LOCATION: SZSE English/ABOUT/News/SZSE News

Thirty-three Application Acceptance Notices Sent SZSE Formally Accepts Applications from First Enterprises under the ChiNext Board Pilot Project of the Registration-based IPO System

Date: 2020-06-23

According to the deployment and requirements specified by the China Securities Regulatory Commission (CSRC) in the Notice on Arrangements for Matters Relating to Administrative Permission during the Transitional Period Before and After the Implementation of the Reform of the ChiNext Board and the Pilot Project of the Registration-based IPO System, SZSE recently started to accept issuance and listing application documents from enterprises that are under review for stock issuance or listing on the ChiNext Board. On June 22, SZSE issued an application acceptance notice to the first 33 enterprise applicants under the pilot registration-based IPO system of the ChiNext Board via the ChiNext Board listing review system. Relevant documents such as prospectus were also disclosed on the ChiNext Board Listing Review Information Publication Website. The first 33 enterprises (32 enterprises applying for IPO and one applying for refinancing) under review are sponsored by 18 sponsors.

 

The official acceptance of the first applications marks another important step in the practical operation of the reform of the ChiNext Board and the pilot project of the registration-based IPO system. After relevant business rules were officially put in place, SZSE raised higher requirements on the time limit for the preparation of application documents by enterprises under review. Judging from the overall quality of the application documents submitted by the first group of enterprises, it’s found that relevant issuers and intermediaries planned in advance and made adequate preparation. They carefully prepared or updated prospectus and other application documents according to relevant requirements of the ChiNext Board pilot project of the registration-based IPO system, and the content and format of the documents are complete and comply with requirements. They have made positive efforts to the stable, orderly transition of the review work of the ChiNext Board pilot project of the registration-based IPO system.

 

When reviewing the application documents submitted by enterprises under review and deciding whether to accept their application documents, SZSE placed emphasis on the completeness of the application documents. SZSE has asked some issuers who missed updated application documents to promptly supplement such documents. SZSE emphasized that issuers and intermediaries shall strictly follow the requirements set out in relevant rules, properly prepare application documents such as prospectus, and pay special attention to the catalogue of documents specified by the CSRC and SZSE when preparing application documents to ensure those documents are complete and standard and avoid unnecessary correction in future, thus improving the efficiency of the application work.

 

In addition, according to the Notice on Arrangements for Coordination of Review Work Relating to the ChiNext Board Pilot Project of the Registration-based IPO System, from 15 June 2020 to 29 June 2020, SZSE will only accept applications submitted by enterprises under review. If enterprises under review fail to submit an application within the foregoing period of time, they will be deemed as new applicants. Enterprises under review and sponsors that haven’t set out to prepare for application should pay attention to the time requirements.

 

Next, following the guidance of the CSRC, SZSE will continue to adhere to the market-based, rule-of-law direction, steadily carry out relevant work such as acceptance and review of applications from enterprises under review and new enterprise applicants with an open mind, transparent standards, a clean work style and strict disciplines, and fully support the efficient, stable implementation of the reform of the ChiNext Board and the pilot project of the registration-based IPO system.

The official acceptance of the first applications marks another important step in the practical operation of the reform of the ChiNext Board and the pilot project of the registration-based IPO system.