Official Release of Supporting Business Rules for Full Implementation of Stock Issuance Registration System

The Shanghai Stock Exchange has formulated or revised the supporting business rules for the full implementation of the registration system, and officially released the supporting rules to the market with the approval of the China Securities Regulatory Commission.

This time, the Shanghai Stock Exchange released 26 business rules, including 9 major business rules such as the Shanghai Stock Exchange Stock Issuance and Listing Review Rules that have received public opinions, and 17 supporting business rules, guidelines and business handbooks.  These 26 rules, together with other rules of the SSE, have established a system of business rules to ensure the smoothness of the full implementation of the registration system in the SSE.

These 26 business rules cover the main institutional arrangements for the full implementation of the registration system in issuance and listing review, issuance underwriting, continuous supervision, trading organization management, and investor protection.  Specifically, they include 4 categories: (1) 11 issuance and listing review rules, which are the issuance and listing review rules for IPO, refinancing, mergers and acquisitions, preferred shares, etc., as well as guidelines and handbooks on the acceptance of application documents, on-site supervision, and business consultation and communication. (2) 6 underwriting rules, including the detailed rules for the underwriting business of IPO and refinancing, the detailed rules for online and offline issuance, the working rules of the self-discipline committee, and the guidelines for listing announcements. (3) 2 ongoing regulation rules, namely the main board stock listing rules and the guidelines for major asset restructuring. (4) 7 trading organization and management rules, namely trading rules, detailed trading rules for margin financing and securities lending, measures for refinancing securities lending transactions, detailed monitoring rules for abnormal transactions on the main board and STAR Market, notice that stocks and depositary receipts under the registration system are temporarily not used as the underlying securities for stock pledge repurchase and agreed repurchase transactions, and handbook on the essential terms of the risk disclosure statement for the main board.