Gem IPO Is Cautious About "Uncertainty" In The Process Of Transferring Enterprises To The Shenzhen Stock Exchange.

Editor's note

On the evening of April 27th, the reform plan for gem was finally released, and the reform of China's capital market met the key nodes again. On the basis of learning from the reform experience of the science and technology innovation board, the registration system reform of GEM has gone further, involving "stock reform + incremental reform".

At the same time, the post reform gem is positioned as the main service growth oriented innovation and entrepreneurship enterprise, supporting the deep integration of traditional industries with new technologies, new industries, new formats and new modes. Under this positioning, the future growth enterprise market will be misplaced with other sectors such as Chuang Chuang board, and form a multi-level camp for the new economy to enter the capital market.

On the evening of April 27th, the thirteenth meeting of the Central Committee for comprehensive deepening reform and deliberation adopted the "implementation plan of the gem reform and the pilot registration system", which means that the pilot registration system reform of gem was officially launched.

On the evening of that night, the SFC and the Shenzhen Stock Exchange also solicited opinions on the rules and regulations of gem reform to the market. Among them, the most concern of the market is how to change the IPO system, and how should the existing stock enterprises deal with it?

According to the twenty-first Century economic report reporter, the SFC carried out interim arrangements in batches based on the different audit stages of different stock enterprises. According to the current requirements, the first batch of enterprises that start the review of the gem reform will be the enterprises that the SFC has transferred to the Shenzhen Stock Exchange.

On the other hand, a SFC's stricter supervision of sponsor institutions has been ignored by the market. A number of heavy fines imposed by the SFC on sponsor institutions and sponsors will, to a large extent, form a chain reaction to the number and arrangement of initial registration enterprises.

What about stock items?

Compared with the Chuang Chuang board and the new three board reform, this gem reform and pilot registration system, how to deal with the stock market is the key.

For the issue of new shares, it is facing the problem of dealing with the stock to be listed. At present, how do more than 200 GEM stocks go on trial?

Reporters learned that for the stock in the trial business, the Commission gave a clear transition arrangements. In April 27th, the securities and Futures Commission made it clear that it would stop receiving initial public offerings and apply for listing on the gem.

According to the latest IPO of the SFC in April 23rd, the number of enterprises in gem is over 200, and there are different transitional arrangements for these enterprises.

First of all, enterprises that are still able to issue new shares normally, including enterprises that have already been approved by the securities and Futures Commission of the SFC and have already obtained IPO approval, will still be the underwriters of the issue.

The second category, which has been approved by the issuance examination committee but has not yet received approval, is based on the statistics of journalists. Up to 21 such enterprises.

The SFC has given two options, one is to promote the administrative licensing process before the formal launch of the gem registration system, and to launch the underwriting work in accordance with the existing regulations.

Another option is that enterprises can choose their own applications to stop promoting administrative licensing procedures. After the official implementation of the relevant system of the pilot registration system for gem, the enterprises will declare to the Shenzhen Stock Exchange and implement the issuance and listing procedures, and start issuing underwriting in accordance with the reform system.

"Choosing the first type of enterprise will take time. It is to continue to wait for the SFC to issue approval. If it gets approval before the landing of the gem system, it will remain as usual. Another option means that the company will go through the IPO process under registration, but regulators have made it clear that they will follow the original queue order. A small and medium-sized brokerage investment bank in Beijing area leader said.

The third category of enterprises is not yet through the issuance examination committee audit, queuing enterprises, the number of such enterprises is the largest, there are 177.

For this type of enterprise, the supervision level is transferred to the exchange level, and the exchange is audited according to the registration rules of the gem reform.

As for the stock ordering problem that the market is concerned about, the reporter also learned from the SFC that the Shenzhen Stock Exchange will arrange the follow-up audit based on the audit order and audit data of the enterprise in the SFC.

In addition, the SFC has also given priority to such enterprises for a period of time, that is, within 10 working days from the date of the implementation of the registration system of the gem, the Shenzhen Stock Exchange only accepts the initial public offering application of the growth enterprise board in the trial enterprises. After 10 working days, the Shenzhen Stock Exchange will begin to accept applications from other enterprises.

But for the transferred stock enterprises, there are still very large uncertainties.

The foregoing Beijing small and medium-sized brokerage business line leader told reporters: "let investment banks and enterprises worry is whether the current stock enterprises meet the requirements of the gem reform. At present, the regulatory authorities only have a very general description of the scope of acceptance of the gem after the reform. The current enterprises in the trial are not sure whether they will meet the requirements in the end, hoping that the regulatory authorities can clarify this arrangement as soon as possible.

According to the reporter's understanding, the main task of the securities companies will be to wait for further clarifying the rules of the gem, and then re run the materials based on the new requirements, so that the stock items can be reported to the exchange as soon as possible.

Based on this arrangement, senior industry insiders predict that the Shenzhen Stock Exchange will only begin receiving new IPO declaration documents in the middle of June.

Strict supervision of sponsorship will trigger a chain reaction

In addition to dealing with problems such as stock items, another important factor that affects gem reform and pilot registration system has not been fully valued by the market. This is to refine and increase the supervision of sponsor institutions.

On the evening of April 27th, the SFC issued the management measures for the issuance and listing of sponsorship business (Draft for draft amendments) (hereinafter referred to as the "recommendation management measures").

The sixth chapter of the sponsorship management measures has set up special regulations on supervision and legal responsibility, and up to 20 of them are related to the supervision and punishment of sponsoring agencies and sponsors, and the degree of supervision is far higher than before.

      If the SFC expresses that if there are false records, misleading statements or major omissions in the application documents such as securities issuance documents, the SFC will suspend the sponsor's business qualification for 1 to 3 years from the date of confirmation, and order the sponsor to replace the relevant person in charge. If the circumstances are serious, it will withdraw the sponsor's qualification and take relevant measures to prohibit the relevant responsible persons from entering the securities market. Shi.

A SFC authoritative person urged reporters to pay attention to the corresponding institutional arrangements and supporting measures for cracking down on financial fraud and fraud issuance in the trial of the registration system reform of gem, among which the responsibility of compacting intermediaries, especially the responsibility of sponsoring agencies, is the most important.

The person pointed out that the SFC will continue to monitor the practice quality of intermediaries through various ways. It will severely punish intermediaries who are not responsible enough for performing their duties, and even conniving, assisting the issuers in manipulating profits, making financial fraud, and disclosing irregularities. At the same time, we should pay attention to key projects in the registration and distribution of such intermediaries.

"Investment banks are eager to make quick progress through the reform of registration system, but we should not ignore that the requirements of regulators for sponsoring agencies and sponsors have been further improved." The head of the small and medium brokerage company's investment banking business told reporters.

A senior broker of a large brokerage firm in Shanghai said: "if the intermediary organization's responsibilities are tightened, it will have a chain impact on the securities companies. Securities companies should be fully aware that the risk of compliance under registration system is greater than chance, and the project assessment project will be more cautious.