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In order to implement the important instructions of General Secretary Xi Jinping on the overall promotion of the prevention and control of the COVID-19 and economic and social development and the relevant major decision-making arrangements of the CPC Central Committee and the State Council, as well as the general requirements of the Central Economic Work Conference on the steadily advancing the reform of the NEEQ, and according to the deployment of the Party Committee of the CSRC, the NEEQ starts acceptance and review of stock public offerings to unspecified qualified investors and listing on the NEEQ select (hereinafter referred to as stock public offering and listing on the NEEQ Select) on April 27,2020. Sponsor institutions may submit the application documents through the NEEQ business support platform.
This comprehensive deepening of the reform of the NEEQ is an important measure to promote the market-oriented element allocation reform, complement the capital market to serve SMEs and the private economy, and better serve the high-quality development of the real economy. At present, all reform measures at the Base and Innovation tiers have been implemented. The scale of financing and M&As has increased month-on-month, the financing costs of listed companies have been reduced, the efficiency of matching investment and financing has improved, the secondary market has gradually recovered, and the market has responded well. The expected results have been achieved. NEEQ starts acceptance and review of applications for stock public offerings and listing on the NEEQ Select, organizes and implements the reform measures related to the stock public offering and listing on the NEEQ Select, and fully implements the reform of the NEEQ, which is conducive to further improving the function of market resource allocation, improving market liquidity, raising financing and trading efficiency. It is conducive to break the “ceiling” of the system, clarifying the growth and development path of SMEs, and promoting the interconnection of multi-tiered capital markets. It is an important measure for the capital market to help “six stability” and “six guarantees”.
The CSRC has revised and promulgated the Measures for the Supervision and Management of Non-listed Public Companies and successively issued the No. 11 Guidelines for the Contents and Formats of Information Disclosures of Unlisted Public Companies-Public Offering of Stocks to Unspecified Qualified Investors Manual, No. 12 Guidelines for the Contents and Formats of Information Disclosure of Unlisted Public Companies -Application Documents for Public Offering of Stocks to Unspecified Qualified Investors, Guidelines for Publicly Raised Securities Investment Funds to Invest in NEEQ Listed Stocks and other regulations and administrative normative documents related to the public offering of the NEEQ. The NEEQ has implemented all business rules related to the stock public offering and listing on the NEEQ Select, established a department for stock public offering and listing review, formed a full-time review team, and has launched the acceptance and review system of public offering application, and public offering and underwriting business system; the Listing Committee of NEEQ will also be established in the near future. The preparations for the business, personnel, technology, etc. involved in the stock public offering and listing are all ready.
After the acceptance and review work is initiated, the NEEQ acceptance team will review the completeness of the issuer's application documents in accordance with the procedures and requirements clearly defined in the rules, and make a decision on whether to accept the application within two trading days after the applicant submits the materials. The acceptance review focuses on whether the application documents are consistent with the document catalogue specified in the relevant rules, whether the document name is consistent with the document content, whether the document signature is complete, clear and consistent, and whether the document font, layout and other formats comply with the relevant regulations. According to the principle of " disclose upon acceptance of applications ", the application documents are automatically disclosed on the official website of the column named “ Public Offerings and Listings on the NEEQ Select " immediately after acceptance, and investors and other market entities can check the issuer's application documents, progress, review inquiries, review results, and release status in the official website column.
The review is disclosure-centered, law-based, open, transparent, convenient and efficient. The focus is on whether the issuer meets the conditions of public offering, listing requirements and related information disclosure requirements. The NEEQ does not judge the company’s investment value, but focus on the corporate governance standardization, the clarity of assets and equity ownership, the independence of business operations, the legal compliance of business operations, the accuracy of accounting treatment, financial authenticity, financial standardization and sustainable profitability. We will urge the issuer to disclose the information truthfully, accurately and completely by inquiry, urge the sponsors and securities service agencies to effectively fulfill their responsibility of information disclosure, and urge the issuers and their sponsors and securities service agencies to earnestly improve the quality of information disclosure so that investors can make investment decisions with sufficient information. Once is reviewed is complete, NEEQ will submit an application document for public offering to the CSRC on behalf of the issuer.
In the next step, under the leadership of the CSRC, the NEEQ will adhere to the principles of marketization and rule of law, adhere to the principle of progressing steadily, do a solid job in the acceptance and review of the stock public offering and listing on the NEEQ Select, and organize all efforts to implement various reform measures including the stock public offerings to unspecified qualified investors, increase the market trading activity of the NEEQ, improve the ability to serve the real economy, and provide stronger support for the comprehensive restoration of the economic and social order. In the process of work, the NEEQ will maintain close communication with issuers, intermediaries and other market participants, be open to opinions and suggestions, timely study and improve the work, and provide good services, to nurture sustainable and long-term development of the NEEQ market.