Gem Registration System Landing: A Key Leap In Stock Reform

Monday, April 27th. This day, the most anticipated measure of deepening the reform of capital market so far this year has substantial news on the reform of the gem and the pilot registration system.

The thirteenth meeting of the Central Committee for deepening the reform and deliberation adopted the "implementation plan of the gem reform and the pilot registration system", which means that the reform of the registration system of the gem starts, and the SFC and the Shenzhen Stock Exchange will consult the market on the rules and regulations of the gem reform.

If it is the first attempt to set up a scientific innovation board and pilot registration system, it is the first attempt of China's capital market registration system. Then, the reform of the gem and the pilot registration system will be a key step in the registration system reform from the local pilot to the other sectors of the capital market.

Leading stock reform

Compared with the Chuang Chuang plate pilot registration system reform, there is no historical burden. The core issue of the gem registration system reform is obviously how to balance the relationship between reform and stock market. After all, the gem is a mature stock with tens of millions of stock investors and hundreds of stock listed companies.

This is also the core meaning of the gem registration system reform, that is, leading the stock reform, the gem reform and the successful registration of the pilot registration system, which means that the day when the registration system is fully implemented in the capital market is not far away.

Wang Jiyue, a senior investment banker, said: "unlike the" Chuang Chuang "board, the incremental reform of the new market is different. The gem is the stock market reform, with existing companies and existing investors, so it is the middle process of the comprehensive reform of the capital market. In order to promote the whole market, we must have a local market pilot. If the gem reform is successful, the registration system reform in the whole market can be speeded up. The experience and lessons learned from the registration system reform of the science and Technology Innovation Board will be used for reference by the gem, and the experience and lessons of the gem reform will also be used for reference in the future. It is believed that some policies will also be adjusted according to the reform of gem.

And in April 27th, the SFC vice chairman Li Chao also made clear that the reform of the registration system for the second round of the gem was consistent with that of the science and technology innovation board. However, compared with the science and technology innovation board, there are several differences in the registration system of the gem. On the one hand, it is necessary to make clear the connection arrangement of the trial enterprises and ensure the direction of the registration. Registration system transition, followed by refinancing and mergers and acquisitions involving the simultaneous issuance of public registration system. Undoubtedly, the two "differences" mentioned above are "stock" reform.

At the same time, the second meaning of the gem registration system reform is to minimize the impact on the existing market players.

For example, the perfection of investors' appropriateness management fully reflects the idea that the appropriateness requirements of GEM investors remain basically unchanged, but they require full disclosure of risks, and the appropriateness requirements for the matching of incremental investors and risks. The Shenzhen Stock Exchange intends to request that the new GEM investors should meet the threshold of the first 20 trading days with a daily average assets of not less than 100 thousand yuan and 24 months' A share trading experience.

In addition, there are similar considerations in optimizing the conditions for issuance and listing. During the reform, a certain period of reform has been reserved for the listing of unprofitable enterprises. Unprofitable enterprises can apply for listing after one year's implementation of the reform.

"The key point of this reform is how to avoid the impact on the stock owners. If the reform steps are too big and the interests of the stock owners are damaged, then the reform will probably not go on. The reform of the science and technology board is the experimental field, and the emphasis is on innovation." The head of a small and medium-sized brokerage firm in Beijing is responsible.

At the communication conference, Li Chao also proposed that the reform of gem should co-ordinate the incremental reform and stock reform, accommodate the stock reform, stabilize the stock listed companies and investors, and implement the reform smoothly.

Multi level registration molding

At the end of April, the reform of capital market was intensive. On the same day when the implementation plan of gem was adopted, the comprehensive deepening reform of the new three boards was officially entered a new stage. The National SME share transfer system (hereinafter referred to as the "national share transfer system") formally accepted the application materials of the selected enterprises and started the audit work.

The reporter also learned from the national stock transfer system that the selected layer reform also tends to the direction of registration, that is, the concept of "information disclosure centered" review, not to judge the value of enterprise investment, and to urge the issuer to disclose information truthfully, accurately and thoroughly by asking questions, so as to facilitate investors to make investment decisions under the condition of sufficient information.

Such an expression is consistent with the spirit of the gem reform and the pilot registration system. At the communication conference, Li Chao introduced the reform of the gem registration system, which is based on information disclosure as the core of the stock issuance registration system, improving transparency and authenticity, and making the value judgment independently by investors, and really giving the option to the market.

It can be found that the registration system is being pushed out in a multi-level capital market.

It is worth noting that although all of them are called "registration system" reform, the essence of different plates is different. For the future direction, Li Chao said frankly, we should co-ordinate the reform of gem and multi-level capital market system, adhere to the strategy development of gem and other sectors, and form an appropriate competition pattern with emphasis and complement each other.

Wang Jiyue believes that the gem reform is also a core issue is how to deal with the division of competition between several sectors of the issue, how do gem, Chuang Chuang, new three boards how dislocation competition? The ideal state is not only overlap but also competition, and each has its own characteristics and focuses. It is convenient for issuers, investors and intermediaries to choose according to their needs. It is the driving force for the development of the market as a whole.

In addition, there is another information market that needs to be fully digested. Li Chao said that the reform of the gem and the pilot registration system should establish a coordination mechanism for the Shanghai and Shenzhen Stock Exchange auditing work, so as to maintain the consistency of the auditing standards and standards, and avoid the formation of resource grabbing. That is to say, the reform of the gem should eliminate the market arbitrage space.

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