2024-01-20 02:53:02
On January 19, the China Securities Regulatory Commission held a press conference. The heads of relevant departments introduced the overall situation of the stock issuance registration system reform, and stated that they will continue to optimize institutional arrangements and promote the establishment of a more mature and stereotyped capital market basic institutional system. The heads of relevant departments of the China Securities Regulatory Commission also responded to hot market issues such as the delisting, refinancing, reduction of shareholdings of listed companies, as well as the situation of investment and financing.
Implement registration system
Strict punishments and strict laws must be imposed to curb chaos
Zhou Xiaozhou, the main person in charge of the Comprehensive Business Department of the China Securities Regulatory Commission, introduced the overall situation of the registration-based reform and responded to the issues of the registration-based reform, including transparency, strengthening regulatory enforcement and investor protection, and basic system construction.
He said that over the past five years, the China Securities Regulatory Commission has taken the registration system reform as the leader and promoted a new round of comprehensive and deepening reforms in the capital market. The quality and efficiency of the capital market in serving the real economy and technological innovation have been continuously enhanced, and technology-based enterprises have become the first choice for newly listed enterprises. The main force is to drive more social funds to gather in the field of scientific and technological innovation.
Zhou Xiaozhou said that the registration system reform is a profound change from the underlying logic to ideological concepts and behavioral methods, involving the entire chain of capital market entrance and exit, primary and secondary markets, investment and financing, legislation and law enforcement, etc., and is by no means a single Others say that “the registration system is to move the IPO review from the China Securities Regulatory Commission to the exchange.”
He said that the implementation of the registration system is by no means a matter of laissez-faire or letting things go. Instead, it is about strengthening supervision and law enforcement in all aspects of the entire chain before, during and after the event, so as to make the management stricter and more accurate.
“The implementation of the registration system requires strict punishments and strict laws to combat chaos.” Zhou Xiaozhou said that the China Securities Regulatory Commission adheres to “zero tolerance” to crack down on serious violations of laws and regulations such as fraudulent issuance and financial fraud, and promotes the establishment of a three-dimensional system of administrative penalties, civil compensation, and criminal accountability. Punishment and restraint system to protect the legitimate rights and interests of investors; promote the establishment of a securities class action system with Chinese characteristics and gradually normalize it, improve securities and futures administrative law enforcement systems such as party commitments, advance compensation, and fraudulent issuance orders to repurchase, and promote the implementation of relevant cases to form a demonstration effect .
He said that in the next step, the China Securities Regulatory Commission will closely focus on the overall goal of accelerating the construction of a safe, standardized, transparent, open, dynamic and resilient capital market, adhere to the market-oriented and rule-of-law reform direction, and further comprehensively deepen the capital market reform. Openness, adhere to the three principles of registration system reform, adhere to information disclosure as the core, adhere to the basic structure and basic institutional arrangements of the registration system, comprehensively strengthen strict supervision in accordance with the law, and promote the deepening and solidification of the stock issuance registration system.
Zhou Xiaozhou also mentioned that the China Securities Regulatory Commission will closely track and analyze the implementation effects of the registration system, conduct dynamic system evaluations, carefully listen to the voice of the market, constantly optimize institutional arrangements, promote the establishment of a more mature and stereotyped capital market basic institutional system, and better utilize the capital market. hub function to better serve the overall situation of Chinese modernization.
Adhere to “retreat when necessary”
Prevent “just retreat”
Guo Ruiming, Director of the Listing Department of the China Securities Regulatory Commission, introduced the delisting situation of listed companies. According to him, in the three years since the delisting reform, a total of 127 companies have delisted, of which 104 have been forced to delist. The number of forced delistings is nearly three times that of the 10 years before the reform. There has been a significant increase in face value delistings and major violations. Characteristics include increased delisting.
In response to the view that “the delisting rate of A-shares is not high”, Guo Ruiming said that the core of the delisting reform is to insist on “retiring all that should be withdrawn”. While withdrawing, it must be stable, and it does not mean that the more you withdraw, the more you withdraw. The better. Delisting in overseas markets represented by the United States is mainly based on privatization and absorption and mergers with other listed companies. It is mainly voluntary delisting. In some markets, voluntary delisting accounts for more than 90% of the total delisting ratio. The proportion of truly forced delisting is Not high either. The delisting of these companies is a market-oriented choice made proactively out of their own corporate strategic considerations. There are many companies that have been forced to delist A-shares, but the cases of restructuring and delisting and voluntary delisting are significantly less than those in overseas markets.
Guo Ruiming said that the China Securities Regulatory Commission will continue to consolidate and deepen the normalized delisting mechanism from three aspects. First, continue to open up diversified exit channels, support the effective integration of resources through mergers and acquisitions, and promote the improvement of the bankruptcy and reorganization system. Second, we must strictly implement delisting rules, adhere to the principle of “delisting when necessary,” and severely crack down on malicious “shell preservation” behaviors such as financial fraud and market manipulation that are associated with the delisting process. Third, we must resolutely prevent “just retreat”. If the company and related parties violate laws and regulations, they must be held accountable even if they are delisted. If violations of laws and regulations cause losses to investors, investors are supported to use various compensation provisions stipulated in the securities law. Relief measures; promote delisted companies to enter the delisting sector in an orderly manner in accordance with the law, and protect investors’ basic rights such as their right to know and their right to trade.
He also responded to the situation related to the shareholding reduction system. According to Guo Ruiming, the shareholding reduction system in our country’s market is stricter than that in overseas markets. Calculated based on current indicators, there are nearly 2,300 controlling shareholders and actual controllers of companies in Shanghai and Shenzhen that are restricted from reducing their holdings. Some controlling shareholders and actual controllers also took the initiative to terminate their shareholding reduction plans. For various illegal holding reductions, the China Securities Regulatory Commission promptly ordered corrections, and the relevant entities took the initiative to repurchase and hand over the price difference proceeds to the listed companies; in serious cases, they were punished in accordance with the law, which maintained the seriousness of the holding reduction system.
Listed companies implement refinancing
More prudent and rational
Yan Bojin, Director of the Issuance Department of the China Securities Regulatory Commission, responded to the implementation effects of the refinancing policy after its implementation. He said that since the implementation of optimized refinancing arrangements, the number of refinancing announcement plans and acceptances has decreased, indicating that listed companies are more prudent and rational in implementing refinancing. At the same time, the number of approvals issued has dropped significantly, and the regulatory orientation of strict control has become more clear. In addition, less funds were raised for initial issuance and refinancing. From September to December last year, the average monthly raised funds was 27.1 billion yuan, a decrease of 43% from the previous eight months. The effect of countercyclical adjustment and supporting the good and limiting the bad is emerging.
Shen Bing, Director of the Institutional Department of the China Securities Regulatory Commission, responded to the effects of the implementation of the new margin trading regulations. He said that the implementation effect of the new regulations was in line with expectations. As of now, the balance of securities lending has dropped by 23.4% compared with the beginning of the implementation of the new regulations; the balance of lending by strategic investors has dropped even further, reaching 35.7%. In addition, after the release of the new regulations, new stocks listed by strategic investors of senior executives did not lend out in the initial stage of listing, indicating that the implementation of the new regulations has been effective. In the next step, the China Securities Regulatory Commission will always adhere to the principle of giving priority to the interests of investors, strengthen supervision and law enforcement, and strictly investigate and punish violations of laws and regulations.
In addition, Shen Bing also introduced the situation at both ends of investment and financing in the capital market. He said that the investment and financing ends of the capital market generally maintain balanced development. In the new stage of promoting the registration-based reform to be deeper and more concrete, the China Securities Regulatory Commission will further establish the investor-centered market development concept, further deepen the reform, promote the coordinated development of both investment and financing ends, and continue to enhance the attractiveness of the capital market and the long-term development of investors. Return.
(Source of article: Shanghai Securities News)
Source of article: Shanghai Securities News
Author of the article: Liang Yinyan
Original title: The China Securities Regulatory Commission discussed in detail the overall situation of the registration system reform and responded to market hot topics such as delisting, shareholding reduction, and refinancing of listed companies.
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