On May 8, a reporter from the Securities Times learned from the brokerage that the Shenzhen Stock Exchange has drafted the “Interim Provisions on the Listing and Recommendations for the Listing and Recommendations of the Growth Enterprise Market of the Shenzhen Stock Exchange (Draft for Comments)” (“Interim Provisions”), Directional consultation is being conducted at the sponsoring institution level.

This means that the draft for the “negative list” of listed companies on the GEM has arrived as scheduled. According to the brokerage, the “Interim Provisions” combined with the characteristics of the existing plates of the GEM, The positioning of the GEM has been clarified, and the sponsors have mainly recommended enterprises and restricted the application industry.

The key points are as follows:

1. Clearly define the positioning of ChiNext as “deeply implement innovation-driven development strategy and adapt to development More relying on the megatrends of innovation, creativity and creativity, mainly serving growth-oriented innovative and entrepreneurial enterprises, and supporting the deep integration of traditional industries with new technologies, new industries, new formats, and new models. “

2. The sponsor needs to accurately grasp the positioning of the GEM and recommend innovative and entrepreneurial companies that meet the development direction of high-tech industries and strategic emerging industries, as well as other companies that meet the GEM’s positioning on the GEM.

3. Specifically, the “Interim Provisions” combines the positioning of the GEM and the characteristics of the existing listed companies that are mainly high-tech enterprises and strategic emerging industry companies , Set up a negative list of listed recommended industries, including agriculture, forestry, animal husbandry and fishery, agricultural and sideline food processing, mining, food and beverage, textile and clothing, ferrous metals, electricity, heat and gas, construction, transportation, warehousing and postal services, accommodation and catering, finance, real estate, and residential services Traditional industries such as repair and repair, in principle, do not support companies belonging to these industries to declare on the GEM.

4. Clarify the depth of the above-mentioned industries in relation to the Internet, big data, cloud computing, automation, new energy, artificial intelligence and other new technologies, new industries, new formats, and new models Converged innovation and entrepreneurship companies can still be listed on the GEM, and require sponsors to perform due diligence on such recommended companies, make professional judgments, and explain the relevant verification process, basis and conclusions in the issuance of the sponsorship letter, fully embodying GEM services The positioning of innovation and entrepreneurship.

5. The Shenzhen Stock Exchange ’s listing review will focus on the business model, core technology, R & D advantages of such declared companies, and may consult the industry as needed. Expert library experts consult.


Support “four new” enterprises

Regarding the practice, the “Interim Provisions” clearly applies to the issuer ’s declaration and sponsor recommendation, and strengthens the relevance of the rules.

At the same time, referring to the relevant expressions of the reform plan, it is clear that the GEM is positioned as “deeply implement the innovation-driven development strategy and adapt to the development of the general trend of relying more on innovation, creativity and creativity It mainly serves growth-oriented innovative and entrepreneurial enterprises, and supports the deep integration of traditional industries with new technologies, new industries, new formats, and new models. “

Insurance representative of a listed securities firm in South China believes that This reform is based on the clear positioning of the GEM in 2008, based on the recent changes in China’s economic development and the actual situation of multi-level capital market development, combined with the 10-year practice of the GEM, to further optimize and improve the positioning of the sector.


Sponsors need to recommend qualified companies to be listed on GEM

The “Interim Provisions” also clearly support and encourage innovation and entrepreneurship in line with GEM ’s positioning Enterprises declare to be listed on GEM. At the same time, the sponsor is required to comply with the national economic development strategy and industrial policy guidance, accurately grasp the positioning of the GEM, recommend innovative and entrepreneurial enterprises that meet the development direction of high-tech industries and strategic emerging industries, and other companies that meet the positioning of the GEM on the GEM. .

The data shows that the GEM currently has more than 90% of the national high-tech enterprises and 70% of the strategic emerging industry companies, with distinctive characteristics. The aforementioned Bao Dai said, “This arrangement is in line with the characteristics of the GEM board, which will help the GEM to better serve the real economy and innovative and entrepreneurial enterprises.”


In principle, these industries do not support declaration.

It is worth noting that the “Interim Provisions” combines the positioning of the GEM and the existing listed companies use high-tech Technological enterprises and strategic emerging industry companies dominate the sector, and set up a negative list of recommended industries for listing, including agriculture, forestry, animal husbandry and fishery, agricultural and sideline food processing, mining, food and beverage, textile and apparel, ferrous metals, electric heating gas, construction, transportation , Warehousing and postal services, accommodation and catering, finance, real estate, residential services and repairs and other traditional industries, in principle, do not support companies belonging to the above industries to declare on the Growth Enterprise Market.

At the same time, it is clear that innovative and entrepreneurial enterprises that are deeply integrated with the Internet, big data, cloud computing, automation, new energy, artificial intelligence and other new technologies, new industries, new formats, and new models in the above industries can still be listed on the GEM and require The sponsor conducts due diligence on such recommended enterprises, makes professional judgment, and explains the relevant verification process, basis and conclusion in the issuance of the sponsorship letter, which fully reflects the positioning of GEM service innovation and entrepreneurship. The Shenzhen Stock Exchange’s listing and listing review will focus on the business model, core technology, and R & D advantages of such declared companies, and may consult experts in the industry consulting expert library as needed.

In addition, considering that a few GEM companies under review belong to the above-mentioned negative list industries, these companies under review may follow the “new and old The principle of “breaking” is declared to the Shenzhen Stock Exchange for listing on the GEM. The “Interim Regulations” clarify this arrangement, stipulating that companies that have previously declared to the Securities Regulatory Commission that they are listed on the GEM do not apply the regulations.

“The first two regulations are in line with the GEM positioning, fully embodies the support for Sanchuang and Sixin, and has strong operability,” Bao Dai told reporters, Both the new and old connections have been fully considered, as well as the stock and incremental markets.


Outstanding features, stable expectations

On April 27, the 13th meeting of the Central Committee for Comprehensive Deepening Reform reviewed and approved The overall implementation plan of the pilot registration system pointed out that advancing the reform of the GEM and the pilot registration system are important arrangements for deepening the reform of the capital market, improving the basic system of the capital market, and enhancing the function of the capital market. We must focus on creating a standardized, transparent, open, dynamic, and resilient capital market, promote basic institutional reforms such as issuance, listing, information disclosure, trading, and delisting, and adhere to the development of the GEM and other sectors in a misaligned manner to identify each Orientation, develop their own characteristics, and promote the formation of a moderately competitive pattern that focuses on and complements each other.

Overall, the regulation fully highlights the characteristics of the GEM, the introduction of which can better guide and standardize the GEM issuer declaration and sponsor recommendation, and promote the GEM market Sustained and healthy development, better service of innovation-driven development strategies and the real economy are in line with market expectations, and provide stable expectations for the securities companies to do a good job in listing services.

(Original title “Heavy!” Negative List “of GEM listed companies for comments: Focus on” Three Innovations and Four News ” Continue to declare “)