Circular of the General Office of the State Council on Forwarding the Several Opinions of the China Securities Regulatory Commission on Launching the Pilot Program of Domestically Issuing Stocks or Depository Receipts by Innovation-oriented Enterprises
Circular of the General Office of the State Council on Forwarding the Several Opinions of the China Securities Regulatory Commission on Launching the Pilot Program of Domestically Issuing Stocks or Depository Receipts by Innovation-oriented Enterprises
Circular of the General Office of the State Council on Forwarding the Several Opinions of the China Securities Regulatory Commission on Launching the Pilot Program of Domestically Issuing Stocks or Depository Receipts by Innovation-oriented Enterprises
Guo Ban Fa [2018] No.21
March 22, 2018
People's governments of all provinces, autonomous regions and municipalities directly under the Central Government, all ministries and commissions of the State Council, and all institutions directly affiliated to the State Council,
The Several Opinions on Launching the Pilot Program of Domestically Issuing Stocks or Depository Receipts by Innovation-oriented Enterprises, formulated by the China Securities Regulatory Commission, have been approved by the State Council and are hereby forwarded to you for your practical implementation.
Several Opinions on Launching the Pilot Program of Domestically Issuing Stocks or Depository Receipts by Innovation-oriented Enterprises
China Securities Regulatory Commission
To further increase support of the capital market to the implementation of the innovation-driven development strategy, and drawing on the international experience to carry out the pilot program of allowing innovation-oriented enterprises to issue stocks or depository receipts domestically under the market-oriented and law-based principles, the following opinions are hereby put forward.
I. Guiding Thoughts
Fully implement guidelines of the 19th National Congress of the Communist Party of China (CPC), follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, carefully put into place decisions and arrangements made by the CPC Central Committee and the State Council, remain committed to the underlying principle of making progress while keeping performance stable, gain a strong understanding of and put into practice the new development philosophy, Promote balanced economic, political, cultural, social, and ecological progress and coordinated implementation of the Four-pronged Comprehensive Strategy, deepen reform in the capital market, expand opening-up, support innovation-oriented enterprises to launch IPOs in domestic capital market, help to facilitate the development and enhancement of China's high-tech industries and strategic emerging industries and drive the reform in the quality, efficiency and growth drivers of economic development.
II. Pilot Principles.
1. Serve national strategies. Be led by the idea of serving the innovation-driven development, resolutely combine innovation and development, push ahead and attach equal importance to reform and opening-up, add impetus to the massive entrepreneurship and innovation, and promote the economic structure adjustment and industry upgrading.
2. Remain commitment to compliance. Work effectively on connecting relevant policies under the legal framework and make institutional innovation in a safe and appropriate manner, to ensure the compliance, efficiency and feasibility of the pilot program.
3. Make steady and orderly progress. Making overall planning and take a progressive step, explore ways of solving innovation-oriented enterprise' domestic IPOs problem through the pilot program, and gather experience and create conditions for further steps in deepening reform and improving systems.
4. Effectively prevent and control risks. Fully protect lawful rights and interests of small and medium investors, reach a proper balance between the pilot program and risk prevention and control, and highlight the importance of risk prevention and control. Tighten oversight, maintain the stability of the financial market, and uphold the bottom line where no systemic risk arises.
III. Pilot Enterprises
Enterprises covered under the pilot program shall be sizeable innovation-oriented enterprises that are in line with national strategies, hold core technologies, enjoy extensive recognition in the market, and do business in high-tech industries and strategic emerging industries, such as internet, big data, cloud computing, artificial intelligence, software and integrated circuits, manufacturing of high-end equipment and biomedicine.
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