CBN丨China rolls out registration-based IPO rules across all market
原标题：CBN丨China rolls out registration-based IPO rules across all marketHi everyone. I’m Stephanie LI.
各人好，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验股票发行注册制涉及的《初次公开辟行股票注册管理办法》等重要制度规则草案公开征求意见，标记着颠末4年的试点后，股票发行注册制将正式在全市场推开，开启全面深化资源市场改革的新局面，为资源市场服务高质量发展打开更广阔的空间。
证监会夸大，注册制改革的本质是把选择权交给市场，强化市场束缚和法治束缚。与批准制相比，注册制改革不但涉及考核主体的变革，更紧张的是充实贯彻以信息披露为焦点的理念，发行上市全过程更加规范、透明、可预期。
全面实验股票发行注册制的关键词是“全面”，重要是完成“两个覆盖”，一是覆盖上交所、厚交所、北交所和天下中小企业股份转让体系各市场板块；二是覆盖全部公开辟行股票举动。别的，根据证券法的要求，优先股、可转换公司债券、存托凭据也实验注册制。
主板改革是这次全面实验股票发行注册制的重点，重要是充实鉴戒试点注册制的履历，以更加市场化便利化为导向，精简公开辟行条件，设置多元包涵的上市条件，放开新股发行订价和上市前5个生意业务日涨跌幅限定。但从主板现实出发，相干规则也保存主板新股上市第6日涨跌幅限定保持10%稳定，维持主板的投资者得当性要求稳定等。
亮点一：优化考核注册机制。
考核注册机制是注册制改革的重点内容。这次改革保持生意业务所考核和证监会注册各有偏重、相互衔接的根本架构稳定，重点是进一步明了了生意业务所和证监会的职责分工。详细来看，生意业务所负担发行上市考核的主体责任，对企业是否符合发行条件、上市条件和信息披露要求举行全面考核。证监会同步关注发行人是否符合国家财产政策、板块定位，对生意业务所考核中碰到的庞大题目实时引导，并基于生意业务所的考核意见依法注册。同时，偏重强化证监会统筹和谐和监视引导的责任
亮点二：美满多条理资源市场体系。
全面实验股票发行注册制后，错位发展、相互增补的多条理资源市场格局将更加美满，详细来看，沪深生意业务所主板将突出大盘蓝筹定位，重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，进步对“硬科技”企业的包涵性。创业板重要服务于发展型创新创业企业，答应未红利企业到创业板上市。北交所和天下股转体系将探索更加契合创新型中小企业发展规律和发展特点的制度供给，更加精准服务创新型中小企业。
亮点三：进一步美满羁系和执法。
注册制改革是一场放管联合的改革，增强羁系执法是根本保障。在前端，服从板块定位，加大发行上市全链条羁系力度，压实发行人、中介机构、生意业务所等各层面责任，严酷考核，严把上市公司质量关。在中端，增强发行羁系和上市公司连续羁系的联动，规范上市公司管理，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、科创板和创业板实用同一的注册制度，沪深生意业务所订定修订本所同一的股票发行上市考核业务规则，北交所与上交所、厚交所总体保持同等。
专家指出，全面注册制改革的焦点实质就是进步市场IPO的包涵性和开放性，让良好的企业赢得上市的时机，让空壳僵尸企业高效退出市场。注册制改革遵照的是市场化、法制化的根本原则，淘汰行政管制和过分行政干预，赋予投资者更多的选择权和决议权，如许更有利于优化市场资源的设置组合、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. 各部分定目的冲刺高质量发展：本年广东“新春第一会”全省高质量发展大会上，多位省直部分“一把手”发言亮相，预测各市新一年高质量发展的目的和筹划。此中，广东省发改委主任、省大湾区办主任艾学峰表现，广东要加速实行“十四五”规划确定的庞大项目，确保整年固定资产投资增长8%、底子办法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、厅长涂高坤表现，广东将加速加力推动当代财产体系的立柱架梁，着力推动20个战略财产集群的建立，提质强大现有的8个万亿级财产集群，发力行业新增3个万亿元级、4个以上的五千亿元级集群。夺取2023年全省工业投资要增长到达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。广东省财务厅党组书记、厅长戴运龙表现，要加力提效实行积极的财务政策。一是确保实现财务收入增长5%的目的；二是夺取更多新增债券资金；三是党政构造过“紧日子”腾出可用财力。广东省商务厅党组书记、厅长张劲松表现，将果断贯彻落实省委、省当局决议摆设，聚焦高质量发展，踏实推进外贸、外资、外包、外经、外智“五外联动”，加速建立商业强省：外贸收支口增长3%，社会消耗品零售总额增长6%，现实使用外资增长8%。
Greater Bay Area, Greater future 新任务，大将来
[*]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，罗湖贸易城商户透露，从物管公司收到关照，罗湖口岸将于2月6日全面通关，罗湖贸易城各商户同时开门业务。
Next on industry and company news 财产及公司消息
[*]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. 造车新权势1月销量普跌：造车新权势在2月1日交出了新一年的首份结果单。受春节假期影响，造车新权势在1月的交付量广泛差能人意，仅抱负汽车和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环境。详细来看，抱负汽车1月共计交付新车15141辆；广汽埃安1月销量10206辆，同比降落36.3%；蔚来1月交付新车8,506台，同比降落11.9%；哪吒汽车1月交付新车6016辆，同比降落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月交付量到达4475辆，同比增长449.1%；吉祥汽车旗下极氪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，环比同比均大幅降落超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，国家企业名誉信息公示体系公布了一则关于江苏鱼跃医疗装备股份有限公司的行政处罚信息，该公司被罚款270万元，缘故原由是扰乱血氧仪市场代价秩序。经查，鱼跃医疗在2022年12月血氧仪生产入库均匀本钱比2022年11月上涨47%的环境下，贩卖均匀代价上涨了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. 爱奇艺回应限定投屏被告状：2月1日，爱奇艺官方微博就“限定投屏被告状”回应称，已收到关于投屏清楚度变动的应诉关照，肯定会本着恭敬法律、恭敬条约、恭敬消耗者权益的原则认真审慎对待。据媒体报道，1月31日，广东一名用户因限定投屏将爱奇艺告上法庭，北京市互联网法院已于克日备案。该用户表现，不要求民事补偿，只要求爱奇艺在会员限期内，不得以任何方式限定投屏清楚度。
[*]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. 网易大型数据中央落户贵安：2月1日，贵州省2023年一季度庞大项目会合开工仪式举行，此中，网易贵安数据中央项目规划用地面积约109亩，规划尺度机架10000架（5kW/ 架盘算），可承载服务器10万台。项目一期筹划于9月投入试运行，预计将来5年上电5000个尺度机架4万台服务器、累计实现业务收入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，人民币汇率继承攀升，人民币兑美元市场汇率再叩响6.7元关口的大门。据外汇生意业务中央公布，2月2日，银行间外汇市场人民币兑美元汇率中心价报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。停止2月2日，本年以来，该中心价已累计调升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。招股书表现，公司已申请以先容上市方式于港交所主板举行双重重要上市，不会发行新股。摩根大通、摩根士丹利、瑞银团体为此次上市联席保荐人。
Wrapping up with a quick look at the stock market 股市收盘环境
[*]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，停止收盘，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 market or 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交易两边成交后须在多少个生意业务日内管理交割的金融市场。
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.
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编委: 于晓娜
筹谋、编辑：李艳霞
播音：李莹亮
撰稿：李莹亮
音频制作：李莹亮
计划：郑娴静、廖苑妮
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