The China Securities Regulatory Commission (CSRC) issued 6 rules of "1+N", the evaluation of scientific and technological innovation attributes has been adjusted, and the listing standards of the main board and GEM will be moderately raised

On April 12, in order to promote the formation and implementation of the "1+N" policy system in the capital market, the China Securities Regulatory Commission formulated and successively issued relevant supporting policy documents and system rules, involving six draft rules for public comment on issuance supervision, listed company supervision, securities company supervision, and transaction supervision.

Yan Bojin, chief risk officer and director of the issuance department of the China Securities Regulatory Commission, said that the China Securities Regulatory Commission intends to moderately increase the operating income and net profit of enterprises on the main board and the GEM, and the net profit of the main board is ready to be increased to 100 million yuan and the GEM is ready to be increased to 60 million yuan for the net profit in the latest year. At the same time, higher standards are set for the amount of R&D investment, the number of invention patents and the growth rate of operating income of enterprises applying for the Science and Technology Innovation Board, and the requirements for measuring indicators such as scientific research investment, scientific research achievements and growth are strengthened, so as to further guide intermediaries to improve the quality of the enterprises and highlight the "hard technology" characteristics of the Science and Technology Innovation Board.

The attributes of science and technology set a higher standard

In general, in the above-mentioned six draft rules, in terms of issuance supervision, there are two rule amendments.

The first is to revise the Guidelines for the Evaluation of Science and Technology Innovation Attributes (for Trial Implementation), set higher standards for the amount of R&D investment, the number of invention patents and the growth rate of operating income of enterprises applying for the Science and Technology Innovation Board, strengthen the requirements for measuring scientific research investment, scientific research achievements and growth and other indicators, and further guide intermediaries to improve the quality of the declared enterprises and highlight the "hard technology" characteristics of the Science and Technology Innovation Board.

The second is to revise the "China Securities Regulatory Commission Random Inspection List", which will significantly increase the proportion of random sampling and inspection of initial enterprises from 5% to 20%, and correspondingly increase the proportion of problem-oriented on-site inspection and on-site supervision of the exchange, after the adjustment, the overall proportion of on-site inspection and supervision will not be less than one-third.

In terms of the supervision of listed companies, it includes 1 rule formulation and 1 rule amendment.

The first is to formulate the "Administrative Measures for the Reduction of Shareholdings by Shareholders of Listed Companies". The original "Several Provisions on the Reduction of Shareholdings by Shareholders, Directors, Supervisors and Senior Executives of Listed Companies" was upgraded to the "Administrative Measures for the Reduction of Shareholdings by Shareholders of Listed Companies", which was promulgated in the form of regulations of the China Securities Regulatory Commission. In terms of content, the basic framework of the original shareholding reduction regulations remains unchanged, and at the same time, in combination with the key concerns of all parties, targeted improvements have been made in strictly regulating the shareholding reduction of major shareholders, effectively preventing detour shareholding reduction, refining the liability clauses for violations, and strengthening the obligations of key entities.

The second is to revise the "Rules for the Management of the Company's Shares Held by Directors, Supervisors and Senior Managers of Listed Companies and Their Changes". Absorb and integrate the requirements of the original shareholding reduction regulations to regulate the shareholding reduction of directors, supervisors and senior executives, and further clearly stipulate that all parties shall jointly abide by the original shareholding reduction restrictions after the divorce and division of shares.

In terms of the supervision of securities companies, the main focus is to revise the Provisions on Strengthening the Supervision of Listed Securities Companies The focus includes urging the company to correct its business philosophy, putting functionality in the first place, focusing on serving the real economy and residents' wealth management and other main responsibilities, giving full play to the effectiveness of modern corporate governance, strengthening internal checks and balances, improving personnel management, optimizing incentives and constraints, and strengthening the control of domestic and foreign subsidiaries, implementing comprehensive risk management and compliance requirements for all employees, strengthening the disclosure of risk control indicators, and carrying out financing reasonably and prudently, improving the efficiency of capital use and enhancing investor returns.

In terms of transaction supervision, the Regulations on the Administration of Programmatic Trading in the Securities Market (for Trial Implementation) were formulated. At the same time, it clarifies the requirements for transaction monitoring and risk prevention and control, strengthens the management of information systems, strengthens the supervision of high-frequency trading, clarifies the supervision and management arrangements, and clarifies that northbound programmatic transactions are included in the reporting management in accordance with the principle of consistency between domestic and foreign investment, and implements transaction monitoring standards.

Raise the listing standards of the Main Board and GEM

Improving the financial indicators of listing on the main board and GEM is to improve the quality of listed companies from the source, better protect the interests of investors and serve the needs of high-quality economic development.

Yan Bojin introduced, fully referring to the situation of newly listed enterprises, enterprises under review and enterprises in the counseling stage in recent years, the China Securities Regulatory Commission after careful analysis and prudent argumentation, intends to moderately increase the operating income and net profit of the main board and the gem enterprises, and the net profit of the latest year, the main board is ready to increase to 100 million yuan, and the gem is ready to increase to 60 million yuan. The financial conditions of enterprises on the Science and Technology Innovation Board and the Beijing Stock Exchange remain unchanged, but higher requirements are proposed for the scientific and technological innovation attributes of enterprises on the Science and Technology Innovation Board.

In this arrangement, the echelons can be opened between the plates, and the plate level is more distinct and the characteristics are more prominent, which can better meet the needs of investors at different stages of development, different industry attributes, enterprises of different business scales and different investment purposes and risk appetite. Yan Bojin said that at present, the Shanghai and Shenzhen stock exchanges are ready to revise the listing rules, and the transition of the application of the rules of enterprises under review is also considered, and will be open to the public for comments.

Guide all kinds of medium and long-term funds to increase the scale of equity investment

It talks about vigorously promoting medium and long-term funds to enter the market and continue to expand long-term investment forces. Shen Bing, director of the Securities and Fund Institutions Supervision Department of the China Securities Regulatory Commission, said that the China Securities Regulatory Commission is working with relevant competent departments to study and formulate specific work measures to accelerate the formation of a joint force, guide all kinds of medium and long-term funds to increase the scale of equity investment, enhance the influence of promoting the healthy and stable development of the capital market, and form a benign interaction between medium and long-term investment and the capital market.

The first is to do your own thing. Vigorously improve the quality and investment value of listed companies. Improve the management requirements for medium and long-term capital transactions, support them to participate in the private placement of listed companies as strategic investors, encourage institutional investors to participate in the governance of listed companies, pay more attention to the value of long-term investment, and reduce short-term trading behaviors. At the same time, we will vigorously develop equity public funds, optimize the product registration mechanism, establish a fast approval channel for ETFs (exchange-traded index funds), and enrich the types of investable assets of public funds. Improve the classification and evaluation system for fund managers, and guide fund companies to comprehensively improve their investment, research and comprehensive service capabilities. Standardize the remuneration system of fund company executives and fund managers, and give more prominence to the policy orientation of stabilizing investor returns.

The second is to improve the system and mechanism. Create a policy environment that supports the entry of all kinds of medium and long-term funds into the market. The main measures include promoting the optimization of the long-term assessment mechanism for various medium and long-term funds, so as to better realize "long-term money and long-term investment". Implement and improve the performance appraisal methods of state-owned insurance companies, actively promote the pilot of long-term stock investment of insurance funds, and improve the stability and scale of stock investment of insurance funds. Further improve the stock investment policy of the national social security fund and the basic pension insurance fund. Enhance the flexibility of enterprise annuity and personal pension investment.

According to Shen Bing, at the end of last year, various professional institutional investors held a total of 16 trillion yuan in the circulating market value of A-shares, an increase of more than 1 times in five years, and the proportion of shares increased from 17% to 23%. Among them, the public fund holds a circulating market value of 5.1 trillion yuan of A-shares, and the proportion of shares held has increased from 4% to 7.3%, becoming the largest professional institutional investor in the A-share market.

Editor-in-charge: Zhu Yumeng

Proofreading: Ran Yanqing

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