CBN丨China officially implements across-the-board registration-based IPO system_澳门_中国_发行

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 rolls out registration-based IPO system across the board in milestone reform;

China holds lending benchmarks for 6th straight month.

中国经济要闻

China has officially rolled out its across-the-board registration-based initial public offering (IPO) system, with relevant rules coming into effect on Friday, according to the country's securities regulator.

The China Securities Regulatory Commission (CSRC) announced a detailed mechanism with 165 rules on registration-based IPOs system, and another 108 accompanying policies were unveiled by stock bourses, National Equities Exchange and Quotations, and China Clear. The new rules are effective immediately, signaling the official implementation of the across-the-board registration-based IPOs system.

The rules involve simplifying listing requirements, optimizing registration procedures, improving the regulations on underwriting and on major asset restructuring of listed firms, strengthening oversight and law enforcement, and stepping up the protection of investors.

Of milestone significance in the reform of China's capital market, the move has basically put in place the institutional arrangements for the registration-based system, the CSRC said in a statement.

The launch marks the shift of the world's second-largest stock market from the years-long approval-based IPO system. It will steer the A-share market toward being more market-oriented, law-based and internationalized, under which high-quality companies will gain easier capital market access and wider endorsement from investors, while inferior enterprises will gradually be eliminated, thereby expanding effective fundraising channels to support the real economy, observers said.

展开全文

The system also shifts the emphasis of market oversight to information disclosure, which will function as the ballast for the standardization of the capital market, as high-quality information disclosure can help prevent or rectify investment misjudgment caused by information gaps and unlawful trading, industry insiders noted.

The Shanghai Stock Exchange and Shenzhen Stock Exchange will take over existing IPO applications from the CSRC and complete the review process from today to March 3. From March 4, the Chinese mainland bourses will directly accept new applications for listings on the main boards.

The Chinese mainland bourses have optimized and adjusted a series of mechanisms relevant to the new share issuance system. The SZSE announced that companies that are not yet profitable are allowed to list on the ChiNext board if their predicted market capitalization is at least 5 billion yuan and their business revenue in the past year is no less than 300 million yuan.

While optimizing the listing standards, the new system also optimizes the delisting rules and diversifies market exit channels to include forced delisting, mergers and acquisitions, and bankruptcy reorganization.

经过4年试点，资本市场今天迎来全面注册制时代。

2月17日，全面实行股票发行注册制相关制度规则正式发布实施，自公布之日起施行。证券交易所、全国股转公司、中国结算、中证金融、证券业协会配套制度规则同步发布实施。

此次发布的制度规则共165部，内容上，涵盖精简优化发行上市条件、完善审核注册程序、优化发行承销制度、完善上市公司重大资产重组制度以及强化监管执法和投资者保护等五大方面。其中包含不再对新股发行价格、规模等设立任何行政限制；上市公司为购买资产所发行股份的底价从市场参考价的九折调整为八折；转融券费率差统一降至0.6%，取消转融通业务保证金比例档次最低20%的限制等。

证监会表示，全面实行注册制是涉及资本市场全局的重大改革。这次全面实行注册制制度规则的发布实施，标志着注册制的制度安排基本定型，标志着注册制推广到全市场和各类公开发行股票行为，在中国资本市场改革发展进程中具有里程碑意义。

2月17日，沪深交易所正式发布了与全面注册制配套的业务规则、指引及指南，确定2月20日至3月3日接收主板首发、再融资、并购重组在审企业申请，并按在中国证监会的审核和受理顺序接续审核；自3月4日始接收主板新申报企业申请。

其中，根据《上海证券交易所首次公开发行证券发行与承销业务实施细则》，与改革前相比，主板首发发行承销机制在定价机制、申购配售、风险防控等方面进行了调整。

比如明确新股发行价格、规模主要通过市场化方式决定。发行规模较小的企业，继续保留直接定价，新增定价参考上限。进一步完善询价定价，优化网下投资者填报价格、最高报价剔除比例上限、报价信息披露、定价参考值、发布投资风险特别公告等机制。

申购配售方面，将主板网上投资者新股申购单位由1000股调整为500股，与科创板保持一致。明确在网上申购倍数较高时，在确保较大比例新股向网上投资者发行基础上，将主板回拨后比例上限从90%调至80%。根据发行数量差异，明确战略配售规模与参与投资者家数安排。

深市主板在定价机制、申购配售、风险防控三个方面也作了调整。同时，深市主板还对亏损企业上市进行了明确。

Moving on to regional highlights

区域观察

Yangzhou in East China’s Jiangsu province has lifted all restrictions on home purchases to stimulate local real estate transactions, local housing authorities announced today. For upgraders, their original property can be listed as soon as they obtain the real estate ownership certificate for the newly bought home, instead of a three-year waiting period, according to the new rules. 扬州取消限购、解除二手房限售：2月20日，据“扬州发布”披露，扬州市住房和城乡建设局出台了《关于积极支持刚需和改善性住房需求的通知》，以8条措施从放松限制性政策、下调首套房贷利率、契税补贴等多个方面，加大对需求端的支持力度。在放宽购房条件方面，《通知》明确，鼓励在扬来扬大专及以上人才和生育二孩及以上家庭在市区购房，其他人员不再执行限购政策，意味着过去阶梯式的限购放松直接进入了全部取消的环节。限售方面，《通知》规定，在扬州市区新购买改善性住房的，其原有住房取得不动产权证书即可上市交易，即不再执行过去的三年限售。

新使命，大未来

China’s Ministry of Public Security and the Macao SAR government inked an deal allowing for the mutual recognition of driving licenses between Macao and the Chinese mainland, which will take effect from May 16. Under the agreement, holders of a valid Macao license will be able to drive on the mainland without sitting additional tests, while drivers from the mainland will be accorded similar privileges in Macao for the first 14 days of entry in the SAR. It follows the implementation of a similar arrangement between Hong Kong and the mainland. 内地与澳门签署驾驶证互认换领协议：近日，公安部与澳门特别行政区政府签署内地与澳门驾驶证互认换领协议，协议将自2023年5月16日起生效。根据协议，内地与澳门承认对方核发的有效驾驶证。互认换领的驾驶证准驾车型包括小型汽车和小型自动挡汽车。对持有效正式澳门驾驶执照的澳门永久性居民，可以直接免试换领内地驾驶证，无需参加考试；持有效内地纸质驾驶证人员，在入境澳门14日内可直接驾驶规定车型，无需换领澳门驾驶执照。

The passenger volume at the Hong Kong International Airport continued to grow in January, with the number of daily passengers reaching up to around 40 percent of pre-pandemic levels, the Airport Authority Hong Kong said Sunday. Passenger throughput at the airport last month registered around 2.1 million with over 80,000 daily at peak, marking a year-on-year surge of around 28 times. Flight movements saw a year-on-year increase of 35 percent to 16,215, while cargo throughput dropped 26.4 percent to 288,000 tons compared to the same month last year. 1月香港机场客运量同比升28倍：香港机管局2月19日公布，2023年1月份香港国际机场客运量约210万人次，同比升约28倍。公告显示，今年1月份香港国际机场最高客运量的一天处理超过80000人次，为疫情前水平约40%。飞机起降量同比上升34.9%至16215架次，货运量则比去年同月下跌26.4%至288000吨。

产业及公司新闻

There is no oversupply in China’s new energy vehicle market at present, according to the deputy director of the CPPCC's committee of economic affairs. The capacity surplus cannot be avoided by using the capacity utilization rate to control market access and production qualifications to limit carmakers, and what should be contained is the capacity of fuel vehicles, Miao Wei said at the China EV100 Forum 2023. The top priority should be figuring out how to digest the oversupply of fuel vehicles or how to transform fuel vehicles’ capacity into NEV capacity. He also cautioned local governments against rushing blindly into China's burgeoning NEV sector, saying that they should refrain from becoming investors in startups. 现阶段新能源车产能不存在过剩：近日，中国电动汽车百人会论坛（2023）交流会上，全国政协经济委员会副主任苗圩表示，新能源汽车产能在中国目前阶段不存在过剩，产能建设需要一定周期，要考虑明年后年以及未来的发展。因此利用产能过剩、产能利用率甚至是一个省的利用率来控制准入、从生产资质上对企业进行限制则是南辕北辙。“真正要控制的是燃油车的产能过剩，怎样把过剩的燃油车产能转化成新能源车，把它利用好、处理好才是主要的问题。”此外，苗圩表示，一些地方政府确实越过了政府的边界，急于去招商引资，特别是招新能源汽车的新项目。地方政府不能作为第一大股东，因为不懂汽车，也不会管理汽车。

Chinese video streaming platform iQiyi.com announced today to resume higher definition screen-projection services to membership, after being sued by a monthly VIP subscriber that the mobile app restricted him only to mirror videos of 480p resolution on his TV. IQiyi added that it will allow paid users to log on up to five outlets. 爱奇艺宣布恢复会员高清投屏：爱奇艺先后经历了电视投屏限制争议、用户起诉等风波后，2月20日，爱奇艺发文称，今起，老会员恢复720P和1080P高清投屏功能，会员可在5台设备上登录，且在同一时间播放的设备也不再限制种类。非会员用户则在视频清晰度与观看会员剧集方面受限。

Scott O’Neil, the recently appointed CEO of Merlin Entertainments, the world’s second biggest entertainment firm who is building three Legoland Resorts in China, will visit China together with a team of senior executives in April, Chen Jie, general manager at the under-construction Legoland Shanghai Resort told media yesterday. China’s theme park sector still did good business even during Covid, enabling the country to maintain its status in the global market, Chen added. 乐高乐园运营集团总裁4月访华：2月19日，上海乐高乐园有限公司总经理陈洁接受采访时表示，默林娱乐集团高度重视在中国市场进一步拓展的机会，集团新上任的CEO将在今年4月份访华，这也充分说明了默林对中国市场的重视和对中国市场未来发展的期许。陈洁说，就主题乐园行业而言，中国目前已经是全球第二大市场，而且这种增长速度将继续下去。即使是在疫情期间，中国的主题乐园也没有停止发展，而是在继续扩张中，并且仍然保持着它的全球地位。中国的消费者对主题公园充满了热情，运营商也在大力地投资，计划建设新的景点。

金融市场消息

China has left its benchmark bank lending rates unchanged for the sixth consecutive month on Monday. The one-year loan prime rate (LPR) was kept at 3.65 percent, according to the National Interbank Funding Center, while the over-five-year LPR, on which many lenders base their mortgage rates, remained unchanged from the previous reading of 4.3 percent. 2月LPR连续第6个月不变：2月20日，人民银行授权全国银行间同业拆借中心公布2023年第一期贷款市场报价利率（LPR），其中，1年期LPR为3.65%，5年期以上LPR为4.3%，自2022年8月以来连续6个月维持不变。

The Beijing Stock Exchange (BSE) launched market-making trading business on its stock market on Monday. A total of 13 market makers are to participate in the trading business on the bourse, involving 36 stocks, the BSE said. 北交所做市交易今日启动：2月20日，北交所股票做市交易业务正式启动，截至2023年2月20日，共有13家做市商经中国证监会核准取得上市证券做市交易业务资格，共涉及做市标的股票36只，其中有22只股票为北证50成分股。

China's central bank and top banking regulator on Saturday released a new plan for differentiated regulations for banks of different sizes and risk exposures, aiming to help banks bolster their capital and risk management. Under the plan, commercial banks will be divided into three groups according to their business scales and risk differences, and matched with different capital supervision programs. Large banks or those with more cross-border business will be classified into the first tier using international standards, smaller banks in the second tier will be supervised under relatively simpler rules, and tier-3 banks, which have capital of less than 10 billion yuan, will be subject to further simplified rules. The new regulations are scheduled to be officially implemented on Jan 1, 2024. 银行将按业务规模和风险差异划分三档：2月18日，银保监会、央行公布《商业银行资本管理办法（征求意见稿）》并向社会公开征求意见。《征求意见稿》按照银行间的业务规模和风险差异，拟将银行划分为三个档次，匹配不同的资本监管方案。其中，规模较大或跨境业务较多的银行，划为第一档，对标资本监管国际规则；资产规模和跨境业务规模相对较小的银行纳入第二档，实施相对简化的监管规则；第三档主要是规模小于100亿元的商业银行，进一步简化资本计量并引导聚焦服务县域和小微。

股市收盘情况

Chinese stocks rallied on Monday as risk appetite improved on hopes of the economy gradually shifting from reopening to recovery. The benchmark Shanghai Composite and the Shenzhen Component both jumped over 2 percent. Hong Kong’s Hang Seng index also rose 0.8 percent, and the TECH index added 1.3 percent. A股大涨港股回升：周一A股大盘午后强力拉升，沪指、深成指均涨超2%。截至收盘，沪指涨2.06%，创去年11月29日以来最佳表现。深成指涨2.03%，创业板指涨1.28%。两市全天成交额9500亿元，北向资金净买入60亿元。港股探底回升，震荡上涨，恒指收涨0.81%，恒生科技指数收涨1.27%。

Biz Word of the Day

财经词汇划重点

House purchase restriction order refers to the policy issued by local governments in China ’s major cities, including Beijing, Shanghai and Guangzhou, to curb the overheating real estate market by imposing restrictions on purchasing power. Beijing was the first city to carry out the purchase restriction order. “住房限购令”是指政府出台的房屋限购政策，出自2010年北京出台的“国十条实施细则”，细则规定北京家庭只能新购一套商品房，这是全国首次提出的家庭购房套数“限购令”。此后，包括上海、广州在内，相继有49个地级以上城市实施“限购令”。

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI

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Produced by 21st Century Business Herald Dept. of Overseas News.

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编委: 于晓娜

策划、编辑：李艳霞

播音：李莹亮

撰稿：李莹亮

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