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CHINA: An Introduction to Capital Markets: Debt & Equity (PRC Firms)

Contributors:

Jie Lan

Yi Xiao

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中国将全面实行股票发行注册制 

2023年2月1日,中国证券监督管理委员会("证监会")就全面实行股票发行注册制涉及的制度规则草案向社会公开征求意见。同日,上海证券交易所、深圳证券交易所和北京证券交易所分别发布与此项重大改革相关的配套规则草案。该等规章及规则的发布标志着经过四年的试点,中国已做好全面拥抱和推行注册制的各项准备,万众瞩目的全面注册制即将正式上线。

I. 注册制改革:背景与范围 

2018年11月,中国宣布在上海证券交易所设立科创板并试点注册制,为注册制改革拉开序幕。2020年8月,深圳证券交易所创业板改革并试点注册制。2021年11月,北京证券交易所设立并试行注册制。在本次全面改革前,仅有上海证券交易所和深圳证券交易所主板仍采用传统的核准制。

新规草案落地实施后,股票发行注册制改革将补完最后一环,自中国证券市场成立以来实行的核准制(更准确地说,是早年间实行的更为严格的"审批制"和目前在主板实行的相对市场化的"核准制")将成为历史。在核准制下,除首次公开发行外,上市公司拟开展再融资、特定的并购重组以及其他资本交易也都需要取得证监会的核准。注册制改革将改进该等资本市场交易的审核程序,进而为前述操作带来变革。在注册制下,证券交易所将作为证券发行审核的第一线,承担对该等交易及信息披露的大部分日常审核工作,而证监会将从繁重的基础性工作中抽身,转而在宏观层面提供关键政策问题上的指导,并通过发行注册程序担当最终的"看门人"。

股票发行注册制与核准制的区别主要体现在以下方面:

大幅优化发行上市条件。在核准制下,发行人为获准公开发行股票需满足一系列关于经营合规、公司治理、控制权等方面的硬性要求("发行条件"),且应当符合特定的财务指标。秉持把选择权交给市场的改革理念,新规草案大幅精简了发行条件,仅保留必要的条件,并将其他条件转化为信息披露事项。另一方面,新规草案为不同类型的企业提供了可选的多套市值及财务指标,迎合不同行业定位和发展阶段的企业,共同营造更为全面、包容的资本市场。

更加注重信息披露。证监会指出,实行注册制并不意味着放松质量要求,而是通过严格的审核督促真实、准确和完整的信息披露。此外,通过综合运用现场督导、现场检查、投诉举报核查、监管执法等多种措施,压实发行人和中介机构的信息披露责任。

坚持"开门搞审核"的原则,证券交易所和证监会的审核注册标准、程序、内容、过程、结果等完整审核流程向社会悉数公开,促使整个流程接受公众监督。

II. 多层次资本市场:不同板块的定位 

注册制改革旨在构建多层次的资本市场,各市场板块分别迎合不同企业的定位和需求,具体如下:

主板:突出"大盘蓝筹"特色,重点支持业务模式成熟、经营业绩稳定、规模较大、具有行业代表性的优质企业。

科创板:面向世界科技前沿、面向经济主战场、面向国家重大需求,优先支持符合国家战略,拥有关键核心技术,科技创新能力突出,主要依靠核心技术开展生产经营,具有稳定的商业模式,市场认可度高,社会形象良好,具有较强成长性的企业。

创业板:深入贯彻创新驱动发展战略,适应发展更多依靠创新、创造、创意的大趋势,主要服务成长型创新创业企业。

北京证券交易所:深入贯彻创新驱动发展战略,聚焦实体经济,主要服务创新型中小企业,重点支持先进制造业和现代服务业等领域的企业。

III. 统一适用于主板、科创板和创业板的审核程序 

新规草案包括统一适用于主板、科创板和创业板的发行和承销规则,将取代目前分别适用于上述三个板块的单独规则。鉴于北京证券交易所与全国中小企业股份转让系统("全国股转系统")之间的特殊联系(拟在北京证券交易所首次公开发行股票的发行人应当为在全国股转系统连续挂牌满12个月的创新层挂牌公司),北京证券交易所仍将适用单独的系列规则。

借鉴科创板和创业板试点注册制的成功经验,新规草案整体承袭了科创板和创业板的现行规则,设置了适用于首次公开发行并上市、再融资等交易的双层审核体系,即由证券交易所对发行人是否满足发行条件和上市条件进行基础性审核,并对信息披露情况开展审查及反馈问询,其后由证监会作出是否同意注册的最终决定。相较于科创板和创业板的现行规则,新规草案进一步强调了证监会的统筹指导和监督管理,要求证券交易所在发现"重大敏感事项、重大无先例情况、重大舆情、重大违法线索"时,及时向证监会请示报告。此外,新规草案强调证监会应特别关注发行人是否符合国家产业政策和板块定位。

关于证监会对注册申请的受理与审核,新规草案引入了一项细微但备受欢迎的修订,即股票发行相关中介机构存在正在被立案调查或侦查且尚未结案情形的,证监会将不会再据此中止审核该中介机构的在审项目或不受理该中介机构所参与的新项目。

IV. 优化主板发行条件及财务指标 

本次改革重点聚焦于主板,与之相应,对于主板发行条件和财务指标的优化成为新规草案的最大亮点之一。如前所述,与公司治理、经营合规和控制权相关的发行条件已得到大幅精简,部分实质性要求被取消,且较多原有的门槛条件已转化为信息披露事项。其中最显著的变化包括新规草案取消了发行人最近一期末无形资产占比需不超过20%的限制,以及最近一期末需不存在未弥补亏损的要求。另据新规草案,已允许存在特别表决权安排的企业在主板上市。

另一方面,主板上市适用的财务门槛大幅调整。例如,目前主板上市条件中发行人最近三年累计营业收入仅需超过人民币3亿元,而新规草案则要求其在最近三年累计营业收入需不低于人民币10亿元,或最近一年营业收入不低于人民币6亿元或8亿元(具体取决于选择适用的标准)。此外,新规草案并未废除主板上市条件中原有的盈利性要求,对境内发行人适用的全部三套财务指标均要求发行人最近一年净利润为正。上述财务门槛明显高于科创板、创业板和北京证券交易所,突出了不同市场板块间的定位差异,由此构筑多元化、多层次的资本市场。就控制权稳定和管理团队稳定的时间要求方面,主板规则均要求三年,科创板和创业板规则的要求为两年。与科创板和创业板的现行实践一致,主板新规草案分别对境内企业、已在境外上市的红筹企业、未在境外上市的红筹企业,以及存在特别表决权安排的企业规定了不同的财务指标。

V. 改革发行承销机制 

在核准制下,主板存在首次公开发行价格不得高于市盈率23倍的"窗口指导意见",作为一项影响重大的行政性限制,长期以来饱受诟病。该项指导意见在新规草案中已被废除。此外,新规草案在现行实践的基础上,对科创板的发行承销机制进行了部分微调,例如,首次公开发行股票数量在一定规模以下且无老股转让计划的,可通过直接定价的方式确定发行价格,而非仅能通过询价方式定价,从而与其他板块保持一致。另一方面,科创板首次公开发行承销中,以及特定企业的创业板首次公开发行承销中,保荐人需跟投认购少量的首次公开发行股份,新规草案明确该等跟投制度不适用于主板。

VI. 结语 

待新规草案完成意见征集后,全面注册制预计将很快落地实施。我们有充分的理由相信,注册制的全面实行将更好地发挥资本市场服务国家战略的功能,吸引更多优质企业进入A股市场,进而引领中国资本市场迈入发展与繁荣的新纪元。

China to Fully Implement the Registration-based Stock Issuance System 

On 1 February 2023, the China Securities Regulatory Commission (CSRC) published draft rules in relation to the expansion of registration-based system across A-share market and solicited public consultation. On the same day, the Shanghai Stock Exchange, the Shenzhen Stock Exchange and the Beijing Stock Exchange also published draft ancillary rules in relation to this major step of reformation. The release of these rules signals that after four years of pilot implementation, China is ready to fully embrace the registration-based system, and the much-anticipated full implementation of such system is just around the corner.

I. The registration-based system reformation: background and scope 

The registration-based system reformation kicked off in November 2018 when it was announced that Shanghai Stock Exchange was to set up the STAR Board which would adopt the registration-based system on a pilot basis. The system was then rolled out to the ChiNext Board of Shenzhen Stock Exchange in August 2020 and also adopted by the Beijing Stock Exchange formed in November 2021. Currently only the Main Board (operated by both the Shanghai and Shenzhen Stock Exchanges) still adopts the traditional approval system.

The draft rules, once adopted, will complete the last step of the reformation, upon which the approval system that has been implemented since the inception of PRC securities market (which, to be more accurate, includes a more rigid "approval system" adopted in the early years and a more market-oriented "verification system" as currently in place) will become history. Under the approval system, not only the IPOs, but also follow-up offerings, certain public M&As and other capital transactions of listed companies, require an approval from the CSRC. All this will be changed by the reformation which, once completed, will revamp the regulatory procedures applied to all these capital market transactions. Stock exchanges will be put to the frontline of the capital market supervision and be delegated with most of the day-to-day reviewing and vetting of disclosures and transactions, while the CSRC will be released from much of the heavy-lifting groundwork and will be providing guidance on critical policy issues and acting as the final gatekeeper via the "registration" process.

The registration-based system differs from the approval system in the following ways: 

The basic requirements for public offering and listing are substantially optimised. Under the approval system, listing applicants need to comply with a whole set of rigid requirements relating to their compliance, governance, control, etc. ("offering requirements"), and should also satisfy certain financial tests, before they can publicly offer shares. In line with the spirit of leaving the decision with the market, the proposed rules substantially abridge the offering requirements, keeping only the fundamental ones while relegating the others to matters of disclosure. On the other hand, the proposed rules provide a menu of multiple sets of financial tests for different types of companies, catering to the companies with different industry positioning and development stage, and together creating a more comprehensive and inclusive capital market. 

More focus is put on disclosure. As noted by the CSRC, registration-based system does not mean slackening the quality requirements; instead, a robust review is required to push for true, accurate and complete disclosure. In addition, a combination of various measures such as onsite supervision and inspection, investigation in response to complaints and whistle-blowing and law enforcement will be utilised to truly hold the companies and intermediaries responsible for the disclosure. 

Adhering to the principle of "conducting the vetting with the door open", the entire vetting process by the stock exchanges and the CSRC, including the standards, procedures, contents, process and results, are made transparent to the market, so that the whole cycle is subject to public scrutiny and supervision.

II. Multi-layered capital market: positioning of different boards  

The reformation aims at constructing a multi-layered capital market, with different board catering the needs of different companies, as summarised below: 

Main Board: Focusing on "big blue chip" companies, the Main Board mainly supports high quality companies that are industry representatives with mature business models, stable operations and relatively large scales. 

STAR Board: Facing the frontline of worldwide technology, the main economic battlefield and the major needs of the state, the STAR Board gives priority to the applications of the following enterprises: the applicants which conform to national strategies; have key and core technologies; are highly capable in scientific and technological innovation; mainly rely on core technologies for their production and operation; and boast stable business models, a high level of market recognition, and a good social image, and maintain a strong growth. 

ChiNext Board: Implementing the strategy of development driven by innovation and adapting to the general trend of relying more on innovation, creation and originations for development, the ChiNext Board mainly serves growth-oriented innovative and start-up enterprises. 

Beijing Stock Exchange: Implementing the strategy of development driven by innovation and focusing on real economy, the Beijing Stock Exchange mainly serves innovation-oriented small and medium-sized enterprises, and gives priority to enterprises in the fields of advanced manufacturing and modern service industries.

III. Unified vetting procedures for the Main Board, STAR Board and ChiNext Board 

The proposed rules include unified rules on offering and underwriting that would apply across the Main Board, STAR Board and ChiNext Board, replacing the individual rules currently in place for the three boards. Beijing Stock Exchange is still governed by its own set of rules given its particular link with the National Equities Exchange and Quotation market, or NEEQ, in particular the fact that companies making an IPO on Beijing Stock Exchange should be Innovation Level companies and have already been listed on the NEEQ for at least 12 months.

Leveraging on the results achieved from the pilot implementation of the registration-based system on the STAR Board and ChiNext Board, the proposed rules are largely based off the current rules of these two boards, and prescribe a two-tiered vetting framework for IPO and follow-up offerings applications whereby the groundwork scrutiny of whether applicants satisfy offering requirements and listing standards, and review and comment on the disclosures, are to be conducted by the stock exchanges, after which the CSRC is to make the final "registration" decision. Compared with the existing rules of these two boards, the proposed rules further emphasize the overall guidance and supervision by the CSRC, and require that the stock exchanges should report to the CSRC in a timely manner when they encounter "material sensitive or unprecedented matters, public sentiment eruptions or thread to material violation of laws." The proposed rules also highlight that the CSRC should pay particular attention to whether the applicant complies with national policies and fits the positioning of the board.

In connection with the CSRC’s acceptance and review of applications, a small but very welcomed change introduced by the draft rules is that the CSRC will no longer reject or suspend applications handled by intermediaries that are under investigation for potential breaches of laws.

IV. Optimisation of offering requirements and financial tests for the Main Board  

The focus of this last step reformation is on the Main Board, and accordingly the optimisation of offering requirements and financial tests of the Main Board is one of the biggest highlights. As noted above, the offering requirements relating to the governance, compliance and control have been significantly streamlined, with some substantial requirements abolished and many of the previous "threshold" requirements transformed into disclosure matters. Most notable changes include that the proposed rules no longer require that intangible assets should account for no more than 20% of net assets or that there should be no un-replenished losses as of the last period. The new rules permit companies with super voting class of shares to list on the Main Board.

On the other hand, the financial criteria for listing on the Main Board are significantly enhanced. For example, currently listing applicants only need to have an accumulated revenue of CNY300 million for the past three years, while under the proposed rules they are required to have an accumulated revenue of CNY1000 million for the past three years, or revenue of not less than CNY600 or CNY800 million for the past one year alone, depending on which set of standards is chosen. In addition, the proposed rules do not seek to abolish the profitability requirement for Main Board, and all three tests for domestic companies require the applicant to be profitable for at least the past one year before its IPO application. These requirements are substantially higher than the listing standards for the STAR Board, ChiNext Board and Beijing Stock Exchange, accentuating the distinction in positioning of different boards and together forming a diversified and multi-layered capital market. With respect to ownership stability and management stability, the requirements are three years for both for the Main Board, and two years for the STAR Board and ChiNext Board. Consistent with the current practice of the STAR Board and ChiNext Board, the proposed rules for the Main Board stipulate different financial tests for domestic companies, "red chip" companies that are listed offshore, "red chip" companies that are not listed offshore, and companies with super voting class of shares.

V. Reforms in the offering and underwriting mechanism  

Under the approval system, there is a "window guidance" applicable to the Main Board that the IPO pricing should not be higher than a P/E ratio of 23, which represents a significant administrative intervention on the market and has been subject to long time criticism. This requirement is abolished in the proposed rules. There are some other fine-tuning of the offering and underwriting mechanisms on the basis of current practices of the STAR Board, for example, IPOs on the STAR Board within a certain scale can now also be priced via a "direct pricing" method instead of having to go through a price inquire procedure, which is now consistent with the other boards. On the other hand, an interesting feature of the ChiNext Board (under certain circumstances) and STAR Board IPO underwriting is that the sponsors are required to subscribe for a small number of the IPO shares, and the proposed rules make it clear that this will not be required for the Main Board.

VI. Outlook 

The full implementation of the registration-based system is expected to be rolled out fairly soon after the period of consultation. We have solid reasons to believe that the expansion of registration-based system will attract more high-quality enterprises to A-share market, better serve the needs of national strategies, and thereby bring China’s capital market into a new era of growth and prosperity.