Deepening the reform of the New Third Board and establishing the Beijing Stock Exchange is a new major strategic deployment made by General Secretary Xi Jinping to build a new development pattern for capital market services. It is an important measure to implement the national innovation-driven development strategy requirements and support the innovative development of small and medium-sized enterprises. In order to lay a solid foundation for the reform of the system, the China Securities Regulatory Commission is now issuing three regulations and 11 related normative documents on the issuance and listing, refinancing, and continuous supervision of the Beijing Stock Exchange; at the same time, to better integrate the systems and further enrich the financing of the national equity transfer system Tools, the two regulations on the supervision of non-listed public companies have been revised, and two content and format guidelines for the targeted issuance of convertible bonds by listed companies have been formulated.
On September 3 and September 17, 2021, the China Securities Regulatory Commission publicly solicited opinions on the above-mentioned regulations and normative documents, and listened to the opinions of relevant parties through seminars and written comments. On the whole, all sectors of society have a high degree of consensus on the formulation ideas, basic framework and main content of the relevant rules. At the same time, they have put forward some suggestions for amendments in terms of operation and implementation, and the formulation of provisions. Reasonable suggestions on the protection of the legitimate rights and interests of small and medium investors, the improvement of the standardized operation of listed companies, and the improvement of the pertinence and effectiveness of information disclosure have all been adopted.
The above-mentioned regulations and normative documents, together with the self-discipline rules formulated by the Beijing Stock Exchange, have jointly established a set of Beijing Stock Exchange rules and regulations that are compatible with the characteristics and growth stages of innovative small and medium-sized enterprises. Flexible and inclusive market characteristics. From the perspective of the rule system, relevant regulations, normative documents, and self-discipline rules are linked to each other, and the main system arrangements, information disclosure content and self-discipline management requirements are respectively regulated. From the perspective of the content of the rules, it covers all aspects of issuance financing, information disclosure, corporate governance, supervision and management. From the perspective of the characteristics of the rules, adhere to the principle of marketization, highlight the main responsibility of the exchange, and fully authorize the Beijing Stock Exchange to formulate self-discipline rules based on the actual market conditions on the basis of laws, regulations and rules.
In the next step, the China Securities Regulatory Commission will thoroughly implement the spirit of General Secretary Xi Jinping’s important speech, insist on progress while maintaining stability, insist on dislocation development, highlight characteristics, coordinate the implementation of various systems, and give full play to the “leading” role of the Beijing Stock Exchange. , To continuously strengthen the system linkage with the innovation layer and basic layer of the new third board, stimulate the overall vitality of the market, and strive to build the main position of service innovative small and medium-sized enterprises, and better serve the high-quality development of the real economy.
The above-mentioned regulations and normative documents will come into effect on November 15, 2021.