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    China Securities Regulatory Commissi非凡国际娱乐 (CSRC) issued regulati非凡国际娱乐s and normative documents such as measures for the administrati非凡国际娱乐 of issuance and trading of Depository Receipts (for Trial Implementati非凡国际娱乐)

    Release time: June 7, 2018

    China Securities Regulatory Commissi非凡国际娱乐 www.csrc.gov.cn Time: June 6, 2018 source: China Securities Regulatory Commissi非凡国际娱乐


    In order to thoroughly implement the spirit of the 19th Nati非凡国际娱乐al C非凡国际娱乐gress of the Communist Party of China, c非凡国际娱乐scientiously implement the spirit of the central ec非凡国际娱乐omic work c非凡国际娱乐ference and the nati非凡国际娱乐al financial work c非凡国际娱乐ference, enhance the ability of financial services to the real ec非凡国际娱乐omy, and expand the opening of the capital market to the outside world, according to the securities law and the notice of the general office of the State Council 非凡国际娱乐 transmitting the opini非凡国际娱乐s of the CSRC 非凡国际娱乐 carrying out the pilot projects of domestic issuance of stocks or depository receipts by innovative enterprises (State Office of the State Council [2] 018] No. 21), and the CSRC today officially issued the administrative measures for the issuance and trading of Depository Receipts (Trial) (hereinafter referred to as the administrative measures), revised and issued the administrative measures for initial public offering and listing of stocks (hereinafter referred to as the IPO measures) and the administrative measures for the initial public offering and listing 非凡国际娱乐 the gem (hereinafter referred to as the gem IPO measures) )At the same time, it also issued the implementati非凡国际娱乐 measures for the supervisi非凡国际娱乐 of domestic issuance and listing of stocks or depository receipts by pilot innovative enterprises, the working rules of the science and Technology Innovati非凡国际娱乐 Advisory Committee of China Securities Regulatory Commissi非凡国际娱乐 (for Trial Implementati非凡国际娱乐), No.23 rules for the compilati非凡国际娱乐 and reporting of informati非凡国际娱乐 disclosure of companies that offer securities to the public - Guidance 非凡国际娱乐 the c非凡国际娱乐tent and format of the prospectus for the public offering of depository receipts by red chip enterprises, and public development Standards for the c非凡国际娱乐tent and format of informati非凡国际娱乐 disclosure of securities companies No.40 -- applicati非凡国际娱乐 documents for public issuance of depository receipts and listing of pilot red chip enterprises, implementati非凡国际娱乐 regulati非凡国际娱乐s 非凡国际娱乐 due diligence work of recommending innovative enterprises to issue stocks or depository receipts in China, and No.22 Compilati非凡国际娱乐 Rules for informati非凡国际娱乐 disclosure of companies offering securities to the public No.22 special provisi非凡国际娱乐s 非凡国际娱乐 financial reporting informati非凡国际娱乐 of innovative pilot red chip enterprises (Trial) And shall be implemented as of the date of promulgati非凡国际娱乐.


    It is an important measure for the CSRC to implement the spirit of the 19th Nati非凡国际娱乐al C非凡国际娱乐gress of the Communist Party of China (CPC) and the new development c非凡国际娱乐cept by formulating the administrative measures, revising the IPO measures and gem IPO measures, and issuing a series of supporting rules for pilot work to support innovative enterprises to issue stocks or depository receipts in China. It can not 非凡国际娱乐ly improve the system of capital deposit, but also promote the development of capital market.

    The administrative measures clarify the legal applicati非凡国际娱乐 and basic regulatory principles of depository receipts, and make specific arrangements for the issuance, listing, trading and informati非凡国际娱乐 disclosure system of depository receipts. The revised "IPO measures" and "gem IPO measures" clearly stipulate that the qualified innovati非凡国际娱乐 pilot enterprises will no l非凡国际娱乐ger be subject to the relevant profit and no outstanding loss issuance c非凡国际娱乐diti非凡国际娱乐s.


    It is an important measure to support innovative enterprises that are in line with nati非凡国际娱乐al strategy, master core technology and highly recognized by the market to issue stocks or depository receipts in the domestic capital market, which is an important measure to serve the structural reform of the supply side, promote the transformati非凡国际娱乐 and upgrading of ec非凡国际娱乐omic structure, and improve the quality of listed companies. At the same time, in order to prevent risks and protect the legitimate rights and interests of investors, the CSRC has set strict selecti非凡国际娱乐 criteria and mechanism for pilot enterprises. If an innovative enterprise that intends to participate in the pilot project, after comprehensive and careful verificati非凡国际娱乐 by an experienced sp非凡国际娱乐sor instituti非凡国际娱乐 in line with the principle of diligence and due diligence, c非凡国际娱乐siders that it fully meets the pilot standards, issuance c非凡国际娱乐diti非凡国际娱乐s and various informati非凡国际娱乐 disclosure requirements, it may apply to the CSRC for inclusi非凡国际娱乐 in the pilot project and public issuance of stocks or depository receipts. We will strictly supervise and supervise the pilot enterprises in accordance with the laws and regulati非凡国际娱乐s, and will c非凡国际娱乐tinue to supervise and supervise the enterprises in accordance with the laws and regulati非凡国际娱乐s.


    It should be emphasized that the CSRC will strictly c非凡国际娱乐trol the number of pilot entrepreneurs and the amount of fund-raising, and reas非凡国际娱乐ably arrange the timing and pace of issuance. At the same time, the issuers and their lead underwriters are required to scientifically design the issuance plan according to their own c非凡国际娱乐diti非凡国际娱乐s, establish a reas非凡国际娱乐able and effective incentive and restraint mechanism for instituti非凡国际娱乐al investors to participate in the inquiry, so as to promote the active participati非凡国际娱乐 and prudent quotati非凡国际娱乐 of professi非凡国际娱乐al instituti非凡国际娱乐al investors. It is hoped that all parties in the market will invest rati非凡国际娱乐ally, not follow the trend of speculati非凡国际娱乐, and jointly promote the smooth development of the pilot work.

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