Central Committee of the Chinese Revolution: Promoting the fair listing of SMEs

In 2012, the two sessions will soon begin, and the democratic parties will submit proposals to the conference to provide suggestions for promoting the sustainable and healthy development of the capital market. In the proposal, the CCP has proposed that China should reform the issuance review system, gradually transition to the registration system, and lower the listing threshold to create fair initial public offering (IPO) opportunities for more real economy and SMEs. The proposal pointed out that after more than 20 years of development, China's capital market has achieved remarkable achievements, but it has also accumulated many deep-seated contradictions and problems, such as over-emphasizing financing, neglecting the basic functions of optimal allocation of capital market resources, and serving the real economy. Weak; approval, light supervision, small and medium-sized board, GEM listing audit standards are too high, investors' interests are not effectively protected. The proposal believes that the regulatory authorities should conduct macroeconomic regulation and control mainly from the policy formulation and supervision levels, and steadily explore the transition from the substantive review of IPO listed companies to the auditing system with information disclosure as the core and sponsors as the basis; simplify the issuance of auditing standards and increase Supply volume, expand the scale of the company's listing to adjust the issue price, so that the issue of listing will no longer become a scarce resource, so that the market-oriented inquiry scope will be reasonable; increase the responsibility of the underwriters and sponsors, and cut off the company and the listed company at the same time The super-raised funds obtain the excess profits and the interest chain bound by the brokerage-related direct investment business. The proposal believes that the policy orientation of over-emphasizing financing should be changed, the long-term investment function of the capital market should be emphasized, and high-quality enterprises with technological innovation capabilities and core competitiveness should be promoted. At the same time, strengthen supervision and implement a strict exit mechanism to guide social funds to high-quality enterprises and truly achieve optimal allocation of resources. In addition, the proposal also proposes to solve the different levels of corporate financing needs through more levels of capital market design, strictly respect the low threshold system of the corresponding sector in the actual review, and strive to create a fair IPO for more real economy and SMEs. Financing listing opportunities. Consider combining the actual conditions of different industries, refining the listing standards according to different industries, setting different conditions according to different categories, so that all high-quality SMEs in various industries have the opportunity to go public, especially to encourage new-type enterprises. For the existing “rich effect” in the capital market, the proposal suggests that excessive equity incentives should be strictly restricted to further extend the lock-up period for shares acquired by large and small companies and listed companies; further regulate private equity institutions (PEs) and venture capital institutions ( VC)'s assault into stocks, cutting off the black interest chain that exists in brokers' direct investment.

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