CBN丨China officially implements across-the-board registration-based IPO system

Hi everyone. I’m Stephanie LI.

各人好，我是主持人李莹亮。

Coming up on today’s program.

重点概要

China rolls out registration-based IPO system across the board in milestone reform;

China holds lending benchmarks for 6th straight month.

中国经济要闻

China has officially rolled out its across-the-board registration-based initial public offering (IPO) system, with relevant rules coming into effect on Friday, according to the country's securities regulator.

The China Securities Regulatory Commission (CSRC) announced a detailed mechanism with 165 rules on registration-based IPOs system, and another 108 accompanying policies were unveiled by stock bourses, National Equities Exchange and Quotations, and China Clear. The new rules are effective immediately, signaling the official implementation of the across-the-board registration-based IPOs system.

The rules involve simplifying listing requirements, optimizing registration procedures, improving the regulations on underwriting and on major asset restructuring of listed firms, strengthening oversight and law enforcement, and stepping up the protection of investors.

Of milestone significance in the reform of China's capital market, the move has basically put in place the institutional arrangements for the registration-based system, the CSRC said in a statement.

The launch marks the shift of the world's second-largest stock market from the years-long approval-based IPO system. It will steer the A-share market toward being more market-oriented, law-based and internationalized, under which high-quality companies will gain easier capital market access and wider endorsement from investors, while inferior enterprises will gradually be eliminated, thereby expanding effective fundraising channels to support the real economy, observers said.

展开全文

The system also shifts the emphasis of market oversight to information disclosure, which will function as the ballast for the standardization of the capital market, as high-quality information disclosure can help prevent or rectify investment misjudgment caused by information gaps and unlawful trading, industry insiders noted.

The Shanghai Stock Exchange and Shenzhen Stock Exchange will take over existing IPO applications from the CSRC and complete the review process from today to March 3. From March 4, the Chinese mainland bourses will directly accept new applications for listings on the main boards.

The Chinese mainland bourses have optimized and adjusted a series of mechanisms relevant to the new share issuance system. The SZSE announced that companies that are not yet profitable are allowed to list on the ChiNext board if their predicted market capitalization is at least 5 billion yuan and their business revenue in the past year is no less than 300 million yuan.

While optimizing the listing standards, the new system also optimizes the delisting rules and diversifies market exit channels to include forced delisting, mergers and acquisitions, and bankruptcy reorganization.

颠末4年试点，本钱市场今天迎来全面注册造时代。

2月17日，全面实行股票发行注册造相关轨制规则正式发布施行，自公布之日起施行。证券交易所、全国股转公司、中国结算、中证金融、证券业协会配套轨制规则同步发布施行。

此次发布的轨制规则共165部，内容上，涵盖精简优化发行上市前提、完美审核注册法式、优化发行承销轨制、完美上市公司严重资产重组轨制以及强化监管执法和投资者庇护等五大方面。此中包罗不再对新股发行价格、规模等设立任何行政限造；上市公司为购置资产所发行股份的底价从市场参考价的九折调整为八折；转融券费率差同一降至0.6%，取缔转融通营业包管金比例层次更低20%的限造等。

证监会表达，全面实行注册造是涉及本钱市场全局的严重变革。此次全面实行注册造轨制规则的发布施行，标记着注册造的轨制安放根本定型，标记着注册造妥帖到全市场和各类公开发行股票行为，在中国本钱市场变革开展历程中具有里程碑意义。

2月17日，沪深交易所正式发布了与全面注册造配套的营业规则、指引及指南，确定2月20日至3月3日领受主板首发、再融资、并购重组在审企业申请，并按在中国证监会的审核和受理挨次接续审核；自3月4日始领受主板新申报企业申请。

此中，根据《上海证券交易所初次公开发行证券发行与承销营业施行细则》，与变革前比拟，主板首发发行承销机造在订价机造、申购配售、风险防控等方面停止了调整。

好比明白新股发行价格、规模次要通过市场化体例决定。发行规模较小的企业，陆续保留间接订价，新增订价参考上限。进一步完美询价订价，优化网下投资者填报价格、更高报价剔除比例上限、报价信息披露、订价参考值、发布投资风险特殊通知布告等机造。

申购配售方面，将主板网上投资者新股申购单元由1000股调整为500股，与科创板连结一致。明白在网上申购倍数较高时，在确保较大比例新股向网上投资者发行根底上，将主板回拨后比例上限从90%调至80%。根据发行数量差别，明白战术配售规模与参与投资者家数安放。

深市主板在订价机造、申购配售、风险防控三个方面也做了调整。同时，深市主板还对吃亏企业上市停止了明白。

Moving on to regional highlights

区域看察

Yangzhou in East China’s Jiangsu province has lifted all restrictions on home purchases to stimulate local real estate transactions, local housing authorities announced today. For upgraders, their original property can be listed as soon as they obtain the real estate ownership certificate for the newly bought home, instead of a three-year waiting period, according to the new rules. 扬州取缔限购、去除二手房限售：2月20日，据“扬州发布”披露，扬州市住房和城乡建立局出台了《关于积极撑持刚需和改进性住房需求的通知》，以8条办法从放松限造性政策、下调首套房贷利率、契税补助等多个方面，加大对需求端的撑持力度。在放宽购房前提方面，《通知》明白，鼓舞在扬来扬大专及以上人才和生育二孩及以上家庭在市区购房，其别人员不再施行限购政策，意味着过往阶梯式的限购放松间接进进了全数取缔的环节。限售方面，《通知》规定，在扬州市区新购置改进性住房的，其原有住房获得不动产权证书即可上市交易，即不再施行过往的三年限售。

新任务，大将来

China’s Ministry of Public Security and the Macao SAR government inked an deal allowing for the mutual recognition of driving licenses between Macao and the Chinese mainland, which will take effect from May 16. Under the agreement, holders of a valid Macao license will be able to drive on the mainland without sitting additional tests, while drivers from the mainland will be accorded similar privileges in Macao for the first 14 days of entry in the SAR. It follows the implementation of a similar arrangement between Hong Kong and the mainland. 内地与澳门签订驾驶证互认换领协议：近日，公安部与澳门特殊行政区政府签订内地与澳门驾驶证互认换领协议，协议将自2023年5月16日起生效。根据协议，内地与澳门认可对方核发的有效驾驶证。互认换领的驾驶证准驾车型包罗小型汽车和小型主动挡汽车。对持有效正式澳门驾驶执照的澳门永久性居民，能够间接免试换领内地驾驶证，无需参与测验；持有效内地纸量驾驶证人员，在进境澳门14日内可间接驾驶规定车型，无需换领澳门驾驶执照。

The passenger volume at the Hong Kong International Airport continued to grow in January, with the number of daily passengers reaching up to around 40 percent of pre-pandemic levels, the Airport Authority Hong Kong said Sunday. Passenger throughput at the airport last month registered around 2.1 million with over 80,000 daily at peak, marking a year-on-year surge of around 28 times. Flight movements saw a year-on-year increase of 35 percent to 16,215, while cargo throughput dropped 26.4 percent to 288,000 tons compared to the same month last year. 1月香港机场客运量同比升28倍：香港机管局2月19日公布，2023年1月份香港国际机场客运量约210万人次，同比升约28倍。通知布告展现，本年1月份香港国际机场更高客运量的一天处置超越80000人次，为疫情前程度约40%。飞机起降量同比上升34.9%至16215架次，货运量则比往年同月下跌26.4%至288000吨。

财产及公司新闻

There is no oversupply in China’s new energy vehicle market at present, according to the deputy director of the CPPCC's committee of economic affairs. The capacity surplus cannot be avoided by using the capacity utilization rate to control market access and production qualifications to limit carmakers, and what should be contained is the capacity of fuel vehicles, Miao Wei said at the China EV100 Forum 2023. The top priority should be figuring out how to digest the oversupply of fuel vehicles or how to transform fuel vehicles’ capacity into NEV capacity. He also cautioned local governments against rushing blindly into China's burgeoning NEV sector, saying that they should refrain from becoming investors in startups. 现阶段新能源车产能不存在过剩：近日，中国电动汽车百人会论坛（2023）交换会上，全国政协经济委员会副主任苗圩表达，新能源汽车产能在中国目前阶段不存在过剩，产能建立需要必然周期，要考虑明年后年以及将来的开展。因而操纵产能过剩、产能操纵率以至是一个省的操纵率来掌握准进、从消费天分上对企业停止限造则是背道而驰。“实正要掌握的是燃油车的产能过剩，如何把过剩的燃油车产能转化成新能源车，把它操纵好、处置好才是次要的问题。”此外，苗圩表达，一些处所政府确实越过了政府的鸿沟，急于往招商引资，特殊是招新能源汽车的新项目。处所政府不克不及做为第一大股东，因为不懂汽车，也不会治理汽车。

Chinese video streaming platform iQiyi.com announced today to resume higher definition screen-projection services to membership, after being sued by a monthly VIP subscriber that the mobile app restricted him only to mirror videos of 480p resolution on his TV. IQiyi added that it will allow paid users to log on up to five outlets. 爱奇艺公布恢复会员高清投屏：爱奇艺先后履历了电视投屏限造争议、用户告状等风波后，2月20日，爱奇艺发文称，今起，老会员恢复720P和1080P高清投屏功用，会员可在5台设备上登录，且在统一时间播放的设备也不再限造品种。非会员用户则在视频清晰度与看看会员剧集方面受限。

Scott O’Neil, the recently appointed CEO of Merlin Entertainments, the world’s second biggest entertainment firm who is building three Legoland Resorts in China, will visit China together with a team of senior executives in April, Chen Jie, general manager at the under-construction Legoland Shanghai Resort told media yesterday. China’s theme park sector still did good business even during Covid, enabling the country to maintain its status in the global market, Chen added. 乐高乐园运营集团总裁4月访华：2月19日，上海乐高乐园有限公司总司理陈洁承受摘访时表达，默林娱乐集团高度重视在中国市场进一步拓展的时机，集团新上任的CEO将在本年4月份访华，那也足够阐了然默林对中国市场的重视和对中国市场将来开展的期许。陈洁说，就主题乐园行业而言，中国目前已经是全球第二大市场，并且那种增长速度将陆续下往。即便是在疫情期间，中国的主题乐园也没有停行开展，而是在陆续扩大中，而且仍然连结着它的全球地位。中国的消费者对主题公园充满了热情，运营商也在鼎力地投资，方案建立新的景点。

金融市场动静

China has left its benchmark bank lending rates unchanged for the sixth consecutive month on Monday. The one-year loan prime rate (LPR) was kept at 3.65 percent, according to the National Interbank Funding Center, while the over-five-year LPR, on which many lenders base their mortgage rates, remained unchanged from the previous reading of 4.3 percent. 2月LPR持续第6个月稳定：2月20日，人民银行受权全国银行间同业拆借中心公布2023年第一期贷款市场报价利率（LPR），此中，1年期LPR为3.65%，5年期以上LPR为4.3%，自2022年8月以来持续6个月庇护稳定。

The Beijing Stock Exchange (BSE) launched market-making trading business on its stock market on Monday. A total of 13 market makers are to participate in the trading business on the bourse, involving 36 stocks, the BSE said. 北交所做市交易今日启动：2月20日，北交所股票做市交易营业正式启动，截至2023年2月20日，共有13家做市商经中国证监会核准获得上市证券做市交易营业资格，共涉及做市标的股票36只，此中有22只股票为北证50成分股。

China's central bank and top banking regulator on Saturday released a new plan for differentiated regulations for banks of different sizes and risk exposures, aiming to help banks bolster their capital and risk management. Under the plan, commercial banks will be divided into three groups according to their business scales and risk differences, and matched with different capital supervision programs. Large banks or those with more cross-border business will be classified into the first tier using international standards, smaller banks in the second tier will be supervised under relatively simpler rules, and tier-3 banks, which have capital of less than 10 billion yuan, will be subject to further simplified rules. The new regulations are scheduled to be officially implemented on Jan 1, 2024. 银行将按营业规模和风险差别划分三档：2月18日，银保监会、央行公布《贸易银行本钱治理办法（收罗定见稿）》并向社会公开收罗定见。《收罗定见稿》根据银行间的营业规模和风险差别，拟将银行划分为三个层次，婚配差别的本钱监管计划。此中，规模较大或跨境营业较多的银行，划为第一档，对标本钱监管国际规则；资产规模和跨境营业规模相对较小的银行纳进第二档，施行相对简化的监管规则；第三档次要是规模小于100亿元的贸易银行，进一步简化本钱计量并引导聚焦办事县域和小微。

股市收盘情状

Chinese stocks rallied on Monday as risk appetite improved on hopes of the economy gradually shifting from reopening to recovery. The benchmark Shanghai Composite and the Shenzhen Component both jumped over 2 percent. Hong Kong’s Hang Seng index also rose 0.8 percent, and the TECH index added 1.3 percent. A股大涨港股上升：周一A股大盘午后强力拉升，沪指、深成指均涨超2%。截至收盘，沪指涨2.06%，创往年11月29日以来更佳表示。深成指涨2.03%，创业板指涨1.28%。两市全天成交额9500亿元，北向资金净买进60亿元。港股探底上升，震荡上涨，恒指收涨0.81%，恒生科技指数收涨1.27%。

Biz Word of the Day

财经词汇划重点

House purchase restriction order refers to the policy issued by local governments in China ’s major cities, including Beijing, Shanghai and Guangzhou, to curb the overheating real estate market by imposing restrictions on purchasing power. Beijing was the first city to carry out the purchase restriction order. “住房限购令”是指政府出台的房屋限购政策，出自2010年北京出台的“国十条施行细则”，细则规定北京家庭只能新购一套商品房，那是全国初次提出的家庭购房套数“限购令”。尔后，包罗上海、广州在内，相继有49个地级以上城市施行“限购令”。

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI

Sound Editor: Stephanie LI

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

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编委: 于晓娜

筹谋、编纂：李艳霞

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