Under the unified leadership of the China Securities Regulatory Commission, the Shenzhen Stock Exchange formulates and revises supporting business rules in accordance with the overall requirements of the full implementation of the registration system, in accordance with the provisions of the Securities Law and the rules of the China Securities Regulatory Commission, and consolidates the institutional basis for the full implementation of the registration system. In the process of rulemaking, the following ideas are mainly followed.

First, implement the guiding ideology of reform. The guiding ideology of fully implementing the registration system is to thoroughly implement Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era and the spirit of the 20th National Congress of the Communist Party of China, implement the decision-making and deployment of the CPC Central Committee and the State Council, closely focus on the overall goal of "creating a standardized, transparent, open, dynamic and resilient capital market", fully implement the new development concept, adhere to the general tone of seeking progress while maintaining stability, adhere to the system, non-intervention and zero tolerance, adhere to the reform direction of marketization and the rule of law, adhere to the principle of respecting to the basic connotation of the registration system, learning from global best practices, reflecting the characteristics and development stage characteristics, highlight the essence of the essence of the registration system reform of handing over to the market, simultaneously strengthen supervision, promote package of reforms, improve the The Shenzhen Stock Exchange fully implements the guiding ideology of reform, formulates and revises supporting business rules, and provides a basic institutional guarantee for the smooth promotion of a package of reforms.

Second, fully absorb and learn from the existing reform experience. On the basis of comprehensively summarizing and evaluating the experience of the pilot registration system reform of the Science and Technology Innovation Board, the Growth Enterprise Market and the Beijing Stock Exchange, effective practices will withstand market testing, such as strengthening audit power checks and balances, implementing on-site supervision and compacting the responsibilities of sponsoring institutions, etc., will be replicated and extended to the main board to maintain the continuity of the reform and stabilize market expectations.

Third, promote the coordination and unification of the business rules of each sector. In the comprehensive implementation of the registration system, the rules of Shenzhen Main Board, GEM issuance and listing review, issuance and underwriting, continuous supervision, trading and other rules have been further integrated. The supporting system of the registration system of the two sectors in Shenzhen is generally consistent, and at the same time, it is basically consistent with the supporting rule system and content under the registration system of the Shanghai Stock Exchange, which is conducive to promoting the formation of a more coordinated, concise and friendly business rule system for the whole market.

Fourth, maintain reasonable differences between plates. Scientifically grasp the relationship between reform innovation and institutional stability, generality and speciality, and maintain the characteristics of different sectors in terms of functional positioning, trading mechanism, etc. For example, implement the requirements for building a multi-level capital market, set differentiated listing conditions, and maintain the misaligned development of the main board and the GEM; fully consider the existing structure of investors and listed companies on the main board, while replicating and learning from some trading mechanisms of the GEM, respect trading habits, and keep the daily rise and fall limit of the main board (except for the first five trading days before the listing of new shares) and the appropriateness of investors remain unchanged.

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