On The First Day Of The Registration System Of Gem, "Open The Door To Customers": Brokers Patiently Polished Materials And Did Not Rush To Raise Funds In The Middle Of The Week.

In June 15th, the gem registration system was officially "open to customers", and the market vision was also focused on the first day declaring enterprises.

However, in twenty-first Century, the economic news reporter learned that although the agencies and enterprises of the securities firms were working hard to work overtime, the broker did not rush to submit the application materials to the Shenzhen Stock Exchange on the first day of the declaration.

Compared with Ke Chuang Chuang, securities companies and enterprises are fighting for the top. The registration of the gem registration system takes account of the arrangement of the stock in the trial enterprises. It also determines that the securities companies and enterprises are more concerned about the integrity and standardization of the application documents, rather than the reporting speed.

Work overtime to make materials

June 15th is the first day after the implementation of the registration system of the gem. According to the arrangements of the Shenzhen Stock Exchange, from June 15th to June 29th, the Shenzhen Stock Exchange only received the relevant applications submitted by the SFC gem, IPO, refinancing, merger and reorganization in the trial enterprises (hereinafter referred to as the trial enterprises), that is to say, the 10 working days from the beginning of June 15th belong to the time of stock trial enterprises in the 10 days.

According to the latest data released by the securities and Futures Commission (the data released in June 11th), it is also the last time that the gem has opened the data of the gem after opening the gem to accept the stock enterprise materials. At present, there are 183 enterprises in the trial business. There are 12 enterprises in the trial business waiting for the approval of IPO by the trial committee, and another 1 enterprises that will be postponed to vote.

The reporters learned that the enterprises and their intermediaries that did not attend the trial had already started declaring preparations as early as in April 27th when the draft related policies for gem registration system reform were released.

"The exchange opened an exchange meeting after the release of the draft. At that time, it was required that the enterprises in the trial could be prepared, because the time window to shift the stock enterprises to that time was relatively short, that is, the 10 working days currently stipulated." A medium-sized brokerage firm of investment banking in Central China told reporters.

However, reporters learned that, on the first day of opening the door, many brokerages did not "actively" submit materials.

"We have not submitted materials today, and the materials of our customers are still improving. The goal is to submit materials to the Shenzhen Stock Exchange in mid week. Although it was preparing before, it was prepared according to the template of Ke Chuang plate. It is still necessary to improve and adjust the rules according to the latest rules, and the weekend is still a bit tense. " Beijing district a large brokerage investment bank executive committee member told reporters.

The above China Central brokerage investment banking department told reporters: "we did not submit materials on the first day, the project team is still working overtime production materials. Although the stock is in the trial of enterprises, but still hope to submit application materials can once. "

Some brokerages and enterprises are not keen on grabbing the first batch of declarations, to a large extent related to the audit arrangement of the stock enterprises.

According to the regulations, in the 10 working days from June 15th to June 29th, the order accepted by the Shenzhen Stock Exchange to the Shenzhen stock exchange is not the final order of the Shenzhen Stock Exchange. Deciding the order of the future Shenzhen stock exchange is the audit stage and order of the trial enterprises before the SFC.

However, if the stock fails to be declared on time in the 10 trading days, it will be regarded as a new reporting enterprise after that. That is to say, it is no longer possible to continue the audit rank before queuing up in the SFC.

As a result, the securities companies pay more attention to the quality of the declared materials, so that they are not required to make up corrections after submitting their application materials.

"Because the final audit is not necessarily related to the order and the order of acceptance, and the time for preparing materials is tight, so we can spend more time polishing materials. We expect to submit application materials to the Shenzhen stock exchange this week." Bao Bao, a large brokerage firm in Beijing, told reporters.

A number of securities brokers interviewed by economic news reporters in twenty-first Century expect that this week to next week will be the peak period for brokers and enterprises to submit application materials to Shenzhen Stock Exchange.

Audit rhythm will further accelerate

Gem IPO in the trial of the transfer of the Shenzhen Stock Exchange, the next audit rhythm has also attracted market attention.

According to the reporter's understanding, compared with the draft rules, the Shenzhen Stock Exchange has further improved the efficiency of auditing, and has also made clear expectations for enterprises and the market.

According to the rules for auditing the issuance and listing of gem, the audit procedure for issuing and listing the gem is defined, which is basically similar to that of the science and innovation board. It is also examined and issued by the stock exchange and submitted to the SFC for registration. The audit procedures for the exchange include the application and acceptance, the audit of audit institutions, the consideration of the listing committee, and the submission of the securities and Futures Commission.

Specifically, the exchange receives the decision on whether to accept the application within 5 working days after receiving the application documents from enterprises and intermediaries, and raises the first round of audit inquiry within 20 working days from the date of acceptance. When the new enquiry item is found, the reply is not pertinent or the information disclosure does not meet the requirements, the exchange can continue to submit an audit inquiry within 10 working days after receiving the reply from the issuer. If the exchange does not need further audit, it will issue an audit report and submit it to the Listing Committee for consideration.

On the whole, the total time limit for the above processes is three months from the date of the application documents issued by the hairdresser.

It is worth noting that this is different from the draft. The draft law stipulates that the time limit for the examination of the Shenzhen stock exchange is 3 months. The SFC will make a decision to approve or cancel the registration of the issuer within 20 working days. In addition, the issuer and intermediaries will reply to inquiries for no more than 3 months.

"This amendment is to implement the relevant provisions of the new securities law, clarify the" three months' time limit, and maintain the coordination and convergence of the rules system. In this case, the efficiency of audit will be further enhanced, and the time cost faced by enterprises will be further compressed. " Beijing securities dealers said.

However, the industry generally believes that after the implementation of the gem registration system, the audit tempo of the first listed companies is far less than the longest time limit of "3+3". According to the current auditing position in the trial enterprises, the market anticipates that the time limit for starting the gem will not exceed the end of August.

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