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With the continuous development and maturity of the capital market, the role of regulators is becoming increasingly important. The China Securities Regulatory Commission (CSRC) has further optimized the guidance and supervision work of the Beijing Stock Exchange (hereinafter referred to as the "Beijing Stock Exchange"), aiming to closely integrate the guidance supervision with the performance of listed companies, so as to achieve the dual improvement of market order and company quality. This move not only reflects the refinement of supervision, but also indicates that China's capital market is developing in a more efficient and transparent direction.
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Recently, the China Securities Regulatory Commission (CSRC) issued guidelines for companies listed on the National Equities Exchange and Quotations to apply for issuance and listing on the Beijing Stock Exchange to further optimize the guidance and supervision of the Beijing Stock Exchange.
According to the original article, on September 1, 2023, the "Opinions on the High-quality Construction of the Beijing Stock Exchange" (hereinafter referred to as the "Opinions") proposed to "give full play to the advantages of continuous supervision and standardized cultivation functions of the New Third Board, and optimize the guidance and filing requirements for companies listed on the New Third Board to apply for listing on the Beijing Stock Exchange".
In order to implement the requirements of the "Opinions", the China Securities Regulatory Commission (CSRC) recently formulated and issued the "Guidelines for the Application of Regulatory Rules - Beijing Stock Exchange Class No. 1: Guidelines for the Guidance and Supervision of Companies Listed on the National Equities Exchange and Quotations System for Applying for Issuance and Listing on the Beijing Stock Exchange" (hereinafter referred to as the "Beijing Stock Exchange Guidance Guidelines"), which for the first time systematically standardizes the guidance and supervision of companies listed on the New Third Board listed on the Beijing Stock Exchange through the "layer by layer" path in the form of guidelines for the application of regulatory rules.
The China Securities Regulatory Commission (CSRC) pointed out that since the market opened in November 2021, the relevant requirements of the "Regulatory Provisions on Initial Public Offering and Listing Counseling" (hereinafter referred to as the "Counseling Regulatory Provisions") have been implemented with reference to the public offering of shares by listed companies to unspecified qualified investors and their listing on the Beijing Stock Exchange. Considering that compared with initial public offerings and listings (IPOs), SMEs listed on the Beijing Stock Exchange in a "layer-by-step" manner have been included in the scope of continuous supervision by the China Securities Regulatory Bureau and the National Equities Exchange and Quotations System, and the focus, procedures and means of guidance and supervision can be optimized accordingly.
To this end, the China Securities Regulatory Commission (CSRC) has conducted a combing and study on the guidance supervision under the listing path, and while revising the "Guidance Supervision Provisions" to cancel the "reference implementation" requirement, it has formulated the "Beijing Stock Exchange Guidance Guidelines" focusing on the characteristics of the reporting enterprises and the continuous supervision advantages of the bureau. The "Guidance Guidelines for the Beijing Stock Exchange" implements the spirit of the State Council's "Several Opinions on Strengthening Supervision and Preventing Risks and Promoting the High-quality Development of the Capital Market" and the requirements of the China Securities Regulatory Commission's "Opinions on Strictly Controlling the Access to Issuance and Listing and Improving the Quality of Listed Companies from the Source (Trial)", and under the premise of the overall application of the "Guidance and Supervision Regulations", based on the actual market situation, further improve the institutionalization and standardization of the guidance and supervision of the issuance and listing of the Beijing Stock Exchange, and improve the quality of listed companies on the Beijing Stock Exchange from the source.
It is worth noting that the "Guidance Guidelines of the Beijing Stock Exchange" highlight the "three strengthenings": strengthening the linkage between counseling supervision and continuous supervision. Give full play to the advantages of the whole chain of supervision of the New Third Board and the Beijing Stock Exchange, establish a regulatory information sharing mechanism between the nodes of listing review, daily supervision, counseling supervision and listing review, clarify that the national stock transfer system and the China Securities Regulatory Bureau should establish a communication and docking mechanism, and refine the regulatory information notification requirements between the two. At the same time, it clarifies the content requirements of the CSRC's counseling and supervision report, emphasizing that the Beijing Stock Exchange should pay attention to the content of the counseling and supervision report in the review, and do a good job in the connection between the counseling link and the review and registration link.
Strengthen the "gatekeeper" responsibility of intermediaries. Give full play to the advantages of full-chain supervision, strengthen the supervision and inspection of sponsors, etc., and consolidate the responsibilities of intermediaries. At the same time, the sponsor is required to verify the rectification of the problems found in the previous on-site inspection, whether there have been major changes between the company's last on-site inspection and the completion of the counseling work, and express clear opinions, so as to urge it to perform its duties and responsibilities in a solid manner.
Strengthen the integrity and compliance of the "key minority". The CSRC focuses on the reputation of the "key minority" and reflects it in the counseling supervision report. In addition, the pertinence of the "key minority" compliance knowledge test will be enhanced, and the specific arrangements for the securities market knowledge test will be further refined, and it will be clarified that the content of the securities market knowledge test directly related to the Beijing Stock Exchange shall not be less than 20%.
In addition, in accordance with the principles of fairness, reasonableness and appropriate cost, the "Beijing Stock Exchange Guidance Guidelines" also made "three optimizations" for the guidance and supervision of the Beijing Stock Exchange through the "three combinations".
Highlight the orientation of supporting the good and limiting the inferior, combine the counseling supervision with the company's performance, and optimize the counseling period arrangement. According to the "Beijing Stock Exchange Guidance Guidelines", as of the time of submission of counseling and acceptance materials, companies that have been listed on the New Third Board for 12 consecutive months (including re-listed companies that have been listed for 12 consecutive months before delisting) and the company and its directors, supervisors, senior managers, shareholders holding more than 5% of the shares and actual controllers (or their legal representatives) have not been disciplined, have not been subject to regulatory measures or administrative penalties by the China Securities Regulatory Commission, the counseling period may be less than three months.
Balance the intensity and cost of supervision, combine counseling supervision with on-site inspection, and optimize the way of counseling supervision. The "Beijing Stock Exchange Counseling Guidelines" clearly states that if a listed company has undergone on-site inspection in the past 24 months, it may not be stationed at the site in principle during the counseling and supervision process, and the materials obtained during the preliminary on-site inspection can be cited in the counseling supervision report.
Improve the convenience of the regulatory process, combine counseling and supervision with optimization services, and optimize the securities market knowledge testing process. In order to facilitate the relevant personnel of the company to be listed on the stock market to participate in the securities market knowledge test, the "Beijing Stock Exchange Guidance Guidelines" proposes that the CSRC can organize relevant personnel to participate in the securities market knowledge test on a regular or irregular basis according to the actual needs of the listed company, and clarifies the circumstances under which they can be exempted from participating in the test.
Industry insiders pointed out that as an important function of the China Securities Regulatory Commission, the core of guidance and supervision lies in guiding and helping listed companies to standardize their operations and improve the quality of information disclosure. The optimized counseling and supervision model pays more attention to the actual performance of the company, emphasizing "adapting measures to local conditions" and "implementing policies according to enterprises". This personalized approach to coaching provides tailored advice to each company's specific situation, helping to solve the real problems facing the company while improving its internal governance structure and operational efficiency.
Secondly, the guidance and supervision mechanism combined with the company's performance can more effectively identify and warn potential risks. By dynamically tracking and evaluating the dynamic changes of listed companies, regulators can detect and correct possible market misconduct in a timely manner, thereby protecting the interests of investors and maintaining market fairness and transparency. At the same time, it also provides a more level playing field for high-quality companies to achieve sustainable development through continuous innovation and robust business strategies.
In addition, the practice of combining counseling supervision with corporate performance is also a reinforcement of the listed company's own responsibility. Under the incentives and constraints of regulation, companies are encouraged to take the initiative to improve their governance structure, improve transparency, and enhance market trust. This can not only enhance the company's market competitiveness, but also help to create a good corporate image and attract more investors' attention and investment.
In the long run, the optimized guidance and supervision work will lay a solid foundation for the healthy development of the Beijing Stock Exchange and the entire capital market. It promotes the effective allocation of regulatory resources, improves regulatory efficiency, and provides strong support for the innovative development and capital operation of listed companies. In this way, the market vitality can be stimulated, and the company's growth will be more stable and orderly under the guidance of supervision.
The China Securities Regulatory Commission (CSRC) has further optimized the guidance and supervision work of the Beijing Stock Exchange, which not only reflects the progress of the regulatory concept, but also provides a stage for listed companies to grow and self-improve. In the benign interaction between regulation and the market, the vitality of the capital market will be fully released, and the potential of listed companies will continue to bloom under the nourishment of supervision, and jointly draw a grand blueprint for the prosperity and development of the capital market.