In order to thoroughly implement the deployment of protecting the legitimate rights and interests of investors and assist in the comprehensive registration system reform, on the occasion of the "5.15 National Investor Protection Promotion Day", Shandong Daye Co., Ltd. launched a series of promotional activities called "Caring for Investors, Joining Hands and Taking Action - Embracing the Comprehensive Registration System Reform and Protecting the Legitimate Rights and Interests of Investors" to protect small and medium-sized investors, help investors strengthen their risk prevention awareness, guide investors to objectively view and understand the significance and role of fully implementing the registration system, rationally participate in investment, and maintain the legitimate rights and interests of investors.
The comprehensive implementation of the registration system is a major reform involving the overall capital market. The release and implementation of the rules for the comprehensive implementation of the registration system marks the basic finalization of the institutional arrangement of the registration system, and the promotion of the registration system to the entire market and various public stock issuances, which is of milestone significance in the process of China's capital market reform and development.
There are a total of 165 institutional rules released this time, including 57 institutional rules released by the China Securities Regulatory Commission, and 108 supporting institutional rules released by stock exchanges, national stock transfer companies, China Securities Depository and Clearing Corporation, etc. The content covers various aspects such as issuance conditions, registration procedures, underwriting and sponsorship, major asset restructuring, regulatory enforcement, and investor protection. The main content includes:
One is to streamline and optimize the conditions for issuance and listing. Adhere to information disclosure as the core and transform the issuance conditions under the approval system into information disclosure requirements as much as possible. Each market segment sets diverse and inclusive listing conditions.
The second is to improve the review and registration procedures. Adhere to the basic framework of focusing on and connecting the review of the stock exchange and the registration of the China Securities Regulatory Commission, further clarify the division of responsibilities between the stock exchange and the China Securities Regulatory Commission, and improve the efficiency and predictability of review and registration. If significant sensitive matters, significant unprecedented situations, significant public opinion, or significant illegal clues are discovered during the review process of the securities exchange, they shall promptly seek approval and report to the China Securities Regulatory Commission. The China Securities Regulatory Commission will simultaneously monitor whether the issuer complies with national industrial policies and sector positioning. At the same time, the issuance review committee of the China Securities Regulatory Commission and the merger and reorganization review committee of listed companies will be abolished.
The third is to optimize the issuance and underwriting system. There are no administrative restrictions on the issuance price and scale of new shares, and mechanisms for inquiry, pricing, and allocation involving institutional investors will be improved.
The fourth is to improve the system for major asset restructuring of listed companies. Listed companies in various market sectors shall implement a unified registration system for issuing shares and purchasing assets, improve the recognition standards and pricing mechanisms for restructuring, and strengthen the in-process and post event supervision of restructuring activities.
The fifth is to strengthen regulatory enforcement and investor protection. Strictly crack down on illegal activities in the process of securities issuance, underwriting and sponsorship in accordance with the law. Refine the arrangement of the repurchase order system. In addition, the relevant arrangements for the national stock to company registration system are consistent with those of the stock exchange as a whole, and differentiated arrangements are made based on the characteristics of small and medium-sized enterprises.
The Party Committee of the China Securities Regulatory Commission and the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at the China Securities Regulatory Commission will create a clean registration system through strong supervision. At the level of institutional rules, we will improve the supervision and restraint mechanism covering the entire process of issuance, listing, refinancing, mergers and acquisitions, delisting, regulatory enforcement, etc., strengthen the prevention of corruption risks for key personnel, and enhance the supervision of clean industry practices. Improve the close in supervision of stock exchanges and national stock transfer companies, as well as the embedded supervision of issuance review and registration. There is zero tolerance for corruption in the capital market field, and we will persist in promoting integrity and discipline.
