Home » Tanlu’s comprehensive registration system for A-shares and the reform of the ChiNext Board will go further

Tanlu’s comprehensive registration system for A-shares and the reform of the ChiNext Board will go further

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Original title: Toan Road A-share comprehensive registration system for the GEM reform and then go deep

On August 24, the registration system reform of the Growth Enterprise Market took place for one full year.

Over the past year, 182 newly listed companies under the registration system have raised a total of 140.147 billion yuan in initial offerings. As of August 23, 2021, the number of companies listed on the Growth Enterprise Market has reached 1,011, with a total market value of 13.15 trillion yuan.

Over the past year, the main institutional rules of the ChiNext have withstood market tests, the market has been operating steadily, and the “increment + stock” reform has achieved remarkable results. Many experts, scholars and market participants interviewed by reporters from “Economic Information Daily” stated that after the reform of the Growth Enterprise Market and the pilot registration system, the market ecology has undergone positive changes, laying the foundation for the implementation of the registration system in the entire market and accumulating valuable experience.

The registration system stimulates the new vitality of ChiNext

The Growth Enterprise Market Index, which represents the high-quality core assets of the ChiNext market, has shown high growth in the past year: In 2020, the growth rate of the Growth Enterprise Market Index reached 64.96%; this year, the Growth Enterprise Market Index has maintained its upward trend despite market turbulence. As of August 23, 2021, the ChiNext index has risen by 11.04% during the year.

While the index has risen significantly, the turnover on the Growth Enterprise Market has also continued to increase. Flush data shows that since late July, the turnover of the ChiNext market as a proportion of the total trading value of AB shares has set a new high several times. On July 30, the turnover of the ChiNext reached 26.40%, a record high. Judging from the absolute transaction value, in the 25 trading days since July 20, 17 of the trading days on the Growth Enterprise Market exceeded 300 billion yuan, and on August 2, it hit a new high of 367.517 billion yuan.

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Yan Hong, the academic deputy dean of Shanghai Advanced Institute of Finance and Professor of Finance at Shanghai Jiaotong University, told the reporter of “Economic Information Daily”: “The implementation of the registration system reform on the Growth Enterprise Market has achieved very important results. In the past year, the number of listed companies on the Growth Enterprise Market has increased significantly. As a result, the performance of the ChiNext Index in the past year has also led the entire market index, tangibly bringing returns to investors and reflecting its investment value.”

Statistics show that as of August 20, 2021, 1011 companies on the Growth Enterprise Market have raised a total of 659.552 billion yuan in initial funds; 359 companies have implemented 474 refinancing plans, and have raised a total of 451.544 billion yuan. The total amount of equity financing exceeds one trillion yuan, and the funds are directly invested in the field of innovation and entrepreneurship to further promote the development of the new economy.

As a company listed on the ChiNext under the registration system, Miao Guodong, chairman of Xiamen Di Nike Intelligent Technology Co., Ltd., stated that Di Nike is a direct beneficiary of the reform of the ChiNext registration system. The reform of the GEM registration system has accelerated the process of companies’ initial public offerings and listing on GEM. It has benefited from the open, transparent, efficient, and clear-regulated review mechanism of the registration system, as well as the company’s well-regulated operation and operation. In the process of listing, the company clarified the development direction, improved corporate governance, and realized the development process of standardized operation.

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Ren Peng, Assistant to the President of China International Finance Securities and General Manager of China International Securities Shanghai Securities Underwriting and Sponsor Branch, said that since the reform of the Growth Enterprise Market and the pilot registration system, it has effectively exerted its direct financing function and made positive contributions to the promotion of high-level circulation of technology, capital and the real economy. . Shi Donghui, deputy dean of the China Institute of Financial Rule of Law of Fudan University and professor of Fanhai International Finance School, also said that after the pilot registration system for the GEM, the number, pace, and price of stock issuance are determined by the market, which is conducive to the formation of capital elements from low quality. The mechanism for the flow of low-efficiency fields to high-quality and high-efficiency fields guides the accumulation of capital elements to advanced productivity. At present, the number of listed companies on the GEM has exceeded 1,000. This is not only the accumulation of the long-term development of the GEM, but also the momentum and vitality brought about by the reform of the registration system.

The reform of the registration system is full of colors

Establishing diversified listing standards, simplifying issuance conditions, improving the refinancing and mergers and acquisitions and restructuring service system, and optimizing the equity incentive policy environment… A series of reforms have achieved remarkable results, and the concept of the registration system has gradually become popular.

After the implementation of the pilot registration system on the Growth Enterprise Market, the issuance of new shares has moved towards normalization. As of August 20, 2021, the Shenzhen Stock Exchange has accepted a total of 727 companies’ initial listing applications on the ChiNext, and 182 companies have successfully landed on the ChiNext. Shi Donghui said that the GEM implements the registration review concept centered on information disclosure, adheres to the sunny and electronic review, and steadily promotes the “four disclosures” of the issuance and listing review standards, review process, review results, and regulatory measures, and integrates technology supervision throughout the issuance. The listing review process is always. (Next to the second edition)

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