In order to improve the quality of listed companies and stabilize market sentiment, the pace of A-share issuance has slowed down significantly since 2023, and the regulator has gradually strengthened the supervision of IPO companies.
From February 18th to 19th, in just two days, the China Securities Regulatory Commission has held more than 10 forums to listen to the opinions and suggestions of all parties on strengthening capital market supervision, preventing and resolving risks, and purifying the capital market.
Through these forums and the intensive voices of the China Securities Regulatory Commission before and after the Spring Festival, the direction of capital market supervision has become increasingly clearA-share iThe era of strict supervision is coming
Under strict supervision, 291 companies have voluntarily withdrawn their IPO materials since January 2023, terminating the A-share listing process. At the same time,In the context of the acceleration of overseas listing filings and the continuous promotion of overseas listing by regulators, the popularity of domestic enterprises to list in the United States and Hong Kong has increased
Strictly control the entry of A-share IPOs
Judging from the recent actions of supervision,Strictly control IPO access and strengthen strict supervision of the whole IPO processIt is the consensus of all parties, and the state of strict supervision of IPOs is becoming clearer and clearer.
First of all,Check the financial data of IPO companies for 10 years。According to people familiar with the matter, "demon stocks", listed companies whose performance has changed their faces, and whose stock prices have fallen sharply compared with the issue price are the focus of inspection; Enterprises that are in the IPO queue stage, or even have withdrawn their materials, are also included in the scope of the backcheck.
Secondly,The materials for the withdrawal of the IPO of the enterprise are correct, the failure of the listing can still be judged as a fraudulent issuance and a large fine.
Strictly control IPO access, among which, the focus is to give more prominence to the whole chain of issuance and listing review and supervision. The China Securities Regulatory Commission, stock exchanges, and dispatched agencies will strengthen the supervision of issuance and listing, and consolidate the first responsibility of issuers and the "gatekeeper" responsibilities of intermediaries.
In contrast,At the same time, we must resolutely clear out unqualified listed companiesThe China Securities Regulatory Commission (CSRC) is studying the optimization of delisting indicators, setting more accurate and matching delisting standards, and increasing the liquidation of companies with financial fraud.
Listing in the United States and Hong Kong has become a popular choice.
Under strict supervision, overseas listing has become a listing channel promoted by all parties, among which listing in the United States and Hong Kong has become a popular choice for domestic enterprises
As of 5 February 2024, 98 Chinese companies have submitted IPO applications to the United States for listing, and more than 90% of the listed companies in Hong Kong are from Chinese mainland. As of February 1, 2024, there are still 88 companies in the queue for filing, of which 25 are planning to be listed on the NASDAQ and 62 are listed on the Hong Kong Stock Exchange.
For overseas listings, the CSRC has a clear supportive attitude。Some industry insiders said: ".At present, regulation is based on the principle of minimum and necessity, focus on major domestic compliance matters, industrial policies and other key concerns, and hand over matters that should be judged by investors to the marketThere are no additional thresholds and conditions for overseas listing
Since the second half of 2023, the filing of overseas listings has accelerated significantly.
As of February 8, 2024, the CSRC totaledCompleted the filing applications for overseas IPO listing of 123 enterprisesAmong them, 48 companies plan to list in the United States, and 75 companies plan to list in Hong Kong, covering various types such as direct overseas listing, SPAC backdoor listing, and establishment of agreement control (VIE) structure.
In less than two months in 2024, 42 companies have already been approved by the CSRC for overseas listing. Behind the rapid growth of data is the implementation of policy support, which has promoted the wave of Chinese enterprises to "go overseas" to go public.