Major Rules for Launching Sci-tech Innovation Board and Piloting Registration-based IPO System Officially Released

The China Securities Regulatory Commission ("CSRC") has recently issued the Administrative Measures for the Registration of Initial Public Offerings on the Science and Technology Innovation Board (for Trial Implementation) (the "Measures") and the Measures for Follow-up Regulation of Companies Listed on the Science and Technology Innovation Board (for Trial Implementation), and meanwhile distributed the Standards for the Contents and Formats of Information Disclosure by Companies Publicly Offering Securities No. 41 – Prospectuses of Companies Listed on the Science and Technology Innovation Board and the Standards for the Contents and Formats of Information Disclosure by Companies Publicly Offering Securities No. 42 – Application Documents for Initial Public Offerings and Listing on the Science and Technology Innovation Board. All of the abovesaid rules and documents have taken effect immediately from the date of issuance.

Major contents of the Measures extend to the following six aspects. The first is setting out general principles for piloting the registration-based initial public offering (IPO) system on the science and technology innovation board, and specifying that the registration-based IPO system applies to the issuance of stocks. The second is, with the focus on information disclosure, streamlining and optimizing the current issuance conditions, highlighting the principle of materiality and stressing risk prevention and control. The third is making an institutional arrangement for the procedures of reviews of the issuance and listing of stocks on the science and technology innovation board, realizing the whole-process online acceptance and reviews, and making public relevant information at key stages throughout the process. The fourth is intensifying requirements for information disclosure. The fifth is making clear that the prices of new stocks offered on the science and technology innovation board shall be determined through price quotations from qualified offline investors. And the last is establishing a whole-process regulatory framework.



(Source: http://www.csrc.gov.cn/pub/zjhpublic/zjh/201903/t20190301_351633.htm

http://www.csrc.gov.cn/pub/zjhpublic/zjh/201903/t20190302_351634.htm

http://www.csrc.gov.cn/pub/zjhpublic/zjh/201903/t20190302_351637.htm

http://www.csrc.gov.cn/pub/zjhpublic/zjh/201903/t20190302_351638.htm)

Note: The link to the Chinese official website of the document is for your reference.