CHINA: An Introduction to Capital Markets: Domestic Issuances
Overview of Domestic IPOs and Regulatory Development of Listed Companies in the First Half of 2024
2024年半年度境内首发上市及上市公司监管发展概览
Introduction
前言
China has attached great importance to the development of basic systems of the capital market in order to further promote the high-quality development of the capital market and better play the role of the capital market in recent years. As a result, systems relating to the initial public offering and listing of shares in China and regulation of listed companies have been continuously improved.
近年来，为进一步推动资本市场高质量发展，更好地发挥资本市场的功能作用，中国高度重视资本市场基础制度建设。境内首次公开发行股票并上市及上市公司监管相关的制度建设不断完善。
The Newly-released "Nine National Rules"
一、新“国九条”出台
On 12 April 2024, the State Council promulgated the Several Opinions on Strengthening Regulation, Preventing Risks and Promoting High-quality Development of the Capital Market, ushering in the new "Nine National Rules" for capital markets. With a focus on strengthening regulation, preventing risks and promoting high-quality development, the new "Nine National Rules" put forward opinions and requirements in several aspects, such as "tightening the control over access to issuance and listing, tightening the continuous regulation of listed companies, and intensifying the regulation of delisting", and established the development goals of the capital market in the next dozen of years including a five-year goal, a 2035 goal and a 2050 goal.
2024年4月12日，国务院印发《关于加强监管防范风险推动资本市场高质量发展的若干意见》，资本市场迎来新“国九条”。新“国九条”以强监管、防风险、促高质量发展为主线，提出了“严把发行上市准入关、严格上市公司持续监管、加大退市监管力度”等几大方面的意见要求，确立了未来5年、2035年和本世纪中叶资本市场的发展目标。
2. Promulgating Supporting System Rules to Form the "1 + N" Policy System二、配套制度规则发布，形成“1+N”政策体系
The China Securities Regulatory Commission (CSRC) has also promulgated several supporting systems and rules focusing on the new "Nine National Rules". Concurrent with the introduction of the new "Nine National Rules", the CSRC formulated the Opinions on Strictly Implementing the Delisting System to strengthen the regulatory system for the delisting of listed companies, and sought public comments on six draft rules including regulation of issuance, regulation of listed companies, regulation of trading. The Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE) and Beijing Stock Exchange (BSE) simultaneously sought public comments on 19 specific business rules including the Rules for Review of Issuance and Listing of Stocks and the Rules for Listing of Stocks. The supporting system rules focus on three aspects, namely, strictly controlling the listing of listed companies, tightening continuous regulation and intensifying regulation of delisting, so as to strive to build an all-round and three-dimensional regulatory system for the capital market.
围绕新“国九条”，证监会若干配套制度规则也相继发布。新“国九条”出台同日，证监会制定了《关于严格执行退市制度的意见》，以强化上市公司退市监管制度，并就涉及发行监管、上市公司监管、交易监管等方面的6项规则草案公开征求意见；沪深北证券交易所同步就《股票发行上市审核规则》《股票上市规则》等19项具体业务规则向社会公开征求意见。配套制度规则围绕严把上市关、严格持续监管、加大退市监管力度三个方面持续发力，力求构建全方位、立体化的资本市场监管体系。
3. The Release of Business Rules by the SSE, SZSE and BSE
三、沪深北证券交易所发布业务规则
In order to thoroughly implement the guidelines of the Central Financial Work Conference and the new "Nine National Rules", the SSE, SZSE and BSE have promulgated the latest business rules on 30 April 2024, including major business rules such as the Rules for Review of Issuance and Listing of Stocks as well as supporting business rules and guidelines.
为了深入贯彻落实中央金融工作会议精神和新“国九条”，2024年4月30日，沪深北证券交易所发布最新业务规则，包括《股票发行上市审核规则》等主要业务规则，以及配套业务细则、指引。
4. The Promulgation of the Interim Measures for the Administration of Shareholding Reduction by Shareholders of Listed Companies by the CSRC, and the Rules for the Management of Shares Held by the Directors, Supervisors, and Senior Executives of Listed Companies and the Changes Thereof四、证监会发布《上市公司股东减持股份管理暂行办法》《上市公司董事、监事和高级管理人员所持本公司股份及其变动管理规则》
In order to regulate the reduction of shares by major shareholders, especially controlling shareholders and actual controllers, and prevent various detours for the reduction of shares, the CSRC promulgated the Interim Measures for the Administration of Shareholding Reduction by Shareholders of Listed Companies on 24 May 2024, and revised the Rules for the Management of Shares Held by the Directors, Supervisors, and Senior Executives of Listed Companies and the Changes Thereof at the same time.
为严格规范大股东尤其是控股股东、实际控制人减持，坚决防范各类绕道减持等要求，证监会于2024年5月24日发布《上市公司股东减持股份管理暂行办法》，同步修订了《上市公司董事、监事和高级管理人员所持本公司股份及其变动管理规则》。