On November 9, it was reported that more than 100 days have passed since the opening of the high-tech innovation board, and the number of listed companies has increased to 51, and various supporting systems have been continuously improved. Following the public solicitation of supporting business rules for major asset restructuring of the technology innovation board, the Shanghai Stock exchange has also solicited opinions from the market on supporting business rules for refinancing of the technology innovation board.
According to the information on the official website of Shanghai Stock Exchange, there are two items in the public solicitation for opinions on the refinancing supporting business rules of science and technology innovation board. One is the review rules for the issuance and listing of securities of listed companies of science and Technology Innovation Board of Shanghai Stock Exchange (Draft for Opinions), which stipulates the content and requirements of the review of refinancing of listed companies of science and technology innovation board, the review procedures, the simple review procedures for small non-public issuance and the violation of refinancing Self discipline supervision of regulatory actions.
The other is the detailed rules for the implementation of securities issuance and underwriting of listed companies on science and Technology Innovation Board of Shanghai Stock Exchange (Draft for comments), which stipulates the main institutional arrangements for allotment and additional issuance of shares of listed companies on science and technology innovation board, as well as the corresponding issuance and underwriting business process and regulatory requirements under different types of issuance object determination mechanisms in non-public issuance.
The two rules for the public consultation are formulated in accordance with the basic principles and institutional framework established in the measures for the administration of the registration of securities issuance of listed companies on the science and technology innovation board (Trial) (Draft for comments) of the CSRC, and specific provisions are made on the examination and approval of the refinancing issuance and listing, and the issuance and underwriting business of the science and technology innovation board.
The official website of Shanghai Stock Exchange also said that the relevant system design of refinancing of Listed Companies in science and technology innovation board is to implement the goal of "improving the convenience of refinancing of science and Technology Innovation Board" put forward in the implementation opinions on the establishment of science and technology innovation board and pilot registration system in Shanghai Stock Exchange, follow the concept of science and technology innovation board stock issuance registration system with information disclosure as the core, and be guided by the principles of marketization and rule of law In combination with the characteristics of refinancing activities of listed companies, targeted optimization and improvement have been made, including optimizing the audit procedures for non-public issuance of Listed Companies in science and technology innovation board, greatly shortening the audit period, setting up a simple audit procedure for small non-public issuance, and building a corresponding refinancing issuance and underwriting business process.
Relevant rules also further strengthen the obligation of information disclosure of listed companies and the duty of intermediary agencies, and strengthen the self-regulation measures.
At present, the two drafts for comments involved in the relevant business rules for refinancing of Listed Companies in science and technology innovation board have been published on the official website of Shanghai Stock Exchange, and the deadline for comments is December 8, 2019.