On June 30, a reporter from "Securities Daily" learned from the Beijing Shanghai and Shenzhen Stock Exchanges that in the first half of the year, the three major exchanges, while taking into account the prevention and control of the epidemic, passed the "cloud audit" (remote video conference) to ensure the continuous review of the listing of enterprises. , maintain the normalization of IPO, and relieve the difficulties of "blood transfusion" for the development of enterprises.
Despite the repeated epidemics in many places, the listing review of companies has not been affected.According to the reporter's review, in the first half of this year, the listing committee of the Science and Technology Innovation Board, the ChiNext Board and the Beijing Stock Exchange reviewed 192 companies' listing applications, which was basically the same as the same period last year.
In an interview with a reporter from Securities Daily, Chen Li, chief economist of Chuancai Securities, said that under the epidemic, economic growth was under certain pressure, and business operations were also affected. In the first half of the year, there were many withdrawals of IPO applications.In this context, the number of listed companies reviewed was the same as that of the same period last year, indicating that the securities regulatory system has increased support in the review work, which will help speed up the flow of project funds into the real economy.
Strengthen online communication
Issuance and listing review continuously filed
The three major exchanges take into account the prevention and control of the epidemic and the stability of the capital market to ensure the continuous review of issuance and listing.
In March of this year, an epidemic broke out in Shanghai, and the Shanghai Stock Exchange responded in a timely manner, started working in the office, and issued the "30 Rules for the Shanghai Stock Exchange".According to the relevant person in charge of the Shanghai Stock Exchange, the Shanghai Stock Exchange has strengthened online communication and mapped out key regions one by one to ensure the normal progress of the issuance and listing review process of companies affected by the epidemic.
On the one hand, the SSE normally accepts applications for IPO and refinancing. For those affected by the epidemic and unable to make an appointment for on-site communication, issuers and intermediaries can apply for online communication and consultation to ensure the normal progress of the issuance and listing review process for companies affected by the epidemic.From March to the end of June, the review center has held 123 consultation and communication meetings with issuers and intermediaries online.
On the other hand, for areas seriously affected by the epidemic, if the SSE actively communicates and understands the difficulties of the issuer, and is indeed unable to respond to review inquiries or complete due diligence within the specified time, the review will be suspended with the approval of the SSE.
According to statistics, from March to the end of June, the Science and Technology Innovation Board Listing Committee held a total of 43 deliberation meetings, "cloud review" of 54 companies' IPO applications, the same as last year; the Shanghai Stock Exchange guaranteed 49 companies to successfully issue IPOs, and IPO funds raised 115.112 billion Yuan.
In May, the epidemic in Beijing repeated.At the end of May, the Beijing Stock Exchange and the New Third Board launched 24 measures to optimize self-regulatory services in light of the actual market conditions.
The reporter learned from the Beijing Stock Exchange that the Beijing Stock Exchange ensures the normal progress of the listing committee meeting through video conferences.In the process of listing review, the Beijing Stock Exchange has implemented the working mechanism of electronic, contactless submission and delivery, and strengthened the guarantee mechanism of telephone communication and online consultation between the review department and issuers, listed companies, and intermediaries, so as to provide efficient and high-quality services. Serve.For companies in areas and industries severely affected by the epidemic that apply for listing on the Beijing Stock Exchange or the National Equities Exchange and Quotations, the implementation of special person docking, immediate reporting and immediate review, and immediate issuance after review.
According to the relevant person in charge of the Beijing Stock Exchange, in the first half of this year, the Listing Committee of the Beijing Stock Exchange held 26 "cloud review" meetings to review 31 companies' applications for listing on the Beijing Stock Exchange, and the online review is still maintained.
On June 24, the Shenzhen Stock Exchange issued 16 measures to serve the real economy to ensure the normal conduct of listing review for companies affected by the epidemic, and to strengthen online communication and consultation for listing review.Including continuing to implement electronic and contactless submission of issuance and listing review, issuers and intermediaries can handle applications, responses, online consultations and appointment video conferences through the issuance and listing review business system of the Shenzhen Stock Exchange.Ensure the normal progress of the Listing Committee meeting through on-site or video conferences.
According to public data, in the first half of this year, the GEM Listing Committee held 35 review meetings to review 91 companies' GEM IPO applications.
"Cloud Audit" is more efficient
Audit standards are consistent with offline
Although the "exam" has been changed to "online", the audit standards have not changed, and the audit efficiency is also improving.
After two rounds of inquiries and replies, on May 9, the listing application of Uji Co., Ltd. on the Beijing Stock Exchange will be approved, the registration will take effect on May 25, and Uji Co., Ltd. will be officially listed on June 24.It took about 9 months from the acceptance of the listing application of Uji to the official listing. The listing review process is compact and efficient.
"The entire process of this project uses remote system declaration, and the declaration process is very smooth. During the feedback and response process, we encountered relevant questions and communicated efficiently and quickly with the reviewers through remote methods such as telephone." Dongguan securities sponsor business staff , Guo Han, co-organizer of the Uji project, told the reporter of "Securities Daily".
"The listing review work of the Beijing Stock Exchange has been continuously polished and upgraded." The relevant person in charge of the Beijing Stock Exchange said that it is mainly reflected in two aspects: First, the question-direction of the inquiry letter is more clear, and the number of inquiries is gradually reduced.The average number of questions in the first round of inquiries in 2022 will decrease by nearly 30% compared with 2021.The second is to gradually reflect the inclusiveness of small and medium-sized enterprises.In the review and listing cases, we have successively seen inclusive cases with difficult IPO issues such as capitalization of R&D expenditures, information disclosure exemptions, personal card and cash transactions, and interest-free borrowing by shareholders.In terms of innovation attributes, it is not limited to technological innovation represented by specialized, refined and new, but also recognizes innovative forms such as product innovation and model innovation.
Talking about the difference between "cloud audit" and offline audit, Guo Han said that the advantage of "cloud audit" is that it achieves a breakthrough in physical distance, which is more friendly to sponsors and issuers, and is more suitable for the environment of repeated epidemics. Application, review, and Q&A were all carried out remotely and smoothly.At the same time, it is more green and environmentally friendly, easy to store, and can accurately leave marks on the process.
An investment banker from a large securities firm told the "Securities Daily" reporter that from a practical point of view, the exchange's "cloud audit" is more efficient, but the online and offline audit standards are the same.Issuers with travel restrictions affected by the epidemic can meet at the issuer's territory.
According to the reporter’s review, among the 192 companies that went to the meeting this year, 7 failed, all of which were planned to be listed on the ChiNext Board; among the 6 companies whose review was postponed, 2 planned to be listed on the Science and Technology Innovation Board, and 4 planned to be listed on the Beijing Stock Exchange; 1 The country canceled the deliberation and withdrew the listing application of the Beijing Stock Exchange for the sponsor.
The relevant person in charge of the Shanghai Stock Exchange said that in the second half of the year, the Shanghai Stock Exchange will increase the supply of services on the basis of "opening the door for review".
The relevant person in charge of the Beijing Stock Exchange said that in the follow-up, the Beijing Stock Exchange will further optimize the review mechanism, strengthen the internal coordination of listing, supervision and review, improve the "fast track" system arrangement for the listing of enterprises, and promote the deep integration of the sponsor team and continuous supervision. , to facilitate the smooth and efficient entry of eligible enterprises into the Beijing Stock Exchange for development.
Chen Li said that with the continuous advancement of the registration system reform and since the establishment of the Beijing Stock Exchange, the capital market has significantly improved the inclusiveness of small and medium-sized enterprises, and the current epidemic has been effectively controlled, it is expected that A-share IPOs will accelerate in the second half of the year.
