CBN丨ChinarollsoutregistrationbasedIPOrulesacrossallmarket

　　Hi everyone. I’m Stephanie LI.
　　大家好，我是主持人李莹亮。
　　Coming up on today’s program.
　　重点提要
　　China will expand registration-based IPO system across A-share market;
　　China’s NEV sales stutter in January as subsidies end.
　　Here’s what you need to know about China in the past 24 hours
　　中国经济要闻
　　China will broaden the registration-based initial public offering system and include no trading limit on the first five trading days for new listings.
　　Widely used in overseas markets, the registration-based IPO system, first adopted by the tech-focused STAR Market, will now be expanded to the main boards in Shanghai and Shenzhen, the China Securities Regulatory Commission, the country＂s top securities regulator, said in a statement published Wednesday.
　　China will focus on ＂giving the right of choice to the market＂ in implementing the registration-based reform to better promote high-quality economic development, the CSRC said.
　　The Shanghai, Shenzhen and Beijing exchanges have all conducted trials of the registration-based IPO system with some having a history of as long as four years. These programs have had a marked effect of lifting the support of the capital market for the real economy, especially companies in the science and innovation sectors, the regulator said.
　　Currently, IPOs on the main boards - home to China＂s blue-chip stocks - need a nod from the CSRC under an approval-based system, and IPO prices there are capped by the regulators.
　　Under the new system, stock exchanges will vet IPOs with a focus on information disclosure. New listings will only need to register with the securities regulator, while the CSRC will only make sure listings are in line with national industrial policy.
　　＂Compared with the approval-based system, the registration-based reform not only changes the body of reviews, but also, more importantly, enshrines the key role of information disclosure, making the whole process of listing more standardized, transparent and predictable,＂ the CSRC statement said.
　　Under draft rules published on Wednesday for public opinions, no daily trading limit is set for IPO shares during their first five trading days. And stocks are eligible for margin trading and securities lending on trading debuts. However, stocks listed on the main boards are still subject to the 10 percent daily trading limit afterwards.
　　The CSRC added that candidates must meet certain thresholds and strict information disclosure requirements and it will consolidate IPO rules for the three bourses.
　　2月1日，中国证监会就全面实行股票发行注册制涉及的《首次公开发行股票注册管理办法》等主要制度规则草案公开征求意见，标志着经过4年的试点后，股票发行注册制将正式在全市场推开，开启全面深化资本市场改革的新局面，为资本市场服务高质量发展打开更广阔的空间。
　　证监会强调，注册制改革的本质是把选择权交给市场，强化市场约束和法治约束。与核准制相比，注册制改革不仅涉及审核主体的变化，更重要的是充分贯彻以信息披露为核心的理念，发行上市全过程更加规范、透明、可预期。
　　全面实行股票发行注册制的关键词是＂全面＂，主要是完成＂两个覆盖＂，一是覆盖上交所、深交所、北交所和全国中小企业股份转让系统各市场板块；二是覆盖所有公开发行股票行为。另外，根据证券法的要求，优先股、可转换公司债券、存托凭证也实行注册制。
　　主板改革是这次全面实行股票发行注册制的重点，主要是充分借鉴试点注册制的经验，以更加市场化便利化为导向，精简公开发行条件，设置多元包容的上市条件，放开新股发行定价和上市前5个交易日涨跌幅限制。但从主板实际出发，相关规则也保留主板新股上市第6日涨跌幅限制保持10%不变，维持主板的投资者适当性要求不变等。
　　亮点一：优化审核注册机制。
　　审核注册机制是注册制改革的重点内容。这次改革保持交易所审核和证监会注册各有侧重、相互衔接的基本架构不变，重点是进一步明晰了交易所和证监会的职责分工。具体来看，交易所承担发行上市审核的主体责任，对企业是否符合发行条件、上市条件和信息披露要求进行全面审核。证监会同步关注发行人是否符合国家产业政策、板块定位，对交易所审核中遇到的重大问题及时指导，并基于交易所的审核意见依法注册。同时，着重强化证监会统筹协调和监督指导的责任
　　亮点二：完善多层次资本市场体系。
　　全面实行股票发行注册制后，错位发展、相互补充的多层次资本市场格局将更加完善，具体来看，沪深交易所主板将突出大盘蓝筹定位，主要服务于成熟期大型企业，在上市条件方面与其他板块拉开差距。科创板将突出＂硬科技＂特色，提高对＂硬科技＂企业的包容性。创业板主要服务于成长型创新创业企业，允许未盈利企业到创业板上市。北交所和全国股转系统将探索更加契合创新型中小企业发展规律和成长特点的制度供给，更加精准服务创新型中小企业。
　　亮点三：进一步完善监管和执法。
　　注册制改革是一场放管结合的改革，加强监管执法是基本保障。在前端，坚守板块定位，加大发行上市全链条监管力度，压实发行人、中介机构、交易所等各层面责任，严格审核，严把上市公司质量关。在中端，加强发行监管和上市公司持续监管的联动，规范上市公司治理，加大退市力度，促进优胜劣汰。在后端，保持＂零容忍＂执法高压态势，形成强有力震慑。
　　亮点四：全面整合制度规则体系。
　　主板、科创板和创业板适用统一的注册制度，沪深交易所制定修订本所统一的股票发行上市审核业务规则，北交所与上交所、深交所总体保持一致。
　　专家指出，全面注册制改革的核心实质就是提高市场IPO的包容性和开放性，让优秀的企业赢得上市的机会，让空壳僵尸企业高效退出市场。注册制改革遵循的是市场化、法制化的基本原则，减少行政管制和过度行政干预，赋予投资者更多的选择权和决策权，这样更有利于优化市场资源的配置组合、有利于高质量服务实体经济。
　　Guangdong’s high-quality development 2023
　　岭南春早，潮涌珠江Multiple provincial departments in Guangdong have announced plans for the high-quality development this year at the recent grant conference focusing on the same theme. The Guangdong Development and Reform Commission vowed to speed up the implementation of the major projects in the 14th Five-Year Plan with completed investment of over 1 trillion yuan, and to ensure that fixed asset investment increase by 8 percent annually, infrastructure and industrial investment to achieve double-digit growth. The Department of Industry and Information Technology said that Guangdong will accelerate the construction of 20 strategic industrial clusters and build 3 more industrial clusters with over 1 trillion yuan in output. The province’s Finance Department said more efforts should be made to implement a proactive fiscal policy by increasing government revenue by 5 percent, and issue more special bonds this year. The Commerce Department pledged to steadily promote foreign trade and investment and will set a 3-percent growth target for total trade volume, a 6-percent increase in the total retail sales of consumer goods and an 8-percent jump in the actual use of foreign investment in 2023.
　　各部门定目标冲刺高质量发展：今年广东＂新春第一会＂全省高质量发展大会上，多位省直部门＂一把手＂发言表态，展望各市新一年高质量发展的目标和计划。其中，广东省发改委主任、省大湾区办主任艾学峰表示，广东要加快实施＂十四五＂规划确定的重大项目，确保全年固定资产投资增长8%、基础设施投资和工业投资实现两位数以上增长，省重点项目完成投资1万亿元。广东省工业和信息化厅党组书记、厅长涂高坤表示，广东将加快加力推动现代产业体系的立柱架梁，着力推动20个战略产业集群的建设，提质壮大现有的8个万亿级产业集群，发力行业新增3个万亿元级、4个以上的五千亿元级集群。争取2023年全省工业投资要增长达到10%以上，发挥工业投资对工业经济发展的放大叠加和倍增的作用。广东省财政厅党组书记、厅长戴运龙表示，要加力提效实施积极的财政政策。一是确保实现财政收入增长5%的目标；二是争取更多新增债券资金；三是党政机关过＂紧日子＂腾出可用财力。广东省商务厅党组书记、厅长张劲松表示，将坚决贯彻落实省委、省政府决策部署，聚焦高质量发展，扎实推进外贸、外资、外包、外经、外智＂五外联动＂，加快建设贸易强省：外贸进出口增长3%，社会消费品零售总额增长6%，实际利用外资增长8%。
　　Greater Bay Area, Greater future
　　新使命，大未来The newly renovated Lo Wu port, the last border checkpoint to remain closed between Shenzhen and Hong Kong, is set to reopen next Monday, shopowners at Luohu Commercial City revealed, citing a notice to tenants at the mall yesterday. According to the notice from the mall’s property management, Lu Wu port will be ＂fully reopened＂ on Monday, which the mall will be back in business the same day.
　　罗湖口岸下周一重开：2月1日中午，罗湖商业城商户透露，从物管公司收到通知，罗湖口岸将于2月6日全面通关，罗湖商业城各商户同时开门营业。
　　Next on industry and company news
　　产业及公司新闻China’s sales of new energy vehicles got off to a shaky start in January with the withdrawal of government subsidies at the end of last year, according to the January sales data released by carmakers yesterday. Li Auto was the best seller last month, shifting 15,100 units, a jump of 4 percent from the same period last year. GAC’s Aion delivered 10,206 cars, down 36.3 percent year-on year, followed by Nio with 8,506 units, a drop of 12 percent from a year ago and half that of December. Xpeng Motor’s sales plunged 53.8 percent from December to 5,218 units, while Aito, co-founded by Huawei and automaker Seres, jumped 450 percent to 4,475 units. Leap Motor performed the worst, with sales plummeting 86 percent year on year to just 1,139 cars, the biggest yearly fall of all the electric carmakers, following Geely’s Zeekr with 3,116 deliveries.
　　造车新势力1月销量普跌：造车新势力在2月1日交出了新一年的首份成绩单。受春节假期影响，造车新势力在1月的交付量普遍差强人意，仅理想汽车和AITO问界实现同比增长，蔚来汽车、哪吒汽车、小鹏汽车和零跑汽车均出现了同比和环比大幅下滑的情况。具体来看，理想汽车1月共计交付新车15141辆；广汽埃安1月销量10206辆，同比下降36.3%；蔚来1月交付新车8,506台，同比下降11.9%；哪吒汽车1月交付新车6016辆，同比下降45.4%；小鹏汽车1月共交付5,218台，相比2022年12月腰斩；AITO问界系列1月交付量达到4475辆，同比增长449.1%；吉利汽车旗下极氪1月交付汽车3116部，同比下滑11.73%；零跑汽车1月共计交付新车1139辆，环比同比均大幅下降超80%。Jiangsu Yuyue Medical Equipment and Supply, a major Chinese medical devices supplier, was fined 2.7 million yuan by local regulators for hiking oximeter prices during the peak of the Covid-19 wave late last year. Yuyue Medical’s average price for oximeters, which measure the blood’s oxygen levels, was 231.78 yuan per unit last December, a 132 percent markup on November, while the average cost of warehousing just increased by 47 percent, the penalty document showed yesterday.
　　鱼跃医疗被罚270万：2月1日，国家企业信用信息公示系统公布了一则关于江苏鱼跃医疗设备股份有限公司的行政处罚信息，该公司被罚款270万元，原因是扰乱血氧仪市场价格秩序。经查，鱼跃医疗在2022年12月血氧仪生产入库平均成本比2022年11月上涨47%的情况下，销售平均价格上涨了131.78%。Chinese long-form video platform iQiyi has been sued by a user in Guangdong on January 31 for restricting access to high-definition screen-casting among its paid membership. The Beijing Internet Court has recently filed the case. IQiyi said on its official Weibo account on Wednesday that the firm has received a notice of respondence to the lawsuit and will treat it seriously.
　　爱奇艺回应限制投屏被起诉：2月1日，爱奇艺官方微博就＂限制投屏被起诉＂回应称，已收到关于投屏清晰度变更的应诉通知，一定会本着尊重法律、尊重合同、尊重消费者权益的原则认真审慎对待。据媒体报道，1月31日，广东一名用户因限制投屏将爱奇艺告上法庭，北京市互联网法院已于近日立案。该用户表示，不要求民事赔偿，只要求爱奇艺在会员期限内，不得以任何方式限制投屏清晰度。Chinese internet company NetEase Inc＂s first large big data center began construction on Wednesday in Guian New Area in Southwest China＂s Guizhou province. The center will cover a total area of 109 mu (7.3 hectares), with the number of standard racks and servers expected to reach 10,000 and 100,000 respectively, generating 450 million yuan in operating revenue. The first phase of the project is estimated to enter trial operation in September.
　　网易大型数据中心落户贵安：2月1日，贵州省2023年一季度重大项目集中开工仪式举行，其中，网易贵安数据中心项目规划用地面积约109亩，规划标准机架10000架（5kW/ 架计算），可承载服务器10万台。项目一期计划于9月投入试运行，预计未来5年上电5000个标准机架4万台服务器、累计实现营业收入4.5亿元。
　　Switching gears to financial news
　　金融市场消息China’s yuan jumped to a more than two-week high against a falling US dollar on Thursday. Prior to market opening, the People’s Bank of China (PBOC) set the midpoint rate at 6.7130 per dollar, 362 pips firmer than the previous fix, the strongest since July 2022. In the spot market, the onshore yuan also strengthened as far as 6.7007 in the morning, its strongest level since Jan. 16.
　　人民币汇率叩响6.7元关口大门：2月2日，人民币汇率继续攀升，人民币兑美元市场汇率再叩响6.7元关口的大门。据外汇交易中心公布，2月2日，银行间外汇市场人民币兑美元汇率中间价报6.7130元，较前值调升362个基点。这是自2022年7月12日以来的最高点。截至2月2日，今年以来，该中间价已累计调升2516个基点。在岸人民币兑美元汇率盘中最高报6.7007元。Online lender Lufax, backed by China＂s biggest insurer Ping An Insurance, has filed an application to list by way of introduction in Hong Kong, which does not involve raising new funds. Listed in New York in 2020, the fintech firm said it ranked second among non-traditional financial service providers for small business owners in China.
　　陆金所控股向港交所递表：2月1日消息，据港交所文件，陆金所控股有限公司向港交所提交上市申请书。招股书显示，公司已申请以介绍上市方式于港交所主板进行双重主要上市，不会发行新股。摩根大通、摩根士丹利、瑞银集团为此次上市联席保荐人。
　　Wrapping up with a quick look at the stock market
　　股市收盘情况Chinese stocks closed mixed on Thursday with the benchmark Shanghai Composite ended nearly flat, while the Shenzhen Component fell 0.2 percent. Hong Kong’s Hang Seng index fell 0.5 percent after a late sell-off, and the TECH index closed flat.
　　A股震荡港股收跌：周四A股三大指数全天震荡整理，截至收盘，沪指涨0.02%，深成指跌0.22%，创业板指跌0.44%，沪深两市全天成交额10243亿元。港股尾盘走低，恒指收跌0.52%，恒生科技指数收涨0.02%。
　　Biz Word of the Day
　　财经词汇划重点The spot marketor cash market is a public financial market in which financial instruments or commodities are traded for immediate delivery. In a spot market, settlement normally happens in T+2 working days, i.e., delivery of cash and commodity must be done after two working days of the trade date.
　　现货市场是指市场上的买卖双方成交后须在若干个交易日内办理交割的金融市场。
　　Executive Editor: Sonia YU
　　Editor: LI Yanxia
　　Host: Stephanie LI
　　Writer: Stephanie LI
　　Sound Editor: Stephanie LI
　　Graphic Designer: ZHENG Wenjing, LIAO Yuanni
　　Produced by 21st Century Business Herald Dept. of Overseas News.
　　Presented by SFC
　　编委: 于晓娜
　　策划、编辑：李艳霞
　　播音：李莹亮
　　撰稿：李莹亮
　　音频制作：李莹亮
　　设计：郑文静、廖苑妮
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