The Colloquium is to compensate for the short-term financing of science and technology innovation enterprises, while at the same time regrouping with existing panels for coordination. Our multi-tier capital markets are characterized by a “pyramid” structure consisting of intra-site exchanges, new three panels, regional out-of-the-counter markets, bonded markets. The creation board is the first “registered plus intra-currency” block to compensate for short-term financing in the creative enterprise, which overlaps with entrepreneurship boards and new panels. The strengthening of a clear division of labour between panels to meet the demand for investment financing from different enterprises and investors requires greater coherence and coordination.

Introduction

On 5 November, the Under-Secretary-General for Close Protection indicated that a boarding and pilot registration system would be established at the Shanghai Stock Exchange to support the Shanghai International Finance Centre and the Centre for Science and Technology Innovation in order to continuously improve the capital market infrastructure system. The roll-out of the CCS and registration pilots will complement the financing of our growing science and technology innovation enterprises, which is expected to become the Chinese version of Nasdak. However, opportunities and challenges coexist and building processes need to focus on the building of the rule of law base, market positioning and investor protection mechanisms.

Summary

The CPF is a prototype of the Strategic Emerging and Science and Technology Innovation for 2015, with a focus on the institutional design of the Reference Strategy Emergings. The national in-country market, accompanied by a pilot registration system, is an investment function that serves the financing functions of science and technology enterprises, as well as the sharing of dividends in the growth of science and technology enterprises.

From international experience, the United States has built on improved rule-of-law legislation, well-positioned market systems, strict law enforcement, and registered capital markets have developed considerably. Hong Kong has a “double archive” system of registration, but the investor protection mechanism is inadequate and the Sen is not functioning.

The concrete impact of the CPF included: 1) increasing the share of direct financing to meet emerging economic development needs. 2) Short-term outflows, valuing the hub and introducing good competition over the long term. 3) High-quality publicly available resources, shell resources. (iv) Facilitating the sharing of technological and innovative enterprise development dividends among domestic investors. (5) Good private fundraising and voucher agencies.

The Colloquium is to compensate for the short-term financing of science and technology innovation enterprises, while at the same time regrouping with existing panels for coordination. Our multi-tier capital markets are characterized by a “pyramid” structure consisting of intra-site exchanges, new three panels, regional out-of-the-counter markets, bonded markets. The creation board is the first “registered plus intra-currency” block to compensate for short-term financing in the creative enterprise, which overlaps with entrepreneurship boards and new panels. The strengthening of a clear division of labour between panels to meet the demand for investment financing from different enterprises and investors requires greater coherence and coordination.

The full introduction of the registration system and the creation of the Chinese version of Nassauke will require the strengthening of three systems: the building of the rule of law and the fight against securities fraud. In comparison with the criminal, administrative and civil defences of securities fraud carried out by the United States Board of Auditors (SEC), Chinese securities law enforcement is “executive, light civil”, less rigorously punished, less shaken and inadequate compensatory functions. Chinese investors are vulnerable and civil compensation mechanisms are inadequate. The second is the improvement of investor protection systems, with reasonable thresholds for investor access. The third is to explore the establishment of a re-boarding system to achieve staggered competition and virtuous development.

Risk reminders: changes in the market environment, weak policy incentives and expectations

Contents

Establishment and registration system

1.1 Inventories: or renewal of strategic emerging board design

1.2 Registration: reintroduction

2 International experience: registration in the United States and Hong Kong

2.1 United States: clear market positioning, adequate legal regulation, investor protection and long-term development of registration

2.2 Hong Kong: inadequate investor protection, dichotomization

3 Cocton impact: long-term economic transition

4 Combination of the work of the boards and existing panels requires an integrated and coordinated approach.

5 The pilot roll-out of three major systems needs attention

5.1 Building on the rule of law to combat securities fraud

5.2 Improving investor protection systems and setting a reasonable threshold for investor access

5.3 Recommend the integration of existing panels to achieve conversions and the effective allocation of market resources

Contents

Establishment and registration system

On 5 November 2018, at the China International Import Fair, the Secretary-General of the Institute indicated that a pilot registration system would be put in place. The Board and the Institute subsequently indicated that the requirements for the establishment of boards and pilot registration systems would be quickly implemented to provide a sound capital market environment for the growth of innovative enterprises, as well as to provide more highly investment-valued market companies for capital markets. This round of capital market reform is highly specific and robust and will reshape market rules at the top-level design level.

1.1 Inventories: or renewal of strategic emerging board design

The boards are prototyped by strategic and innovative panels. The “Strategic and Emerging” and “Scientific and Technological Innovations” will be introduced simultaneously in the Shanghai in 2015. The strategic brands are located on a slightly larger, long-term, relatively well-developed, strategic and emerging industrial enterprises, design multiple sets of marketable standards, dilute profit requirements and carry a moderate probability of return, but are not on track because of conditionalities. Science and technology innovation boards are located in regional equity markets that provide financing services for fast-moving long-term science and technology innovation enterprises, consisting of enterprises with the characteristics of “new technologies, new industries, new industries, new models”, and are thus referred to as “new four panels”. There is now a rolling out of the regional equity market in Beijing and Shanghai.

This reform introduces the “construction” and may refer to the institutional design of the emerging strategy. Formerly introduced as an out-of-the-counter market, there is a fundamental difference from the in-house structure proposed at this time. The Board’s positioning of the CPF as a shortboard to complement technological and technological innovations in capital market services will result in better differential arrangements in terms of profitability, equity structure, and increase inclusiveness and adaptability for innovative enterprises. This policy has been conceived as a national on-the-ground market, with a pilot registration system and an investment function that serves the financing functions of science and technology enterprises, as well as the sharing of dividends in the growth of science and technology enterprises, which will make it possible to refer to the institutional design of the emerging strategic architecture.

1.2 Registration: reintroduction

The registration system is a system of securities distribution that is generally applicable in mature capital markets, but it has a plunged in my country. Launched for the first time in 2013, actively preparing for 2015,

According to the statistics of the 21st Century Business Herald reporter, from January to February this year, the CSRC issued a notice of filing a case under the violation of the two scientific and technological innovation enterprises, and the exchange issued 18 inquiry letters on abnormal fluctuations in stock trading.

Among them, 11 listed companies on the science and innovation board are involved, namely: xunxing, Anxi biology, Aotai biology, rejing biology, yahuilong, Botuo biology and cutting-edge biology.

In recent days, the supervision has made many references to strengthening the fight against violations of laws and regulations in the capital market.

Recently, the Shanghai municipal government issued the “Shanghai plan on strictly cracking down on illegal securities activities according to law”. In this plan, the Shanghai municipal government proposes to focus on creating a good legal environment for the registration system of the science and innovation board, and will carry out special law enforcement actions against various illegal acts in the registration system of the science and innovation board in due time, and focus on law enforcement in the field of investment banking business.

For the follow-up “special law enforcement” and “key law enforcement” trends, most market players, including intermediaries and listed companies, are paying more and more attention. The reporter learned that many investment banking institutions have focused on the investigation and deployment of business compliance.

11 supervision letters

If the statistical cycle is lengthened, as of February 28, 2022, excluding the supervision letter received due to the same event, the supervision has issued 11 more serious fines to science and innovation enterprises since the establishment of the science and innovation board.

Including 7 administrative supervision measures and 4 filing notices.

The above 11 tickets involved 10 listed scientific and technological innovation enterprises.

They are rongbai technology, Guangda special materials, Youfang technology, tiannai technology, Jiahua technology, Mengsheng electronics, aofu environmental protection, rejing biology, Hangke technology and Amethyst storage.

Liu Wei, President of Xingong high quality development research institute, introduced that the case filing investigation belongs to a part of the punishment process of the CSRC or the CSRC. Generally, for more serious violations, the punishment or supervision will be carried out according to the investigation results after the investigation is completed.

In addition to the notice of filing a case, the letters of supervision are sorted from heavy to light, namely: administrative punishment and administrative supervision (warning letter, supervision concern letter, order to correct). Administrative supervision measures are the disciplinary measures taken by the CSRC or the securities regulatory bureau for violations, which are lighter than administrative punishment. The warning letter belongs to one of the administrative supervision measures and one of the more serious ones.

On the whole, whether in the notice of filing a case or the letter of administrative punishment, violations caused by inaccurate and incomplete information disclosure are the focus of supervision.

For example, six of the seven administrative punishment letters were caused by inaccurate information disclosure; Among the four filing notices, one was caused by xinphi’s violation of laws and regulations.

The second is the punishment letter received due to illegal reduction and trading.

For example, Jiangsu Securities Regulatory Bureau issued a warning letter on the illegal reduction of Xu Hui, a shareholder holding more than 5% of special materials, while the spouse of the chairman of Hang Ke Technology and the supervisor of re Jing biology received a notice of filing a case from the Securities Regulatory Commission.

However, there are not many regulatory violations of listed companies, but Kechuang’s shareholders do not receive them.

From January 2020 to the end of February 2022, according to wind data statistics, science and innovation enterprises issued 26 “apology announcements”.

Among them, 25 “apology announcements” are about the illegal increase, reduction and short-term transactions of shareholders, directors, supervisors or their relatives. Only the apology announcement issued by Jiete biology in January 2020 was caused by the chairman’s improper speech.

In this context, on February 17 this year, the CSRC’s filing notice on the illegal trading of the company’s shares by the spouse of Hang Ke Technology’s actual controller and chairman appeared to be more “strict”.

However, Liu Wei, President of Xingong high quality development research institute, said that it remains to be seen whether the supervision of the science and innovation board has become more stringent.

“What kind of punishment will be given to the problem of illegal trading also depends on the trading volume and amount of illegal trading, and even whether it is a hot spot in the market in the near future, which may have an impact on the punishment process and strength.” Liu Wei said.

Subsequent impact

Similar to the illegal transaction of the spouse of the chairman of Hangke technology, why did you receive the notice of filing a case and need to wait for more information disclosure.

Liu Wei believes that from the cases and observations of Xingong consulting, at present, the focus of supervision is on delisting, capital occupation and illegal guarantee on the one hand, and abnormal transactions, especially insider trading and illegal market value management on the other hand, which is also the recent focus of supervision.

In terms of abnormal trading, in addition to the illegal trading of the interests of the listed companies mentioned above, there are also many cases in which science and innovation enterprises receive inquiry letters from the exchange due to abnormal fluctuations in stock trading.

Previously, people close to regulators told reporters that the exchange aims to strengthen pre research and pre judgment, manage early and small, and prevent the “mild disease” of science and technology innovation board from becoming a “serious disease”.

From the regulatory dynamics of Internal Medicine Innovation Board in, 11 enterprises of scientific innovation board were affected from January to February this year.

Among them, the CSRC issued a notice of filing a case under the violation of two science and innovation enterprises, and the exchange issued 18 inquiry letters on abnormal fluctuations in stock trading.

The 11 listed companies on the science and innovation board are: xunxing, Anxi biology, Aotai biology, rejing biology, yahuilong, Botuo biology, cutting-edge biology, etc.

From the perspective of stock price, the impact is mainly related to the change of enterprise fundamentals.

The regulatory letter received on November 20, 2019 was the first serious one.

The share price of rongbai technology fell 4.60% in the trading day.

Subsequently, on April 13, 2020, rongbai technology received the administrative supervision measures from the CSRC, which was the first serious punishment letter received by the listed scientific and technological innovation enterprises from the CSRC. On that trading day, rongbai technology fell by 10.27%, and then the stock price rebounded.

Although rongbai technology received regulatory letters one after another, and the exchange also made continuous inquiries about its financial data, as rongbai technology made further answers and disclosures to regulatory questions, it did not affect the judgment of market funds on rongbai technology.

From the beginning of 2021, rongbai technology’s share price began to rise continuously to 2

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On the last day of November, the temperature in Changsha dropped sharply, but the scene at the morning peak of that day warmed the hearts of many Changsha people: a pregnant woman was about to give birth, and the traffic police escorted her retrograde for 3 minutes to the hospital, opening the channel of life.

At the Yingpan intersection of Dongfeng Road in Changsha, the provincial capital, the police on duty received a driver’s help, saying that a pregnant woman with amniotic fluid rupture on her car was about to give birth. Li Zhun, a policeman of the third traffic police squadron of Kaifu, immediately contacted the Kaifu sub control center for dispatching and immediately rode on a police motorcycle for traction.

Due to the heavy traffic flow along the way in the morning peak, the sub control center commands and dispatches to tow motorcycles and cooperate with the police on duty on the road to pass through the road. Under the traction of the traffic police and the love of the riders along the line, it took only about three minutes to tow the vehicle from the Yingpan intersection of Dongfeng Road to the Provincial Maternal and child health hospital.