First, explore and form a registration system framework that conforms to China's national conditions. In particular, with information disclosure as the core, more market-oriented institutional arrangements have been introduced, and there are no administrative restrictions on the price and scale of new shares issued, which has significantly improved the efficiency, transparency and predictability of auditing registration.
The second is to improve the service function of scientific and technological innovation. Both the Science and Technology Innovation Board and the Growth Enterprise Market have established diversified and inclusive issuance and listing conditions, allowing non-profit enterprises, special equity structure enterprises and red chip enterprises to go public, which meets the characteristics and financing needs of scientific and technological innovation enterprises. In particular, a group of "hard technology" enterprises in the field of "stuck neck" technology have landed on the science and technology innovation board to form industrial agglomeration in integrated circuits, biomedicine, high-end equipment manufacturing and other industries, smoothing the high-level cycle of science and technology, capital and the real economy.
Third, it has promoted the innovation of key systems such as trading and delisting. There is no limit on the rise and fall of new stocks on the Science and Technology Innovation Board and the Growth Enterprise Market in the first five trading days of listing. After that, the daily increase and fall limit has been relaxed from 10% to 20%, and the margin trading mechanism is optimized at the same time, and the pricing efficiency of the secondary market has been significantly improved. Establish a normal delisting mechanism, simplify delisting procedures, improve delisting standards, and significantly increase the strength of delisting.
Fourth, the multi-level market system has been optimized. The reform of the registration system is promoted with the plate as the carrier. In this process, the Shanghai Stock Exchange set up a new science and technology innovation board, the Shenzhen Stock Exchange reformed the GEM, merged the main board and the small and medium-sized board, and set up a selected layer on the new third board, and then set up the Beijing Stock Exchange and established a turning board mechanism. After the reform, the sector structure of the multi-level capital market has become clearer and the characteristics are more distinct. Each sector has strengthened organic links through IPO (listing), transfer board, spin-off and listing, mergers and acquisitions.
Fifth, the guarantee of the rule of law has been improved. The new securities law and the amendment to the criminal law (11) have been promulgated and implemented, which has fundamentally reversed the low cost of illegal laws and regulations. The General Office of the Communist Party of China and the State Council issued the Opinions on Strictly Cracking down on Securities Illegal Activities in accordance with the Law, and the "zero tolerance" law enforcement judicial system and mechanism have been continuously improved. The first securities class action lawsuit "Kangmei Case" awarded investors 2.459 billion yuan, which became a landmark event in the history of the rule of law in the capital market.
Sixth, the market ecology has been improved. Driven by a series of reform measures, the survival and survival mechanism of the fittest in the capital market has been improved, the structure, investor structure and valuation system of listed companies have undergone positive changes, the proportion of technology companies and the proportion of professional institutions has increased significantly, and the issuance pricing of new shares and the valuation of secondary market have shown a trend of high-quality and preferential prices. The market order has become more standardized, and the awe of issuers and intermediaries for the market has been significantly enhanced.
The above content is transferred from the "Investment and Education Questions and Answers on the Comprehensive Implementation of the Reform of the Stock Issuance Registration System"
