It's about GEM!Important meetings of the Shenzhen Stock Exchange, pass on heavy information

Learning reporter Wen Xi

Recently, the Shenzhen Stock Exchange organized a seminar on sponsored institutions to further adhere to the positioning of the GEM, improve the quality of the information disclosure of the prospectus, optimize the issuance of the GEM issuance and listing, and take the quality of the entry quality of the listed enterprise. And in -depth exchanges with sponsors to fully listen to opinions and suggestions.

The person in charge of the investment bank -related business from 17 sponsoring institutions attended the meeting through on -site or video connection to grasp the positioning of the GEM in the review, further improve the quality and efficiency of the GEM review, and continue to promote the "opening of the door -to -door review". Put forward constructive opinions.

Optimize the financing structure to simplify the refinancing procedures

Participants generally believe that since the reform of the GEM reform and pilot registration system, the Shenzhen Stock Exchange adheres to the positioning of the GEM in accordance with the "three principles" requirements of the registration system, and efficiently promotes the acceptance of the acceptance. High -tech enterprises, strategic emerging industry enterprises and growth innovation enterprises with strong market recognition are listed on the GEM.

Previously, a statistics of the Shenzhen Stock Exchange showed that the overall situation of the industry sector, the IPO fundraising proportion of IPOs of the GEM strategic emerging industry company exceeded 50 %, and re -financing fundraising accounted for over 70 %. With the continuous optimization of the financing structure, the exchange is strengthening financing support in technology -intensive fields such as high -end manufacturing, biomedicine, and new materials.

A relevant person in charge of CICC told reporters that first of all, from the perspective of the construction of a macro multi -level capital market system, the marketization represented by registration system is a necessary development direction. This development trend will not only help enhance the service capabilities of the capital market to innovation and entrepreneurship, but also improve the survival fitness mechanism of the entire market.

The person believes that in terms of financing channels, the GEM actively serves the proportion of direct financing, relaxes the re -financing conditions in an orderly manner, and serves listed companies to conduct direct financing. In terms of mergers and acquisitions and reorganizations, industries in the same industry are encouraged to integrate and upgrade industry in the industry, increase the market share of listed companies, enhance the status of the industrial chain, and enhance core competitiveness.

It is worth mentioning that the GEM has previously launched a simple procedure system for re -financing, a "small" re -financing project that raised funds of not more than 300 million yuan and no more than 20%of net assets, and the responsibility for controlling the front end of the intermediary agency to compact the agency agency's front end of the agency agency to check the responsibility The design of the system's punishment system realizes the true "non -trial", and establishes the "fast" process from acceptance and review to registration of only "2+3+3" working days.

As of August 6, 17 GEM companies that have been implemented have been completed from the fastest time that it has been accepted to the fastest time to take effect 6 working days, from the effectiveness of registration to the release and listing. Essence

Taking Del's shares (market value of 2.8 billion yuan) as an example, the company's recent asset -liability ratio was 54.37%, which was higher than the average value of the same industry. The amount of interest liabilities was high and faced with greater financial pressure. The company's simple procedure application was accepted on July 20, 2022. It plans to raise 250 million yuan. It will obtain a registration approval on July 28.

The sponsor fulfills the responsibility of the "first see the door"

In addition, at the symposium held by the Shenzhen Stock Exchange, the participating representatives also said that since the reform of the pilot registration system, the internal control level and business quality of the sponsors have been improved, but in the face of the new situation in the process of reforming the registration system, the new situation appeared in the process of promoting the advancement process. In the face of the actual needs of the GEM, there is still a certain gap.

The meeting discussed the systemic characteristics of the reform of the registration system in the future, fulfilling the main responsibility of the "first see the door", focusing on four aspects:

The first is to control the quality of the sponsors at the front end. The sponsors need to firmly establish a development concept of quality priority, accurately grasp the positioning of the sector, help enterprises to solidify the Benbenben, and recommend the listing and financing of enterprises that meet the positioning of the GEM.

The second is to compact the duties of the three -way defense line of investment banks, give full play to the role of investment banking project teams, quality control, and core, and to effectively assume the responsibility of checking and checking through independent, professional and solid working foundations, strengthen internal quality control, and prevent "illness reporting with illness reporting. "".

The third is to continuously improve the quality of information disclosure, and effectively implement the relevant requirements on the "Guidance Opinions on Increasing the Quality of the Discovery of the Prospectus in the Registration System", reducing the disclosure of information disclosure of redundant, templates, and obscure information, and further improve the effectiveness of the disclosure of the prospectus information Sexuality, targetedness and readability, improve the quality of review and inquiry and reply.

The fourth is to observe the bottom line of integrity, improve the internal management mechanism of the issuer and intermediary agencies, strictly implement the relevant regulations of the securities industry's integrity industry, and jointly create an industry ecology with a righteous industry.

The person in charge of the Shenzhen Communications Office stated that the Shenzhen Stock Exchange will conscientiously implement the decision -making and deployment of the Party Central Committee and the State Council, solidly build the GEM, and provide strong support for achieving high -level scientific and technological innovation and leading high -quality development with innovation. At the same time, we continuously summarize the experience of the GEM positioning and review of the GEM, study and improve the judgment criteria of the GEM "three innovations" and "four new", better adhere to the positioning of the sector, strictly control the market entrance level, and improve the quality of listed companies from the source.

In the future, the Shenzhen Stock Exchange will further strengthen the construction of the audit capacity, highlight the pertinence and significance of the review and inquiry, and continue to improve the quality and efficiency of the audit.At the same time, promote the "opening of the door -to -door review", further unblock the communication channels with market entities, summarize and refine and publicize the review standards, and consolidate the publication of the publication and listing of GEM for public transparency and clear expectations.Da Xing suddenly announced: Stop!what happened?20 billion games!New Energy Circuit stocks have been on fire again, 18 times the daily limit of Daniel stocks!The Development and Reform Commission said heavy voices: Active acting in expanding demand!

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