The Epitome Of Registration System Reform: The Gem Does Not Require The Sponsor To Follow Up With The Investment.

The sponsor and investment system is an innovative attempt to restrict the interests of intermediaries in the practice of China's capital market registration system reform.

In April 27th, the registration system reform fell to the ground. In twenty-first Century, the business reporter also learned from the regulators that in the process of gem reform and the pilot registration system, the sponsor system and the investment system will also be introduced. But compared to the requirements of Ke Chuang board, the introduction of gem and the investment system will be innovating to a certain extent.

In addition, this year the new three board selection layer reform also introduced a sponsor and investment system, horizontal comparison of the three markets related to the sponsor system and the investment system arrangement, there is a difference between them, which is exactly the epitome of registration system in China's capital market, which is constantly trying, constantly innovating and promoting.

Full dispute with investment

In April 16, 2019, the Shanghai Stock Exchange issued the guidelines for the issuance and underwriting of the Shanghai stock exchange, and the first sponsor in China's capital market issued the rules.

Specifically, the Shanghai Stock Exchange stipulates that brokers should consider the size of the issuer's initial public offering to subscribe to 2% to 5% shares of the issuer's initial public offering, and that the lock up period is 24 months, which is even longer than that of other issuers with the exception of controlling shareholders and actual controllers.

This rule is also considered by many brokerages to impose a great burden on the development of the science and technology board sponsorship business. According to the twenty-first Century economic report reporter statistics, up to now, there have been 99 successful companies, and the scale of sponsorship and investment has been over 100 billion yuan.

But it is easy to find that in the registration system of the new capital market, supervision is prudent.

An authority close to the regulatory authority analyzed the reporters in the design of the system. Previously, the way of reputation management was adopted by the sponsor, and the penalties were based on the reputation of the institution. The introduction of the sponsor and investment system was equivalent to double insurance, while the interest constraint was added to the reputation constraint.

In the course of the operation of the CB, the voice of criticism from the securities company to the overall investment is endless. For example, the former CEO Bi Mingjian of the CICC said that in the past, the relationship between the securities company and the issuer was relatively close in the IPO pricing process, and it was not so close to the investors. Therefore, it is easy to form systematic errors at the pricing level, resulting in imbalance between buyers and sellers. At present, the way to deal with this problem is to enforce securities firms' investment. Bi Mingjian believes that this regulation does not conform to the basic principles of the market.

It is generally considered that this is a phased arrangement, and will be further revised in the later stage of the system perfection.

"The relationship between most investment banks and institutional investors has not really established a restrictive relationship between sponsors and investors and the development of domestic capital markets. From this point of view, it is understandable to take special measures in the current stage of development in the creation of the science and technology board, but it is certainly not a long-term existence. China's capital market is bound to mature, and some basic laws of the mature market will definitely be reflected in China's capital market. From this perspective, it is probably a phased arrangement to ask sponsors to directly follow the investment. " A small and medium-sized brokerage investment bank in Beijing area leader said.

Mandatory requirements for "special" enterprises only

As mentioned by the foregoing people, the introduction of sponsorship and investment system in the gem reform is the optimization of the original sponsor system and the investment system of Ke Chuang board.

The reporter learned from the regulatory authorities that the registration system reform of the gem does not require the broker to compulsion and investment in all the projects sponsored by him. Instead, he only takes mandatory investment in the four categories of companies, such as unprofitable, red chips, special voting rights and high price issues.

"It is not a requirement for a comprehensive investment. It is a good institutional optimization for the securities firms to carry out compulsive investment with higher risk or special type of enterprises. It ensures the binding force of the investment system and also allows the brokers to spend money on all projects in one size fits all manner. Regulators, markets and intermediaries can accept it." The brokers in Beijing think that.

However, at present, the guidelines for issuing and underwriting business after the reform of gem have not yet been promulgated. Details of the specific rules of the gem system are not yet known. In addition to not requiring full compliance with the investment, whether the lock period is also optimized is also a key factor for the market to understand.

In fact, in another market, that is, another important reform of capital market this year, the selection reform, the national stock transfer system also introduced the sponsorship and investment system, but compared to Ke Chuang Chuang and gem. In the selection layer, there is no mandatory investment. Only the relevant subsidiary companies of the sponsor institution are allowed to subscribe for the strategic placement. The number of shares allocated by the sponsor shall not exceed 5% of the publicly issued shares, and the duration of stock holding shall not be less than 12 months.

The regulatory logic of the new three board sponsorship and investment system is another set. Such a system design is not a constraint on brokers, but provides a means that securities dealers can bind to issuers and investors. If brokers are willing to invest in real gold and silver, it is undoubtedly a positive signal to the market. The head of the new three board business of a medium-sized brokerage firm in Beijing said.

In contrast, we can see clearly that the registration system reform has taken root in China's capital market and adapted to different market characteristics.

? ? "The establishment of science and technology board is the experimental field. The reform of gem and the pilot registration system are a key step in promoting the registration system to the whole market. The new three board market is an attempt of another form of registration in multi-level capital market. The historical mission and the market subject of different markets are different. The change of a system in different markets is the reform of registration system, advocating the pursuit of marketization. The core trait. Ze Hao investment partner Cao Gang believes.

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