, the market expectations are obviously stable, and the overall ecology of the market has shown positive changes.

On November 15, 2021, the Beijing Stock Exchange was unveiled and opened.

On January 17, 2022, the China Securities Regulatory Commission held a 2022 system working meeting. The meeting pointed out that the conditions for the full implementation of the stock issuance registration system have been gradually met.

On July 22, 2022, on the occasion of the third anniversary of the opening of the science and technology innovation board, the Shanghai Stock Exchange held a symposium on science and technology innovation board enterprises. Yi Huiman, chairman of the China Securities Regulatory Commission, said that it is necessary to improve the arrangements for the pilot registration system, accelerate the supervision and transformation, and make solid preparations for the full implementation of the stock issuance registration system.

On February 1, 2023, the China Securities Regulatory Commission solicited opinions from the public on the full implementation of the main system rules of the stock issuance and registration system, and the exchange solicited opinions from the public on the supporting rules.

On February 17, 2023, the China Securities Regulatory Commission issued relevant rules for the full implementation of the stock issuance and registration system, which will take effect from the date of promulgation. The supporting system rules of the stock exchange, the National Stock Exchange Corporation, China Settlement, China Securities Finance and Securities Industry Association were issued and implemented simultaneously.

The above content is forwarded from Questions and Answers on the Comprehensive Implementation of the Reform of the Stock Issuance Registration System