Since the establishment of the 1st Public Offering Self-discipline Committee (the Self-discipline Committee for short) for the Sci-tech Innovation Board of the Shanghai Stock Exchange (SSE), all institution members have actively participated in relevant work and earnestly fulfilled their duties. In the first two working conferences, it discussed and ratified the “Rules of Debate of the Self-discipline Committee”, researched and proposed several measures of facilitating the reasonable pricing for new shares’ issuance, and made suggestions on formulating the issuing and underwriting rules.
The Self-discipline Committee lately held the 3rd working conference of 2019. It studied and evaluated the difficulties and challenges in the domestic and overseas markets, the IPO overload and the inadequate preparations for the main business and technology of participants that the enterprises would face in the issuance in the initial stage of the Sci-tech Innovation Board. And it also discussed and researched the measures on promoting the smooth issuance of enterprises in the initial stage of the Sci-tech Innovation Board, including giving play to the role of medium and long-term funds, strengthening the restriction on investors’ quotation, simplifying the issuance and listing procedures and setting reasonable standards for the brokerage commission of new shares’ allotment, and came up with the industry initiatives and suggestions. The conference ended up with a resolution through panel discussion.
The Self-discipline Committee, a consulting and advisory institution composed of participants in the primary market of shares issuance on the Sci-tech Innovation Board, is responsible for offering opinions on the formulation of policies related to shares issuance and making industry initiatives and suggestions on issuing and underwriting shares and other issues. The specific measures of the industry initiatives and suggestions are staged arrangement in the early period of the Sci-tech Innovation Board, and the Self-discipline Committee will make timely research and adjustment according to market reality. The SSE fully respects and supports the efforts and the industry initiatives and suggestions that it has made and appeals to the to-be-listed enterprises on the Sci-tech Innovation Board and their sponsoring institutions, underwriting institutions and relevant parities for observing the industry initiatives and suggestions in the initial stage of the Sci-tech Innovation Board, thus creating a favorable market ecology and maintaining the sound and stable development of the Sci-tech Innovation Board. In the work of filing the issuance schemes, the SSE will pay close attention to the observance of issuers and lead underwriters in the preliminary stage of the Sci-tech Innovation Board.