Heavy! The GEM registration system is coming.

　　On April 27th, 2020, the 13th meeting of the Central Committee for Comprehensively Deepening the Reform deliberated and adopted the Overall Implementation Plan for the Reform of the Growth Enterprise Market and the Pilot Registration System.

　　The meeting pointed out that promoting the reform of the GEM and piloting the registration system are important arrangements for deepening the reform of the capital market, improving the basic system of the capital market and enhancing the functions of the capital market. We should focus on building a standardized, transparent, open, dynamic and resilient capital market, promote the reform of basic systems such as issuance, listing, information disclosure, trading and delisting, adhere to the dislocation development of the Growth Enterprise Market and other sectors, identify their respective positions, run their own characteristics, and promote the formation of a moderately competitive pattern with their own emphasis and complementarity.

　　Science and technology innovation board runs smoothly.

　　Science and technology innovation board has implemented the registration system,Science and technology innovation board opened its board on June 13th last year, and it has been running smoothly for nearly a year.

　　The process of promoting the registration system of GEM

　　On October 30th, 2009, China Growth Enterprise Market was officially opened, but the approval system of main board and small and medium-sized board was still adopted.

　　With the development of GEM, there are endless voices and rumors about the implementation of registration system on GEM.

　　In February, 2016, there were market rumors that the GEM would completely stop auditing from March 1, and then it would be implemented according to the registration system. The main board and small and medium-sized board were temporarily undecided, and arrangements would be made later. However, in the form of answering a reporter’s question, the spokesperson of the CSRC quickly clarified the rumor that "the GEM will completely stop auditing on March 1 and then be implemented according to the GEM registration system". According to the CSRC, the registration system of the Growth Enterprise Market has never been studied separately. There is no arrangement for the GEM to completely stop auditing on March 1 of that year, and there is no problem of making arrangements for the main board and small and medium-sized board.

　　In June 2019, science and technology innovation board opened the board, which was the first to implement the registration system in the mainland securities market.

　　On February 29, 2020, the General Office of the State Council issued the Notice on Implementing the Revised Securities Law, which pointed out that to steadily promote the registration system for public offering of securities, one is to implement the reform of the registration system for public offering of stocks step by step, the other is to implement the requirements for the registration system for public offering of corporate bonds, and the third is to improve the registration procedures for public offering of securities.

　　On March 1, 2020, the new Securities Law came into effect.

　　On the evening of the 27th, the Shenzhen Stock Exchange announced that,The reform of GEM and the pilot registration system is the first major reform of the capital market to promote the incremental and stock reform simultaneously., involving a series of basic systems such as issuance, listing, information disclosure, trading and delisting. This reform fully draws lessons from science and technology innovation board’s reform experience, promotes the GEM reform and multi-level capital market system construction as a whole, and promotes the pilot registration system and basic system construction as a whole. (CCTV reporter Yang Litian)