Our reporter Tian Peng
On May 10, the Shanghai and Shenzhen Stock Exchanges issued the announcement of the review meeting of the Shanghai Municipal Committee of the Communist Party of China, and planned to review the listing application and refinancing application of enterprises on May 16. Among them, one application for IPO listing in Shenzhen Stock Exchange and one application for refinancing in Shanghai Stock Exchange were reviewed.
It is reported that this is also the first listing application and refinancing application information disclosed since the Shanghai and Shenzhen Stock Exchanges officially released the revised Stock Listing Rules, Stock Issuance and Listing Review Rules and other business rules on April 30.
The reporter found that the number of companies that Shanghai and Shenzhen Stock Exchanges submitted for registration and obtained registration approval has remained stable since the release of the "827" phased tightening IPO rhythm policy last year. At the same time, affected by multiple factors, the number of projects submitted to the municipal party committee for deliberation decreased year-on-year.
Market participants believe that the Shanghai and Shenzhen Stock Exchanges held the Shanghai Municipal Committee Meeting is a concrete embodiment of implementing the new regulations on issuance and listing and continuously and steadily promoting the review of issuance and listing.
Recently, China Securities Regulatory Commission and the Exchange have successively issued the "1+N" supporting system rules for the capital market, in which the issuance and listing rules have modified the conditions and sector positioning requirements for the issuance and listing of the main board and GEM. After the specific system has been improved, a clearer standard has been set for steadily promoting the issuance and listing review.
In the early stage, most companies suspended the audit because the financial information in the IPO application documents exceeded the validity period. Recently, the applicant enterprises submitted 2023 financial data in succession, and entered the recovery audit process. The relevant audit work needs to continue to be promoted according to law and regulations.
Relevant personnel of the Exchange said that the Shanghai and Shenzhen Stock Exchanges will conscientiously implement the spirit of the new "National Nine Articles" and supporting policy documents, while maintaining the normalization of issuance review, further strengthen the strict control of issuance and listing review, resolutely eliminate problem enterprises, and effectively improve the quality of listed companies from the source. In the process of the review of issuance and listing, we will also further handle the relationship between investment and financing, grasp the balance between the primary and secondary markets, strengthen supervision throughout the chain, and put the protection of the legitimate rights and interests of investors, especially small and medium-sized investors, in a more prominent position.
