Implementing Opinions on the Setting-up of the Science and Technology Innovation Board and the Launch of the Pilot Registration System on the Shanghai Stock Exchange
Implementing Opinions on the Setting-up of the Science and Technology Innovation Board and the Launch of the Pilot Registration System on the Shanghai Stock Exchange
Implementing Opinions on the Setting-up of the Science and Technology Innovation Board and the Launch of the Pilot Registration System on the Shanghai Stock Exchange
Announcement of the China Securities Regulatory Commission [2019] No.2
January 28, 2019
Upon approval by the Central Committee of the Communist Party of China and the State Council, the Implementing Opinions on the Setting-up of the Science and Technology Innovation Board and the Launch of the Pilot Registration System on the Shanghai Stock Exchange are hereby promulgated and shall come into force as of the date of promulgation.
Implementing Opinions on the Setting-up of the Science and Technology Innovation Board and the Launch of the Pilot Registration System on the Shanghai Stock Exchange
In order to further implement the innovation-driven development strategy, enhance the service of the capital market for enhancing China's capability of innovating in key and core technologies, promote the development of hi-tech industries and strategic emerging industries, support the construction of the Shanghai International Financial Center and science and technology innovation center, improve the basic system of capital market and boost high-quality development, the following opinions on the setting-up of the science and technology innovation board and the launch of the pilot registration system on the Shanghai Stock Exchange ("SSE") are hereby given in accordance with the decisions and arrangements of the Central Committee of the Communist Party of China and the State Council, the Decision on Authorizing the State Council to Revise Applicable Provisions of the Securities Law of the People's Republic of China during the Reform of the Registration-based Initial Public Offering (IPO) System and the Decision on Prolonging the Period for Authorizing the State Council to Adjust the Application of Certain Provisions in the Securities Law of the People's Republic of China to the Registration-based Stock Listing System Reform issued by the Standing Committee of the National People's Congress of the People's Republic of China.
I. General Requirements
1. Guiding thoughts. Deeply uphold Xi Jinping's socialist thoughts with Chinese characteristics in the new era and spirit of the 19th National Congress of the Communist Party of China, carefully carry out the spirit of a series of important instructions and commands of General Secretary Xi Jinping about the capital market, persist in the general keynote of making progress in stability, carry out new development philosophies, deepen supply-side structural reform, accelerate the formation of a multilevel capital market system with complete financing functions, solid basic system, effective market supervision and the effective protection of the legitimate rights and interests of investors, proceed with the setting-up of the science and technology innovation board on the SSE, steadily implement the pilot registration system, collaboratively propel the reform of basic systems for issuance, listing, information disclosure, transaction, delisting and so on, give play to the supporting function of the capital market for enhancing science and technology innovation capability and real economy competitiveness, and better serve high-quality development.
2. Basic principles. Firstly, insist on market orientation, and strengthen market constraints. Respect market disciplines, define and stabilize market expectations, and establish a new share issuance system oriented by market mechanisms. Secondly, persist in the orientation based on the rule of law, and govern the market according to the law. Perfect the legal system of capital markets, consolidate lawful, comprehensive and strict supervision, protect the legitimate rights and interests of investors, further clarify the rights and obligations of all market players, and form a market environment with all players fulfilling their duties and safeguarding the legitimate rights and interests thereof according to the law. Thirdly, reinforce information disclosure supervision, and fulfill the responsibilities accordingly. Establish and improve a stock issue and listing system centered on information disclosure, intensify issuers' fiduciary duties and legal responsibilities for information disclosure, give full play to the check and gatekeeping roles of intermediaries, and guide investors to enhance their risk identification capability and rational investment awareness. Fourthly, insist on overall planning and coordination, and hold the bottom line. Give play to the collaboration and coordination of the relevant government departments and circles, form a joint force promoting stable and sound market development, and responsively prevent and resolve market risks.
II. Setting-up of the Science and Technology Innovation Board on the SSE
3. Correctly grasping the positioning of the science and technology innovation board. The Science and Technology Innovation Board to be launched on the SSE, primarily intended for worldwide cutting-edge technologies, and to be the main economic battlefield as well as being a significant demand of the country, shall mainly serve science and technology innovation enterprises that conform to national strategies, make breakthroughs in key and core technologies and are highly recognized in the market.
......
Announcement of the China Securities Regulatory Commission [2019] No.2
January 28, 2019
Upon approval by the Central Committee of the Communist Party of China and the State Council, the Implementing Opinions on the Setting-up of the Science and Technology Innovation Board and the Launch of the Pilot Registration System on the Shanghai Stock Exchange are hereby promulgated and shall come into force as of the date of promulgation.
Implementing Opinions on the Setting-up of the Science and Technology Innovation Board and the Launch of the Pilot Registration System on the Shanghai Stock Exchange
In order to further implement the innovation-driven development strategy, enhance the service of the capital market for enhancing China's capability of innovating in key and core technologies, promote the development of hi-tech industries and strategic emerging industries, support the construction of the Shanghai International Financial Center and science and technology innovation center, improve the basic system of capital market and boost high-quality development, the following opinions on the setting-up of the science and technology innovation board and the launch of the pilot registration system on the Shanghai Stock Exchange ("SSE") are hereby given in accordance with the decisions and arrangements of the Central Committee of the Communist Party of China and the State Council, the Decision on Authorizing the State Council to Revise Applicable Provisions of the Securities Law of the People's Republic of China during the Reform of the Registration-based Initial Public Offering (IPO) System and the Decision on Prolonging the Period for Authorizing the State Council to Adjust the Application of Certain Provisions in the Securities Law of the People's Republic of China to the Registration-based Stock Listing System Reform issued by the Standing Committee of the National People's Congress of the People's Republic of China.
I. General Requirements
1. Guiding thoughts. Deeply uphold Xi Jinping's socialist thoughts with Chinese characteristics in the new era and spirit of the 19th National Congress of the Communist Party of China, carefully carry out the spirit of a series of important instructions and commands of General Secretary Xi Jinping about the capital market, persist in the general keynote of making progress in stability, carry out new development philosophies, deepen supply-side structural reform, accelerate the formation of a multilevel capital market system with complete financing functions, solid basic system, effective market supervision and the effective protection of the legitimate rights and interests of investors, proceed with the setting-up of the science and technology innovation board on the SSE, steadily implement the pilot registration system, collaboratively propel the reform of basic systems for issuance, listing, information disclosure, transaction, delisting and so on, give play to the supporting function of the capital market for enhancing science and technology innovation capability and real economy competitiveness, and better serve high-quality development.
2. Basic principles. Firstly, insist on market orientation, and strengthen market constraints. Respect market disciplines, define and stabilize market expectations, and establish a new share issuance system oriented by market mechanisms. Secondly, persist in the orientation based on the rule of law, and govern the market according to the law. Perfect the legal system of capital markets, consolidate lawful, comprehensive and strict supervision, protect the legitimate rights and interests of investors, further clarify the rights and obligations of all market players, and form a market environment with all players fulfilling their duties and safeguarding the legitimate rights and interests thereof according to the law. Thirdly, reinforce information disclosure supervision, and fulfill the responsibilities accordingly. Establish and improve a stock issue and listing system centered on information disclosure, intensify issuers' fiduciary duties and legal responsibilities for information disclosure, give full play to the check and gatekeeping roles of intermediaries, and guide investors to enhance their risk identification capability and rational investment awareness. Fourthly, insist on overall planning and coordination, and hold the bottom line. Give play to the collaboration and coordination of the relevant government departments and circles, form a joint force promoting stable and sound market development, and responsively prevent and resolve market risks.
II. Setting-up of the Science and Technology Innovation Board on the SSE
3. Correctly grasping the positioning of the science and technology innovation board. The Science and Technology Innovation Board to be launched on the SSE, primarily intended for worldwide cutting-edge technologies, and to be the main economic battlefield as well as being a significant demand of the country, shall mainly serve science and technology innovation enterprises that conform to national strategies, make breakthroughs in key and core technologies and are highly recognized in the market.
......