wsopfreeonlinepoker| China Securities Regulatory Commission: Study and establish a storage and issuance system for the Science and Technology Innovation Board and GEM
Log in to Sina Finance APP to search [Xinpi] to see more evaluation levels.
Special topic: section 16 of the SFCWsopfreeonlinepokerServing the high-level development of science and technology enterprises
If you want to speculate in the stock market, you can see the research report of Jin Kirin analysts.WsopfreeonlinepokerAuthoritative, professional, timely, comprehensive, to help you tap the potential theme opportunities!
Abstract: on April 19, the Securities Regulatory Commission announced that the capital market serves the high-level development of technology enterprises.WsopfreeonlinepokerSixteen measures. Measures require to increase refinancing support for science and technology enterprises. We should give full play to Science and Technology Innovation Board's role as a "test field", support the development of innovative and entrepreneurial enterprises that are growing on the gem, actively study more financing varieties and methods that meet the needs of scientific and technological enterprises, and study the establishment of Science and Technology Innovation Board and the storage and issuance system of gem. Improve the effectiveness and convenience of refinancing, and guide listed companies to invest the funds raised in related areas in line with the national economic development strategy and industry orientation.
Attached:
Sixteen measures of the China Securities Regulatory Commission on serving the High-level Development of Science and Technology Enterprises in the Capital Market (full text)
The dispatched offices, exchanges, subordinate units, associations and bureaus of the CSRC:
In order to further improve the function of the capital market, optimize the allocation of resources, and make greater efforts to support the high-level development of science and technology enterprises, the China Securities Regulatory Commission put forward the following measures.
First, concentrate our efforts on supporting major scientific and technological problems. We will strengthen policy coordination with relevant departments, accurately identify scientific and technological enterprises, give priority to supporting the listing and financing, mergers and acquisitions, and bond issuance of scientific and technological enterprises that break through key core technologies, and improve the "green channel" mechanism of the whole chain.
Second, improve the equity incentive of science and technology enterprises. We will support high-tech enterprises to set up equity incentive plans before listing, continue to implement incentives after listing, and encourage core technical personnel to be included in the scope of incentives. Study and optimize the methods, objects and pricing principles of equity incentives in science and technology enterprises, simplify the implementation procedures of equity incentives, and introduce the exemption provisions for short-term transactions in the implementation process of equity incentives as soon as possible, so as to give better play to the role of equity incentives.
Third, further promote the transformation of issuance supervision. Implement various institutional arrangements for the reform of the stock issue registration system in an all-round way, so as to promote the transformation of the system supervision. We should scientifically and rationally maintain the normalization of new share issuance, give full play to the joint efforts of issuing supervision lines, continuously improve audit efficiency and transparency, and meet the financing needs of science and technology enterprises of different types and different stages of development.
Fourth, optimize the financing environment for the listing of science and technology enterprises. In accordance with the law, we will support the listing of high-quality unprofitable scientific and technological enterprises with key core technologies, great market potential and outstanding scientific and technological innovation. We will further promote all kinds of medium-and long-term funds to increase the allocation of equity assets. We will support science and technology enterprises to list overseas in accordance with the law, implement the overseas listing record management system, and better support the development of overseas listing and financing of science and technology enterprises.
Fifth, give full play to the functional positioning of each plate. The introduction of motherboard plate positioning rules, highlighting the industry representative of the "market blue chip" features. Science and Technology Innovation Board adheres to the positioning of "hard science and technology", the gem serves growing innovative start-up enterprises, and the Beijing Stock Exchange and the National Stock transfer Company jointly create the main position to serve innovative small and medium-sized enterprises. Highlight the positioning of Science and Technology Innovation Board and gem, set the upper limit of declaration scale, and serve early science and technology enterprises more accurately. Strengthen the guidance and acceptance, acceptance, examination and registration of each link to check the plate positioning, and optimize the structure of newly listed enterprises.
Sixth, solidly promote the high-quality development of the Beijing Stock Exchange. We will improve the market access tolerance of the Beijing Stock Exchange and vigorously attract and cultivate a number of innovative small and medium-sized enterprises to list. We will launch a mechanism for public issuance of convertible bonds by companies listed on the North Stock Exchange. Guide all kinds of medium-and long-term funds to actively participate in the Beijing Stock Exchange and study and enrich the index funds and characteristic products of the North Stock Exchange.
Seventh, increase the support for refinancing of science and technology enterprises. We should give full play to Science and Technology Innovation Board's role as a "test field", support the development of innovative and entrepreneurial enterprises that are growing on the gem, actively study more financing varieties and methods that meet the needs of scientific and technological enterprises, and study the establishment of Science and Technology Innovation Board and the storage and issuance system of gem. Improve the effectiveness and convenience of refinancing, and guide listed companies to invest the funds raised in related areas in line with the national economic development strategy and industry orientation.
Eighth, promote the efficient implementation of mergers and acquisitions of science and technology enterprises. We will continue to deepen the market-oriented reform of mergers and acquisitions, formulate rules for targeted convertible bonds restructuring, optimize the small and rapid audit mechanism, and appropriately improve the inclusiveness of the restructuring valuation of light-asset science and technology enterprises. we will support science and technology enterprises to comprehensively use various payment tools such as shares, directed convertible bonds and cash to carry out restructuring, so as to help science and technology enterprises improve quality and efficiency, and become better and stronger.
Strengthen the accurate support of the bond market for scientific and technological innovation. We will promote the high-quality development of scientific and technological innovation corporate bonds and improve the supporting mechanism for the bond market to serve scientific and technological innovation. We will focus on supporting corporate bond financing in high-tech and strategic emerging industries, and encourage policy institutions and market institutions to provide credit-increasing support for private science and technology enterprises to issue scientific and technological bonds. We will bring high-quality enterprise sector bonds into the benchmark market-making varieties, and guide and promote investors to increase their investment in science and technology bonds. Support new infrastructure with conditions, new infrastructure such as data centers, and technology and innovation industries (64Wsopfreeonlinepoker(.680,0.26,0.40%) the park and other areas of science and technology innovation issue REITs to broaden the sources of incremental funds.
Guide private equity venture capital funds to invest in the field of scientific and technological innovation. We will improve the regulatory measures for private equity funds, enrich product types, promote the development of parent funds, and give full play to the role of private equity venture capital funds in promoting the growth of high-tech enterprises. We will implement the policy of "reverse pegging" of private equity funds, expand pilot projects for private equity venture capital funds to allocate stocks and transfer shares to investors, broaden exit channels, and promote a virtuous circle of "investment-exit-reinvestment".
Give full play to the function of regional equity market services to cultivate and standardize scientific and technological enterprises. We will steadily expand the coverage of pilot innovation in the regional equity market, build high-quality "specialized and special new" boards, constantly enrich service tools and financing products for science and technology enterprises, and gradually promote the landing of businesses such as stock options and equity incentives. We will study ways to strengthen long-term capital support such as government guidance funds through preferred shares (rights). We will strengthen the interconnection of multi-level capital markets, make good arrangements for the convergence of enterprise guidance, financing and equity incentive product research and development, and data sharing, and make good use of the docking channels between the regional equity market and the new third board and the publicity and audit system.
Increase the intensity of financial product innovation. We will further enrich the scientific and technological innovation index system and compile more indexes that reflect the characteristics of scientific and technological innovation enterprises. We will improve the construction of the supporting product system of the exchange. Support securities fund management institutions to develop science and technology-themed fund products, improve their active management ability, and actively invest in science and technology enterprises. We will enrich the supply of derivatives from Science and Technology Innovation Board and gem, and actively promote the development and listing of science and technology 50, gem stock index futures and options.
XIII. Continuously improve the trading mechanism. Evaluate the market maker mechanism of the optimized Kechuang Board and the Beijing Stock Exchange to further promote market facilitation and improve the efficiency of market price discovery and resource allocation. We will improve the relevant rules on margin trading and refinancing.
14. Urge securities companies to enhance their ability to serve scientific and technological innovation. We will promote the high-quality development of securities companies, focus on the main business, strengthen the building of professional capacity, promote the exertion of functions, and provide services such as equity financing, bond financing, mergers and acquisitions, market-making transactions, risk management and wealth management for science and technology enterprises. to help build a diversified relay financial service system.
15. Optimize the service mechanism of science and technology enterprises. We will practice the concept of "opening the door for auditing", improve the "pre-communication" mechanism for the listing and refinancing of science and technology enterprises, and enhance the convenience and effectiveness of consultation for science and technology enterprises. We will strengthen the overall planning of market cultivation and enhance the efficiency of science and technology enterprises in key areas of service.
XVI. Compacting the responsibilities of all parties. Adhere to the principle of "taking responsibility as soon as you declare", strictly compress the responsibilities of science and technology enterprises and relevant intermediary institutions that plan to issue securities, ensure the truthfulness, accuracy and integrity of information disclosure, severely crack down on illegal and fraudulent issuance in accordance with the law, and protect the legitimate rights and interests of investors.
China Securities Regulatory Commission
April 19, 2024