CBN丨China rolls out registration-based IPO rules across all market

Hi everyone. I’m Stephanie LI.

大家好，我是主持人李瑩亮。

Coming up on today’s program.

重點提要

• China will expand registration-based IPO system across A-share market;
• China’s NEV sales stutter in January as subsidies end.

Here’s what you need to know about China in the past 24 hours

中國經濟要聞

China will broaden the registration-based initial public offering system and include no trading limit on the first five trading days for new listings.

Widely used in overseas markets, the registration-based IPO system, first adopted by the tech-focused STAR Market, will now be expanded to the main boards in Shanghai and Shenzhen, the China Securities Regulatory Commission, the country's top securities regulator, said in a statement published Wednesday.

China will focus on "giving the right of choice to the market" in implementing the registration-based reform to better promote high-quality economic development, the CSRC said.

The Shanghai, Shenzhen and Beijing exchanges have all conducted trials of the registration-based IPO system with some having a history of as long as four years. These programs have had a marked effect of lifting the support of the capital market for the real economy, especially companies in the science and innovation sectors, the regulator said.

Currently, IPOs on the main boards - home to China's blue-chip stocks - need a nod from the CSRC under an approval-based system, and IPO prices there are capped by the regulators.

Under the new system, stock exchanges will vet IPOs with a focus on information disclosure. New listings will only need to register with the securities regulator, while the CSRC will only make sure listings are in line with national industrial policy.

"Compared with the approval-based system, the registration-based reform not only changes the body of reviews, but also, more importantly, enshrines the key role of information disclosure, making the whole process of listing more standardized, transparent and predictable," the CSRC statement said.

Under draft rules published on Wednesday for public opinions, no daily trading limit is set for IPO shares during their first five trading days. And stocks are eligible for margin trading and securities lending on trading debuts. However, stocks listed on the main boards are still subject to the 10 percent daily trading limit afterwards.

The CSRC added that candidates must meet certain thresholds and strict information disclosure requirements and it will consolidate IPO rules for the three bourses.

2月1日，中國證監會就全面實行股票發行注冊制涉及的《首次公開發行股票注冊管理辦法》等主要制度規則草案公開征求意見，标志着經過4年的試點後，股票發行注冊制将正式在全市場推開，開啟全面深化資本市場改革的新局面，為資本市場服務高品質發展打開更廣闊的空間。

證監會強調，注冊制改革的本質是把選擇權交給市場，強化市場限制和法治限制。與核準制相比，注冊制改革不僅涉及稽核主體的變化，更重要的是充分貫徹以資訊披露為核心的理念，發行上市全過程更加規範、透明、可預期。

全面實行股票發行注冊制的關鍵詞是“全面”，主要是完成“兩個覆寫”，一是覆寫上交所、深交所、北交所和全國中小企業股份轉讓系統各市場闆塊；二是覆寫所有公開發行股票行為。另外，根據證券法的要求，優先股、可轉換公司債券、存托憑證也實行注冊制。

主機闆改革是這次全面實行股票發行注冊制的重點，主要是充分借鑒試點注冊制的經驗，以更加市場化便利化為導向，精簡公開發行條件，設定多元包容的上市條件，放開新股發行定價和上市前5個交易日漲跌幅限制。但從主機闆實際出發，相關規則也保留主機闆新股上市第6日漲跌幅限制保持10%不變，維持主機闆的投資者适當性要求不變等。

亮點一：優化稽核注冊機制。

稽核注冊機制是注冊制改革的重點内容。這次改革保持交易所稽核和證監會注冊各有側重、互相銜接的基本架構不變，重點是進一步明晰了交易所和證監會的職責分工。具體來看，交易所承擔發行上市稽核的主體責任，對企業是否符合發行條件、上市條件和資訊披露要求進行全面稽核。證監會同步關注發行人是否符合國家産業政策、闆塊定位，對交易所稽核中遇到的重大問題及時指導，并基于交易所的稽核意見依法注冊。同時，着重強化證監會統籌協調和監督指導的責任

亮點二：完善多層次資本市場體系。

全面實行股票發行注冊制後，錯位發展、互相補充的多層次資本市場格局将更加完善，具體來看，滬深交易所主機闆将突出大盤藍籌定位，主要服務于成熟期大型企業，在上市條件方面與其他闆塊拉開差距。科創闆将突出“硬科技”特色，提高對“硬科技”企業的包容性。創業闆主要服務于成長型創新創業企業，允許未盈利企業到創業闆上市。北交所和全國股轉系統将探索更加契合創新型中小企業發展規律和成長特點的制度供給，更加精準服務創新型中小企業。

亮點三：進一步完善監管和執法。

注冊制改革是一場放管結合的改革，加強監管執法是基本保障。在前端，堅守闆塊定位，加大發行上市全鍊條監管力度，壓實發行人、中介機構、交易所等各層面責任，嚴格稽核，嚴把上市公司品質關。在中端，加強發行監管和上市公司持續監管的關聯，規範上市公司治理，加大退市力度，促進優勝劣汰。在後端，保持“零容忍”執法高壓态勢，形成強有力震懾。

亮點四：全面整合制度規則體系。

主機闆、科創闆和創業闆适用統一的注冊制度，滬深交易所制定修訂本所統一的股票發行上市稽核業務規則，北交所與上交所、深交所總體保持一緻。

專家指出，全面注冊制改革的核心實質就是提高市場IPO的包容性和開放性，讓優秀的企業赢得上市的機會，讓空殼僵屍企業高效退出市場。注冊制改革遵循的是市場化、法制化的基本原則，減少行政管制和過度行政幹預，賦予投資者更多的選擇權和決策權，這樣更有利于優化市場資源的配置組合、有利于高品質服務實體經濟。

Guangdong’s high-quality development 2023

嶺南春早，潮湧珠江

• Multiple provincial departments in Guangdong have announced plans for the high-quality development this year at the recent grant conference focusing on the same theme. The Guangdong Development and Reform Commission vowed to speed up the implementation of the major projects in the 14th Five-Year Plan with completed investment of over 1 trillion yuan, and to ensure that fixed asset investment increase by 8 percent annually, infrastructure and industrial investment to achieve double-digit growth. The Department of Industry and Information Technology said that Guangdong will accelerate the construction of 20 strategic industrial clusters and build 3 more industrial clusters with over 1 trillion yuan in output. The province’s Finance Department said more efforts should be made to implement a proactive fiscal policy by increasing government revenue by 5 percent, and issue more special bonds this year. The Commerce Department pledged to steadily promote foreign trade and investment and will set a 3-percent growth target for total trade volume, a 6-percent increase in the total retail sales of consumer goods and an 8-percent jump in the actual use of foreign investment in 2023.

  各部門定目标沖刺高品質發展：今年廣東“新春第一會”全省高品質發展大會上，多位省直部門“一把手”發言表态，展望各市新一年高品質發展的目标和計劃。其中，廣東省發改委主任、省大灣區辦主任艾學峰表示，廣東要加快實施“十四五”規劃确定的重大項目，確定全年固定資産投資增長8%、基礎設施投資和工業投資實作兩位數以上增長，省重點項目完成投資1萬億元。廣東省工業和資訊化廳黨組書記、廳長塗高坤表示，廣東将加快加力推動現代産業體系的立柱架梁，着力推動20個戰略産業叢集的建設，提質壯大現有的8個萬億級産業叢集，發力行業新增3個萬億元級、4個以上的五千億元級叢集。争取2023年全省工業投資要增長達到10%以上，發揮工業投資對工業經濟發展的放大疊加和倍增的作用。廣東省财政廳黨組書記、廳長戴運龍表示，要加力提效實施積極的财政政策。一是確定實作财政收入增長5%的目标；二是争取更多新增債券資金；三是黨政機關過“緊日子”騰出可用财力。廣東省商務廳黨組書記、廳長張勁松表示，将堅決貫徹落實省委、省政府決策部署，聚焦高品質發展，紮實推進外貿、外資、外包、外經、外智“五外關聯”，加快建設貿易強省：外貿進出口增長3%，社會消費品零售總額增長6%，實際利用外資增長8%。

Greater Bay Area, Greater future

新使命，大未來

• The newly renovated Lo Wu port, the last border checkpoint to remain closed between Shenzhen and Hong Kong, is set to reopen next Monday, shopowners at Luohu Commercial City revealed, citing a notice to tenants at the mall yesterday. According to the notice from the mall’s property management, Lu Wu port will be "fully reopened" on Monday, which the mall will be back in business the same day.

  羅湖口岸下周一重開：2月1日中午，羅湖商業城商戶透露，從物管公司收到通知，羅湖口岸将于2月6日全面通關，羅湖商業城各商戶同時開門營業。

Next on industry and company news

産業及公司新聞

• China’s sales of new energy vehicles got off to a shaky start in January with the withdrawal of government subsidies at the end of last year, according to the January sales data released by carmakers yesterday. Li Auto was the best seller last month, shifting 15,100 units, a jump of 4 percent from the same period last year. GAC’s Aion delivered 10,206 cars, down 36.3 percent year-on year, followed by Nio with 8,506 units, a drop of 12 percent from a year ago and half that of December. Xpeng Motor’s sales plunged 53.8 percent from December to 5,218 units, while Aito, co-founded by Huawei and automaker Seres, jumped 450 percent to 4,475 units. Leap Motor performed the worst, with sales plummeting 86 percent year on year to just 1,139 cars, the biggest yearly fall of all the electric carmakers, following Geely’s Zeekr with 3,116 deliveries.

  造車新勢力1月銷量普跌：造車新勢力在2月1日交出了新一年的首份成績單。受春節假期影響，造車新勢力在1月的傳遞量普遍差強人意，僅理想汽車和AITO問界實作同比增長，蔚來汽車、哪吒汽車、小鵬汽車和零跑汽車均出現了同比和環比大幅下滑的情況。具體來看，理想汽車1月共計傳遞新車15141輛；廣汽埃安1月銷量10206輛，同比下降36.3%；蔚來1月傳遞新車8,506台，同比下降11.9%；哪吒汽車1月傳遞新車6016輛，同比下降45.4%；小鵬汽車1月共傳遞5,218台，相比2022年12月腰斬；AITO問界系列1月傳遞量達到4475輛，同比增長449.1%；吉利汽車旗下極氪1月傳遞汽車3116部，同比下滑11.73%；零跑汽車1月共計傳遞新車1139輛，環比同比均大幅下降超80%。

• Jiangsu Yuyue Medical Equipment and Supply, a major Chinese medical devices supplier, was fined 2.7 million yuan by local regulators for hiking oximeter prices during the peak of the Covid-19 wave late last year. Yuyue Medical’s average price for oximeters, which measure the blood’s oxygen levels, was 231.78 yuan per unit last December, a 132 percent markup on November, while the average cost of warehousing just increased by 47 percent, the penalty document showed yesterday.

  魚躍醫療被罰270萬：2月1日，國家企業信用資訊公示系統公布了一則關于江蘇魚躍醫療裝置股份有限公司的行政處罰資訊，該公司被罰款270萬元，原因是擾亂血氧儀市場價格秩序。經查，魚躍醫療在2022年12月血氧儀生産入庫平均成本比2022年11月上漲47%的情況下，銷售平均價格上漲了131.78%。

• Chinese long-form video platform iQiyi has been sued by a user in Guangdong on January 31 for restricting access to high-definition screen-casting among its paid membership. The Beijing Internet Court has recently filed the case. IQiyi said on its official Weibo account on Wednesday that the firm has received a notice of respondence to the lawsuit and will treat it seriously.

  愛奇藝回應限制投屏被起訴：2月1日，愛奇藝官方微網誌就“限制投屏被起訴”回應稱，已收到關于投屏清晰度變更的應訴通知，一定會本着尊重法律、尊重合同、尊重消費者權益的原則認真審慎對待。據媒體報道，1月31日，廣東一名使用者因限制投屏将愛奇藝告上法庭，北京市網際網路法院已于近日立案。該使用者表示，不要求民事賠償，隻要求愛奇藝在會員期限内，不得以任何方式限制投屏清晰度。

• Chinese internet company NetEase Inc's first large big data center began construction on Wednesday in Guian New Area in Southwest China's Guizhou province. The center will cover a total area of 109 mu (7.3 hectares), with the number of standard racks and servers expected to reach 10,000 and 100,000 respectively, generating 450 million yuan in operating revenue. The first phase of the project is estimated to enter trial operation in September.

  網易大型資料中心落戶貴安：2月1日，貴州省2023年一季度重大項目集中開工儀式舉行，其中，網易貴安資料中心項目規劃用地面積約109畝，規劃标準機架10000架（5kW/ 架計算），可承載伺服器10萬台。項目一期計劃于9月投入試運作，預計未來5年上電5000個标準機架4萬台伺服器、累計實作營業收入4.5億元。

Switching gears to financial news

金融市場消息

• China’s yuan jumped to a more than two-week high against a falling US dollar on Thursday. Prior to market opening, the People’s Bank of China (PBOC) set the midpoint rate at 6.7130 per dollar, 362 pips firmer than the previous fix, the strongest since July 2022. In the spot market, the onshore yuan also strengthened as far as 6.7007 in the morning, its strongest level since Jan. 16.

  人民币匯率叩響6.7元關口大門：2月2日，人民币匯率繼續攀升，人民币兌美元市場匯率再叩響6.7元關口的大門。據外彙交易中心公布，2月2日，銀行間外彙市場人民币兌美元匯率中間價報6.7130元，較前值調升362個基點。這是自2022年7月12日以來的最高點。截至2月2日，今年以來，該中間價已累計調升2516個基點。在岸人民币兌美元匯率盤中最高報6.7007元。

• Online lender Lufax, backed by China's biggest insurer Ping An Insurance, has filed an application to list by way of introduction in Hong Kong, which does not involve raising new funds. Listed in New York in 2020, the fintech firm said it ranked second among non-traditional financial service providers for small business owners in China.

  陸金所控股向港交所遞表：2月1日消息，據港交所檔案，陸金所控股有限公司向港交所送出上市申請書。招股書顯示，公司已申請以介紹上市方式于港交所主機闆進行雙重主要上市，不會發行新股。摩根大通、摩根士丹利、瑞銀集團為此次上市聯席保薦人。

Wrapping up with a quick look at the stock market

股市收盤情況

• Chinese stocks closed mixed on Thursday with the benchmark Shanghai Composite ended nearly flat, while the Shenzhen Component fell 0.2 percent. Hong Kong’s Hang Seng index fell 0.5 percent after a late sell-off, and the TECH index closed flat.

  A股震蕩港股收跌：周四A股三大指數全天震蕩整理，截至收盤，滬指漲0.02%，深成指跌0.22%，創業闆指跌0.44%，滬深兩市全天成交額10243億元。港股尾盤走低，恒指收跌0.52%，恒生科技指數收漲0.02%。

Biz Word of the Day

财經詞彙劃重點

• The spot marketor cash market is a public financial market in which financial instruments or commodities are traded for immediate delivery. In a spot market, settlement normally happens in T+2 working days, i.e., delivery of cash and commodity must be done after two working days of the trade date.

  現貨市場是指市場上的買賣雙方成交後須在若幹個交易日内辦理交割的金融市場。

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI

Sound Editor: Stephanie LI

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

Produced by 21st Century Business Herald Dept. of Overseas News.

Presented by SFC

編委: 于曉娜

策劃、編輯：李豔霞

播音：李瑩亮

撰稿：李瑩亮

音頻制作：李瑩亮

設計：鄭文靜、廖苑妮

21世紀經濟報道海外部 制作

南方财經全媒體集團 出品

更多内容請下載下傳21财經APP