The insiders believe that science and technology innovation board pays more attention to inclusiveness, so it puts forward higher requirements on how to ensure smooth operation, which is inseparable from a series of institutional guarantees such as "strengthening information disclosure" to ensure the quality of listed companies. These measures will help to stimulate market vitality, improve the multi-level capital market system, and effectively promote the deep integration of scientific and technological innovation and capital market.
85 companies suspended their audits for different reasons.
On the evening of July 3 1, the Shanghai Stock Exchange announced that the financial statements of 80 enterprises under review in science and technology innovation board exceeded the stipulated validity period and their status changed to suspended.
As a result, up to now, 85 companies have applied for listing on the Science and Technology Innovation Board. The insiders believe that for enterprises, suspending the audit does not mean completely saying goodbye to science and technology innovation board. After the conditions are met, the audit can still be resumed.
According to the Rules of Shanghai Stock Exchange for Examination and Approval of Stock Issuance and Listing of Science and Technology Innovation Board, the Shanghai Stock Exchange will suspend the examination and approval of stock issuance and listing under one of seven circumstances. Among them, the sixth case is that "the financial information recorded in the application documents for issuance and listing has expired and needs to be supplemented".
The above 80 enterprises belong to this situation.
According to the regulations, the issuer shall supplement the submission of valid documents within three months after the suspension of the review or eliminate the relevant circumstances of the active suspension of the review. After the suspension of review is eliminated or the relevant matters are completed within the prescribed time limit, the listing review can be resumed after being examined and confirmed by the Shanghai Stock Exchange.
Another reason is that the relevant intermediary was investigated and the company was implicated.
This is the second case of suspension of audit, that is, the sponsor or signature sponsor representative of the issuer, the securities service institution or the relevant signatory are suspected of violating laws and regulations due to initial public offering and listing, securities issuance of listed companies, mergers and acquisitions, or other businesses that are suspected of violating laws and regulations and have a significant impact on the market, and the case has not yet been closed.
Previously, due to Guangdong Zhujiang Certified Public Accountants (special general partnership) being investigated by CSRC, Li and other three companies applying for listing in science and technology innovation board entered the state of suspension of examination. However, since then, these three companies have successively entered the normal review process.
According to the relevant regulations, a securities service institution is investigated by the CSRC and its dispatched offices for suspected violation of laws and regulations, and the securities service institution shall assign personnel irrelevant to the matters under investigation to review the application materials produced and issued by the institution or relevant personnel, and suspend the application matters under review. If the examination report is submitted as required, the application matters meet the statutory conditions and standards of administrative license, and the documents issued do not contain false records, misleading statements or major omissions, the China Securities Regulatory Commission shall resume the examination within 30 working days and notify the applicant.
On July 28th, four enterprises under review, namely Geppet, Jianlong Micro-nano, Guo Keyuhuan and Guo Keyuhuan, suspended their audit. The accounting firms of these four enterprises are Ruihua Certified Public Accountants.
Because of Kangdexin's financial fraud, Kangdexin's audit institution Ruihua Certified Public Accountants (special general partnership) was investigated by the Securities and Futures Commission.
In addition to the above two reasons, on May 12, No.9 Intelligent suspended the audit because in early April this year, the company converted the preferred shares held by investors into common shares. According to the relevant requirements, due to the need to increase the first audit (as of 2065438+June 30, 2009), the company applied to suspend the audit to complete the supplementary audit and update the application materials.
No.9 Intelligent adopts Item 7, namely, "The issuer and the sponsor institution voluntarily request to suspend the audit, and the reason is justified and approved by the Shanghai Stock Exchange". According to the regulations, the issuer shall supplement the submission of valid documents within three months after the suspension of the audit or eliminate the relevant circumstances of voluntarily requesting the suspension of the audit.
In addition to 85 companies that suspended the audit, there are four companies that terminated the audit, namely Papaya Mobile, Shang He Chip, Nuokangda and Haitian Sheng Rui.
It is understood that the above four companies have voluntarily withdrawn. Before the termination of the audit, the four enterprises were in different audit progress and procedures, some were in multiple rounds of inquiries, some were supervised by sponsors on the spot, some had held a central audit meeting to form a preliminary judgment, and some had officially issued an announcement to enter the deliberation procedure of the Shanghai Municipal Committee meeting.
Checking the science and technology innovation board requires many efforts.
The the Political Bureau of the Communist Party of China (CPC) Central Committee meeting held on July 30th proposed that science and technology innovation boards should stick to their positions, implement a registration system with information disclosure as the core, and improve the quality of listed companies.
This is the second time that the Politburo meeting mentioned science and technology innovation board during the year after April 2009 19 put forward that "the key system innovation should promote the healthy development of the capital market and science and technology innovation board should really implement the securities issuance registration system with information disclosure as the core".
He further explained that "sticking to the position" means that the policy layer will not relax at the regulatory level in the future, and the regulatory layer may adopt more abundant means to improve the ability of continuous supervision and explore and improve the legal system of securities civil litigation that is compatible with the registration system. This requires intermediaries to deepen their understanding of the law, improve their due diligence and verification capabilities, strengthen the compliance risk control system, and make science and technology innovation board more perfect in the construction of legal system, market and credit environment.
"Improving the quality of listed companies" means that intermediaries must do a good job in information disclosure, conduct reasonable doubts and full inquiries based on the principles of truthfulness, accuracy and completeness, effectively improve the transparency and reliability of enterprise information, avoid the expected deviation caused by information asymmetry, and make market transactions smoothly under the principles of fairness, justice and openness.
He further stated that the key to improving the quality of listed companies is: first, the science and technology innovation board should "hold its ground" and do not let companies lacking scientific and technological content go public in the name of increasing inclusiveness in the registration system; The second is to strengthen information disclosure, including establishing a more perfect information disclosure supervision system and severely punishing corporate information disclosure violations; Third, it is necessary to establish stricter delisting standards, adopt market-oriented means to eliminate the fittest, and finally realize the normalization of delisting of science and technology innovation boards.
Tang Jianwei, chief researcher of the Financial Research Center of Bank of Communications, believes that science and technology innovation board has set diversified and inclusive listing conditions, which is conducive to the construction of multi-level capital markets, promoting the development of direct financing, optimizing the financing structure and boosting the reform of the financial supply side. Science and technology innovation board is positioned as a "hard-tech" enterprise with key core technologies, outstanding scientific and technological innovation ability and mainly relying on core technologies for production and operation.
He further stated that in the future, the development of the science and technology innovation board will, in accordance with the requirements of the General Secretary, "control market access and market exit, and strengthen supervision over the whole transaction". At the same time, constantly improve the information disclosure system, build a standardized, transparent, open, dynamic and resilient capital market, improve the vitality of the capital market, and promote the development of direct financing and the optimization of financing structure.
She also said that the sound development of the science and technology innovation board will accelerate the development of the benchmark enterprises in the same industry that have been listed on the A-share market, taking the leading scientific and technological innovation as an example and driven by the increase in stock.