All issuers and sponsors:
On April 27, 2020, the Central Shenzhen Reform Commission reviewed and approved the implementation plan for the GEM pilot registration system. On April 27, 2020, rules such as the “Administrative Measures on the Initial Public Offering of Stocks on the Growth Enterprise Market (Trial)” and “Administrative Measures on the Securities Issuance and Registration of Listed Companies on the GEM (Trial)” have been publicly solicited opinions from the public. In order to steadily promote the pilot registration system of the GEM, we should orderly complete the transition of administrative licensing matters such as the initial public offering of stocks, refinancing, mergers and acquisitions, etc. of the GEM before and after the implementation of the registration system. The relevant work arrangements are notified as follows:
1. As of the date of this notice, the China Securities Regulatory Commission has stopped accepting applications for initial public offerings and listing on the GEM, and continues to receive applications for refinancing and mergers and acquisitions and restructuring of companies listed on the GEM. Before the implementation of the GEM pilot registration system, the China Securities Regulatory Commission will normally advance the above-mentioned administrative licensing work as required.
From the day when the soliciting opinions on the GEM pilot registration system, the companies applying for initial public offering and listing on the GEM have passed the review If the approval is obtained, the issuance and underwriting work shall be carried out in accordance with the current relevant regulations; if the approval has not been obtained after being reviewed by the Development and Approval Committee, the administrative licensing process may continue to be promoted before the formal issuance of the GEM pilot registration system, and the issuance shall be started according to the current regulations Underwriting; you can also choose to apply to stop advancing the administrative licensing process. After the official registration of the GEM pilot registration system is officially implemented, you can report to the Shenzhen Stock Exchange (hereinafter referred to as the Shenzhen Stock Exchange). The reformed system started issuing underwriting. If a company declares to the Shenzhen Stock Exchange, the Shenzhen Stock Exchange shall arrange for the issuance review in accordance with the order of the enterprises under review by the China Securities Regulatory Commission.
Before the implementation of the GEM pilot registration system, applications for refinancing, mergers and acquisitions and restructuring of companies listed on the GEM have been reviewed by the China Development Regulatory Commission and the M & A and Reorganization Commission, and will continue to be conducted by the China Securities Regulatory Commission Perform follow-up procedures.
Second, from the date of implementation of the GEM pilot registration system, the China Securities Regulatory Commission terminated the first public disclosure of the GEM-in-review enterprises that have not yet been approved by the Development and Examination Committee and the M & A and Reorganization Committee Review of stock issuance, refinancing, mergers and acquisitions, and transfer the audit sequence and audit data of the companies under review to the Shenzhen Stock Exchange. Applications for refinancing and mergers and acquisitions of GEM listed companies that have not yet been accepted are no longer accepted.
Within 10 working days from the date of implementation of the GEM pilot registration system, the Shenzhen Stock Exchange will only accept the initial public offering of shares and refinancing of enterprises under review by the China Securities Regulatory Commission on the GEM ,andPurchase and reorganization application. The enterprise under review shall prepare application documents in accordance with the relevant provisions of the GEM pilot registration system and submit an application for listing and issuance registration to the Shenzhen Stock Exchange. Those who have submitted feedback responses to the China Securities Regulatory Commission may submit the feedback responses as application documents to the Shenzhen Stock Exchange. For the companies accepted during this period, the Shenzhen Stock Exchange will arrange follow-up audits in accordance with the relevant regulations of the GEM pilot registration system based on its audit sequence and audit materials with the China Securities Regulatory Commission.
Third, 10 working days after the implementation of the GEM pilot registration system, the Shenzhen Stock Exchange began to accept applications for other companies ’initial public offering of shares, refinancing, mergers and acquisitions .
This notice will be implemented as of the date of announcement. Market participants are requested to make all preparations to form a joint force to ensure that the enterprises under review before and after the GEM pilot registration system are stable and orderly transition.
is hereby notified.
China Securities Regulatory Commission
April 27, 2020
(Original title “Notice on the Transition Period Arrangement of Related Administrative Licensing Matters before and after the GEM Reform and Pilot Registration System”)