Xinhua News Agency, Beijing, September 6th. “China Securities Journal” published an article on the 6th “Beijing Stock Exchange’s first batch of business rules soliciting opinions and translation selection level entry standards as a listing condition does not impose rigid requirements on the ratio of cash dividends.” According to the article, the Beijing Stock Exchange reported on September 5 that the first batch of business rules of the Beijing Stock Exchange was publicly solicited for comments. The main contents include: the entry condition of the selected layer as the listing condition of the Beijing Stock Exchange; the Beijing Stock Exchange no longer implements the continuous lead brokerage Supervision system; does not impose hard requirements on the proportion of cash dividends, and encourages companies to “do what they can” according to their own actual; for equity incentives, it is allowed to reasonably set an option exercise price lower than the stock market price under the premise of full disclosure and fulfillment of the corresponding procedures. To enhance the motivational effect.
In the near future, the Beijing Stock Exchange will also solicit public opinions on the implementation of self-discipline rules related to the registration system for public offerings.
(Data map, issued by Xinhua News Agency)
Suspension and resumption of trading are more stringent
According to the person in charge of the Beijing Stock Exchange, the first batch of business rules include the “Beijing Stock Exchange Stock Listing Rules (Trial)” (referred to as the Listing Rules), “Beijing Stock Exchange Trading Rules (Trial)” (referred to as the “Trading Rules)”, “Beijing Stock Exchange Member Management Rules (for Trial Implementation)” (referred to as Member Management Rules).
The listing rules stipulate that the regulatory requirements for listed companies and related entities on the Beijing Stock Exchange consist of four parts: issuance and listing, continuous supervision, delisting mechanism, self-regulatory supervision, and handling of violations.
In terms of issuance and listing, the entry requirements of the translation selection layer are used as the listing conditions. After more than a year of practical testing, the entry conditions of the NEEQ selection layer have been widely recognized by all parties in the market for its inclusiveness, accuracy and adaptability. In order to achieve a smooth transition, various indicators and their specific values in the listing conditions of the Beijing Stock Exchange Continue with the entry conditions of the selection layer. Innovative-tier listed companies that have been listed on the NEEQ for 12 consecutive months meet the expected market value and financial standards. After being registered with the China Securities Regulatory Commission and completing public offerings to unspecified qualified investors, the shareholding ratio of public shareholders meets the corresponding requirements Yes, it can be listed on the Beijing Stock Exchange.
Regarding continuous supervision, the management of suspension and resumption of trading has become more stringent. The listing rules implement the supervisory principle of “less stop, short stop, and phased stop”, requiring listed companies not to abuse the trading suspension and resumption mechanism, and not to use trading suspension to replace information confidentiality, to ensure the continuity of market transactions and protect investors’ trading rights. When planning a major asset reorganization or issuing shares to purchase assets, the trading suspension time shall be compressed to no more than 10 trading days, and other major matters planned shall not exceed 5 trading days. If the resumption of trading is postponed due to special circumstances, the total duration of continuous trading suspension shall not exceed 25 trading days .
In terms of the delisting mechanism, the arrangements for active and compulsory delisting were clarified. Compulsory delisting was divided into four types of situations: transaction, financial, regulatory and major violations, and constructed a diversified and rich indicator combination. Delisting companies that meet the basic or innovation-level listing conditions of the National Equities Exchange System are encouraged to enter the corresponding level of listing and trading and continue to develop; if there are major violations of the law and do not meet the listing conditions, they will be transferred to the delisting company section, which reflects the right Innovative exploration of delisting risks of “classified relief and adequate mitigation”. Delisted companies on the Beijing Stock Exchange that meet the requirements for relisting may apply for relisting.
In addition, the Beijing Stock Exchange no longer implements the “lifetime” continuous supervision of the lead brokerage firm, and the sponsor institution will perform the continuous supervision duties within the prescribed time limit. This is mainly considering that the companies listed on the Beijing Stock Exchange are all innovative companies that have been listed on the New Third Board for one year. They have passed strict access reviews when they went public, and have undergone a long period of market testing. Be consistent and no longer implement the continuous supervision system of the host brokerage. In response to a reporter’s question, the Beijing Stock Exchange emphasized that in order to ensure a smooth transition, in the initial stage of the Beijing Stock Exchange’s opening, the continuous supervision agreement signed by the listed company and the lead broker should continue to be implemented. The institute will clarify the follow-up arrangements as soon as possible.
In response to a reporter’s question, the Beijing Stock Exchange said that the listing rules have fully absorbed the early practical experience of the selected layer, inherited the regulatory system that fits the characteristics of innovative small and medium-sized enterprises, and formed a differentiated institutional arrangement that reflects the market positioning and characteristics of the Beijing Stock Exchange, effectively balancing The standard costs and benefits of small and medium-sized enterprises in the capital market. For example, there are no hard requirements for the cash dividend ratio, and companies are encouraged to “do what they can” according to their actual; for equity incentives, it is allowed to reasonably set an option exercise price lower than the stock market price under the premise of full disclosure and fulfillment of the corresponding procedures. Enhance the motivational effect.
The overall continuation of the selected layer trading system
In response to a reporter’s question, the Beijing Stock Exchange stated that the trading rules as a whole continue the selection layer’s trading system with continuous bidding as the core, and other major regulations such as price limits, declaration rules, and price stabilization mechanisms remain unchanged, and investors’ transactions will not be changed. Habits, do not increase the burden on the market, reflect the characteristics of SME stock transactions, and ensure the stability and continuity of market transactions. Compared with the selected-tier trading system, the new trading rules only make adaptive adjustments to the publishing subject and style, and the content has not changed.
Specifically, the first is to implement a 30% price increase and decrease limit, to give the market sufficient room for price games, and to ensure the efficiency of price discovery. The second is that there is no limit on the price increase or decrease on the first day of listing, and a temporary suspension mechanism is implemented, that is, when the intraday transaction price rises or falls by 30% or 60% or more than the opening price for the first time, the intraday temporary suspension for 10 minutes, and the trading will be resumed. Call auction. The third is to set the effective price range of ±5% of the benchmark price for the price limit declaration during the continuous bidding period, and adopt the price limit protection measures for the market price declaration. Fourth, the minimum number of trading declarations is 100 shares, and each declaration can be incremented by 1 share. Fifth, if the number of a single declaration is not less than 100,000 shares or the transaction amount is not less than 1 million yuan, a large transaction can be carried out. At the same time, institutional space has been reserved for the introduction of a market-making mechanism and the implementation of mixed trading.
Establish membership and daily management system
The Beijing Stock Exchange has explored a membership management system compatible with corporate exchanges, focusing on clarifying the requirements for member transaction risk control, customer management, transaction information use, and technical system management, strengthening the supervision mechanism, and urging members in various businesses Responsible in the activity.
The membership management rules mainly include five aspects: First, establish a membership and daily management system, clarify the conditions and procedures for membership acquisition and loss, and put forward requirements for members’ daily business management mechanisms. The second is to clarify member compliance management and risk control requirements, focus on strengthening the prevention and control of transaction risks, and improve the information isolation system. The third is to strengthen member customer management responsibilities, require members to appropriately match customers and products, guide investors to participate in securities transactions rationally, and fully protect the legitimate rights and interests of investors. The fourth is to regulate the use of information and the management of technical systems, requiring members to effectively manage the use of transaction information by customers, not to abuse securities transaction information, and to ensure the continuous and stable operation of transactions and related systems. The fifth is to strengthen the supervision and management of members, clarify that the exchange can conduct on-site and off-site inspections of members, and take self-regulatory measures or disciplinary sanctions for violations of business rules.
Regarding the question of “Beijing Stock Exchange, as a company-based exchange, why does it implement a membership management system?” In response to a reporter’s question, the Beijing Stock Exchange stated that members are the qualification carriers for securities companies to conduct business. The Beijing Stock Exchange implements membership management, one is to implement the requirements of the upper law; the other is to facilitate market understanding. Under the corporate system, the exchange’s regulatory requirements for securities companies participating in market operations are generally consistent with the membership-based exchange’s regulatory requirements for members. From the perspective of market participants, corporate exchanges use the expression “member” for securities companies participating in business, which is easy to accept and understand; third, it conforms to the practice of domestic and foreign corporate exchanges. (over)Return to Sohu to see more
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